Wednesday, 6 May 2015
Last updated 14 hours ago
May 6 2008 | 9:38am ET
RAB Capital said today that its assets under management have fallen by more than 10% this year, and warned that the decline will negatively impact first-half profit.
The British hedge fund said assets fell 12% to US$6.34 billion, with about half of the decline attributed to investor redemptions and the other half due to poor fund performance. The firm blamed liquidity issues, skittish investors and market volatility for its expected disappointing first-half performance. RAB said first-half profit will be significantly below last year’s first-half profit.
“In current conditions, we remain determined to do all we can to protect our investor’s capital,” RAB said in a statement. “When conditions normalize, the strength of our balance sheet should assist us in taking the business forwards again.”
The firm said it expects most of earnings to come from performance fees, which it does not book until the second half.
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…