RAB Profit Hit By Big Decline In Flagship’s Performance

Dec 11 2007 | 9:23am ET

A rough November is putting a crimp in hedge fund giant RAB Capital’s bottom line.The firm yesterday said pre-tax earnings for 2007 will be flat, after its flagship hedge fund fell 10% last month, cutting into its performance fee income.

London-based RAB said in a statement to the London Stock Exchange—on which its shares are traded—that its Special Situations Fund was hurt by investments in smaller British companies. RAB also owns more than 6% of troubled U.K. bank Northern Rock.

RAB earned £50.3 million (US$102.5 million) last year, and had been expected to post a £53.1 million (US$108.2 million) pretax profit this year.

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