Friday, 19 September 2014
Last updated 14 hours 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.
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.