Wednesday, 27 May 2015
Last updated 8 min ago
Jul 27 2009 | 9:58am ET
Geneva’s pioneering fund of hedge funds business is on the brink. The Swiss city, whose famously secretive banks have been investing in and running funds of funds for more than 40 years, has seen its assets under management in the space plummet in the wake of last year’s huge losses, Bloomberg News reports.
Genevan funds of funds, which were also hard-hit by the Bernard Madoff Ponzi scheme, have seen their assets under management fall by 72% since the end of 2007. The industry, which once managed US$54.2 billion, now oversees just US$15 billion.
What’s more, while the hedge fund industry as a whole has begun to turn around, Geneva’s funds of funds keep dropping like flies. Almost a quarter of the 227 funds of funds in business on Dec. 31 have shut down, Bloomberg reports, while only five new funds of funds have debuted.
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…