Sunday, 21 December 2014
Last updated 1 day ago
Mar 5 2008 | 12:01am ET
Focus Capital, the New York hedge fund battered by losses in its Swiss mid-cap portfolio, was forced to liquidate its portfolio last week after missing margin calls.
The firm told investors yesterday that it would likely close after losing about 80% of its value, or about $800 million, the Financial Times reports. Founders Tim O’Brien and Philippe Bubb blamed “violent short-selling by other market participants,” exacerbated by rumors that the fund was in trouble, for the losses.
In the letter to clients, Focus—which is not related to the British firm of the same name—said the collapse in the value of its investments led its two main banks to force it to sell assets. A spokesman for the firm described it as an “avalanche.”
The fund, which had enjoyed double- and triple-digit returns in its first three years, had lost 8.6% in January. It opened February with some $1 billion in assets.
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.