Claren Road Losses a Result of High Volatility, Rubenstein Says
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Claren Road Asset Management LLC, the hedge fund firm majority-owned by Carlyle Group LP, suffered losses last month because market volatility was greater than expected, Carlyle’s David Rubenstein said.
“They did some things that maybe they wish they hadn’t invested in,” Rubenstein, Carlyle’s co-chief executive officer, said in an interview with Bloomberg Television’s Erik Schatzker airing today. “Volatility was more than people expected. We hadn’t had a lot of volatility in the markets the last couple of years.”