Friday, 31 July 2015
Last updated 18 hours ago
Jul 31 2008 | 12:22pm ET
A Japanese lender controlled by private equity firm Cerberus Capital Management is having difficulty with another part of the alternative investment world.
Aozora Bank blamed its hedge fund investments in part for its plummeting fiscal first-quarter profit. The firm said today that net income fell to ¥9.33 billion (US$86.6 million), down 75% from the ¥37 billion it made a year earlier. A decline in fees collected was also noted as a cause of the shrinking profit.
Cerberus earlier this month struck a deal to pay as much as US$416 million to raise its stake in Aozora to 46%.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…