(Bloomberg) — A town nestled in the north west of England is paring a multi-million pound investment in the hedge fund Altana Wealth Ltd., a few months after a Member of Parliament criticized the local authoritys management of taxpayers money.
The borough council for Warrington has begun exiting its 4.3 million ($5.2 million) position in the corporate bond fund of Altana Wealth Ltd, according to a September report reviewed by Bloomberg News. The fund is heavily invested in risky bonds but is generating returns that have underperformed the broader market for junk debt, according to an analysis by Bloomberg.
The divestment comes after Lee Rowley, the parliamentary under secretary of state for the UKs Department of Levelling Up, Housing an…
Read the full article at: https://www.bnnbloomberg.ca/uk-town-yanks-money-from-hedge-fund-burned-by-junk-bond-bets-1.1984261