Bear Stearns Shakes Up Funds Unit
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Jeffrey B. Lane will replace a senior executive whose unit ran two hedge funds that nearly collapsed this month.
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Two troubled hedge funds run by bank Bear Stearns are of 'little value' it tells investors.
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HSBC, the UK's largest bank, is targeted for a shake-up by a high-profile US group of activist investors.
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Massachusetts Secretary of State William F. Galvin yesterday charged a unit of Bear Stearns Cos. with engaging in improper trading activities at two collapsed hedge funds, the first action by regulators following the funds' meltdown over the summer.
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Bear Stearns Cos. , the biggest broker for US hedge funds, has offered to provide $1.5 billion in loans to help rescue a money-losing fund run by its asset management unit, according to a person familiar with the situation.
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Bear Stearns Asset Management CEO  Richard Marin is taking a stronger role in managing its two  troubled hedge funds and tapped mortgage unit head Thomas  Marano to save one of the funds, two sources familiar with the  decision said.
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The move is only the latest management shakeup at the lender since its proposed buyout began collapsing over the summer.
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JPMorgan Chase & Co.  has canceled its auction of assets from two troubled Bear Stearns Cos. Inc.  hedge funds, a source familiar with the matter said on Wednesday.
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U.S. regulators said on Wednesday that Bear Stearns Cos. Inc.  should be able to unwind the positions of its two troubled hedge funds without causing wider financial market distress.
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Credit Suisse yesterday announced a radical shake-up of its businesses including an overhaul of its investment bank and the planned flotation of insurer Winterthur.
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Bear Stearns Cos Inc  said on Tuesday it snared three executives from rival companies to expand services to hedge fund clients.
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Cairn Capital will restructure a debt fund that ran into trouble borrowing cash through commercial paper.
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Regulators said on Wednesday that  Bear Stearns Cos. Inc.  should be able to unwind the  positions of its two troubled hedge funds without causing wider  financial market distress.
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Credit Suisse will on Monday announce a wide restructuring that will integrate its volatile Credit Suisse First Boston investment banking operation much more closely into the parent
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Barclays claims Bear Stearns loaded one of its hedge funds with about $500 million in troubled assets just weeks before it and another of its fund collapsed.
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An agreement has been reached on the sale of Cheyne Finance, a structured investment vehicle now known as S.I.V. Portfolio, to bidders including Goldman Sachs, the fundâs receivers, Deloitte & Touche said. The $7 billion S.I.V. Portfolio, managed by the hedge fund Cheyne Capital Management, went into receivership in September. The agreement comes after talks with a number of bidders over the last few weeks and consultation with the informal creditorsâ committees, Deloitte said. Under the deal, certain reinvestment opportunities will be offered to some existing creditors of the company. S.I.V.âs, held by banks, hedge funds or other institutions, issue a mixture of short-term debt and capital and buy longer-term assets, which may pay more interest than the amount they pay on their notes. The vehicles encountered trouble in August when liquidity in the credit markets dried up as investors faced exposure to the subprime market.
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Joseph C. Lewis, who became a  billionaire trading currency, has taken a 7 percent stake in  Bear Stearns Cos Inc , snapping up about $860 million  worth of the investment bank&#39;s stock over the past two months.