The troublesome US asset-backed insecurities market is mauvaises nouvelles for the French too, apparently. Oddo & Cie, a Paris-based money manager is closing three hedge funds worth 1bn Euros ($1.37bn) after losses on collateralized debt obligations, Bloomberg reports. The funds, which held 15% of investments in US CDOs, will be close in “the shortest possible time frame.”
“Like many actors, we have tried to revitalize the performance of our funds by investing in CDOs. Like others, we noticed recent problems with short-term liquidity and were caught out by the subprime dilemma,” said Arnaud Ploix, a spokesman for Oddo.
Oddo to Shut Three Funds `Caught Out' by Credit Rout [Bloomberg]
Posted by SDH , Jul 31, 2007 4:05PM
Woooowww! Who does your Photoshopchop work?
Posted by Ribbit , Jul 31, 2007 4:14PM
Seriously...you say that's a picture of a French"man" but he's not even green! At least get a Photoshop for Dummies book.
Posted by anon , Jul 31, 2007 4:16PM
Your photoshop guy needs a lesson in human anatomy.
Posted by pierre , Jul 31, 2007 4:22PM
c'est la vie!
Posted by Zbignew , Jul 31, 2007 4:42PM
"US asset-backed insecurities market "
That was sublime. Score one for the rookie.
I'm not going to worry until Luxembourg and Monaco get their tits caught in the ringer over the CDO fracas.
Posted by anon , Aug 01, 2007 1:02AM
Merde!
Posted by , Aug 01, 2007 7:34AM
zut alors!
ask the french major, i think it would be "les nouvelles mauvaises" not the other way around
Posted by French fries , Aug 02, 2007 8:18AM
Just heard another hedge fund involved in cdo is blowing up right now..