Fortis Sheds Trio Of Hedge Funds

Sep 17 2008 | 2:11pm ET

Fortis has closed three hedge funds, succumbing to redemptions, lack of new capital and personnel changes.

The firm decided to close the funds after its acquisition by ABN Amro and the merger of the two firms’ asset management operations, the Financial Times reports.

The Fortis European long/short fund was closed after the dismantling of the ABN European equity team and the convertible arbitrage fund was killed off to free up staff to focus on the enlarged long-only convertible bond funds. The third fund, a U.S. long/short fund, was shut at the end of last year.

However, a Fortis spokeswoman said that media reports that the firm closed the funds because of problems with personnel were “exaggerated,” DutchNews.nl reports.

Fortis in July announced the sale of International Asset Management, a London-based fund-of-hedge-funds, to its management team.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR