Wednesday, 24 December 2014
Last updated 10 hours 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.
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.