Wednesday, 1 April 2015
Last updated 2 hours ago
Mar 5 2008 | 8:28am ET
The founders of collapsed London hedge fund Peloton Partners are set to apologize to investors in a conference call today.
Geoff Grant and Ron Beller, both Goldman Sachs veterans, will explain how their once high-flying ABS Fund—which returned 86.6% last year during difficult times for credit markets—was undone so quickly. The fund, which managed US$2 billion as recently as January, was wiped out when its portfolio of mortgage-backed securities fell sharply in recent weeks.
As the hedge fund missed margin calls, banks began to seize its assets. The fund has since sold all of its assets to repay banks, which may still be on the hook for some of the losses.
Peloton is also expected to shutter its once-US$1.6 billion Multi-Strategy Fund, 40% of which was invested in the ABS fund.
Beller and Grant are also expected to discuss claims that some of its lenders changed their loan terms in spite of long-term margin agreements, as well as how much leverage the ABS fund was using.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…