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

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...