Top hedge fund managers face US lawmakers Thursday
Reuters - USA
Five of the world's richest and most powerful hedge fund managers will face a U.S. Congressional panel on Thursday that wants to know if the secretive industry poses risks to the financial system.
Hedgeweek Comment: Emanuel's appointment offers reassurance to Hedge Fund Industry
HedgeWeek - London, UK
US president-elect Barack Obama has asked Rahm Emanuel, a one-time aide in the Clinton White House, to be his chief of staff - a choice that is likely to reassure hedge fund managers, even though the Illinois congressman's relationship with the alternative industry is far from that of an unalloyed cheerleader.
Biggs: No Hedge Fund Tsunami Ahead
NewsMax.com - West Palm Beach, FL, USA
Barton Biggs, managing director of hedge fund Traxis Partners, says he doesn’t see the redemption tsunami predicted by billionaire George Soros and others. Soros has said he expects two-thirds of hedge funds to be closed down by a wave of redemptions as investors cash out. Economist Nouriel Roubini went so far as to warn that the resulting rush of stock sales would shut down stock markets for two weeks or longer.
The Hedge Fund Collapse
Conde Nast Portfolio - New York, NY, USA
The past several years, the most valued people in our society were those who could make money from money. They weren’t cancer researchers or astrophysicists. They weren’t even the really important people, like N.B.A. players or movie stars. They were hedge fund managers. Last year, five of them made well over $1 billion each.
Billion-dollar hedge fund stars face grilling in DC
Financial Times - London, England, UK
Hedge fund managers who earned more than $1bn last year, including George Soros and Philip Falcone, are being summoned to Capitol Hill tomorrow to testify under oath about the potential risks their firms pose to the broader economy.
Hedge fund redemptions total $100B in October
International Herald Tribune - France
Hedge fund assets fell by $100 billion in October as investors withdrew their money and funds were forced to sell stock, exacerbating the severe volatility that pounded global markets during the month.
Hedge fund assets fall 5.52 per cent in October as worst-ever year ...
HedgeWeek - London, UK
The Hennessee Hedge Fund Index declined by 5.52 per cent in October, only narrowly improving on the industry's dismal record the previous month, and is now down by nearly 16 per cent over the first 10 months of this year, according to Hennessee Group, a provider of industry data and adviser to hedge fund investors.
Banks face 50% drop in hedge fund fees
Wealth Bulletin - London, England, UK
The decline in the hedge fund industry will wipe out tens of billions of dollars in fees they pay to investment banks next year, forcing banks to make further staff cuts and shift their focus to less lucrative customers.
Credit Suisse hedge index fund launches to UK market
Investment Week - London, UK
Credit Suisse’s Tremont AllHedge Index fund is now available to UK investors.
Deadline nears for investors to redeem hedge fund shares
USA Today - USA
It is last call for investors to ask for their money back from poorly performing hedge funds. Whether that is a bullish or bearish sign for battered stocks is anyone's guess.
Hedge funds could help finance growth: lawyer
Reuters - USA
Hedge fund managers could play a key role in jump starting the ailing U.S. economy if Washington offers them appropriate tax breaks, a prominent hedge fund industry lawyer said on Tuesday.
Hedge fund winners in a year of turmoil
Wealth Bulletin - London, England, UK
The largest funds have proved to be the safest. Big may not always be better, but for investors in 18 of the world’s largest hedge fund managers whose flagship funds have made money this year, it has proved safer. True, some of the gains by the largest managers have been meagre - Cerberus International and Millennium International Fund made just 0.1% to September 30 - and those losing money far outnumber those making it.
Hedge funds lose money again in October: data
Reuters - USA
Hedge funds lost an average 5.52 percent in October, marking their fifth consecutive monthly drop as managers faced sharp stock market swings and angry clients who demanded their money back, new data shows.
