Tuesday, 30 September 2014
Last updated 1 hour 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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