Wednesday, 6 May 2015
Last updated 8 min ago
Jan 20 2009 | 2:04am ET
Hedge fund Polar Capital Holdings said its assets under management have fallen by a fifth since April, and that it expects to lose another fifth to redemptions in the first quarter.
The London-based firm said Friday that assets fell by 22% to US$2.45 billion, mostly due to redemptions, which totaled US$347 million. The firm’s hedge funds managed US$1.6 billion at the end of the year, compared to US$2 billion at the end of the first quarter of 2008.
Polar said it expects a further US$500 million in redemptions by the end of March. Nor does the bad news end there: Polar said that it expects another US$400 million in outflows when it finishes liquidating its Paragon fund in the second quarter. The firm is closing Paragon, its biggest hedge fund, because manager Julian Barnett has decided to leave the firm.
Despite the decline in assets, performance fees are expected to rise 19.75% to US$14.41 million in the nine months to Dec. 31.
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…