Thursday, 24 July 2014
Last updated 58 min ago
Nov 28 2007 | 7:33am ET
The Carlyle Group’s first hedge fund had been disappointing from the start, but it wasn’t until October that disappointment turned into disaster.
Carlyle-Blue Wave Management Partners lost 9.5% that month due to bad bets in the structured credit market, Bloomberg News reports. Until that point, the fund, which debuted in the spring, had simply failed to raise the $1 billion expected and had posted lackluster year-to-date returns of 0.2%.
The troubles have reportedly led to major redemption requests at the $690 million multi-strategy fund, but requests for Jan. 1—which were due on Oct. 15—did not reach 20% of total assets under management, the limit for redemptions in a given quarter. Investors have until Jan. 15 to request their money back at the beginning of the second quarter.
Just about 26% of Blue Wave’s assets are in credit, with the remainder split between long/short and event-driven portfolios.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…