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’New funds cut fees to counter old losses
A growing number of hedge fund managers are trying to persuade investors to back new ventures by offering discounted fees to help make up for losses at failed funds. The latest are the $3bn London hedge fund Endeavour Capital and the $2.5bn flagship fund of New York’s Drake Management (see separate report),
How JGBs roasted some big investors’ pinkies
The fall-out is still spreading from last week’s blow-out between bond and swaps spreads in Tokyo’s Japanese government bond market.
Believe it or not, there is talk that total losses among foreign and Japanese hedge funds and investment banks could run to double-figure-billions – all on an aberration last week between yields on seven-year and 20-year JGBs.
Hedge fund hit by JGB fallout
A $3bn London hedge fund lost more than a quarter of its value on Monday as it fell victim to the unwinding of a popular Japanese government bond trade that hit many rivals this week. Endeavour Capital,