Ex-Tribeca Chief To Head Fla. Fund Probe

Feb 26 2008 | 6:44am ET

Florida has hired the former head of a Citigroup hedge fund to look into huge losses in a local government money-market fund.

Tanya Styblo Beder, the former CEO of Tribeca Global Management, has been retained to investigate what went wrong at the Florida Local Government Investment Pool, which lost more than $10 billion last year.

The run on the pool came amid reports that its portfolio held securities slammed by the credit crisis. The fund managed some $27 billion as recently as November; it now holds about $9 billion.

Beder, who now heads advisory SBCC, was teamed with Miami lawyer Thomas Tew, according to Marco Rubio, speaker of the state’s House of Representatives. The pair are tasked with determining whether the fund is vulnerable to further trouble.

The Local Government Investment Pool was set up as a low-cost money-market fund for school districts and local governments, among others.


In Depth

Q&A: Old Hill's Stone On Private Debt, P2P And Credit Bubbles

Jun 6 2017 | 7:52pm ET

While institutional capital continues to flow into the broader private debt sector...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

AIMA: How The U.K.'s SMCR Will Affect U.S. Firms

Jun 20 2017 | 6:29pm ET

U.S. investment managers need to think seriously about how tough new U.K. conduct...

 

From the current issue of