Hedge Fund Fallout Continues
Dividend.com - Brigantine, NJ, USA
It appears that hedge fund redemptions are showing no signs of letting up, even as the markets were able to bounce a bit off the bottom.
Fund managers hedge on possible regulation
Chicago Tribune - United States
A congressional committee Thursday explored the issue of regulating highly-secretive hedge funds, questioning five managers who each personally earned more than $1 billion last year, including Ken Griffin, founder of Chicago-based Citadel Investment Group.
Battered convertibles lure brave hedge funds
guardian.co.uk - UK
Bolder hedge funds are looking to snap up convertible bonds at bargain prices, returning to an asset class that became a no-go area for them only a short while ago.
Tim Sykes: How to set up a hedge fund
FT Alphaville - London, UK
A bit of background first - Sykes is the precocious trader who, at the tender age of 22, started his own fund, Cilantro. The fund closed in 2007, down by about a third after four years, according to Wikipedia. Sykes has since gone on to write a book about his experiences and appear in the TV documentary Wall Street Warriors.
Markets hurt as hedge funds sell off stock
The Australian - Sydney, Australia
Hedge funds are selling billions of dollars of securities to meet demands for cash from their investors and their lenders. The sell-off has contributed to the stock market's nearly 10 per cent drop over the past two days
Hedge fund outflows seen at just 6 percent in '08
Reuters - USA
The hedge fund industry could see net client outflows of just 6 percent during the whole of 2008, according to analysts at Citi, who believe the UK's traditional fund industry is shrinking at a faster rate.
Malaysia eyes Islamic hedge fund
Straits Times - Singapore
Malaysia is working on a plan to allow the creation of Islamic hedge funds, an official at the country's market regulator was quoted on Friday as saying.
Asian Hedge Fund industry declines sharply
Xinhua - China
Assets invested in hedge funds focusing on Asia fell sharply in the third quarter of 2008, according to data released Thursday by Chicago-based Hedge Fund Research (HFR), a leading source of hedge fund information and performance data.
Hedge fund hearings: More disclosure doesn't always mean more clarity
Telegraph.co.uk - United Kingdom
A Who’s Who of billionaire hedge fund managers faced US lawmakers at hearings in Washington yesterday.
Meltdown sets back hedge fund master
Globe and Mail - Canada
Math whiz Ravi Sood has ridden the highs and lows of the wild world of hedge funds. The president of Lawrence Asset Management Inc. made a name for himself running the firm's flagship hedge fund with stellar returns such as his 75-per-cent gain in 2007. But the stock market crash has dealt a blow to Lawrence Partners Fund, which suspended redemptions this week
Hedge fund star Greg Coffey astounds City
Times Online - UK
When Greg Coffey phoned his mother last Sunday to tell her about his new job, it was not the news she was expecting. "What the hell are you doing?" she said. "I wanted to see your name over the door."
Nobel Laureate's Fund Halts Withdrawals
Washington Post - United States
Platinum Grove Asset Management, the hedge-fund firm co-founded by Nobel laureate Myron Scholes, temporarily stopped investor withdrawals from its biggest fund after it lost 29 percent in the first half of October.
Gendell, Scholes Are Losers as Hedge Funds Drop for Fifth Month
Bloomberg - USA
Hedge funds run by Jeffrey Gendell and John Burbank III posted their worst monthly losses in October. Peter Thiel gave back gains made earlier in the year. Nobel-prize winner Myron Scholes froze his biggest fund.
Icahn Puts Money Into Hedge Funds as Outside Investors Leave
Bloomberg - USA
Carl Icahn is putting more money into his $6.6 billion of hedge funds as losses mount and outside clients abandon the activist investor.
Hedge fund Citadel shuttering Bermuda reinsurer
Reuters - USA
Citadel Investment Group, one of the world's biggest hedge funds, is shuttering a Bermuda reinsurer it formed in 2004, according to a source familiar with the matter.
