Friday, 27 November 2015
Last updated 1 day 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…