Thursday, 18 September 2014
Last updated 9 hours ago
Jan 18 2008 | 8:07am ET
BlackRock’s hedge funds enjoyed a stellar year, and the money management giant profited handsomely.
The New York-based firm, the biggest publicly-traded asset manager, said its fourth-quarter earnings jumped 90% to $322 million. Its revenue rose 42% to $1.4 billion, thanks in no small part to a four-fold increase in performance fees.
“We had an extraordinary year in terms of performance fees,” CEO Laurence Fink said. “Our fixed-income hedge funds navigated very carefully in the credit crisis.”
BlackRock’s Obsidian hedge fund, a fixed-income offering, returned almost 30% last year. In addition, the firm acquired Quellos Group’s $20 billion hedge fund unit, helping push its alternative assets under management up 48% to $71 billion. Performance fees soared from $40 million in 2006 to $153 million last year.
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.