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Bear Stearns, Deloitte sued over hedge fund losses
Reuters - USA
The liquidators of two Bear Stearns Cos mortgage hedge funds that collapsed last year, filed suit on Monday against the company and its auditor, Deloitte & Touche, seeking to recover over $1 billion in losses.
Hedge fund groups forge international alliance
Financial News Online US - London,UK
Two hedge fund industry associations in the US and Europe have forged an alliance as alternative asset managers move closer to adopting international self-regulation principles amid calls for greater transparency.
'Capacity Constraint' Rather Than Hedge Fund Bubble
Seeking Alpha - New York,NY,USA
Several studies over the past few years have suggested that the much heralded “hedge fund alpha” is declining. These studies have examined average hedge fund performance (overall, or funds within a specific strategy). As a result, they have been unable to differentiate between two possible causes of the decline: an increase in the number of unskilled managers who generate negative alpha and a decrease in the number of hot-shots who produce large alphas (essentially, the skew of the hedge fund return distribution).
Hedge fund manager earns $3bn in 2007
Guardian - UK
A hedge fund manager who successfully bet on the slump in the US housing market, John Paulson, has come out top in the trading world, taking home a record-breaking $3bn (£1.5bn) in earnings last year. Paulson, 52, of the eponymous New York firm, ousted energy trader John Arnold - who made $1.5bn in 2006 after a successful bet on the direction of natural gas prices - from the top spot.
Gaming the System: Are Hedge Fund Managers Talented, or Just Good at Fooling Investors
Knowledge@Wharton (subscription) - Philadelphia,PA,USA
Hedge funds are key players in the world's financial markets, but no one knows exactly what they're up to. Some believe these thinly regulated, secretive investment pools had a role in the subprime mortgage crisis, because they helped create a market for risky securities backed by those loans. Others think hedge funds have so much power they can whipsaw the markets at will, making money by driving prices down as well as up.
All Hedge Fund Strategies In The Dumps In Q1
FINalternatives - New York,NY,USA
All six hedge fund strategies in the Dow Jones Hedge Fund Indexes posted losses in March 2008, ending the first quarter in negative territory.
Hedge fund managers make mint on housing crisis
Reuters - USA
Millions of Americans may be facing the prospect of losing their homes, but a handful of fund managers have become the best paid in their industry -- taking home 10-figure paychecks last year -- by betting against mortgages.
The Hedge Fund Atop a Modeling Agency
Conde Nast Portfolio - New York,NY,USA
When young men were shown erotic pictures, they were more likely to make a larger financial gamble than if they were shown a picture of something scary, such as a snake, or something neutral, such as a stapler.
Hedge funds 'help weather market turmoil'
Trade Arabia - Manama,Bahrain
Hedge Funds will play a key role for investors to weather the current market turmoil, according to financial experts. A two-day Alternative Investment Conference in Dubai was addressed by six of the world’s most prominent hedge fund managers and attended by over 300 institutional and high net worth (HNW) investors from the region.
Are Hedge Fund Managers Really Seeking Alpha?
Seeking Alpha - New York,NY,USA
Andrew Clavell gets to the point on the subject of hedge-fund managers.
Hedge Fund Traders Bore Me
DealBreaker.Com - New York,NY,USA
Sure, it is fashionable to fall to one's knees in homage to the thirty-something hedge fund "genius" who calls the surge in natural gas futures (or to attempt to imprison the former "genius" who botches the same call- and no, no fish pictures, you are thinking of Bess Levin) but for real steel and grit, there are much more impressive ways to get wealthy betting on the price of oil. Investing in deep water oil drilling rigs, for instance.
Credit Suisse/Tremont Hedge Fund Index Group Launches LEA Index
Earthtimes - London,UK
The Credit Suisse/Tremont Hedge Fund Index Group has announced that it has launched the Credit Suisse/Tremont LEA Index, a diversified index that aims to capture the high growth potential of the emerging market economies of Latin America, EEMEA (Emerging Europe, Middle East and Africa), and Asia.
