Tuesday, August 21, 2007

Another one bites the dust

UK hedge fund manager Solent falls foul of credit market turmoil

Solent Capital, a UK hedge fund and specialist credit investor, has said it might have to sell some assets in one of its funds because its banks refused to loan it any more money. The fund, which manages $8.8bn (£4.4bn) comprised mainly of asset-backed securities, is the first London hedge fund to publicly admit getting caught up in the meltdown of the sub-prime mortgage sector in the US. The fund in question, MainSail II, includes loans granted to Americans with poor credit histories. It may be forced to sell assets after having to take out emergency bank loans because commercial lenders refused to provide it with the short-term cash that it needs to make investments.

Posted by ellipse @ 12:18 PM (550 views)
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