Hedge Fund Makes Single $2.5bn Winning Trade
More in BUSINESS NEWS
back-up- The Phone Call
- Last Chance To Register Free For Episode 10 Of 'Amazing Grace'
- £1,000 Bespoke Suit Competition - The Winner
- Top Firm On H1N1 Flu Alert
- Aversion To Risk May Affect Top Firm's Second-Quarter Profits
- World's 'Dumbest' Bank Gets Caught Again
- Average Comp This Year At Top Firm Estimated At $700,000
- Fears That Madoff May Be 'Taken Out' By Fellow Inmates
- Click Here To Register For Free News E-Mail Alerts
- Take Part In A British TV Documentary
- Worldwide M&A League Table - First Half 2009
- M&A - Who's Topping The Charts Around The World ?
- Global Debt & Equity League Tables - First Half 2009
- Investment Banker To ..... - Episodes 1 - 9
- Highly-Placed Professional's Summer Market Wrap
- Suspended Trader Pleads For His Job - E-Mail
- Bailed Out Banks - The Ten Commandments
- Bernie Madoff - What The Smart (And Not-So-Smart) Money Says
- Will He Or Won't He ? - Top Firm Boss Mulls Base Pay Rises
- Bernie Madoff's Court Confession - Transcript
- An Amazing Document On Madoff Said To Have Been Sent To SEC In 2005
- Madoff On The Stock Market (Video)
- The Day Bernie Madoff Dropped His Trousers
- 22-Year-Old Fired Trainee Trader Bags $33m In 12 Months
- Missing Banker Found Dead
- Top Firm Now Seen As Real Threat To Goldman
- Tops CEOs Said To Be 'Billy-No-Mates'
- Top Firm Rocked By 'Massive, Premeditated Raid'
- Brothers Jailed For Blackmailing Smitten Banker
- Firm's Getting Used To Being Sued Over Bonuses (Or Lack Of 'Em)
- Bernanke's Statement To Congress On BofA / Merrill Deal
- Tragedy Strikes Financial District Again
- City Banker Missing - With His Shotguns
- And Now For Something Completely Silly
- Wanted - More Staff
- Another Top Firm Said Raising Base Salaries
- Hedge Fund Managers Twitter To Gain Advantage
- Top Firm On Road To Recovery - Faxes Work & Fridges Clean
- Bankers Give The Fing.r - (Spoof)
- Selfish, Mean-Spirited, Arrogant People Destroyed My Firm
- Talk Of Bumper Bonuses At Year-End May Be Premature
- Look Who's Hiring Now
- My Boss Lets Me Work For Free!
- Has Pandit Been Eating All The Pies ?
- The 'City Oscars' - The Results
- Anyone For Tennis ? Bailed Out Bank Spends $493,000
- Top Firm May Be On The Move
- Mistress Gets 8 Years For Murder Of Banker She Loved
- Execs Wanted To Buy Merrill Lynch Back
- What Does A 23 Stone Woman Look Like ?
Related Content
- Hedge Fund Managers Twitter To Gain Advantage (24/06/2009)
- Madoff's Wife Makes First Prison Visit To Bernie (08/04/2009)
- Traders Ditch TARP Firms For Hedge Funds (19/04/2009)
The New York-based hedge fund is said to have shorted 117 million Wachovia shares at $30 back in May. Harbinger closed out its position recently, when Wachovia was trading at $9-a-share. One unnamed investor told the newspaper: 'That was the largest short position I have ever seen on the street'.
Harbinger, however, has bucked the trend. The Wall Street Journal reports that September generally looks likely to have been the worst month for hedge funds in a decade, with the average fund falling between 5 - 10%. Bloomberg reports that Lee Ainslie's Maverick Capital lost 19.5% during the month, with Chris Hohn's Children's Investment Fund falling 15% and David Einhorn Greenlight Capital dropping 12%. The news agency quotes Brad Balter, managing partner of Balter Capital Management, who said: 'Funds have suffered from volatility that has quadrupled, and a lot of that is related to the short ban'. The newspaper also reports that Sellers Capital is to close down, after betting as much a half of its holdings on Contango Oil & Gas. Contango's shares have fallen 50% since late June.
Finally, The Sunday Telegraph reports that asset management firms, too, suffered in September. The newspaper says that the average British fund fell 14.3% in just 30 days, with all 33 sectors classified by the Investment Management Association falling (9.2% on average). The worst-performing sector was Global Emerging markets, which fell 18.5% during the month.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
Please use the 'E-Mail' button immediately under the article title to send this item to a friend.
Press here to comment on this story >>
Today in Life: Tales of the Unemployed: Laid Off - Again! >>
