Sunday, 19 April 2015
Last updated 9 hours ago
Jun 20 2008 | 9:54am ET
A former Lehman Brothers trader’s new hedge fund is helping out his old firm.
Rick Rieder left Lehman last month to found R3 Capital Partners in New York. Lehman invested in the new debt strategies fund, and R3 returned the favor by taking some of Lehman’s positions off its hands (and balance sheet).
R3 has bought $5 billion in assets from Lehman, mostly corporate bonds and loans, but also distressed debt and aviation assets. The fund will focus on buying similar assets in the marketplace, according to Rieder, who ran Lehman’s global principal strategies group, focusing on credit arbitrage, aviation finance and private equity.
Among the $5 billion in assets Lehman offloaded on R3 were about $100 million of “Level 3” assets, the hardest to value.
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…