Globe and Mail – In the hedge fund world, James Dinan is a big wheel, earning an estimated $470-million (U.S.) last year as the head honcho at $14-billion York Capital Management.
In the space of 60 seconds late Wednesday, Mr. Dinan’s fund gave back $49-million (Canadian) of that total on a computer-driven trading error that hammered FNX Mining. It’s hard to imagine York Capital’s founder, or any other FNX institutional owner, is thrilled with what played out.
Nickel miner FNX, which features York Capital as its largest shareholder with a 19-per-cent stake, was the victim of what traders described as an "algorithm gone wild."
