Saturday, 18 April 2015
Last updated 2 hours ago
Sep 23 2009 | 2:45am ET
Fortitude Capital didn’t lose any money in the Bernard Madoff Ponzi scheme, but that giant fraud is still haunting the Australian hedge fund shop.
Fortitude’s assets under management have fallen by half since last year, as investors burned by Madoff yanked their money from the firm. And that’s despite the fact that Fortitude has posted consistently positive returns, even amidst the market carnage of last year.
“It’s frustrating,” John Corr, managing director, told Bloomberg News. “We thought good returns would generate attention, and history shows that they are somewhat irrelevant, which makes you somewhat skeptical.”
To wit: The firm’s flagship Absolute Return Trust has seen its assets under management more than halve since October, dropping from A$180 million to A$85 million. Meanwhile, Fortitude’s new Equity Income Fund has raised just half of the A$10 million it was seeking. Which is to say nothing of the A$500 million Corr hopes to eventually raise for each fund.
“We were happy to try to generate returns,” he told Bloomberg. “We weren’t worried about who invested and how to find them. We thought people would find us, and that was naïve.”
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…