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The combined fortunes of the top three hedge fund managers in the 2010 Sunday Times Rich List have grown by GBP1.15bn in a single year.
The Rich List league table of Britain’s 25 wealthiest hedge fund managers is headed by Louis Bacon, the London-based Moore Capital manager, who gains billionaire status in the 2010 Rich List with a 69 per cent rise in his fortune.
Now worth GBP1,100m, Bacon becomes one of the 50 richest people in the country, moving 14 places up the list of Britain’s wealthiest 1,000 to be ranked 49. In 12 months, Bacon has added GBP450m
The Morningstar 1000 Hedge Fund Index rose 2.8 per cent in March, while the currency-hedged Morningstar MSCI Composite Index increased 2.3 per cent.
For the quarter, these indexes ended up 1.6 per cent and 2.5 per cent respectively.
Hedge fund returns were bolstered by a global equity market rally in March. The MSCI World Stock Index climbed 6.0 per cent, as stock markets in Europe, Asia, the US and emerging countries all showed substantial gains.
Hedge funds in Morningstar’s database appeared to be hedged similarly in March as they were in November 2009, when hedge funds captured only a small
The Australian Securities and Investments Commission has released regulatory guidance to assist with compliance with new legal requirements under the Corporations Act 2001 and Corporations Regulations 2001 in relation to short selling.
ASIC’s guidance is contained in a revised version of Regulatory Guide Short selling 196, which clarifies the legal position about what short sales are permitted, as well as specific reporting and disclosure obligations.
It contains an overview of short selling concepts and new provisions in the Corporations Act as a result of the changes to the legislation about short selling, and various relief that ASIC has granted in
The Salus Alpha RN Special Situations fund has raised USD20m from new investors since it launched on 22 March 2010 and is up 3.14 per cent after its first month.
“The remarkable raise in money combined with the extraordinary performance nearly exceed all our expectations for the first month,” says Oliver Prock (pictured), chief executive of Salus Alpha Capital. “This is one of the most successful fund launches for us. We are impressed by the great interest of the investors for the fund; this shows that as pioneer in Ucits alternative we are exactly on the right path.”
The fund
Law firm Maples and Calder has hired Peter Stapleton as a partner in its investment funds group in Dublin.
Stapleton (pictured) was formerly a partner with one of Ireland’s investment funds law firms.
Stapleton regularly advises investors, promoters, fund managers and investment banks on the establishment, ongoing management and restructuring of both traditional and alternative investment funds.
Barry McGrath, head of investment funds at Maples and Calder Dublin, says: "Our business model is about excellence and innovation in law and we are pleased to announce that Peter is joining our team. He is acknowledged as one of the best lawyers
Bandon Capital Management is now available as a third party investment manager on the TD Ameritrade Institutional Separate Account Exchange.
Bandon’s flagship strategy, the Directional Interest Rate Strategy, is now available to advisers using the platform.
DIRS is an absolute return oriented, active duration, fixed income strategy focused on the US Treasury markets.
The strategy is a translation and implementation of an institutional strategy developed by a hedge fund manager whose founder was a former Federal Reserve economist.
DIRS is available to both non-accredited and accredited investors and eliminates many of the structural investment management delivery vehicle inconveniences
State Street has been appointed to provide investment services to hedge fund group Marshall Wace for its new equity neutral exchange-traded fund – MW Tops Global Alpha.
According to Marshall Wace, it is the first ETF targeting an absolute return from a single investment strategy and the first ETF in Europe to be run by a dedicated alternative asset manager.
The fund, listed on the London and Frankfurt stock exchanges, provides exposure to a range of investment strategies comprising mainly large-cap equities and equity-related securities.
State Street’s operations in Ireland will provide a range of custody and fund administration services
The Blackstone Group made a GAAP net loss of USD121m in the first quarter of 2010, an improvement from the net loss of USD232m in the first quarter of 2009.
Economic net income of USD360m in the first quarter of 2010 was up significantly from negative USD82m for the first quarter of 2009.
Net fee related earnings for the first quarter of 2010 were USD99m, up from USD90m for the first quarter of 2009.
Distributable earnings were USD149m, up from USD77m in the first quarter of 2009.
Assets under management totalled USD98.1bn at 31 March 2010, up from USD92.2bn at
Managed futures experienced positive performance in March as managers were able to capitalise on long exposures to equities and industrial metals as well as large speculative short trades in the euro, sterling, and Japanese yen, according to a report by Lipper Tass.
The Lipper Managed Futures/CTAs index registered a positive return of 2.43 per cent for March.
The index ended the quarter down 0.88 per cent as January’s result more than offset positive performance for the remaining two months of the quarter.
The degree of dispersion among individual fund returns increased further from the previous month’s reading. A 43.25 percentage
Everyone’s talking about risk. Investors are asking about it, and it’s no longer enough that managers simply report on risk.
