Tuesday, 31 March 2015
Last updated 5 hours ago
Oct 16 2007 | 5:26am ET
Another hedge fund hit by the credit crunch has suspended redemptions, winning investor support for the limits in exchange for a cut in management fees.
London- and Boston-based Cambridge Place Investment Management has won approval from two of its five funds to halt redemptions until next September, with a 10% withdrawal penalty thereafter. Another fund’s investors are to vote on similar proposals later this month.
For its part, US$9 billion CPIM, which specializes in structured credit investments, has agreed to cut its management fee from 2% to 1.5% for a year.
The moves come after the firm’s June decision to shutter its US$900 million London-listed Caliber Global fund within a year after it was buffeted by subprime-linked losses.
The two funds where redemptions have been suspended are the Structured Credit Fund 1000, which is down more than 20% year-to-date, and the Structured Credit 500 Fund. Investors in the Structured Credit 1500 Fund are considering the measures.
As of the end of September, Cambridge Place had $9.4 billion in gross assets under management. The firm is known for specializing in asset-backed debt and related instruments, including private investments and real estate.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…