Sunday, 3 May 2015
Last updated 1 day ago
Jun 24 2009 | 2:19am ET
Another ratings agency is changing the way it looks at the hedge fund industry.
Moody’s Investors Services said it will now group its ratings into five categories and offer a ratings scorecard to make its methodology clearer, Dow Jones Newswires. It’s move follows Fitch Ratings’ decision to change the way it gauges risk in the funds of hedge funds it rates.
Odi Lahav of Moody’s took pains to distinguish the firm’s hedge fund ratings from its ratings of structured finance products, which are blamed in part for the magnitude of the financial crisis. He told Dow Jones that Moody’s uses a “fundamentally different” approach for the few hedge funds it rates, focusing on governance, valuation and trading systems, and not taking into account a hedge fund’s performance or strategy.
Currently, Moody’s rates just 20 funds from nine firms, with a total of $80 billion in assets under management. But their clients—who pay the firm for the ratings—are among the largest in the industry, including Brevan Howard Asset Management, Citadel Investment Group, Millennium Management and SAC Capital Advisors.
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…