Thursday, 26 March 2015
Last updated 5 min ago
Dec 17 2008 | 1:47am ET
A former Lehman Brothers trader is reaping what his old firm sowed at his new hedge fund, which was seeded by Lehman.
R3 Capital Management has lost 31% in the six months since it was founded. But the $1.5 billion fund’s investment losses are just 10%; the rest of decline stems from the Lehman bankruptcy and the freezing of the collapsed bank’s prime brokerage assets, Bloomberg News reports.
Former Lehman global principal strategies group head Rick Rieder set up R3 earlier this year. The nascent hedge fund enjoyed the backing of Rieder’s former employer, with Lehman providing a $1.1 billion seed investment and taking a 45% stake in R3. Lehman also sold the hedge fund a $4.5 billion loan portfolio.
Lehman sold its 45% stake in R3 in October, after filing for bankruptcy. But it also added $250 million to its investment in the R3 Capital Partners Master Fund.
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…