Hedge fund index falls
InvestmentNews - New York, NY, USA
The Hennessee Hedge Fund Index slipped 1.95% last month and was down 3.23% for the year-to-date. The index, compiled monthly by hedge fund adviser Hennessee Group LLC of New York, posted weaker results last month than major market indicators. The Standard & Poor's 500 stock index was down 0.99%, the Dow Jones Industrial Average was up 0.25% and the Nasdaq Composite Index rose 1.42%.
Hedge fund strategies' performance fails to revive in July, says Dow Jones
HedgeWeek - London, UK
With five of the six hedge fund strategies covered by Dow Jones Hedge Fund Indexes posting net of fees losses in July and the only exception, merger arbitrage, returning just 0.05 per cent, July was the poorest month in 2008 for the performance of hedge fund strategies, according to Dow Jones Indexes.
Hedge fund assets hit $3.8 trillion
Pensions & Investments - Chicago, IL, USA
Assets invested in hedge funds totaled about $3.8 trillion as of March 31, according to results of a survey by operations consulting firm Carbon360 Research. Fund-of-funds assets, including both private equity and hedge fund strategies, totaled $1.32 trillion.
NY hedge fund group seeks new industry standards
Reuters - USA
The New York Hedge Fund Roundtable is seeking to establish professional standards to self-police the lucrative industry, both to prevent future scandals and avert the imposition of new laws on the $2 trillion industry.
Hedge funds braced for poor data after tough July
guardian.co.uk - UK
Hedge funds are braced for more dire performance data after sharp reversals in commodities and financials in July pushed some funds to record losses -- making the goal of positive returns for the year even harder to reach.
Choose wisely in fragmenting hedge fund industry
Reuters - USA
Hedge funds are looking less and less like a single asset class as the credit crisis sweeps through the industry and picking the right strategy will become more important than ever in the second half.
Prime Broker Has No Duty To Hedge Fund Clients, UBS Judge Rules
FINalternatives - New York, NY, USA
Hedge fund service providers do not automatically have a fiduciary responsibility to its clients’ investors, a New York judge has ruled.
Hedge Funds Suffer Sharp Drops in July
istockAnalyst.com - Salem, OR, USA
Hedge funds are braced for more dire results after sharp reversals in commodities and financial companies in July pushed some funds to record losses - making the goal of positive returns for the year even harder to reach.
Market Pulse
Denver Post - Denver, CO, USA
In the second quarter, cash flows into hedge funds fell to the lowest level since the fourth quarter of 2005. Investors put $29 billion into the funds in the first half, compared with $118 billion in the prior-year period.
Sexism and the city: you don't need men when you run $60bn in assets
Independent - London, England, UK
Susan Solovay, founder of a New York-based fund of hedge funds, explains to Martin Baker why her strategy of investing only with female managers will pay off – and why Warren Buffett is in fact a woman trapped in a man's body.
Hedge Fund Fight Nite date change
Asian Investor (subscription) - Hong Kong
Competitors are signing up for extra boxing lessons and working their gloves for the annual Ding Dong that will now take place on October 30. The Hedge Fund Fight Nite 2008 date has been confirmed now as October 30. The event, supporting the charity Operation Smile, is being held at the Indian Recreation Club, near Happy Valley in Hong Kong, and tables are still available from Ironmonger Events.
Fund manager Einhorn awaits further price falls for distressed debt
Financial Times - London, England, UK
David Einhorn, the hedge fund manager whose Greenlight Capital invests about $6bn, is eyeing investments in distressed debt but is waiting for prices to fall further. "We're not there yet," Mr Einhorn said in a video interview with the Financial Times. "We have not yet begun purchasing distressed debt"
Hedge funds expand role as small business lender
guardian.co.uk - UK
Hedge funds are known for playing many roles on Wall Street, but last-resort lender to small businesses that are turned down by banks is hardly one of them. Yet with the credit crunch pushing many major U.S. banks to set tougher lending standards for small and medium-sized businesses, hedge funds have stepped in.
Commodities power second quarter hedge fund returns
Pensions & Investments - Chicago, IL, USA
Soaring commodity prices and plenty of market volatility fueled strong hedge fund performance in the second quarter, pushing the return for all strategies to an average 2.63% from the -2.99% average in the first quarter.
Wealthy Investors Cling to Hedge Funds
Wall Street Journal Blogs - New York, NY, USA
Despite all the bad press about hedge-fund performance recently, a Bank of America survey found that hedge funds are still popular with the rich.
