London-Based Plexus Plummets By One-Third

Apr 3 2008 | 7:41am ET

Plexus Partner’s flagship hedge fund is down more than 35% this year, burned by wrong-way fixed-income arbitrage bets.

The London-based firm was hurt by the so-called “basis trade” between corporate credits and their derivatives, the Financial Times reports.

The US$1.4 billion fund’s trades went wrong in the face of unexpected moves in the credit market, possibly driven by other hedge funds dumping their positions.

The firm has reportedly sold off hundreds of millions of dollars in convertible bonds in an effort to stave off skittish banks calling in its loans.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...