RAB Has First Half To Forget

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).


In Depth

Part II: Roubini Talks Risk, Recovery And The Threat Of A Triple Dip Recession

Oct 21 2014 | 12:41pm ET

In the second half of our interview with Nouriel Roubini, FINalternatives editor...

Lifestyle

Balyasny Pays Over $6M For Lakefront House

Oct 22 2014 | 10:29am ET

A venture headed by hedge fund manager Dmitry Balyasny just paid $6.2 million for...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

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.