In an unusual event for the financial services, a poetry prize nominee has withdrawn her book from the competition because of the hedge fund sponsoring it, it has been reported.
Alice Oswald decided to pull her book Memorial out of the running for the TS Eliot prize after she discovered it was being backed by investment management firm Aurum Funds, thebookseller.com revealed.
The poet suggested her reasons for this were ethical as she feels the literary tradition should revolt against hedge fund managers.
She said: “I’m uncomfortable about the fact that Aurum Funds, an investment company which exclusively manages funds of hedge funds, is sponsoring the administration of the Eliot Prize.
“I think poetry should be questioning not endorsing such institutions and for that reason I’m withdrawing for the Eliot shortlist,” the news provider quoted.
As such, the poet has passed up the potential to take home £15,000 in prize money, as well as £1,000 awarded to each shortlisted candidate.
In other news, a recent survey from Aksia showed 42 per cent of hedge funds agreed there was potential for Italy and Spain to default on their debt as the European economic crisis deepens.
Posted by Claire Robin 