One fifth of hedge funds may fail: Man Group exec
Reuters - USA
Up to a fifth of managers in the $1.6 trillion hedge fund industry are at risk of going out of business in the next two years, a Man Group Plc strategist said on Wednesday. Thomas Della Casa, head of the research, analysis & strategy group at Man Investments, told a briefing in Frankfurt one in 10 hedge funds tended to fold after a few years even in favorable market conditions.
Hedge Fund Jobs Digest Compensation Report Reveals Job Market Insights
MarketWatch - USA
2008 Survey results suggest hedge fund employees saw writing on the wall with a 68 percent increase in satisfaction despite a small increase in compensation
Commentary: Hedge funds haven't done all that well hedging
MarketWatch - USA
Harvard's endowment has lost an estimated 30% just since mid-year. You read that right. The endowment of one of the most elite educational institutions in the world, run by some of the best and brightest investment managers, who have been granted privileged access to the innermost insiders in the business world, Wall Street, and Washington, D.C., lost nearly a third of its value in just five months' time.
Michael Lewis on the Hedge Fund Manager Who Saw It Coming
Motley Fool - USA
How did hedge fund manager Steve Eisman win big off the market meltdown? What will Wall Street look like in five years? In this third and final part of our interview, I put those questions to Liar's Poker author Michael Lewis, editor of the new anthology Panic: The Story of Modern Financial Insanity.
Banks more leveraged than hedge funds: Man Group CEO
Reuters - USA
British hedge fund manager Man Group Plc said on Tuesday banks were more highly geared than hedge funds and bank deleveraging had been the main driver of asset-price declines. "Hedge fund deleveraging has put pressure on asset prices as clients have redeemed. But the main point is banks are deleveraging and they are many times more leveraged than hedge funds," said Man Group Chief Executive Peter Clarke.
Iceland: The country that became a hedge fund
CNNMoney.com - USA
On a gloomy morning in early August, more than a month before Wall Street and the world's financial system seized up, a senior aide to Iceland's Prime Minister paid a visit to the Russian embassy in Reykjavík to make a controversial request: Bail us out.
Hedge fund global assets fall $170bln
Reuters - USA
Global hedge fund industry assets fell by $170 billion (114 billion pounds) in the third quarter as negative returns of more than 10 percent combined with heavy net outflows, research firm Lipper TASS said.
Battered British Hedge Fund Sues Wall Street Journal
FINalternatives - New York, NY, USA
A British hedge fund is suing The Wall Street Journal for publishing articles detailing its disastrous performance this year. At a time when many in the industry and many regulators are pushing for greater transparency, SRM Global, which once managed US$3 billion, alleges that the newspaper published confidential information when it revealed in August that the fund has lost about 85% since inception.
Hedge funds try to hold back redemption wave
MarketWatch - USA
Hundreds of hedge funds will shut this year as an estimated wave of as much as $700 billion in investor redemptions crashes over the industry, but some managers are trying to hold back the tsunami.
Summers has ties to prominent hedge fund
Politico - Washington, DC, USA
On the same day Lawrence Summers was announced as President-elect Barack Obama’s top White House economics adviser, the veteran economist said he would resign as the part-time managing director of one of the nation’s largest and most successful hedge funds, D.E. Shaw & Co.
"Now is a phenomenal time to buy, assuming you think we're not in a depression... We're looking at valuations we think are extremely low. Unless the unthinkable happens, you'll be fine" - Marc Lasry, chairman and CEO, Avenue Capital at the 2008 Clinton Global Initiative meeting in Hong Kong.
Hedge fund Avenue Capital says 'phenomenal' time to buy
Reuters - USA
Financial assets have become so cheap because of the credit crisis that now is a good time to scoop up bargains, the head of one of the world's biggest hedge funds, Avenue Capital, said on Wednesday. "Now is a phenomenal time to buy, assuming you think we're not in a depression," Marc Lasry, chairman and CEO of the company, said at the 2008 Clinton Global Initiative meeting in Hong Kong.