March 2008 Performance Review Of The Dow Jones Hedge Fund Strategy Benchmarks
Exchange News Direct - London,England,UK
All six hedge fund strategies calculated by Dow Jones Hedge Fund Indexes posted net-of-fees losses in March 2008. All of the strategies ended the first quarter in negative territory.
What's in Store for Hedge Fund Advertising and Public Communications?
FOXBusiness - USA
On April 17th, a high-level panel of experts will discuss and debate the state of hedge fund advertising and marketing-one of the most compelling issues facing the alternative investment management community.
End of an era
Asia Times Online - Kowloon,Hong Kong
Ten years after overseeing a hedge-fund collapse that buckled the world’s financial markets, John Meriwether again is scrambling to stem losses and keep investors from jumping ship.
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FINalternatives - New York,NY,USA
Halcyon Asset Management has grabbed its new finance executive from the sinking ship that is Bear Stearns.
Bedell to act in liquidation of Carlyle Capital Corporation hedge fund
The Lawyer - London,UK
Offshore firm Bedell Group has been appointed to advise on the liquidation of collapsed hedge fund, Carlyle Capital Corporation (CCC).
The Clintons' mighty morphin' Seattle-based hedge fund
Crosscut - Seattle,WA,USA
The controversial former Seattle investment firm Quellos Group makes an appearance in the just-released Clinton tax returns. The Washington Post reports that the Clinton’s tax filing for 2006 discloses "an interest of an undisclosed size" by the Clintons in Quellos Alpha Engine, an investment fund headquartered in the Cayman Islands.
Hedge fund Clarium takes 9.9 pct hit in March-note
Reuters - USA
Clarium Capital Management, a $3.8 billion hedge led by PayPal co-founder Peter Thiel, fell 9.9 percent in March on foreign stock investments, but is still up 15 percent for the year, the firm told investors in a note this week.
US hedge fund terminates planned Delphi investment
AFP -
US hedge fund Appaloosa Management and its financial allies have dropped a plan to invest 2.55 billion dollars in Delphi Corp., which could have helped the auto parts maker emerge from bankruptcy.
Sidley Expands in London with Hiring of Hedge Fund and Financial Markets Partner, Bruce Gardner
Business Wire (press release) - San Francisco,CA,USA
Sidley Austin LLP announced today that Bruce Gardner has joined the firm's London office as a partner in the Investment Funds, Advisers and Derivatives group. Gardner will continue to focus on hedge funds, alternative asset management and related matters as he has for the last ten years.
Bank of New York Mellon tops USD200bn in hedge fund assets
HedgeWeek - London,UK
Bank of New York Mellon has announced that its alternative investment services business has passed USD200bn in assets under administration, reflecting rapid global growth in the firm's servicing of funds of hedge funds and multistrategy hedge funds.
Zwirn Preps Successor To Closing Hedge Fund
FINalternatives - New York,NY,USA
Daniel Zwirn’s Special Opportunities Fund was brought down by an accounting scandal. But the New York hedge fund magnate might not abandon the strategy.
Goldman Takes Stake In Claren Road Hedge Fund Firm - Sources
CNNMoney.com - USA
Petershill Fund, a private investment fund that is run from
FINalternatives - New York,NY,USA
Morgan Stanley has bought another stake in a hedge fund firm, taking a minority ownership position in London-based Hawker Capital.
Bank Of NY Tops $200 Billion Hedge Fund Assets Under Administration
CNNMoney.com - USA
Bank of New York Mellon Corp.
US hedge fund Pardus freezes redemptions
CNNMoney.com - USA
New York activist hedge fund Pardus Capital Management LP is halting investor redemptions indefinitely at a time when many of its holdings are plummeting in value.
Macquarie Capital buys hedge fund Craton Capital
Reuters - USA
Australia's Macquarie Capital has acquired a European-based boutique commodities hedge fund from Craton Capital, sources close to the deal said.
Cody Ross: Former Hedge Fund "Guy" Turns Fashion Designer
CNBC - Englewood Cliffs,NJ,USA
Designer Cody Ross is one of those former hedge fund guys who got out of the financial business at just the right time and is now using that business acumen to help launch his true passion--design house Priestess.
