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Annaly CEO Prepares ‘War Chest’ As Banks, Hedge Funds Shed Risk

Dow Jones - Banks, hedge funds and other financial institutions are “raining assets” on the markets as they reduce risk, countering the Federal Reserve’s efforts to stimulate the economy, the head of a mortgage bond investment firm said Wednesday.

Annaly Capital Management (NLY) Chief Executive Michael Farrell said the New York-based real estate investment trust has reduced its debt and amassed a $3.5 billion “war chest” to exploit falling asset prices as competitors also race to raise cash by selling assets.

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One Response to Annaly CEO Prepares ‘War Chest’ As Banks, Hedge Funds Shed Risk

  1. DRS says:

    Well this tells you what the funds really think of the economy doesn’t it?

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