Monday, 25 May 2015
Last updated 2 days ago
Jun 16 2014 | 9:45am ET
Pine River Capital Management has returned outside capital invested in a mortgage hedge fund designed to profit from the financial crisis.
The Minnesota-based firm, which also recently closed its $4.5 billion flagship to new investment, returned client money in its Liquid Mortgage Fund this month, The Wall Street Journal reports. The fund’s performance had been flat for the past year-and-a-half, after strong returns in 2012, when it rose 29%.
Liquid Mortgage invested in agency mortgage bonds, which were hard-hit during the financial crisis. Despite the fund’s success, managers Jiayi Chen and Steve Kuhn reportedly believe that the outsized returns the $700 million fund once enjoyed are unlikely to be repeated.
Indeed, Pine River is seeing fewer opportunities all around: It told clients in its main Pine River Fund that it would stop accepting additional investment due to “few outsized opportunities.”
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…