Red Kite Management
Red Kite | Hedge Fund Notes
Below find the Hedge Fund Tracker profile for Red Kite.Resource #1: A short time ago, The Wall Street Journal reported($) that another hedge fund is likely to go belly-up in the very near future.
Red Kite Management Ltd.'s $1 billion metals-trading hedge fund, a highflier that racked up gains last year, has suffered losses so far in 2007. Now Red Kite is asking its investors to give it more notice before they withdraw from the fund.
As of Jan. 24, the London-based firm was down about 20% for the year, according to an unofficial estimate that the fund provided to one investor. It was Red Kite's worst one-month performance in at least a year, according to an investor who has seen the firm's results.
That is a turnaround from gains of more than 190% for at least one of the firm's hedge funds last year betting on various metals. source
Resource #2: Red Kite Management, a $1 billion metals trading hedge fund, wants to extend the notice period for investor redemptions after losses of as much as 15% in January, according to documents obtained by MarketWatch and people familiar with the firm's performance.
Red Kite, run by Michael Farmer, Oskar Lewnowski and David Lilley, asked investors in its metals fund to approve an amendment that would require 45 days notice before money can be withdrawn, according to a copy of a Jan. 31 letter from the firm. Previously, investors could redeem at the end of each quarter with 15 days' notice. source
Resource #3: Red Kite Management said Thursday that it received redemption requests representing less than 4% of its assets, a sign of support from its biggest investors despite large losses last month.
Red Kite, a metals-trading hedge-fund firm that lost more than 20% in January, said requests from investors to redeem at the end of this quarter were "insignificant."
The firm, which oversees more than $1 billion, recently won approval from investors to extend its redemption notice period to 45 days from 15. That change meant that investors had to get their redemption requests in by Feb. 15 if they wanted their money back at the end of the first quarter.
"We are pleased to report that our investor base, including all of our major investors, has given us strong support and encouragement for the future," a spokesman for Red Kite said in a statement e-mailed to MarketWatch.
Redemptions effective March 31, it said, "have been insignificant." source
Resource #4: Hedge fund Red Kite, which is down this year after surging 190% in 2006, said on Thursday that investors will now have to give longer notice before pulling their money out.
The roughly $1 billion fund, which specializes in metals trading, said investors overwhelmingly approved its request to extend the period they need to give notice to 45 days before the end of the quarter. It used to be 15 days. source
Red Kite Management, which specialises in investment in the metals markets, has announced that it is in the final stages of launching a new product under the name Hong Feng Zheng, the Chinese translation of Red Kite.
The Hong Kong-based investment advisor and manager to the new fund, HFZ Capital Management, will trade a number of strategies across both futures and equity markets, with a particular focus on opportunities in the Asian region.
Red Kite is also launching the Red Kite Explorer fund, which will work with mining companies in structuring mezzanine finance and metal off-take agreements. The fund will be managed by Sydney-based Red Kite Australia. source
Resource #5: Red Kite Management, a $1 billion metals trading hedge fund, wants to extend the notice period for investor redemptions after losses of as much as 15% in January, according to documents obtained by MarketWatch and people familiar with the firm's performance.
Red Kite, run by Michael Farmer, Oskar Lewnowski and David Lilley, asked investors in its metals fund to approve an amendment that would require 45 days notice before money can be withdrawn, according to a copy of a Jan. 31 letter from the firm. Previously, investors could redeem at the end of each quarter with 15 days' notice. source
Resource #7: In June 2007, Michael Farmer, co-founder of hedge fund Red Kite Metals, hosted a lunch for fellow members of the London Metal Exchange. The topic wasn't the latest movements in the metals markets. Instead, he invited a theologian to speak on Christianity and gave a testimonial himself.
Farmer, 63, a ``born-again'' Christian, has been mixing business and religion for years. It's done nothing to diminish his success. A metals trader since the age of 19, Farmer helped turn London-based MG Plc into the world's biggest copper trader during the 10 years he ran it. In 2000, Enron Corp. bought the company for half a billion dollars. source
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