Saturday, 18 April 2015
Last updated 9 hours ago
Nov 13 2008 | 12:55am ET
Preaching patience, Hong Kong hedge fund ADM Capital plans to raise as much as US$1 billion in new funds to capitalize on distressed debt opportunities.
Speaking at a Reuters summit in his firm’s hometown, Robert Appleby, ADM’s chief investment officer, said firms need to be patient, as the worst is still to come for Asia, but that historically good opportunities in the distressed debt space are on the horizon.
“I view it quite simply as the best time in my lifetime for investing in Asia and investing in distressed,” he said. “The second best time was back in ’97-’98.”
“Today, you are getting good companies’ debt being sold by stressed investors,” he explained. “That is a very different proposition because turning around a good company is much easier than turning around a bad one.”
ADM, which manages US$2.5 billion, is looking to raise between US$500 million and US$1 billion over the next year. But the firm, which has almost one-third of its assets in cash, is cooling its heels.
“Early is the new wrong,” Appleby said. “So if you go piling in and spending all your money you can get it very wrong.”
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…