Tuesday, 30 September 2014
Last updated 5 hours ago
Oct 27 2009 | 12:53pm ET
Mark Kurland, the other hedge fund founder accused of insider trading in the Raj Rajaratnam case, has denied any wrongdoing. Whether or not his partners at New Castle Partners believe him, they apparently don’t want him around anymore.
Kurland has taken a leave of absence from the firm he founded in 1995 as a Bear Stearns Asset Management unit and then spun-off after a bankrupt Bear was acquired by JPMorgan Chase last January. He, Galleon Group’s Rajaratnam, former New Castle consultant Danielle Chiesi and two others were charged with participating in a $20 million insider-trading ring earlier this month.
New Castle, like Galleon, has since suffered a jump in redemption requests. Hoping to quickly expunge the stain that the Rajaratnam case has left on its reputation, the New York-based firm has hired the high-profile law firm of Skadden Arps Slate Meagher & Flom to explore potential restructuring options, and is looking into the possibility of buying Kurland out, the Financial Times reports.
The firm, which manages about $1 billion, is also talking restructuring options with its investors, the FT reports. New Castle is not yet contemplating a full liquidation of its funds, as Galleon has done.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...