Peloton Puts London Offices On The Market

Mar 10 2008 | 11:52am ET

There’s more to a hedge fund going out of business than merely returning investors their money, or what’s left of it. With no money left to manage, office space becomes redundant.

With that in mind, soon-to-be-defunct London hedge fund manager Peloton Partners, which has already liquidated one fund battered by losses in mortgage-backed securities and is in the process of doing the same with its remaining Multi-Strategy Fund, is looking to escape its lease at a former Ford Motor Co. design studio in London’s posh Soho neighborhood.

According to the Financial Times, the firm, founded by Goldman Sachs veterans Ron Beller and Geoffrey Grant, is looking to minimize losses for the partnership. Beller and Grant have already lost US$117 million each in the collapsed ABS Fund, and its 7,000-square-foot offices on Broadwick Street could cost them as much as £450,000 per year (US$900,000)—not bad for London’s West End, but excessive for an operation without any operations.


Lifestyle

Survey: Wall Street Banks Still Top Silicon Valley, Hedge Funds for Freshly-Minted MBAs

Jun 21 2016 | 9:01pm ET

Contrary to concerns that Wall Street isn't as appealing to new graduates as it...

Guest Contributor

The Future of the Blockchain in Financial Services Communications

Jun 17 2016 | 1:05pm ET

Over the past year, a large portion of the financial services industry has awakened...