Friday, 22 May 2015
Last updated 1 hour ago
Sep 30 2008 | 10:00am ET
RAB Capital has plugged at least one hole in its sinking flagship.
Investors in the firm’s Special Situations fund voted to accepts a new three-year lockup, RAB said yesterday. Had they rejected the proposal, RAB would have been forced to hold a second vote on whether to liquidate the portfolio.
The proposal, which includes fee reductions for investors, passed by a “considerable margin,” RAB said in a statement.
“We are grateful that investors in RAB Special Situations have given strong support for the restructuring proposal,” CEO Stephen Couttie said. “The three-year lock-up is the best way to secure value from their investments.”
The US$790 million fund—which managed US$2 billion at the end of last year—has been battered by investor redemptions and market volatility. The fund is down more than 50% year-to-date. Earlier this month, Philip Richards, who manages Special Situations, stepped down as RAB CEO to focus his attention on the plummeting fund.
RAB also announced plans to spin off its Northwest Asian-focused hedge funds. The London-based firm will own 51% of the new entity, while its managers, George Philips and David Rogers, will own 49%. The six Northwest funds manage some US$630 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…