Monday, 4 May 2015
Last updated 5 hours ago
Mar 28 2008 | 10:58am ET
Hedge fund Tisbury Capital is poised to shrink by more than half after waiving a 10% withdrawal cap.
Investors in the US$2 billion London merger arbitrage shop have made US$1.4 billion in redemption requests. Rather than restrict or freeze redemptions, the five-year-old firm has decided to allow investors to get 85% of their money back on Tuesday—its next redemption date—in exchange for allowing it to unwind its more illiquid positions over a longer period, the Financial Times reports.
The newspaper says Tisbury hopes to continue operating with its vastly reduced asset base, possibly pursuing a sale to a larger manager. Preliminary sale talks with GLG Partners earlier this year came to nothing.
Tisbury has suffered from weak performance, and earlier this year shuttered an ill-fated U.S. expansion.
The redeeming investors’ share of some US$300 million in illiquid assets are to be put into a new share class, allowing the firm to avoid a fire sale of the holdings. While the illiquid portfolio includes credit assets, it holds very little in the way of structured credit, and is not highly levered.
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…