Bear Stearns-backed hedge fund goes bust

Jun 16, 2006 @ 12:01 am

By Aaron Siegel

Mosaique Capital Management, a $374 million fund-of-funds backed by Bear Stearns Cos. Inc., is shutting down after the Securities and Exchange Commission found that a broker was being paid by both the fund and by the investors, according to published reports.

The fund's chief, Andrew Haas, a 25-year veteran of Bear Stearns, announced his retirement in a letter and said that another Bear Stearns executive would supervise the liquidation of the fund.

Bear Stearns reportedly owned 25% of Mosaique, which returned 5.59% last year and was up 14.11% in 2003.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

The power of data

Your clients have financial news and data at their fingertips, but donít know how to interpret it. Katy Gibson of Envestnet|Yodlee and Blake Kannady of Envestnet discuss the power of leveraging aggregated data.

Recommended Video

Path to growth

Latest news & opinion

Lightyear Capital takes 50% stake in $9 billion HPM Partners

Private equity backing could fuel acquisitions by the large RIA.

Tax reform: 7 essential strategies for financial advisers

While advisers face the difficult task of analyzing the law's impact, they will also have a significant opportunity to prove their value by implementing money-saving strategies for clients as well as their own businesses.

Tax law: Everything advisers need to know about the pass-through provision

The provision is tricky, but could provide advisers and business-owner clients with sizable tax savings.

Bill requiring fiduciary disclosure reintroduced in New Jersey

Measures would obligate financial advisers to tell clients they do not have to act in their best interests.

Merrill Lynch to let advisers text with clients

Texting has been a popular mode of communication for years, but in the past the firm's regulations have prevented advisers from using it.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print