Saturday, 20 December 2014
Last updated 14 hours ago
Jul 22 2014 | 2:26pm ET
Hedge fund Balestra Capital Partners lost 14% in the first half—and that’s not even half of its problem.
The New York-based macro shop lost more than 60% of its assets to investor redemptions in the second quarter, The Wall Street Journal reports. The withdrawals totaled more than $600 million.
Balestra’s flagship hedge fund now manages less than $400 million, down from about $2 billion two years ago.
“We’ve had periods in our history where we understanding things going on, and see things happening and even make some good projections,” firm founder James Melcher told the Journal. “This is not one of those times.”
Balstra returned 200% in 2007 and nearly 50% in 2008. But the firm has struggled since then, a period of underperformance that Melcher called “unacceptable.”
Balestra has “made some changes,” including the departure of Melcher’s two partners last month. “It’s easier to make judgments in hindsight,” he said.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.