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Newsletter content - Issue 75828 May 2008
Scotia Capital Canadian hedge fund index declines 2 per cent in April
Wed, 28 May 2008, 06:52 Hedgeweek The Scotia Capital Canadian Hedge Fund Performance Index finished April down 2.05 per cent on an asset-weighted basis and down 1.12 per cent on an equal-weighted basis. The index underperformed Toronto's TSX Composite index and the S&P 500 on both an asset-weighted and equal-weighted basis.
Markit completes acquisition of SwapsWire
Wed, 28 May 2008, 06:51 Hedgeweek Markit, a provider of independent data, portfolio valuations and over-the-counter derivatives trade processing, has completed the acquisition of SwapsWire, the electronic trade confirmation network for the OTC derivative markets, and expects to complete the full integration of the company by July.
Fidessa expands global connectivity network with access to Instinet's KoreaCross
Wed, 28 May 2008, 06:48 Hedgeweek The Fidessa group, a provider of multi-asset trading systems, market data and global connectivity solutions, has announced the addition of connectivity to Instinet's KoreaCross, the Korean market's first securities crossing network.
S&P launches new commodities and natural resources indices
Wed, 28 May 2008, 06:47 Hedgeweek Standard & Poor's has announced the launch of two new indices aimed at providing investors with benchmark and investible exposure to the commodities and natural resources sectors.
Hedgeweek Comment: The UN is dragging its feet on alternatives
Wed, 28 May 2008, 06:45 Hedgeweek The United Nations Joint Staff Pension Fund, which manages USD40.6bn worth of assets, still does not have any allocation to alternative investment, more than a year after advisers recommended investing in private equity and hedge funds, according to a report in Financial News on Tuesday.
Hedge funds foment Russia credit crunch with 16% puts from '98
Wed, 28 May 2008, 06:32 Bloomberg A relic from Russia's debt default a decade ago is threatening the country's economic resurgence by forcing more than 200 companies to increase the interest they pay to as much as 16 per cent. With bond yields rising worldwide as the US subprime turmoil spreads, hedge funds and other investors in Russia are demanding the higher rates or their money back.
California firm preps first hedge fund
Wed, 28 May 2008, 06:12 FinAlternatives San Jose, California-based Adobe Capital Partners is readying its first hedge fund for launch next month. The Adobe Cap Gamma Fund will debut on June 1 with more than USD10 million in initial assets, Hedge Funds Review reports. The fund will use a market-neutral quantitative options strategy trading US stock market index options. Adobe Capital was founded by Justin lent, a former hedge fund trader and Barclays risk analyst and George Chako, who taught at Harvard Business School and the University of Southern California.
Blackstone's new Asian firm plans USD1bn fund
Wed, 28 May 2008, 04:03 Bloomberg Blackstone Altius Advisors, the Hong Kong-based hedge fund manager set up this month by the world's largest buyout firm, plans to start its first fund in October with as much as USD1 billion, three people briefed on the plan said. Blackstone Group LP will initially invest USD150 million in the fund, said the people, who declined to be identified because the information hasn't been publicly announced. The event-driven fund aims to raise USD500 million to USD1 billion, Blackstone Altius told potential investors. Peter Rose, a New York-based spokesman for its parent, declined to comment, citing regulatory reasons.
Hedge fund performance fees spark debate
Tue, 27 May 2008, 23:30 FT.com A debate is breaking out across Wall Street about whether hedge funds that specialise in illiquid investments should adopt compensation policies more like those of private equity firms. The big difference between the two compensation models is that private equity firms only pay themselves when they actually sell investments.
Funds of hedge funds eye lending opportinities
Tue, 27 May 2008, 21:37 Reuters Managers of funds of hedge funds are finding good investment opportunities in strategies that fill the gap left by banks hamstrung by the credit crisis, according to S&P Fund Services. Funds that invest in a basket of hedge funds are increasingly attracted to funds that can lend directly to small and medium-sized businesses, as banks, under pressure from the credit crisis and asset writedowns, leave a growing hole in the market, director of fund research Randal Goldsmith told Reuters.
NFL suit to continue despite former hedge fund manager's suicide
Tue, 27 May 2008, 20:55 Yahoo/Canadian Press A former hedge fund manager's suicide has no effect on a lawsuit filed by six former NFL players against the league and its players union over USD20 million they say they lost in an investment scheme, a lawyer for the plaintiffs said Monday. The lawsuit claims the union endorsed Kirk Wright's services even though he had liens against him. Wright hanged himself in a suburban Atlanta jail on Saturday, three days after he was convicted of leading an investment scheme that caused clients, ranging from the former NFL players to his mother, to lose millions of dollars while he spent the money on jewelry, real estate and a USD500,000 wedding.
Hedge fund lawyer calls Galvin 'unprofessional'
Tue, 27 May 2008, 20:42 Hedge Fund Net An attorney for an accused hedge fund manager said that William Galvin, the Secretary of the Commonwealth of Massachusetts was "unprofessional" and "jumped the gun" on a federal investigation when Galvin's office brought a complaint against his client. Raymond Mansolillo, the lawyer representing Michael Regan and his firm, The River Stream Fund, told HedgeFund.net that he informed Galvin's office that his clients were cooperating with a federal investigation. Nevertheless, the Secretary's office went ahead with its own administrative complaint that charged Regan and River Stream with improper solicitation of investors.
Road to hedge fund riches is rockier now
Tue, 27 May 2008, 20:42 The Guardian Starting a hedge fund was long considered the road to riches for money managers, but the path has become much rockier in the last months. "It is materially harder to start a hedge fund today than it was two or five years ago," said David Bailin, who heads Bank of America Corp's alternative investments group, which invests with roughly 100 hedge fund managers. A few years ago, when wealthy investors wrote checks more easily, their enthusiasm helped assets in the loosely regulated hedge fund industry double to USD1.8 trillion in three years. In the boom days, an Ivy League degree plus a stint at a prominent Wall Street investment bank were often thought to be the main ingredients for a successful new fund launch.
UBS's commodities co-head quits to join hedge fund
Tue, 27 May 2008, 20:42 Bloomberg Hunter Shively, global co-head of UBS AG's commodities business for the past seven months, is resigning to join a start-up hedge fund that is raising money to trade energy futures. Shively, 38, will stay on for two months to oversee the handover of the commodities unit's North American energy operations, Jerker Johansson, head of UBS's investment bank, said today in a memo to employees. Todd Morakis, who was named commodities co-head with Shively in November, will run the Stamford, Connecticut-based unit, according to the memo, which was confirmed by Sarah Small, a spokeswoman for UBS in London.
US dark pool alliance breaks trading stalemate
Tue, 27 May 2008, 19:14 Financial News The announcement last week by Goldman Sachs, Morgan Stanley and UBS that they are offering reciprocal access to their internal crossing systems, known as "dark pools", may have surprised some rivals but it could mark an important step in the evolution of US and European equity trading. The investment banks said they had reached a series of bilateral agreements "to allow each firm to offer their respective clients access to each other's pool of non-displayed liquidity".
BlueCrest expands into US and Asian markets
Tue, 27 May 2008, 18:56 Financial News BlueCrest Capital Management, the UK hedge fund group founded by Michael Platt and William Reeves, has expanded internationally with new offices in Boston, New York and Singapore. The group's assets under management have increased by USD2.5bn since December to USD14.6bn, according to an investor publication produced by ABN Amro's alternative investments division.
Promotional feature - Have you considered having your fund of hedge funds professionally rated?
Thu, 15 May 2008, 18:00 Hedgeweek With close attention being paid to the ability of fund of hedge funds managers to pick underlying funds that continue to prosper in more volatile market conditions, investors are increasingly examining the processes used by fund of funds managers and the capabilities of their operational structures as well as their investment skills.
Castlestone poised for commodities launch
Tue, 27 May 2008, 16:50 Fund Strategy The Dublin-domiciled Aliquot Active Commodity Index will use exchange-traded funds and exchange-traded commodities to mirror the performance of the offshore Aliquot Commodity Fund. The managers will also use commodity index futures contracts, options and swaps to allow them to change the fund's exposure to individual commodities. The Aliquot Commodity Fund has produced an average annual return of 18.96% since 2002.
