(Bloomberg) -- Jon Corzine will shutter the hedge fund he started after the collapse of MF Global Holdings, marking the end of his bid to rebound from one of the largest bankruptcies in US history. Most Read from BloombergWells Fargo Preps for Wealth Battle After $1 Billion TurnaroundUS to Keep a Distance From India-Canada Dispute, Signum’s Myers SaysBond Market Faces Quandary After Fed Signals It’s Almost DoneChina’s Ultra-Rich Gen Zs Flock Home as Global Tensions RiseRaw Meat-Eating Liver King
JDC-JSC, Corzine’s New York-based money-management firm, terminated its registration with the Securities and Exchange Commission as of Sept. 22, according to the agency’s website. The firm’s lone investment vehicle, the JDC-JSC Opportunity Master Fund, had gross assets of about $510 million, including leverage, at the end of last year.
“I have decided to wind down the Opportunity Fund and return capital to my investors,” Corzine, 76, said in an emailed statement. “I am grateful to our team for their hard work and dedication during the past several years.” A former co-chairman of Goldman Sachs Group Inc., Corzine also served as a US senator and governor of New Jersey before taking the top job at MF Global in 2010. He hoped to turn the futures broker into a Wall Street powerhouse, only to see the firm buckle under a cash crunch tied to proprietary bets on European sovereign debt. MF Global was forced to file for bankruptcy in 2011.
In July, three futures industry executives asked the Commodity Futures Trading Commission to review an exemption that allowed Corzine to continue trading a small amount of futures under a settlement with the agency. The executives claim that Corzine is no longer eligible for the exemption because of a 2020 rule change.JDC-JSC began raising money in 2018. Corzine said in his statement that now is the right time to focus on his other interests.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Corzine Plans to Shut Hedge Fund and Return Capital to InvestorsJon Corzine will shutter the hedge fund he started after the collapse of MF Global Holdings, marking the end of his bid to rebound from one of the largest bankruptcies in US history.
Read more »
Third Ontario cabinet minister resigns as Doug Ford reverses Greenbelt plansOntario Premier Doug Ford lost a third cabinet minister in as many weeks Friday, with top performer Monte McNaughton resigning as labour minister to work in the private sector.
Read more »
Miami Brokerage for Brazil’s Middle Class Plans to Become a BankA Miami-based digital brokerage that agreed to sell control to Itau Unibanco Holding SA last year is looking to its next chapter: becoming a bank.
Read more »
Ottawa city staff didn’t give convoy organizers heads-up about injunction plans, court hearsThe chief of staff for former Ottawa mayor Jim Watson testified that he knew about the impending injunction application but did not tell convoy lawyer Keith Wilson until after it was granted by a judge
Read more »
Russia plans huge defence spending hike in 2024Market News
Read more »
Long Ball: Is Manoah still in the Jays' plans for 2024?On the latest Long Ball, Rob Longley and Rob Wong talk about Alek Manoah\u0027s future in Toronto and the Jays\u0027 weekend series in Tampa.
Read more »