Monday, 4 May 2015
Last updated 2 days ago
May 14 2008 | 12:36pm ET
Less than two years after buying the emerging market credit shop, troubled hedge fund Absolute Capital Management plans to spin off Argo Capital Management.
AbCap bought Argo in January 2007 for £50.5 million (US$98.5 million). In September of that year, AbCap was rocked by the abrupt departure of co-founder Florian Homm and the revelation that Homm had put as much as a quarter of AbCap’s equity fund’s assets into highly-illiquid pink sheets. The firm then suspended redemptions, putting the illiquid assets into side pockets.
Now, AbCap management fears the negative publicity surrounded is adversely impacting the separately-managed Argo group, which manages US$1 billion in assets. The firm’s directors have recommended to its shareholders that it officially separate the group.
“The Argo business has always operated separately, with its own fund managers, risk controls and regulated entities, making the decision to demerge the two businesses a sensible and logical one,” AbCap CEO Jonathan Treacher said. “The board strongly believes the demerger will overall enhance shareholder value in the Absolute Capital and Argo businesses.”
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…