Friday, 28 November 2014
Last updated 1 day ago
Jul 30 2009 | 11:55am ET
Jonathan Wood wants a second chance.
The former star UBS trader, whose hedge fund SRM Global lost 85% of its value in its first two years of trading, plans to launch a second hedge fund in September, Financial News reports. And he’s apparently getting a good response from the very people for whom he has lost so much money since September 2006.
SRM revealed its plans for SRM II in a letter to its investors, whose losses have been trimmed to about 80% thanks to positive performance this year. The Monaco-based firm offered current clients who invest in the new offering better terms, including a performance fee waiver until Wood doubles their money.
The launch date for the proposed new fund coincides with the end of the lockup period for the first investors in the first SRM fund. The firm said that that fund will offer quarterly liquidity after September with 60 days’ notice.
SRM said the current economic environment is rife with opportunities, and added that it has won positive feedback from a number of investors in the existing, battered hedge fund.
SRM, which last year sued The Wall Street Journal for revealing its huge losses, recently lost its second attempt to force the British government to pony up more for Northern Rock, the now-nationalized bank that SRM owned more than 11% of.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...