Sunday, 28 August 2016
Last updated 1 day ago
Jan 30 2008 | 7:19am ET
Australia’s Basis Capital Fund Management has told investors that one of its subprime-struck hedge funds is now worth just two cents on the dollar.
The valuation, which comes from a sister fund to the Pac-Rim fund, comes after Basis sold off A$100 million in assets, positioning itself to split off “dislocated” structured credits from its high-yield strategies, the Financial Times reports.
The Sydney firm’s flagship Yield Alpha fund, which is in liquidation, expects to pay creditors about A$62 million. Before the credit crisis struck, the fund managed A$700 million.