Hedge your bets with stable funds or take a gamble for high returns
WalesOnline - United Kingdom
Who'd be a hedge fund manager these days? Regarded as the ultimate evolution of greedy sharp practice, some of the shenanigans surrounding recently shorted financial stock have been laid at the door of hedge funds, and they’ve had a pretty poor - sometimes disastrous - 2008.
New York Roundtable Plans ‘Good Hedgekeeping’ Group
FINalternatives - New York, NY, USA
There are a handful of voluntary hedge fund best practices regimes kicking around, but how many of them offer the equivalent of the Good Housekeeping seal of approval?
Asian Hedge Fund Inflows Offset Losses
Markets Media (press release) - New York, NY, USA
Asia-focused hedge fund investments shifted minimally in the second quarter because new capital inflows from investors offset losses incurred by volatile markets, according to a Hedge Fund Research report.
A snapshot of wealthy investors' satisfaction
Norwalk Advocate - norwalk, ct, USA
Recent data shows that the wealthy are more satisfied with alternative investments than traditional investments. Alternatives are hedge funds, private equity, venture capital, commodities and real estate. Traditional investments include stocks, bonds, mutual funds, and cash equivalents, such as money market funds and U.S. Treasury bills.
Even Hedge Funds Are Hurting
MSNBC - USA
It's the summer of hedge fund discontent. Just as managers seemed on the verge of making back their losses from a less-than-scintillating first six months of 2008, July rolls around.
Hedge fund managers want 'Class A' office space
Devono - London, UK
Hedge fund managers want "class A" office space from which to run their investments, a commercial property consultant has claimed.
10 Steps to Starting a Hedge Fund
guardian.co.uk - UK
London hedge fund manager Crispin Odey has just paid himself £28m after tripling his firm's profits last year. But what exactly do these outfits do, how do they make a fortune in a slump - and can anyone start one?
Hedge fund terms: Dealing with the prisoner's dilemma
Euromoney Magazine - london, UK
The current market is testing relations between managers and investors to the full, says Neil Wilson.
Duff: More Hedge Fund Failures Coming
NewsMax.com - West Palm Beach, FL, USA
Expect to see more hedge fails fail this year than are originated, says Philip Duff of Duff Capital Advisors in a CNBC interview.
Aesop as a Guide to Investing
Wall Street Journal Blogs - New York, NY, USA
Rob Curran of Dow Jones Newswires has this report one hedge fund manager’s guide to protecting profits.
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Jim Pallotta leaving Tudor to start own firm
Boston Herald - United States
Jim Pallotta, a star money manager for Tudor Investment Corp. and co-owner of the Boston Celtics [team stats], is leaving Tudor to start his own firm.
Mutual fund, hedge fund pioneer Nash dead
Pensions & Investments - Chicago, IL, USA
John 'Jack' Nash, who helped create the modern-day mutual fund and hedge fund business, died July 30 after a long illness, his assistant, Robin Levine, confirmed. He was 79.
Hedge Fund Finvest Denies Claims It Is Blowing Up
FINalternatives - New York, NY, USA
Is Finvest blowing up? Sources familiar with the multi-strategy hedge fund firm have told FINalternatives that that the firm is indeed going under. However, Gad Grieve, a principal at Finvest Asset Management, says those reports are simply bogus.
Stanley Shopkorn, Ex-Moore Equities Chief, to Start Hedge Fund
Bloomberg - USA
Stanley Shopkorn, a former head of equities trading at Louis Bacon's Moore Capital Management LLC, plans to open a global stocks hedge fund, according to a person with direct knowledge of the matter.
Massachusetts board fires five managers
InvestmentNews - New York, NY, USA
The Massachusetts Pension Reserves Investment Management Board fired five managers , including Legg Mason Capital Management, a subsidiary of Legg Mason Inc. of Baltimore, for inconsistent performances and high-tracking errors.
The Boston Massacre
Motley Fool - USA
There are certain things you just shouldn't do as an investor: chase performance, jump out of good mutual funds because they've momentarily cooled, or try out the latest "hot" investing fad. Yet each of those things is exactly what Massachusetts' state pension fund is doing.
Disgraced (But Not Dead) Hedge Fund Trader Admits He Faked Suicide to Evade the Law
ABC News - USA
Disgraced hedge fund trader Sam Israel III twice tried to plead guilty today for failing to report for a 20-year sentence in federal prison and instead faking a suicide dive from a New York bridge in an attempt to cover his run from the law.
