Tuesday, 21 October 2014
Last updated 9 hours 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.
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...