Thursday, 2 July 2015
Last updated 1 hour ago
Sep 23 2008 | 11:19am ET
Less than a week before a crucial vote to decide the fate of its flagship fund, RAB Capital cannot tell its investors that things are turning around.
The renewed attention of manager Philip Richards, who left his post as CEO of the firm to focus on the firm’s sinking Special Situations Fund, has not helped. The fund has fallen a further 30% over the past month, and is down 56.5% on the year, Financial News reports.
Shares of a listed hedge fund vehicle that invests in Special Situations are doing even worse, down 73.6% year-to-date. The fund, which once managed as much as US$2.3 billion, now manages less than US$1 billion.
Earlier this month, RAB asked Special Situations investors to accept a new three-year lockup in exchange for lower fees. Investors have until Monday to accept or reject the deal. If they choose the latter path, RAB will hold a second vote on whether or not to liquidate the funds.
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…