Allowing customers to use their own money is really troublesome. Posting some frustrating rewards or worse rewards for years in a row, suddenly the damn appetite wants it back. Well, Jamie Dinan and York Capital Won’t do it again. (Not just temporarily this time. )
Dinan said that he plans to close York’s European hedge fund and transform its flagship US hedge fund into a fund that operates primarily with internal funds. After years of poor performance and investor betrayal, these strategies collectively managed less than $3 billion.
York still hopes to maintain approximately $9 billion in funds through private equity, private debt and other means, which can lock up customer funds for a long time.
So, well, who can prevent you from getting cash from someone who will fall 6.6% this year in the foreseeable future? Big. Oh, right? You should also know a few other things.
The company has also experienced difficult successive attempts. Mr. Dinan began to participate more in the company’s operations at the beginning of this year after sharing part of the responsibilities. York (York) said in Monday’s investor letter that the president of joint investment Christophe Aurand will leave by the end of this year.
The letter stated that Mr. Dinant will continue to serve as chairman and chief executive officer of York, while William Flatos will continue to serve as sole investment director.
The letter also stated that the York Asian hedge fund, led by Masa Yamaguchi, has performed well in recent years and that the “relevant tools” will be split into an independent company.
Therefore, some people (ie Jamie Dinan) believe that Jamie Dinan is expected to become a private equity giant. Credit Suisse is not sure.Or, instead, they are sure, just in Opposite Direction.
Credit Suisse said on Tuesday that due to the market turmoil this year, the American investment company founded by Jamie Dinan will abandon most of its hedge fund strategy, so it is expected to be in York Capital Management (York Capital Management) The shares will suffer a $450 million impairment. The Swiss bank agreed to buy 30% of York in 2010 and was willing to pay at least US$425 million to enable customers to obtain other investments… At a time when many Wall Street companies were seeking to use hedge fund fee income, Credit Suisse bought these shares because new regulations after the financial crisis made it more difficult for banks to place bets with their own money. However, such a minority equity is not without risks, because many investment companies have worked hard to perform or even close down, making equity worthless.