Alternative investment managers including Arini, Eicos and Squarepoint have tens of millions of euros at risk with their investments in a unit of the insolvent real estate conglomerate Signa.
Arini, a hedge fund founded by former Credit Suisse trader Hamza Lemssouguer, holds about half of the €300 million ($326 million) of bonds issued by Signa Development, making it one of the biggest creditors of the company, according to a company filing circulated on Monday and seen by Bloomberg News. The notes are now quoted at around 14 cents on the euro, according to data compiled by Bloomberg.