Wednesday, 1 April 2015
Last updated 2 hours ago
Jun 10 2008 | 11:59am ET
With more than 96% of its assets evaporating in the withering heat of the credit crisis and its manager running for the exit, Odey Asset Management has liquidated its Japan & General fund, once its largest.
The fund, which had fallen from a high of US$1.2 billion to less than $40 million in assets over the past two years, had been battered by its investments in Japanese banks, which have been hurt by the credit crisis. The fund was down 14.2% this year after plummeting 25.7% last year and 10% in 2006, leading to massive redemptions. Even more investors headed for the exit with the departure in March of the fund’s manager, Alex Griffiths.
“This fund has simply performed too badly for two years, and therefore it is in everybody’s interest to move on,” Odey CEO David Stewart said. He added that, while the firm remains interested in Japan, it lacks the right manager to keep a fund focused on the company running.
Stewart said that the fund’s few remaining investors would receive their money back in two weeks.
The speedy decline of the Odey Japan fund due to bad bets in the credit crisis stands in stark contrast to the firm’s flagship Odey European fund, led by firm founder Crispin Odey. That fund bet against banks, riding the credit crisis to a 54.8% return last year and a 7.6% return this year through April.
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…