HedgeCo News - Nominations are now being accepted by for candidates for the 2010 40 Under 40 M&A Advisor Recognition Awards in the professional classifications of, Investment Banking, Private Equity, Hedge Fund, Law, Valuation, Research, among others.
Nominees will be evaluated by their career accomplishments and professional expertise. Consideration will be given to their community/charitable involvement and special circumstances.
The 2010 40 Under 40 M&A Advisor Recognition Awards will be announced on July 26, 2010 at the inaugural Awards Gala.
Eligible candidates are invited to submit a nomination directly or be nominated by their firm, associates, friends or family. To qualify, nominees must be under 40 years of age as of July 25, 2010. An independent committee of M&A industry business leaders will judge all nominations and finalists will be invited to attend the Awards Gala in Los Angeles.
2 Jun 2010
Citigroup Hedge Fund Investors Awarded 100% Return on Losses
HedgeCo News - Investors in Citigroup's fixed-income municipal arbitrage hedge fund have been awarded over $550,000 by the Financial Industry Regulatory Authority (FINRA).
The Wall Street Journal reports that the MAT 3 Municipal Arbitrage Fund was "a risky investment that not only exposed investors to a 100% or more loss of principal, but was 2.5 times more volatile than the S&P 500 and 7.8 times more volatile than a traditional portfolio of municipal bonds," according to lawyers.
FINRA said that the bank understated the hedge fund's risk to investors and awarded a 100% return on the investors' losses.
"We are disappointed and disagree with this decision as it is inconsistent with other panels, which have dismissed similar claims." Citigroup Spokesman Alex Samuelson said in an interview with WSJ. Citigroup also said the hedge funds were offered only to clients who knew about and could afford the risks.
The Wall Street Journal reports that the MAT 3 Municipal Arbitrage Fund was "a risky investment that not only exposed investors to a 100% or more loss of principal, but was 2.5 times more volatile than the S&P 500 and 7.8 times more volatile than a traditional portfolio of municipal bonds," according to lawyers.
FINRA said that the bank understated the hedge fund's risk to investors and awarded a 100% return on the investors' losses.
"We are disappointed and disagree with this decision as it is inconsistent with other panels, which have dismissed similar claims." Citigroup Spokesman Alex Samuelson said in an interview with WSJ. Citigroup also said the hedge funds were offered only to clients who knew about and could afford the risks.
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