Foundation hires pair of hedge fund analysts
Asian Investor (subscription) - Hong Kong
Jason Cheng and Michael Wang join the Foundation China Opportunity Fund as the Hong Kong-based hedge fund raises new assets.
NY Makes Hedge Fund, Private Equity Commitments
FINalternatives - New York, NY, USA
Just days after calling for more exposure to alternatives, New York State Comptroller Thomas DiNaPoli is forging ahead with new commitments to a pair of hedge funds and a private equity vehicle.
Another Good Year for the Harvard Endowment Fund
istockAnalyst.com - Salem, OR, USA
The Wall Street Journal reports($) that the $35 billion Harvard endowment fund has recorded a gain of between 7 and 9 percent for the fiscal year ending in June. A large allocation to commodity investments was said to be a major reason for the fund once again outperforming its peers.
GMP hedge fund makes solid debut
Globe and Mail - Canada
GMP Securities enjoyed a solid debut with its new and much-scrutinized hedge fund. GMP Diversified Alpha Fund, a multi-strategy fund launched last year by the investment dealer, published its first set of performance numbers Thursday as part of the parent income trust's financial results.
Kosta Segounis, CA CFA Joins Castle Hall Alternatives as Senior Manager
MarketWatch - USA
Castle Hall Alternatives, a leading provider of hedge fund operational due diligence, is pleased to welcome Kosta Segounis, CA CFA, to the firm's growing team. As Senior Manager, he will supervise a team of analysts responsible for operational due diligence on numerous hedge funds.
Stephen Schwarzman's Smart Hedge-Fund Acquisition
Wall Street Journal Blogs - New York, NY, USA
In 2001 and 2002, the reigning joke on Wall Street after Credit Suisse Group acquired Donaldson Lufkin & Jenrette and witnessed mass defections was that the Swiss firm essentially paid $13 billion to get DLJ’s wildly successful leveraged-finance group. “They paid $13 billion for Bennett Goodman,” said wags who hated the acquisition, referring to the head of the group.
Hedge fund boss pays himself £28m after thriving during credit crunch
The Observer Blog - UK
Crispin Odey, one of London's best known hedge fund managers, has paid himself almost £28m after a year in which he was one of the few financiers to successfully navigate the credit crunch.
Tremont Appoints Scott R. Metchick Chief Investment Officer
Earthtimes (press release) - London, UK
Tremont Capital Management, a leading manager of fund of hedge fund portfolios, has announced that Scott R. Metchick has been appointed Chief Investment Officer.
Carlyle Group forced to liquidate sole hedge fund Blue Wave Partners
domain-B - Khandala, Maharashtra, India
The Carlyle Group suffered yet another casualty in the current credit freeze after the sub-prime mortgage crisis when it was forced to liquidate its $600-million first and only hedge fund because it had failed to achieve "critical mass".
Swedish fund Cevian buying Daimler shares: report
AFP -
The Swedish investment fund Cevian Capital is buying shares in the German car maker Daimler.
Sidley Expands Hedge Fund Practice in London
HedgeCo.net - West Palm Beach, FL, USA
Sidley Austin has further expanded its hedge fund practice in London by hiring a new counsel in the Investment Funds, Advisers and Derivatives practice.
Basso hedge fund to staff: be excellent or be gone
Reuters - USA
Basso Capital, the $2.8 billion hedge fund founded by convertible arbitrage trader Howard Fischer, is putting more pressure on staff members after facing losses in all three strategies this year, according to an investor letter.
Altegris Investments Expands Research Capabilities Under Experienced Leadership
MarketWatch - USA
Altegris Investments announced today the expansion of their research team under the leadership of Mr. Allen Cheng, an accomplished hedge fund investment professional with extensive industry experience.
BAA in talks with hedge fund to save finance plan
Telegraph.co.uk - United Kingdom
BAA is in urgent talks with a hedge fund client of investment bank UBS that is threatening to scupper the airport operator's proposed £7.65bn refinancing.
Mitsubishi Asset Brains Plans to Start a Fund of Hedge Funds
Bloomberg - USA
Mitsubishi Asset Brains Co., an investment advisory firm of the Mitsubishi financial group, plans to start a fund of hedge funds as it seeks to invest in managers that can make money in falling markets.
