Bear Wants Manager Of Bad Hedge Funds To Stay

Dec 3 2007 | 1:30pm ET

He has cost Bear Stearns a bucketful of money and a sizeable portion of its reputation, but the firm is still reluctant to let Ralph Cioffi go.

Cioffi, who headed the two Bear hedge funds that collapsed amid bad bets on subprime-mortgage linked securities this summer, has been trying to put together a new credit hedge fund. But Bear is trying to keep Cioffi—now serving as a consultant to the firm—in the fold, the New York Post reports, dangling his large amount of restricted stock to influence him.

According to the Post, Cioffi had been putting together a $150 million to $250 million distressed credit fund. The tabloid reports that several of his former clients had expressed an interest in investing with him, in spite of the near-total losses of the Bear Stearns High-Grade Structured Credit and High-Grade Structured Credit Enhanced Leverage funds.


In Depth

Q&A: Schroders’ Forest Discusses Multi-Asset Investments On Eve Of U.S. Launch

Jul 17 2014 | 8:05am ET

Global investment manager Schroders has $446 billion in assets under management, $...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

Common Risk Parity Misperceptions

Jul 16 2014 | 11:02am ET

Over the past few years, risk parity has become a component of most investors’...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    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…

Publisher's Note