Some of the biggest and most respected names in the hedge fund industry are suffering through their worst-ever drawdowns.
Renaissance Technologies, the quantitative firm headed by James Simons, has seen its $18 billion Institutional Equities Fund drop 12% since it peaked in last May—its largest-ever maximum drawdown. Institutional Equities is down 6.64% this year, Bloomberg News reports, and has seen assets drop more than 14% due to the losses and client redemptions.
Another top firm seeing big losses since peaking is Traxis Partners, which has lost 15% since the end of September 2007. And Tiger Management veteran Stephen Mandel’s Lone Cedar Fund, managed by his Lone Pine Capital, is down 10.6% from its December 2007 high.
New York-based Satellite Asset Management’s Satellite Overseas Fund is also suffering, dropping 9.6% since the end of October 2007.
Gabriel KurlandBy Gabriel Kurland: On November 12, 2009, the U.K.’s Serious Fraud Office (“SFO”), an independent government department that investigates and prosecutes fraud and corruption cases, announced that it is probing the London-based, Dynamic Decisions Capital Management Ltd., after the matter was referred to it by the Financial Services Authority. More...
According to a survey of 300 executives by Ernst & Young, the world’s biggest companies are poised to increase spending cleantech solutions. More...