Sunday, 24 May 2015
Last updated 1 day ago
Oct 11 2007 | 11:07am ET
Two of Britain’s largest hedge fund managers said they have grown even bigger today than they were before this summer’s unpleasantness roiled the industry. GLG Partners and RAB Capital both reported an increase in assets during the difficult third quarter, with the former up 10% and the latter 6%.
GLG, which is set to go public in New York via a reverse merger by the end of the month, said in a proxy statement that it now manages US$20.5 billion. The firm said its single-manager alternative strategy funds managed an 11.7% net return in the first half, before suffering a 3.6% decline in August and a 2.6% rebound last month.
What’s more, a 22% increase in the share price of the shell company set to acquire GLG, Freedom Acquisition Holdings, means the firm is now valued at US$3.9 billion.
Meanwhile, RAB said it now boasts US$7.12 billion—a 36% jump from the end of last year, and a 75% increase year-on-year.
“The first half has seen all-round progress at RAB, and we are pleased to have a second investment strategy, RAB Energy, above the billion-dollar mark, among fourteen strategies in all above US$100 million,” RAB CEO Philip Richards said.
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…