Thursday, 26 March 2015
Last updated 7 min ago
Dec 3 2008 | 10:26am ET
Ramius Capital Group is closing four hedge funds.
The New York firm will shutter the funds, which manage a combined $550 million, it told investors. The funds cover such strategies as convertible bonds, distressed credit and merger arbitrage.
According to The Wall Street Journal, the firm will continue to manage the four strategies as components of its multi-strategy offerings, though it is unclear how many of their assets will move to those funds. Ramius also said that the funds’ management teams will remain in place.
Of course, its flagship multi-strategy offering, the $2.1 billion Ramius Fund, is down about 23% this year and could lose about $500 million in assets on its own due to investor redemptions.
The fund closures are the latest in a string of cutbacks for Ramius. The firm in recent weeks has reduced its investment staff in Hong Kong, decided to sublease a portion of its new Lexington Avenue digs and slashed fees in an effort to convince investors not to pull their money.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…