Sunday, 21 December 2014
Last updated 1 day ago
Jan 24 2008 | 8:30am ET
New York-based investment bank Jefferies Group is slashing its hedge fund investments after its asset management business posted losses in the third and fourth quarters.
The firm has cut its hedge fund seeding program by almost 20%, it said on a conference call. Jefferies had invested $391 million in hedge funds at the end of last year, but has since reduced that by $77 million.
“We are committed to our U.S. hedge fund seeding program, but are mindful of volatile conditions and focused on preserving capital,” Brian Friedman, chairman of the firm’s executive committee, said. “We may further reduce our commitment if performance is disappointing but will support those that succeed.”
Jefferies posted a $24.1 million loss in the fourth quarter, $6 million of which was attributed to its asset management business.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.