Thursday, 24 July 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…