The man who ran the Citigroup hedge funds which imploded in 2008, losing much of their value says that he has 'no regrets' about his performance and said 'ambulance-chasing' lawyers are behind claims that he and the bank misled clients.
Bloomberg reports that Reaz Islam said in an email statement: 'This was a high-volatility, high-return strategy and never a safe and riskless investment as claimed by a few rogue, ambulance-chasing attorneys. I have no regrets and obviously learned a lot from the crisis, notably to expect the unexpected at all times and how people change color in times of crisis'.'
'Unfortunately, like many things in life, the strategies no longer worked after the material and sustained change in correlation in early 2008, breaking 15-plus years of strong history of correlation, the key driver of the strategy. Every manager in the space had the same fate, with no exceptions'.