Ex-Tribeca Chief To Head Fla. Fund Probe

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.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...