Sunday, 19 April 2015
Last updated 18 hours ago
Feb 28 2008 | 3:58pm ET
U.K.-based Peloton Partners is latest hedge fund victim of the credit crunch. The firm has told investors that it is taking steps to “realize”—read: liquidate—its $2 billion Peloton ABS Fund’s portfolio, and is suspending redemptions on its Multi-Stratgey Fund, which has a very large position in the ABS Fund.
According to a letter to investors, the Peloton ABS Fund “has recently experienced difficulties in the challenging credit markets.” Although the credit quality of the ABS Fund’s assets remain intact, partners Ron Beller and Geoffrey Grant said the current liquidity situation in the asset-backed securities market has resulted in severe net asset value declines for the fund.
In addition, the managers point to lenders severely tightening their terms “without regard to the creditworthiness or track record of individual firms” making it impossible for the firm to meet its margin calls. And although they’ve been wracking their brains and “working night and day” to alleviate the situation, the partners said they’ve decided it was in their best interest to seek buyers for the fund’s assets.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…