Friday, 26 December 2014
Last updated 2 days ago
Aug 7 2014 | 4:16pm ET
Several major banks—and at least one major hedge fund—are licking their wounds after the collapse of Portugal’s Banco Espírito Santo. Other hedge funds are counting their winnings.
The happiest to see the bank go under may be Marshall Wace Asset Management, which is poised to turn a roughly €27 million profit. The hedge fund had opened a short bet against BES on May 15, when shares were fetching €0.99. When they were suspended last Friday, shares were trading at €0.12.
Other hedge funds shorting BES include TT International, which may have made almost €15 million.
Baupost Group was not as lucky: It owned a 2.3% long stake in BES at the time of its collapse, joining the likes of Crédit Agricole, BlackRock and Capital Research and Management among the losers.
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.