Monday, 24 November 2014
Last updated 2 days ago
Mar 4 2008 | 12:25pm ET
A US$1 billion New York hedge fund is facing liquidation after dramatic losses in its Swiss mid-cap equity portfolio.
The losses at Focus Capital—which is unrelated to the British fund of funds shop of the same name—are yet to be finalized; PSolve Niche Opportunities, which invests in hedge funds, said it is writing off its entire investment in Focus, Financial News reports.
PSolve added that Focus is being wound up, but the hedge fund warned against jumping to that conclusion. Focus said its partners would “see within the next few days” about shutting down, with a spokesman telling FN, “at the end of the process we expect to have a liquidation.”
The firm has been battered by its Swiss mid-cap holdings, which have already been completely liquidated. The huge losses are a dramatic turn for the firm, which had previously known nothing but success: Since its founding in 2005, it posted annual returns of 38.6%, 112.2% and 45.7%, the latter figure for through October of last year.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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