Tue, Mar 19, 2024
A A A
Welcome Guest
Free Trial RSS pod
Get FREE trial access to our award winning publications
Alternative Market Briefing

Cargill’s Black River Asset to shut down four hedge funds

Friday, July 31, 2015

Komfie Manalo, Opalesque Asia:

Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’s total assets.

James Gruver, a spokesman for Black River said Thursday that the four hedge funds to be liquidated are invested in equities, emerging markets, commodities, as well as a fund that focuses on Europe, Middle East and Africa and are run by Gary Jarrett, Bloomberg reported.

Gruver stated, "It’s always a difficult decision to close funds." He added that Black River’s $1.8 billion Fixed Income Relative Value Opportunity Fund, the largest hedge fund in its roster, will continue to operate, as well as the firm’s $500 million emerging markets credit strategies. Gruver said that Black River’s $2 billion private equity group would not be affected by the closure.

The liquidation of Black River’s hedge funds follows a series of recent closures within the hedge fund industry. Armajaro Asset Management recently announced its decision to shutdown its $450 million commodities fund after losing its lead manager and suffering losses. Fortress Investment also said it was shutting down its macro hedge fund.

A separate report b......................

To view our full article Click here

Previous Opalesque Exclusives                                  
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. KKR raises $6.4bn for the largest pan-Asia infrastructure fund[more]

    Laxman Pai, Opalesque Asia: The New York-based global investment firm KKR has raised a record $6.4bn for its second Asia-focused infrastructure fund, underlining investors' continued appetite for private markets. According to a media release from the alternative assets manager, the figure top

  2. Bucking the trend, top hedge fund makes plans for a second SPAC[more]

    From Institutional Investor: SPACs aren't dead. At least not to the folks at Cormorant Asset Management. The life sciences firm, whose hedge fund topped its peers in 2023, is confident it will match the success of its first blank-check company. Last week, the life sciences and biopharma speciali

  3. Benefit Street Partners closes fifth fund on $4.7 billion[more]

    Bailey McCann, Opalesque New York: Benefit Street Partners has closed its fifth flagship direct lending vehicle, BSP Debt Fund V, with $4.7 billion of investable capital across the strategy. Benefit Street invests primarily in privately originated, floating rate, senior secured loans. The fun

  4. 4 hedge fund themes that are working in 2024[more]

    From The Street: A poor earnings report from Tesla (TSLA) has not hurt the indexes on Thursday. The decline in Tesla stock, which is losing its position in the Magnificent Seven pantheon, is more than offset by strong earnings from IBM (IBM) and ServiceNow (NOW) . In addition, the much higher-t

  5. Opalesque Exclusive: A global macro fund eyes opportunities in bonds[more]

    Bailey McCann, Opalesque New York for New Managers: Munich-based ThirdYear Capital rebounded in 2023, following a tough year for global macro. The firm's flagship ART Global Macro strategy finished the year up 1