Tuesday, 26 May 2015
Last updated 3 days ago
Nov 28 2007 | 7:44am ET
Wracked by investment losses, Australia’s Absolute Capital Group has gone into voluntary administration, appointing an outside advisory to run itself.
The Sydney-based firm’s board of directors took the extreme move as fee income had fallen to dire levels.
The appointment of McGrathNicol’s Tony McGrath and Joseph Hayes covers only the firm’s corporate entities, and not its troubled hedge funds. The duo are charged with stabilizing the reeling hedge fund manager as it seeks to emerge from the credit crisis.
Dutch banking giant ABN Amro owns 50% of Absolute Capital Group, which is unrelated to the similarly named and similarly troubled Absolute Capital Management, which is based in Spain.
The Australian firm plans to meet with creditors on Monday to update them on its situation.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…