Tuesday, 23 September 2014
Last updated 2 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 McKitich, CIO of Petty 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…
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.