Monday, 20 April 2015
Last updated 7 hours ago
Feb 11 2014 | 1:22pm ET
Brevan Howard Asset Management is closing its emerging-markets hedge fund and parting ways with the vehicle's manager following large losses last year.
Brevan will shut its Emerging Markets Strategies Fund, which managed US$2.7 billion in April. That was before the U.S. Federal Reserve began to indicate that it would begin to taper its stimulus programs, sending the Brevan fund down 15% in 2013. It lost a further 1.6% last month
Geraldine Sundstrom, who has managed the fund since 2007, will leave the firm, Europe's largest hedge fund. Sundstrom, who is based in Geneva, has posted annual returns of 3.6% since joining Brevan.
Her ouster fits with Brevan's tough approach to money-losing managers. According to Bloomberg Markets, traders who lose 12% or more in a year are usually let go, a strategy that has ensured that Brevan's flagship master fund has never suffered an annual loss.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…