Tuesday, 27 January 2015
Last updated 20 min 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.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…