Monday, 30 March 2015
Last updated 8 hours ago
Apr 4 2008 | 2:00am ET
AQR Capital Management just can’t catch a break. The quantitative hedge fund shop, whose funds have been battered by market volatility over the past year, has now suffered the indignity of being deemed not good enough for 401(k) retirement accounts.
Goldman Sachs has decided to stop offering an investment account—specially created for it by AQR—based on the hedge fund’s Global Asset Allocation fund, Fortune reports. The 401(k) fund, Global Relative Value, was down 21% this year; the hedge fund on which it was based lost 16% through the middle of February.
Global Relative Value “has already begun unwinding positions in order to ensure an orderly liquidation and close of the fund on April 30,” Goldman wrote in a letter. Fortune reports that the liquidation has already been completed.
The Greenwich, Conn.-based firm, founded by ex-Goldman wunderkind Clifford Asness, has been one of the funds hardest hit by the market volatility set off by the subprime mortgage crisis. The $11 billion firm’s flagship was done almost 15% through the middle of February, after losing 12% last year.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…