Monday, 30 March 2015
Last updated 9 hours ago
Jul 15 2008 | 11:14am ET
Former Bear Stearns trader Melissa Ko has spun off her successful Emerging Markets Macro Fund, as new Bear owner JPMorgan Chase continues to shed hedge funds run by Bear Stearns Asset Management.
Ko’s new firm, Covepoint Capital, manages some $925 million, mostly from the Bear fund, it told investors yesterday. The firm became independent of JPMorgan in June, although under the spin-off agreement, JPMorgan is entitled to a unspecified portion of Covepoint’s revenue for five years. JPMorgan is not an investor in Ko’s new venture.
The EMM fund has enjoyed a run of recent success, posting returns in excess of 25% in each of the past three years, although it has slumped 5.14% this year. The fund once managed as much as $2.4 billion prior to the collapse of two other BSAM hedge funds, which led to some $600 million in outflows. Prior to the June spin-off, EMM managed $1.3 billion, but investors were given the chance to redeem their investments.
Ko had been planning the spin-off before Bear ran into trouble last year, Reuters reports.
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…