AbCap Shares Suspended After Audit Delay

Jul 1 2008 | 11:11am ET

Absolute Capital Management, the troubled European hedge fund group, can’t seem to stay on the straight and narrow. Trading in the firm’s shares on London’s Alternative Investment Market was suspended this morning after AbCap delayed the publication of its audited reports and accounts.

AbCap, which has been beset by problems since the surprise resignation of founder Florian Homm in September, blamed its ongoing restructuring and the replacement of its auditor for the delay. The firm said it expects to have the report ready by July 28.

Deloitte replaced Ernst & Young as auditor in April, AbCap said. The firm has also restructured several of its hedge funds in recent months, freezing some redemptions, and spinning off its emerging markets debt unit, Argo Capital Management. Just last month it named Glenn Kennedy its new CEO.

“People recognize we have a future,” former CEO Jonathan Treacher said at the time. “We have been hammered, we are battered and bruised, but we have survived the storm.”


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.