Monday, 25 May 2015
Last updated 2 days ago
May 5 2008 | 12:33pm ET
Mitsubishi Group, which in addition to its well-known automotive position is a Japanese banking and trading giant, is making a foray into hedge funds. Mitsubishi Corp., the company’s trading arm, has agreed to take a 19.5% stake in troubled hedge fund Aladdin Capital Holdings for US$40 million.
In addition to providing the credit-crisis-hit hedge fund with a much needed cash infusion*, Mitsubishi will also team with its new partner on a joint institutional investment fund, Japan’s Nikkei business newspaper reports, with Mitsubishi providing US$300 million to set the fund up.
The firms hope to boost the J.V.’s assets to US$5 billion within five years.
With its 19.5% stake, Mitsubishi is now the second-largest shareholder in Aladdin.
*Correction: Both Aladdin and Mitsubishi say the move was not a “capital infusion” and that Aladdin is not in trouble, rather the move involved Mitsubishi taking a stake in the firm. See: UPDATE
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…