Marshall Wace, TT Hit On Espírito Santo Failure

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.


In Depth

PAAMCO: Will Inflation Deflate the Asset Bubble?

Jan 30 2018 | 9:49pm ET

As the U.S. shifts from monetary stimulus to fiscal stimulus, market pricing should...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Boost Hedge Fund Marketing ROI By Raising Your ROO

Feb 14 2018 | 9:57pm ET

Tasked with delivering returns on client capital, a common dilemma for many alternative...

 

FINalternatives Trending

From the current issue of