×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Roc | Capital | liquidating | hedge

Roc Capital Said to Be Liquidating Main Hedge Fund After Losses

Wednesday, 31 July 2013 06:33 PM EDT

Roc Capital Management LP, the hedge-fund firm that counted Deutsche Bank AG and the daughter of billionaire Lakshmi Mittal among its investors, is liquidating its main fund after losing money, according to a person with knowledge of the firm.

The firm has already started selling its holdings and is scheduled to return all money to clients in the coming weeks, said the person, who asked not to be identified because the firm is private. New York-based Roc managed about $642 million as of March 1.

Founded by Arvind Raghunathan, the former head of Deutsche Bank AG’s global arbitrage business, Roc is the latest hedge-fund firm run by an ex-proprietary trader to struggle. Pierre- Henri Flamand, the former chief of Goldman Sachs Group Inc.’s biggest proprietary-trading unit, shut his firm last year after losing money and as assets dwindled.

Portman Square Capital LLP, founded by ex-Citigroup Inc. proprietary-trading unit head Sutesh Sharma, opened with less than a fifth of the amount the firm originally sought, two people with knowledge of the matter said earlier this month.

Roc was the largest hedge-fund firm startup in 2009, with more than $1 billion in assets. Raghunathan declined to comment on the closing of the fund, which was reported earlier today by industry publication Absolute Return.

Deutsche Bank owned at least a 5 percent stake in Roc as of March, according to a regulatory filing. Vanisha Mittal Bhatia and her husband bought a stake of 10 percent to 25 percent in 2011.

Roc, which uses computer models to pick investments through a strategy known as quantitative trading, plans to start a new fund initially investing employee money only, the person said.

© Copyright 2024 Bloomberg News. All rights reserved.


InvestingAnalysis
Roc Capital Management LP, the hedge-fund firm that counted Deutsche Bank AG and the daughter of billionaire Lakshmi Mittal among its investors, is liquidating its main fund after losing money, according to a person with knowledge of the firm.
Roc,Capital,liquidating,hedge
276
2013-33-31
Wednesday, 31 July 2013 06:33 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved