Wednesday, 17 December 2014
Last updated 12 hours ago
Apr 23 2009 | 10:53am ET
Troubled hedge fund manager Absolute Capital Management, which was thrown into turmoil two years ago by the resignation of its controversial founder, plans to delist its shares from London’s Alternative Investment Market.
The firm told the stock exchange that one-third of its shareholders have already approved the plans; it requires three-quarters approval. If its investors give the proposal the OK, AbCap will delist by June.
The firm said its assets have fallen so low that “there is no longer any advantage” in remaining listed. AbCap, which once managed more than US$3 billion, now has just £1.6 million (US$2.3 million) in assets under management, according to the filing.
In 2007, AbCap was rocked by the abrupt departure of co-founder Florian Homm and the revelation that Homm had put as much as a quarter of AbCap’s equity fund’s assets into highly-illiquid pink sheets. The firm then suspended redemptions, putting the illiquid assets into side pockets.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.