• 31 Jul 2007 at 4:01 PM
  • France

Malchance Pour Oddo & Cie

By Dealbreaker

sarkozy thumbs up.jpgThe 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]

Comments (8)

  1. 1
    Posted by SDH | July 31, 2007 at 4:05 PM

    Woooowww! Who does your Photoshopchop work?

  2. 2
    Posted by Ribbit | July 31, 2007 at 4:14 PM

    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.

  3. 3
    Posted by anon | July 31, 2007 at 4:16 PM

    Your photoshop guy needs a lesson in human anatomy.

  4. 4
    Posted by pierre | July 31, 2007 at 4:22 PM

    c’est la vie!

  5. 5
    Posted by Zbignew | July 31, 2007 at 4:42 PM

    “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.

  6. 6
    Posted by anon | August 1, 2007 at 1:02 AM

    Merde!

  7. 7
    Posted by Anonymous | August 1, 2007 at 7:34 AM

    zut alors!
    ask the french major, i think it would be “les nouvelles mauvaises” not the other way around

  8. 8
    Posted by French fries | August 2, 2007 at 8:18 AM

    Just heard another hedge fund involved in cdo is blowing up right now..

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