Word: sowood
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Larson left HMC in 2004 with a $500 million initial investment from Harvard to start his own hedge fund, Sowood Capital Management. But Sowood collapsed in 2007 due to heavily leveraged investments in corporate debt—making national headlines as one of the first high-profile hedge fund implosions of the subprime mortgage crisis—costing Harvard $350 million...
...median return of -4.4 percent over the year. Financial markets have declined dramatically in the past 12 months as the effects of high rates of home loan defaults tore through the economy, wiping out billions in capital. Among the first casualties of the distress on Wall Street was Sowood Capital Management, a Boston-based hedge fund founded by ex-Harvard investment managers, that folded last July and took $350 million of Harvard’s money with it. Despite this early blow, Harvard Management Company, which invests the University’s endowment, credited its practice of monitoring external investments...
Denham, which is headed by former Harvard Management Company (HMC) Vice President Stuart Porter, was spun off in June from Sowood Capital, an investment fund backed by an initial pledge of $500 million from Harvard and headed by Jeffrey Larson, another former HMC vice president...
Shortly after Denham cut ties with Sowood, Larson’s fund closed its doors amid heavy losses in the credit market, marking a loss of $350 million for Harvard’s endowment...
Despite strong returns under El-Erian, HMC was not completely immune to this summer’s financial crisis—the endowment lost $350 million in July when Sowood Capital Management, a hedge fund founded by former HMC manager Jeffrey B. Larson, collapsed. But overall, HMC made gains of 0.4 percent that month...