Noncyclical giving
Reuters - USA
Say it isn't so, Mr. Scrooge. Worries are escalating that the financial markets' annus horribilis will make it tougher to summon the spirit of giving this year and next. With plunging markets, a severe cash crunch, battered investment portfolios, dropping housing values -- everything but the sky falling -- Wall Street appears to be receiving more than bestowing.
Hedge Fund Notes and News
Seeking Alpha - New York, NY, USA
While hedge fund redemption requests have been strong in the US, the next wave of redemption requests may come from Asia, where many hedge funds have suffered worse performance than similar funds in the west
DJ Man Group CEO: Sees Hedge Fund Assets Continuing Slide In '09
Trading Markets (press release) - Los Angeles, CA, USA
Man Group PLC's Chief Executive said Tuesday hedge funds are in for another slide in assets after several of the worst months in the industry's history. "The hedge fund industry will be managing less money in 2009," Peter Clarke said in a speech to hedge fund managers here.
Green Hedge Fund Directory Now Available
PR Web (press release) - Ferndale, WA, USA
The Energy Hedge Fund Center (EHFC), the only web community focused on energy and environmental alternative investments, announces that it has added a 'green' hedge fund directory to its product inventory. EHFC's Directory of Energy Hedge Funds has been in constant demand since it was launched four years ago, but with the avid interest in 'green' hedge funds, the company has created a new green directory for investors. The directory includes carbon, renewable, cleantech, forestry, water and weather derivative funds.
When a Publicly Traded Hedge Fund Blows Up
Seeking Alpha - New York, NY, USA
For the overwhelming majority of investors in hedge funds -- and fund-of-funds managers, and hedge-fund consultants, for that matter -- it's really hard to get a solid grasp of any given fund's risk management procedures. All funds will tell you that risk management is their first priority, but as a result of that such protestations are not very useful.
Ignore the noise, long term
Forex Hound - New York, NY, USA
You may notice at the moment that the market is behaving like a manic depressive. I have been watching how the reporting entities such as Bloomberg and CNBC handle these swings between optimism and pessimism, and they seem to have no problem with it, mainly because they never bother to really predict or forecast anything; they just commentate - they are a lagging indicator!
Hedge Fund Manager Hendry Bets on Deflation With UK War Loans
Bloomberg - USA
Hugh Hendry, who oversees about $500 million as co-founder of Eclectica Asset Management in London, said he’s buying World War I debt on the bet the U.K. is due for its worst round of deflation since the Great Depression.
Buyout Titan Weighs Hedge-Fund Revamp
Wall Street Journal - USA
Leveraged-buyout legend Thomas H. Lee, who barreled into hedge funds when the market was booming, is considering shrinking or even shutting down two funds that had $1.5 billion in assets after suffering losses of about 40% this year, people familiar with the situation said.
Paulson Bucks Paulson as His Hedge Funds Score $1 Billion Gain
Bloomberg - USA
There’s not a lot of light in Paulson & Co.’s 28th-floor headquarters on a drizzly November afternoon. The Alexander Calder sculpture and multicolored prints have been shipped to the firm’s new offices six blocks south. Darkness envelops the New York skyline. The Dow Industrials have lost a total of 929 points over two days, and the jobless rate is poised to hit 6.5 percent. And John Paulson, who oversees $36 billion in hedge fund assets, isn’t exactly Mr. Sunshine either.
Research Edge, LaBranche In Research/Trading Partnership
CNNMoney.com - USA
When Keith McCullough left his hedge fund job last October to start an independent research company, it may have seemed like a curious move. Fourteen months, a highly prescient call on the market crash, and several key hires from top hedge funds later, McCullough's company, Research Edge LLC, is forming a partnership with the institutional brokerage division of LaBranche & Co. (LAB) that will see LaBranche process actual trades for its clients based on Research Edge's research.
