Friday, 19 December 2014
Last updated 14 hours 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.