Saturday, 20 December 2014
Last updated 1 day 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.