Investors less enamoured of asset-backed lending
In the wake of the financial crisis, opportunities have arisen for funds exploiting the unwillingness of banks to lend to small companies. Hedge Funds Review out how hedge funds are using asset-backed lending to fill the gap.
Asset-backed lending (ABL) has not had the best performance of strategies over the past year. In September 2008 a number of hedge funds and funds of hedge funds (FoHF) using the strategy found themselves caught up in the $3.65 billion fraud allegedly perpetrated by the Petters Group.
The company’s founder, Thomas Petters, is currently standing trial in the US for purportedly tricking funds into lending money against non-existent assets such as electronic goods. When news broke about the
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