Monday, 22 December 2014
Last updated 17 min ago
Aug 29 2014 | 7:37am ET
The Baupost Group rid itself of substantially all of its investment in Portugal’s collapsed Banco Espírito Santo before the bank went under earlier this month.
The hedge fund had built up a 2.27% stake in BES by the beginning of July. The bank, which had been hit hard last year by news of financial irregularities, went into bankruptcy and was rescued by the European Union in early August, ensuring that shareholders will be wiped out.
Baupost had dumped most of its stake days earlier, transferring a 2.15% stake to subsidiary Baros S.a.r.l. which, in turn, sold all of it on July 31—a day after BES announced a €3.5 billion loss.
It is unclear how much Baupost lost on its BES investment.
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.