Atos Origin, activist funds reach deal
Tue, 27 May 2008, 16:43 Reuters A dispute between Atos Origin (ATOS.PA) and the two activist funds that are pressing for a change of strategy at the French IT services group has been solved and a deal sealed over the departure of its supervisory board chairman, Les Echos.fr said on Tuesday. The funds and Atos declined to comment on the report. According to the website of business daily Les Echos, the funds, Centaurus Capital and Pardus Capital Management, have secured the departure of supervisory board chairman Didier Cherpitel.
Institutions show appetite for emerging hedge funds
Tue, 27 May 2008, 16:36 FinAlternatives With hedge fund assets under management reaching US$3 trillion and new hedge funds appearing every month, institutional investors say they'll invest in newbie hedge funds, specifically spinout teams. According to a Preqin Hedge survey of 50 institutional investors, 46% will invest in emerging manager hedge funds, and the number grows to 56% regarding spinout teams. Just 8% said they will provide seed capital to new vehicles.
GLG hires new PM from Merrill
Tue, 27 May 2008, 13:16 Euromoney Institutional Investor Warren Touwen has been tapped as a new portfolio manager for London-based hedge fund group GLG Partners Inc., Dow Jones Newswires reports. Touwen will work alongside Simon Savage and Peter Harnett as portfolio manager of the GLG Esprit Fund, a fund that looks to profit from broker recommendations, known as an "alpha capture" fund. At GLG , Touwen will also work on expanding the hedge fund's alpha capture products, of which the Esprit fund is an example.
Brevan Howard raises USD1bn in fund IPO
Tue, 27 May 2008, 12:42 Euromoney Institutional Investor UK hedge fund manager Brevan Howard Asset Management LLP has raised USD1 billion in an initial public offering of a fund, double its original target, Bloomberg News reports. The firm sold 70.8 million shares of BH Global Ltd., London-based Brevan Howard said in a statement today. The shares were priced at USD10, EUR10 (USD15.70) and GBP10 (USD19.80) each, the company said. Brevan Howard raised about USD1 billion in March 2007 with an IPO of BH Macro Ltd, the first listing of a hedge fund on the London exchange.
UK hedge fund increases pressure on Japanese utility
Tue, 27 May 2008, 12:31 The Guardian A British hedge fund today said it had bought shares in two major investors in J-Power, weeks after its attempt to double its stake in the electricity supplier was blocked by the Japanese government. The Children's Investment Fund - popularly known as TCI - bought minor stakes in Mizuho Financial Group, Japan's second-biggest bank, and Kajima Corp, a major construction company, as it exerts pressure on the management of J-Power ahead of its shareholder meeting next month.
CSX case likely to plug hedge fund disclosure loophole
Tue, 27 May 2008, 11:47 Financial News/New York Post A looming decision in a heated lawsuit brought by railroad giant CSX Corp could shut down a loophole used by activist hedge funds to hide their stake from the market. CSX alleges that two big hedge funds - The Children's Investment Fund and 3G Capital Partners - used complex swap agreements with investment banks to secretly hide their 12% ownership stake in the rail operator. TCI chief Christopher Hohn on Thursday admitted in a bench trial to buying millions of dollars worth of swaps for CSX shares early last year. Hohn disclosed his position in CSX last December and has launched a proxy contest to unseat five of the company's directors.
UBS completes RE sale to BlackRock
Tue, 27 May 2008, 11:38 Euromoney Institutional Investor UBS announced that is has completed a USD15 billion deal to sell subprime and Alt-A US residential mortgage-backed securities to a new distressed asset fund that BlackRock will manage. UBS sold positions with a nominal value of about USD22 billion, with most of the holdings in Subprime and Alt-A and a bit of prime. The fund bought the securities using about USD3.75 billion in equity BlackRock raised from investors and a multi-year collateralized term loan of roughly USD11.25 billion from UBS.
