Thursday, 2 October 2014
Last updated 13 hours ago
Jun 18 2014 | 3:03pm ET
Hedge fund Carrington Holding’s move into mortgage-servicing is getting some unwanted attention seven years after the deal.
The Securities and Exchange Commission is investigating Carrington’s 2007 purchase of New Century Financial’s mortgage-servicing business following the subprime lender’s collapse. The regulator began subpoenaing documents from Carrington in the fall, The New York Times reports.
In particular, the SEC wants to know about how Greenwich, Conn-based Carrington financed the $188 million deal, as well as about the servicing business itself. Carrington used preferred equity securities to refinance part of the purchase, last year replacing them with $530 million in unsecured Irish Stock Exchange-listed securities that come due in 2021.
Carrington disclosed the probe to investors in November, but it has not previously been publicly reported.
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…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...