Saturday, 25 October 2014
Last updated 1 day ago
Nov 23 2009 | 12:25pm ET
Citigroup has redeemed its seed investment with a credit hedge fund founded by three former traders at the firm as part of a larger move away from outside hedge fund investments.
The Wall Street giant withdrew its entire investment with Claren Road Asset Management, about $250 million, The Wall Street Journal reports. According to the newspaper, Citi’s exit from Claren Road is part of a broader decision to pull its money from external hedge funds.
Citi invested with Claren Road at its founding in 2005 by three former credit traders, John Eckerson, Sean Fahey and Brian Riano. The fund has actually performed quite well despite the credit crisis, returning about 10% last year and more than 20% this year.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.