Tuesday, 30 September 2014
Last updated 8 hours ago
Jun 13 2014 | 10:39am ET
RK Capital Management is confident that a metals-financing scandal is not a sign of deeper problems in the metal warehousing industry.
Firm founder David Lilley told the International Derivatives Expo this week that the failure by Chinese investigators to discover any further malfeasance in Qingdao is good news for metals traders. Authorities in that city are looking into whether warehouse receipts could be duplicated to obtain financing on the same metal multiple times.
The nascent scandal “raises a lot of questions about everything else,” Lilley said. But, he noted “every trading company, every bank has been doing a huge amount of due diligence that everything else is OK.”
“I am somewhat reassured by the fact that in that period no other area, no other problem has been uncovered. So, in that regard, I suppose, I think it’s going to calm down and everything’s OK.”
Lilley did end on a cautious note, saying, “you don’t know what you don’t know.”
RK Capital runs the Red Kite hedge funds.
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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