Axa Investment Managers' fund of hedge funds assets soar past USD5bn
HedgeWeek - London, UK
Axa Investment Managers has announced that its fund of hedge funds assets have reached USD 5.7billion, with the business, which is run by a team of 28, attracting considerable inflows despite the turbulent economic climate.
Fore Research Fund Fell in July as Preferred Stocks Collapsed
Bloomberg - USA
Fore Research & Management LP, a New York hedge-fund firm that oversees about $2.5 billion, lost as much as 12.4 percent in its convertible-bond fund this month as preferred shares of financial companies plummeted.
Bank of China buys 30% of Swiss hedge fund
Daily Times - Lahore, Pakistan
Bank of China said Tuesday its British subsidiary had bought 30 percent in Switzerland’s Heritage Fund Management (HFM) for nine million Swiss Francs ($8.7 million).
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European hedge fund launches down 45%
London Stock Exchange - London, England, UK
European hedge fund launches slumped to their lowest level sine 2002 during the first half of the year, new data reveals.
Hedge Fund Seeder Backs ABL Shop
FINalternatives - New York, NY, USA
Hedge fund seeder FRM Capital Advisors has made a $60 million investment in Victory Park Capital, a Chicago-based firm that provides asset backed funding to small-and-lower middle market companies.
Ex-Merrill Exec's Fund Bid Ends; Investors Back Out-Bloomberg
CNNMoney.com - USA
The former trading and investment banking head at
CityWire.co.uk - London, England, UK
GAM has launched a fund of hedge funds investing across five key areas of the environmental sector. The GAM Multi-Environmental fund is run by Catherine Cripps, who is responsible for GAM’s funds of hedge funds investing in market neutral and equity long/short strategies. She joined GAM in 2006 from hedge fund firm Aida Capital Limited, where she was chief executive officer.
HedgeCo.net - West Palm Beach, FL, USA
Hedge funds have grown from as few as 300 funds in 1990 to more than 10,000 today. However, there has been a recent drop in new fund launches due to the recent credit crunch, closures and bankruptcy have dislodged talented managers who are now looking to start up investment pools of thier own.
General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law
Hedge Fund News
FiNTAG
Markets Media (press release) - New York, NY, USA
Hedge fund Bay Harbour Management is poised to take over bankrupt clothing retailer Steve & Barry's.
FINalternatives - New York, NY, USA
Hedge fund shop Lionhart has launched an Asian multi-strategy vehicle to take advantage of the region’s volatility.
New York Post - New York, NY, USA
Toscafund Asset Management LLP, the London hedge fund that invested in Washington Mutual Inc. in April, bought shares of Sovereign Bancorp. Inc., becoming a top stakeholder in the two largest US savings and loans.
Wall Street Journal - USA
SemGroup LP's collapse could make winners out of two little-known hedge funds that tossed the energy company a lifeline shortly before it filed for bankruptcy protection.
Forbes - NY, USA
CSX Corporation says four nominees of activist hedge fund shareholders TCI and 3G received a larger number of votes than four of CSX's nominees to its board of directors.
Fort Worth Star Telegram - Fort Worth, TX, USA
Citadel Investment Group is bullish on RadioShack, buying 6.9 million shares, or 5.3 percent of the electronics retail chain’s stock, according to a federal filing Monday.
Pittsburgh Tribune-Review - Pittsburgh, PA, USA
Activist shareholder Highfields Capital Management LP has alerted Alcoa Inc. it may increase its stake in the aluminum maker to as much as 8 percent, a move that would make the Boston-based hedge fund the company's largest shareholder.
General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law
Not even fit for guilt, judge says of hedge-fund swindler Sam Israel
New York Daily News - New York, NY, USA
A pair of federal judges rejected guilty pleas Wednesday from a multi-millionaire hedge fund swindler who faked his suicide to dodge a 20-year prison term.
UBS secures legal victory over hedge fund suit
Wealth Bulletin - London, England, UK
The New York Supreme Court has overthrown a lawsuit alleging that UBS, the prime broker of collapsed hedge fund Wood River Partners, dishonestly earned more than $100m (€64m) by misusing knowledge of the fund's trades.
Former hedge fund head files against Citigroup
HedgeCo.net - West Palm Beach, FL, USA
A former manager of a Citigroup Inc hedge fund has filed a complaint with a British tribunal accusing the bank of causing his fund’s demise, the Wall Street Journal reported on Saturday, citing people familiar with the matter.
General News | People and Funds | Launches| Hedge Fund Activism | Crime and Law
