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Peloton apologises for fiasco

Peloton Partners, the stricken London hedge fund manager, told investors Wednesday that its flagship $2bn fund was worthless and that it did not know how much would be left of its remaining $1.6bn fund after banks seized and sold some of its assets. In a conference call Ron Beller, co-founder, set out reasons for the collapse, made an emotional apology to investors and revealed that just last month, staff and partners invested $73m in the ABS fund. In total, partners and staff had $127m invested, $117m of it from Beller, co-founder Geoff Grant and a third partner.

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Comments

  1. Mar 06   7:41 Posted by VP [report]

    Hard not to feel schadenfreude for all the self-styled “Masters of the Universe”, many of whom are revealed as naked when the going gets tough.

    For all the huge profits they claim to be able to make indefinitely (whilst taking 2% of your money and 20% of the profits from over-geared positions), there have to be some losers. Just a shame it’s so polarised.

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