Saturday, 23 August 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note