Tuesday, 23 September 2014
Last updated 7 hours ago
Nov 12 2007 | 2:45pm ET
One week after it reportedly shelved plans for an initial public offering because of losses stemming from poor performance, AQR Capital Management is doing some serious damage control through its public relations firm.
Brian Maddox, a spokesman for the firm, vehemently denies a New York Post report that the firm withdrew its plans for an IPO due to investors withdrawing their capital in light of poor performance.
“AQR did not ‘shelve’ the IPO process - it hadn't even filed a registration statement with the SEC,” Maddox told FINalternatives.
According to Maddox, AQR has also not experienced large redemptions from investors. Rather, he says the firm’s assets under management have risen from $29 billion at the beginning of the year to their current level of $38.5 billion. As well, Maddox says the firm is “doing reasonably well in a volatile market” with some of its hedge funds up in the double digits, while a few are down but only in the single digits – “though one hedge fund, which represents less than 1% of our AUM, is for the moment down in the double digits.” He declined to disclose the specific hedge fund.
For now, Maddox said market turmoil does not favor the IPO of any firm in AQR's industry, although he declined to further comment on the firm’s future IPO plans. However, Reuters reports today that, “AQR is leaving open the possibility that it may revive IPO plans in coming months, according to people familiar with its plans."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.