Monday, 4 May 2015
Last updated 1 hour ago
Feb 11 2008 | 2:42pm ET
Jupiter Asset Management plans to close its Hyde Park Fund to new investors after raising another US$200 million, its manager said.
Philip Gibbs said he will close the 8-year-old hedge fund, which currently manages US$408 million, on March 1, Citywire reports. He also plans to increase its net-long positions, anticipating a market recovery in the wake of the most recent round of Federal Reserve Board interest rate cuts.
“Having been negative for some time, I now believe that because of the huge interest rate cuts in the U.S., markets are likely to stage a recovery,” he said.
According to Citywire, Jupiter said the Hyde Park fund has received a surge of interest because of market volatility. The fund has returned more than 20% annually, and is up 9% year-to-date, a period when many hedge funds posted big losses.
Gibbs also said he had halved the fixed-income and cash weighting in another hedge fund he manages, Financial Opportunities. He had upped the £790 million (US$1.5 billion) fund’s weighting in those sectors to almost 50% in November.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…