One year ago
Absolute Return broke the story of Quantitative
Investment Management co-founder Michael Geismar's
extraordinary blackjack run at the SALT Conference in Las
Vegas that ended with a $710,000 profit.
One week later, Geismar told The Wall Street
he would donate the winnings to the MLG Foundation, a
health and nutrition charity he started with his wife in 2008.
He apparently did not try to press his luck this year; Geismar
was not listed as an attendee on SALT's 2013 materials. He did
not respond to a request for comment this week.
The past year has not been especially profitable for QIM.
The firm's flagship $3.5 billion Global Program (data
here) gained 4.65% in 2012 but has fallen 6.71% this year
through the end of April, compared with a 0.38% climb for the
Absolute Return Managed Futures Index for that period. As
of the latest
Billion Dollar Club ranking, QIM managed $4.53 billion
overall, down approximately 5% from six months earlier.
Five years ago
>> Citigroup portfolio manager
Reaz Islam stepped down. He had run Citi's Falcon
Strategies credit hedge funds, which lost approximately 75% of
their value during the financial crisis.
Islam resurfaced in December of last year as
CEO of LR Bangladesh Asset Management Company, a frontier
market investor that at the time had $120 million under
management--a far cry from his reported $4 billion peak at
He told Bloomberg News last year he had "no
regrets" and had "learned a lot from the crisis, notably to
expect the unexpected at any time." He was not immediately
available to comment.
Who killed Citi's hedge funds?