Barclays-backed U.K. hedge fund - relying on Feng Shui magical powers ?

Discussion in 'Wall St. News' started by ASusilovic, Jun 28, 2007.

  1. From the WSJ: In January 2005, NyLon Capital LLP of the U.K. launched with much fanfare a $1.2 billion high-profile hedge fund, backed by a blue-chip bank and run by some of the brightest stars of London's financial community.

    Within 15 months, the shine was gone. Many of its investors asked for their money back after early losses and signs of management feuding. Claims lodged in the U.K.'s High Court allege that business decisions taken by the fund's top manager were influenced by an astrologist and a feng shui expert and this destroyed the relationships between the partners. The fund acknowledges that a consultant in feng shui, a Chinese geomantic practice, was employed and says the top manager is acquainted with an astrologist but denies these connections affected the fund's performance.

    Barclays PLC -- NyLon's largest backer and the former employer of most of its traders -- owns a 12.5% stake in the fund, received after giving it £250 million ($500 million) to manage when the fund was launched 2½ years ago. The investment is one of the largest known allocations by a major bank in a start-up hedge fund. One of the few investors remaining with the fund says it has barely broken even...


    Ha, ha, ha....

    :D :D :D :D
     
  2. Dogfish

    Dogfish

    Bet Goldman Sachs Alpha fund and bear sterns wished they'd employed the feng shui expert they'd give anything to break even now :D
     
  3. nkhoi

    nkhoi Moderator

    they need to call Donald Trump:)