Swiss hedge fund Gottex halts redemptions
Reuters - USA
Swiss-listed hedge fund Gottex Fund Management Holdings Ltd said on Thursday it had temporarily suspended redemptions from funds of funds holding some 65 percent of its total assets under management.
Quadrangle to close media-focused hedge fund- WSJ
Reuters - USA
Quadrangle Group LLC fund Quadrangle Equity Investors is planning to wind down amid a weak performance and investor redemptions.
Tontine to shut two hedge funds - source
Reuters - USA
Hedge fund firm Tontine Associates LLC, which manages roughly $9 billion, will shut down two of its four hedge funds due to heavy losses, a person familiar with the funds' operations said on Tuesday.
Analyst warnings make hedge fund a marked Man
Times Online - UK
Man Group, the world’s largest quoted hedge fund manager, was one of the worst performers in a sliding market as analysts issued cautions over its debt and said that it could be forced to cash out of another $19 billion (£12.3 billion) of assets under management.
GLG Freezes Hard-to-Sell Assets in Its European Long-Short Fund
Bloomberg - USA
GLG Partners Inc. limited client withdrawals from the $2.9 billion GLG European Long-Short Fund so it isn't forced to sell selected investments that have tumbled in price, people familiar with the matter said.
GLG Third-Quarter Profit Declines as Performance Fees Plunge
Bloomberg - USA
GLG Partners Inc., the hedge fund founded as a unit of Lehman Brothers Holdings Inc., said adjusted profit and assets under management dropped in the third quarter after most of its 48 funds lost money.
APAC Greater China hedge fund shut down -manager
Reuters - USA
The APAC Greater China Fund, which at its peak managed $55 million, has shut down after suffering losses, joining a growing number of hedge fund casualties of the global financial crisis.
Hedge Fund Brotman Capital Shows Top Performance
HedgeCo.net - West Palm Beach, FL, USA
Brotman Capital Partners LP, based in Boca Raton, Florida, has turned in the best performance Year to Date of a Market/Trend Timing Hedge Fund according to Barclays Hedge Fund Database.
Hedge fund managers 'funereal' in midst of crisis
MarketWatch - USA
In the midst of the worst financial crisis since the Great Depression, several top hedge fund managers sent a grim message to their investors in October: it isn't over.
Amiri Capital says to launch sharia hedge fund in '09
guardian.co.uk - UK
Islamic asset manager Amiri Capital will launch a sharia hedge fund next year, which it hopes will satisfy rising demand for alternative Islamic investments while complying with a religious ban on gambling.
Sweden's Brummer Ventures to Bangladesh, Plans Asia Hedge Fund
Bloomberg - USA
Brummer & Partners, Sweden's largest hedge-fund manager, is venturing into Bangladesh and plans to start its first Asia-focused portfolio as it expects the region to ride out the global financial crisis.
Kenmar opens Singapore office to capitalise on Asia hedge fund growth
HedgeWeek - London, UK
Rye Brook, New York-based fund of hedge funds manager Kenmar Group has announced the opening of Kenmar (Asia) in Singapore, headed by former ABN Amro private banker Chris McLeod.
PXP Vietnam to Start Hedge Fund, Bets on Stock Market Recovery
Bloomberg - USA
PXP Vietnam Asset Management, which oversees $225 million, plans to start a hedge fund by early next year as it seeks bargains in Asia's second-worst-performing stock market, said co-founder Kevin Snowball.
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GM should file for bankruptcy: Hedge fund manager
Times of India - India
General Motors Corp, the biggest US automaker, should file for bankruptcy rather than taking money from the government, hedge fund manager Bill Ackman said.
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NY Judge: Amaranth Lawsuit Can Proceed Against JPMorgan
CNNMoney.com - USA
A state judge has ruled that a lawsuit by collapsed hedge fund Amaranth Advisors LLC can proceed against JPMorgan Chase & Co. (JPM) over the bank allegedly undercutting the fund's efforts to avoid collapse after a series of bad natural-gas trades in 2006.
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