AbCap Down To Just US$2.3M, Seeks To Delist

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.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.