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Monday Sep 8 2008
All times are London time
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The 6am cut - Alphaville by email
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Plexus hedge fund loses third of value
The $1.4bn (£704m) flagship hedge fund of London’s Plexus Partners has lost more than a third of its value this year after arbitrage trades in the credit markets went spectacularly wrong. Plexus, run by Dermot Keane, the former Goldman Sachs trader, fell by slightly more than 35% on perverse moves in the “basis trade”, a popular arbitrage between the price of derivatives and the underlying corporate credits, investors said.
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It appears many of these fund of funds established are former Goldman Sachs people - which is not surprising.
Not long ago, private equity firms were being battered - now hedge funds are under fire from the credit crunch.
I wonder how Carl Ichan’s hedge fund is performing?