Wednesday, 1 October 2014
Last updated 10 hours ago
Jul 18 2008 | 11:13am ET
Wall Street legends Joseph Perella and Peter Weinberg have struck gold once again.
Xerion Capital Partners, the hedge fund acquired by their boutique investment bank, Perella Weinberg Partners in October has returned 24% this year.
Xerion, a distressed debt fund which manages some $837 million, including $100 million from Perella Weinberg, profited from betting against investment-grade bonds issued by financial services firms, Bloomberg News reports. And the hedge fund expects the good times to continue to roll.
“We expect the present distressed-credit cycle to be deeper and longer than the preceding one in 2002,” Daniel Arbess, the founder of Xerion, wrote in a letter to investors, thanks to a “moribund U.S. economy, a smaller financial system with much tighter credit underwriting standards and a globally-induced cost-price squeeze.”
Xerion has posted annualized returns of 24% since its founding in 2003, and returned 38% last year.
The letter also announced the hiring of Victor Consoli from Bear Stearns as a senior member of the investment team. Consoli, who joined Xerion last month, is a former co-head of credit strategy at Bear, which was acquired by JPMorgan Chase in May.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...