Saturday, 28 March 2015
Last updated 19 hours ago
Apr 15 2008 | 1:59pm ET
GLG Partners, the London hedge fund giant that went public last year, has restated its earning for the past two years, wiping out some US$450 million in profit.
The firm, which went public via a reverse mortgage in the fall, said last year’s US$92.6 million profit was actually a US$310.5 million loss, it revealed in a regulatory filing today. It also corrected 2006’s reported US$359.3 million profit down to US$157.9 million.
The New York Stock Exchange-listed firm blamed the restatement on a change in how distributions to limited partners are accounted for.
In the same filing, GLG revealed that Greg Coffey, who manages four of its hedge funds, resigned yesterday, only to have a change of heart today. The firm said he “withdrew his resignation,” and the two sides are now “in discussions concerning a range of options for the future.”
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…