HSBC Halbis plans India mid-cap hedge fund
Reuters - USA
HSBC Halbis Capital Management told Reuters on Monday that it plans to launch a long-short India mid-cap hedge fund because it sees good opportunities there and that it wants to launch more emerging market funds.
Ocean venture brings hedge fund option to New Zealand shores
New Zealand Herald - New Zealand
A Christchurch investment bank has signed a deal with a London-based wealth management business to offer New Zealanders more opportunities to access investment products in Europe and the US - including hedge funds.
Banks race to open first hedge fund in Turkey
Turkish Daily News (subscription) - Ankara,Turkey
Two major Turkish banks are engaged in a big race to become the first Turkish bank to offer hedge funds.
SPQR Capital Delays Opening of Credit Hedge Fund, Person Says
Bloomberg - USA
SPQR Capital LLP, the London-based investment firm co-founded by former Deutsche Bank AG executives, delayed opening a fixed-income hedge fund and may cut as much as half its staff, according to a person with knowledge of the situation.
Marco Polo launching second China hedge fund
Reuters India - Mumbai,India
Marco Polo Pure Asset Management is launching its second China-focused hedge fund, which will allow it to invest outside of the mainland Chinese market where it earned triple-digit returns in 2006 and 2007.
Stenham Offers Resources Fund of Hedge Funds
FINalternatives - New York,NY,USA
U.K.-based Stenham Asset Management has launched the Stenham Global Resources Fund, a long-biased fund of hedge funds focusing on non-energy related sectors.
Finance Focus
FiNTAG
NY hedge fund pushes for sale of analog chipmaker Micrel
EDN.com - Newton,MA,USA
San Jose-based analog and mixed-signal chipmaker Micrel Inc is fighting a battle with NY-based hedge fund company Obrem Capital Management (OCM), which is demanding the company be sold.
Hedge fund terminates $2.55-billion Delphi deal
Detroit Free Press - United States
Delphi Corp. has lost a $2.55-billion investment, derailing a key financial deal and all but ensuring a longer stay in bankruptcy for the auto supplier. The hedge fund Appaloosa Management LP made the announcement this morning as Delphi was in the process of closing on a $6.1-billion exit loan that it had struggled to assemble during the turbulent credit markets.
Hedge Fund Announces Maguire Stake
Los Angeles Business Journal (subscription) - Los Angeles,CA,USA
Hedge fund Third Point LLC said late Tuesday that it currently holds more than 7 percent of the stock of Maguire Properties Inc. and wants to take an active role in the real estate investment trust.
Media General to meet with hedge fund
WWBT - Richmond,VA,USA
Media General is planning to meet today in New York with Harbinger Capital Partners, a hedge fund seeking to improve profitability by nominating directors to the board at the family owned media company.
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Fund trustees must learn to treat hedge funds with care
Personal Finance - Cape Town,Western Cape,South Africa
The entire hedge fund industry is done a disfavour every time someone in the industry makes exaggerated claims.
Hedge fund charges CSX with wrong-doing in suit
Reuters - USA
The Children's Investment Fund (TCI), an activist hedge fund waging a pitched battle to get on the board of CSX Inc, accused the rail company on Friday of a litany of securities law violations including illegally enriching corporate directors.
US SEC sues UK hedge fund over mutual fund trades
Reuters - USA
U.S. securities regulators sued a London-based hedge fund and its chief executive on Thursday, alleging they schemed to defraud mutual funds and shareholders in the United States.
Canadian Hedge Fund Manager Faces Charges of Market Manipulation
HedgeCo.net - West Palm Beach,FL,USA
A Canadian hedge fund manager has been charged with market manipulation after partaking in shady trading practices.
Hedge fund executive faces cocaine charges
Financial News Online US - London,UK
A secretary for a Toronto-based hedge fund manager faces charges for allegedly purchasing cocaine for an undercover police officer at a local nightclub.
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