Wednesday, 22 October 2014
Last updated 2 min ago
Aug 11 2008 | 11:57am ET
The departure of star trader Greg Coffey may cost GLG Partners as much as $4 billion in investor redemptions. Holding on to its star trader will cost Fortress Investment Group $300 million.
The hedge fund and private equity giant has given a $300 million share grant to Adam Levinson, who co-manages that firm’s $8.8 billion flagship global macro fund, The Wall Street Journal reports. The 31 million shares will vest over time, ensuring that he remains with the firm if he wants the full package.
With the grant, Levinson joins five other controlling shareholders of Fortress, who own 77% of the business. The grant increases the number of shares in Fortress—which went public 18 months ago and has seen its stock price fall by two-thirds—by 7%. In exchange for the shares, Levinson’s profit-sharing interest in some Fortress funds will be cut, according to a filing with the Securities and Exchange Commission.
Levinson has been with Fortress since 2002, when he joined from Goldman Sachs.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...