Sunday, 26 April 2015
Last updated 2 days ago
Jul 30 2008 | 12:46pm ET
This year is shaping up as nothing short of a disaster for RAB Capital.
The London-based hedge fund reported a whole raft of bad news for the first half, with profit, assets under management, performance and performance fees all down by double digits. And the firm says things are looking no better in the second half.
“We are not expecting any respite before the end of the year,” Michael Alen-Buckley, executive chairman, said. “The first half of 2008 has been a challenging environment and we have not escaped from the falls across global securities markets.”
And how. RAB’s US$1.4 billion flagship Special Situations Fund was off by 23% in the first half, and is down by one-third through July 24. All told, two-thirds of RAB’s funds are smaller than they started the year. Four funds have fallen by more than 40%, including the RAB European Loan Fund, which has shrunk by more than half.
The poor performance was reflected in a 12% decline in assets under management to US$5.9 billion.
Net income fell 44% to £8.7 million (US$17.2 million), as performance fees fell by more than 60% to £8.3 million (US$16.4 million). Management fees, however, rose, despite the fall in assets, 11% to £26.8 million (US$53 million).
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…