Convocted hedge fiund manager commits suicide
Tue, 27 May 2008, 11:34 Financial News/Chicago Tribune Kirk Wright, a former hedge fund manager convicted in a multi-million dollar investment fraud whose victims included professional football players, has committed suicide in jail, an official said on Sunday. Wright hanged himself in the Union City jail on Saturday, said investigator Betty Honey with the Fulton County Medical Examiner's office. He was convicted last week of leading an investment scheme that bilked millions of dollars from clients ranging from NFL players to his mother.
Commodities have peaked, leading fund manager forecasts
Tue, 27 May 2008, 10:17 London Stock Exchange One of the City's leading fund managers has predicted that the commodities market has peaked. Anthony Bolton, who formerly oversaw Fidelity's Special Situations Fund, confirmed that he plans to switch from investments in metals and oils and instead target financial stocks, the Times reports. Mr Bolton said: "After five years of strong commodity markets, a contrarian such as myself would start to get more worried. "I would switch out of commodities today and move into financial stocks."
Lehman adds Japanese stocks to dark liquidity pool
Tue, 27 May 2008, 09:55 Financial News/FT Lehman Brothers has added Japanese stocks to its platform that offers direct access to so-called dark liquidity pools, the private facilities that are used to trade shares away from exchanges. Lehman plans to launch its LX platform in Asia (ex-Japan) this year. "If you have a client that trades many markets in Asia, it's not good enough that they can get Japan and Hong Kong, they need access to all of the markets," Anthony Brooker, head of electronic trading sales for Asia at Lehman, said.
Cott up on hedge fund news
Tue, 27 May 2008, 09:30 The Star Shares of struggling soft-drink maker Cott Corp rose nearly 14 per cent yesterday on a push from a US hedge fund to shake up its leadership, but observers wondered about the value of management changes when the company's problems lie with high costs and low margins. After years of losses, Cott stock rose 44 cents, or 13.8 per cent, to USD3.61 on the TSX after Crescendo Partners of New York disclosed it has purchased an 8.7 per cent stake in the company and is seeking changes in its operations and management.
Winton Capital aims to tap Japan's personal savings, retirees
Tue, 27 May 2008, 08:27 Bloomberg Winton Capital Management Ltd, a UK hedge fund with USD14.4 billion in assets, aims to tap Japan's USD15 trillion in personal savings and manage funds for retirees seeking to diversify investments. London-based Winton, founded by David Harding, one of the original partners in a trading system at Man Group Plc, uses computer-driven trading models known as managed futures to benefit from market trends. Its USD6.4 billion Winton Futures Fund has returned 10.5 per cent this year through April 30, according to the company.  click here to access the full jobs board
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GAIM International 2008
Tue, 17 Jun 2008 17 - 19 June 2008 - Monaco Meet 300 already registered hedge fund investors and connect directly with them using your secure Spotme. This hand-held electronic device allows managers to sort investors by the strategies they are seeking and enables you to send messages to them and easily identify and locate those you want to meet. Managers are listed by strategies selling so it works the same way for allocators looking for funds in which they want to invest. In addition, hear case studies and latest research from 180 renowned academics and powerful institutional and HNW investors, alternative asset management experts and advisors. So join 1,200 of the brightest and best of an industry for an incredible week of targeted direct networking, new deals, fresh ideas, and hot-of-the-press learning: hard benefits which last all year. Percentages are calculated from 2 rating(s).
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Data & Text Mining Techniques for Asset Management Firms
Thu, 19 Jun 2008 A major challenge to today's Asset Management firms is the constantly increasing volume of data to consume in order to evaluate current and future investment opportunities. Quantitative Analysts and Fund Managers are working in an increasingly competitive space. Investment strategies are highly proprietary, and dependent on the type of fund and the asset classes used in the fund. This morning workshop explores how data & text mining can improve decision making. Have you been to this event before? Click here to rate it.
Advanced Hedge Fund Investing - New York
Tue, 08 Jul 2008 The Lhabitant and Martellini Seminar: Advanced Hedge Fund Investing EDHEC Asset Management Education, July 8-9, 2008 - Grand Hyatt, New York Have you been to this event before? Click here to rate it. Full events timetable Unsubscribe from this newsletter. |
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