DE Shaw, Farallon Restrict Withdrawals as Fund Freeze Deepens
Bloomberg - USA
D.E. Shaw & Co. LP, the investment firm run by David Shaw, and Farallon Capital Management LLC limited withdrawals by clients, joining more than 80 hedge-fund managers to impose restrictions in the past two months.
Fortress Halts Drawbridge Global Fund Withdrawals
Bloomberg - USA
Fortress Investment Group LLC fell 25 percent to a record low after the private-equity and hedge-fund manager halted redemptions from its Drawbridge Global Macro fund, which had lost value this year.
Augustus macro hedge fund doubles assets
Reuters - USA
Fund firm Augustus Asset Managers said on Tuesday assets under management in its fixed income and currency macro hedge fund have bucked market trends and doubled in the year to end-October.
Hedge Fund Ramius Is Retooling
Wall Street Journal - USA
Another week, another hedge-fund restructuring. This time it's Ramius Capital Group, the New York firm overseen by Peter Cohen, the former chairman of the old Shearson Lehman Brothers.
With hedge funds down 10.8%, two big winners up 58%, 24.6%
BloggingStocks - USA
Hedge funds have had a lousy year, losing an average of 10.8%. But two hedge funds -- big winners in 2007 -- kept making money this year as well. Meanwhile, those two winners mask an awful lot of losers who will probably find their way into oblivion.
Tudor’s BVI Halts Withdrawals, Plans Hedge-Fund Split
Bloomberg - USA
Tudor Investment Corp., the firm run by Paul Tudor Jones, temporarily suspended client redemptions from the $10 billion BVI Global Fund Ltd. as it plans to split the hedge fund into two.
MNTR Lead Hedge Fund has Zero Redemptions, Assists Other Funds
MarketWatch - USA
The Mentor Capital, Inc. lead hedge fund has had no redemptions during the financial crises and continues its long-term record of outperforming the S&P 500 by approximately 15%. In addition to superior returns, institutional investors report that they find a measure of safety in the lead fund because it is debt-free, with no exposure to financial companies, sub-prime or mortgage related securities.
Allianz Hedge Fund CFO Faces Liquidation After Investor Vote
Bloomberg - USA
Allianz SE’s 300 million-euro ($387 million) collateralized fund obligation linked to the performance of 80 hedge funds will be liquidated after a vote by investors. Bondholders decided to close the so-called CFO after Allianz limited withdrawals from the 2.2 billion-euro Phenix Alternative Holdings fund of funds backing the security. More than 75 hedge funds have liquidated, suspended client withdrawals or limited redemptions since the start of the year because of turmoil in financial markets, according to data compiled by Bloomberg.
Hedge Fund Tracking: Bret Barakett's Tremblant Capital, Q3 2008
Seeking Alpha - New York, NY, USA
Taken from its site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Tremblant is a $4.1 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track).
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Hedge Funds Lower Fees, Lengthen Lockups on New Funds
Bloomberg - USA
Artradis Fund Management Pte, RAB Capital Plc’s Northwest unit and Cannizaro (Hong Kong) Ltd. are cutting fees and locking up investors’ money for longer in new hedge funds that will buy bonds after prices fell in Asia.
Hedge fund firm PAAMCO integrates smaller group
Reuters - USA
Pacific Alternative Asset Management Co, which invests $9 billion in hedge funds, said on Tuesday it is integrating a smaller hedge fund investment group to expand its reach in Asian markets.
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Dillard’s Woes May Just Encourage Hedge-Fund Critics Barington Capital and Clinton Group
BNET - San Francisco, Ca, USA
The latest dismal results at Dillard’s are likely to intensify a struggle over the company’s family-based leadership. Dillard's slump may encourage activist hedge funds Barington Capital and Clinton GroupThe Barington Capital Group and Clinton Group, hedge funds owning more than five percent of Dillard’s class A stock, launched a proxy fight in March demanding management changes. At the time, the funds announced their intention to nominate four candidates to the Dillards’s board in a letter to the company.
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