Thursday, 25 December 2014
Last updated 18 hours ago
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.
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.