Thursday, 26 November 2015
Last updated 1 day ago
Mar 24 2008 | 8:03am ET
With financing for hedge funds drying up, one London mortgage shop is looking to tap a new “lender”: its clients.
Carrington Capital Management is asking investors to buy as much as US$200 million in new preferred shares, which will pay an 18% interest rate. The firm said it wants to replace US$161 million in short-term repurchase financing with the newly-raised capital, the Financial Times reports.
“While our relationships with our remaining counterparties, Citigroup and JPMorgan, are good, we continue to be wary of any remaining balance of short-term borrowings from an aggressively delivering dealer community,” Carrington, which missed a planned repayment last year, wrote investors. “We still view repo and mark-to-market financing as a lingering risk.”
Carrington, which manages US$1 billion, has already suspended redemptions in an effort to pay off debt.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…