Baupost Sold Out Of Espírito Santo Before Collapse

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.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note