A former Chicago hedge fund manager has been accused of swindling clients out of about $25m, most of which he spent paying himself and on things like insurance for his airplane, alleges Colorado Deputy Securities Commissioner Gerald Rome.
Swiss hedge funds company Gottex posted an operating loss in the first half of 2010 as persistent scepticism about alternative investments continued to depress revenues. The company said on Thursday it had slipped into an operating loss of $1.1m, against a profit of $9.2m a year earlier.
Stanley Druckenmiller exits hedge fund business (Fund News)
Stanley Druckenmiller, the hedge fund manager, announced his retirement on Wednesday, saying he was disappointed in his performance during this yearâ??s market volatility. The text of his letter to investors is printed below.
Fortress to acquire 80 per cent stake in AIG subprime lender (Fund News)
American International Group Inc. (AIG) agreed to sell 80 per cent of its subprime-lending arm to Fortress Investment Group LLC (FIG), freeing itself from the unit's $17bn in debt as it works to repay the bail-out funds it received from the government.