Saturday, 28 March 2015
Last updated 12 hours ago
Jun 4 2014 | 12:38pm ET
The market continues to take its toll on commodity hedge funds, claiming another casualty this week.
Schroders NewFinance Capital is closing its Opus fund of commodity hedge funds. The firm said that it had filed redemption notices with the funds’ underlying managers and would return the money to investors over the course of the summer.
“We can confirm that in the best interests of shareholders, Schroders has decided to wind up” the fund “given pending redemptions and the challenging market for commodities more generally,” Schroders said.
Opus, which invested with the likes of Astenbeck Capital and Frere Hall Capital Management, and which had 17 underlying managers as of last year, has seen its assets drop from US$2.3 billion to just a few hundred million dollars. Schroders, which wants to exit the commodities market, has been mulling an Opus closure for several months. Managers David Mooney and Cedric Bellanger will leave the firm.
Opus’ demise was first reported by the Financial Times. Its closure follows those of Arbalet Capital, Clive Capital, Higgs Capital and SandRidge Capital over the past two years. In October, another fund of commodities hedge fund, managed by Oakley Capital Management, also threw in the towel.
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…