Tuesday, 23 September 2014
Last updated 4 hours ago
Jan 9 2008 | 12:05pm ET
Subprime-stung Australian hedge fund manager Basis Capital Fund Management is seeking a court’s help to sort out its mess.
The Sydney-based firm said it will ask an Australian court to appoint representatives for each class of investor in its Yield Fund and Aust-Rim Diversified Fund, both of which suffered enormous losses last year linked to the subprime and credit crises. The firm was forced to suspend redemptions, and its flagship Yield Alpha Fund is already in liquidation proceedings around the globe.
“Basis Capital will be seeking a declaration from the court regarding the appropriate treatment of June redemptions from and applications to the two funds to make sure that any action taken is in accordance with the rights and entitlements of all investors,” the firm said in a statement.
Basis is consulting with the Investment and Financial Services Association to find suitable representatives.
“Identifying appropriate representatives of the various classes of investors and obtaining their consent has been a time-consuming process,” the firm said. “Basis Capital and its legal advisers have been working hard to identify and reach an expeditious outcome with interested parties and have kept the regulator informed of the progress.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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.