Wednesday, 28 January 2015
Last updated 50 min ago
Feb 26 2008 | 5:44am 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…