LONDON: RAB Capital saw losses almost treble last year after assets fell further and it took a charge to cut costs, as the hedge fund firm struggles to recover from an exodus of clients during the credit crisis.
The firm, which warned in September that full-year results would miss expectations, posted a pretax loss for the year to end-December of 20.2 million pounds ($32.5 million), compared with a loss of 6.9 million pounds a year ago.
"Our results for the year are not satisfactory," said chief executive Charles Kirwan-Taylor in the results statement, which showed a 3.5 million pound restructuring charge.
Assets under management fell to $1.06 billion at the end of December from $1.35 billion a year before, after the firm closed funds and one European bank pulled out money from RAB's fund of funds. At the end of 2007 RAB managed around $7 billion.
Earlier this year RAB revealed plans to launch a range of Ucits funds, while in December it said it had taken on two fund managers and a long-short equity fund from rival Park Place Capital.
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