Saturday, 25 October 2014
Last updated 1 day ago
Jan 17 2008 | 8:25am ET
Yet another fixed-income hedge fund has been forced to suspend withdrawals as the credit market continues to spiral downward.
Elgin Capital suspended redemptions from its US$1 billion Corporate Credit Strategy just before Christmas, the Financial Times reports. The firm has also stopped calculating the fund’s net-asset value.
The London-based hedge fund firm, which manages some US$3.3 billion, had expressed optimism about the fund’s portfolio at the end of the third quarter. At the time, it was down about 6.3% on the year. Since then, leveraged loans have continued to decline in value, causing further losses for Corporate Credit.
Elgin was founded in 2003 by Mike Clancy, former credit trading chief at Merrill Lynch, and Guillaume Bonpun, who headed bond syndication at Dresdner Kleinwort.
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 McKitish of Peddie School's 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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.