Wednesday, 1 October 2014
Last updated 42 sec ago
Oct 22 2007 | 3:34pm ET
The receiver for hedge fund Cheyne Capital’s structured investment vehicle, which defaulted on its debts last week, has struck a deal with the Royal Bank of Scotland Group.
The receiver, Deloitte & Touche, said RBS will set up a new vehicle which will buy Cheyne Finance’s $7.2 billion in assets. “The action follows detailed discussions with a number of different bidders over the past few weeks and after consultation with the informal creditors’ committee,” Deloitte, appointed last month by Cheyne Capital, said in a statement.
Earlier reports indicated that Deloitte was in talks with three banks, including RBS and Goldman Sachs, and that it was possible the SIV, which has $7.3 billion in outstanding debt, could remain in business.
The new RBS vehicle is to be financed both by new and existing investors. It will liquidate Cheyne Finance’s positions over time.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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