Hedge funds fail to find growth in May trading
From Cityam.com: Hedge funds failed to post positive returns during May, as poor US economic data and fears over Chinese growth hit the performance of fund managers.
Managed futures and global macro funds saw the steepest falls in growth in May as short US dollar and long commodity positions weighed heavily on performance, a monthly survey by British hedge fund giant Man Group found… Full article: Source
Fortress Investment Group will not pay a second quarter dividend
Fortress Investment Group announced on Monday that the firm would not pay a dividend for the second quarter of 2011. “The Board elected to retain capital for potential future investment opportunities and for working capital purposes,” said an announcement by the firm.
In a May update on the firm’s business, Daniel Mudd, CEO of the $42bn firm said that there are currently over 900 employees located around the globe. According to Mudd’s presentation, the value of the firm’s balance sheet investments increased to $1.1bn, a debt to EBITDA leverage ratio of 0.6 times. Mudd’s presentation also noted that if the firm liquidated investments at current values it would convert to $300m of embedded gains recognized in earnings… Full press release: ......................
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