Latest News
BlueMountain Capital Management (BlueMountain), a private investment firm specialising in the global credit markets with USD7 billion in assets under management, has named David Rubenstein CEO of BlueMountain Europe.
Rubenstein, who joined the firm in 2006, will also continue in his roles of both CFO and General Counsel on a global basis. He is a member of the Founders’ Council of the Managed Funds Association and serves as the Chair of the OTC Advisory Group to its US Legislative Policy Committee. He also is a member of the ISDA Credit Derivatives Determinations Committee, where BlueMountain holds one of the five
Gottex Fund Management’s flagship market neutral strategies posted positive performance year to date, outperforming all major fund of hedge funds indices and helping to return the company to profit, according to the firm’s interim results.
Total fee-earning assets increased to USD8.9 billion at the end of June 2011 from USD7.3 billion 12 months earlier.
The companies has reported gross revenues of USD 31.9 million (1H 2010: USD 32.9m; 2H 2010: USD 30.9m), with net profit of USD 1.0 million (1H 2010: loss of USD 2.4m; 2H 2010: loss of USD 1.1m), and basic EPS of USD 0.01 (1H 2010:
While most industry folk were enjoying their summer holidays last month, a potential game changing development occurred within the hedge fund industry. On 9 August, a working group of leading hedge fund managers, investors, prime brokers and administrators launched OPERA – Open Protocol Enabling Risk Aggregation – to help hedge funds report risk information in a standardised fashion. In so doing, providing investors with the ability to aggregate information and do more with it.
As compliance seeps into the industry in response to tightening regulation, the pressure on fund managers to deliver timely, accurate risk reports is enormous. The problem
Lombard Odier Investment Managers has appointed Philip Chew as head of risk, operations and information technology.
For more than 14 years, Chew led the building of risk reporting, research and portfolio management systems at BlackRock Inc. and for the last five years was Managing Director in BlackRock Solutions where he headed an organisation based in the U.S. and the United Kingdom.
Based initially at LOIM’s New York offices and then in Geneva, he reports to Hubert Keller, a Lombard Odier Managing Partner, responsible for LOIM.
“Philip developed a track record at BlackRock in building significant revenue through resilient Risk, IT,
The Cayman Islands Directors Association (CIDA) has welcomed the judgement of Justice Jones QC relating to the failings of directors of a hedge fund in the Grand Court in the Weavering Macro Fixed Income Fund Limited case (Weavering) issued on 26 August 2011. In particular the CIDA agrees that the Weavering case shows serious failings by the directors of Weavering and shows clearly the value of appointing professional independent directors.
Paul Harris the President of CIDA noted that the directors of Weavering were not located in the Cayman Islands nor were they members of CIDA. Harris pointed out that if
Some 75% of investors are looking for greater liquidity in their hedge fund investments following the financial crisis, according to the latest Preqin study.
Funds with lock-up periods are now considered less favourable amongst investors as they seek the flexibility to exit their investments at their own discretion.
Although some investors are prepared to compromise on their liquidity demands when offered more favourable terms in other areas, 34% place the priority on liquidity.
The study found that 30% of investors will not consider investing in funds with a lock-up period, and only 6% will invest in a vehicle with a
As the first generation of hedge fund leaders grows older, investors are increasingly exposed to key man risk and may be prudent to avoid an over-reliance on ageing star managers, according to the latest issue of aiCIO.
"All asset classes are vulnerable to key man risk, but this hazard is especially common at hedge funds," says aiCIO editor-in-chief Kip McDaniel. "Father Time slows down for no man, and it will be interesting to observe how well firms like Bridgewater, Moore Capital, Tudor Investment and Citadel ultimately survive their high-profile founders."
This sentiment is echoed by Fordham adjunct professor of Finance,
A federal court in Charlotte, NC, has entered an emergency order freezing assets held by defendants Toby D Hunter of Waxhaw, NC, and his companies, Prestige Capital Advisors, LLC (Prestige) and D2W Capital Management, LLC (D2W) of Charlotte, NC.
The court’s order, entered by Judge Max O Cogburn, Jr also prohibits the destruction of books and records and grants the CFTC immediate access to such documents. The judge ordered Hunter to appear in court on 3 October, 2011, for a preliminary injunction hearing.
The order arises out of a CFTC civil complaint filed on 6 September, 2011, in the US
Boston-based investment manager Windham Capital has teamed up with Krusen Capital, investment advisor to a single-manager and multi-manager hedge fund and private equity fund platform, to offer proprietary risk management and tactical asset allocation strategies to Krusen’s clients.
By adding Windham to its top-tier investment manager base, Krusen can offer clients robust strategies with the greater cost efficiency and liquidity afforded by Windham’s actively managed ETF portfolios.
“Given continued market volatility, our clients are increasingly seeking tactical asset allocation and are attracted to the efficient exposure offered by ETFs,” says Charles Krusen (pictured), CEO of Krusen Capital Management. “Our partnership with Windham
PineBridge Investments, the global multi-asset class investment manager, has launched a Euro-hedged share class for its PineBridge Merger Arbitrage Fund.
The fund, which is managed by PineBridge Managing Director, Lan Cai, offers transparent, absolute returns with simple, explainable alpha sources and daily liquidity. It has low correlation with both equity and bond markets and offers investors the opportunity to achieve consistent returns with relatively low volatility. The Fund, which was launched in December 2010 has achieved positive returns both in August and on a year-to-date basis.
“The aim of the Euro-hedged share class is to provide an alternative to
