Tuesday, 21 October 2014
Last updated 7 hours ago
Nov 21 2006 | 10:43am ET
New York hedge fund and proprietary trading firm Schonfeld Securities has agreed to sell its in-house clearing business to Dallas-based Penson Worldwide.
Penson, which provides execution, clearing, settlement and custody services to securities firm, will acquire the Schonfeld business on an earn-out basis, with five annual payments based on net income from the acquired clearing operation. The first payment, almost $25 million in Penson stock, is to be made at the beginning of the year. The deal is expected to close by the end of the first quarter.
Schonfeld and the six firms it cleared trades for have signed long-term deals to keep their clearing business with Penson.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...