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Three hedge funds managed by Highland Capital Management have reached a settlement with Deutsche Bank pertaining to the funds’ suit against Deutsche Bank and Deutsche Bank’s suit against such funds, filed in October and November 2008.
The terms of the settlement are confidential.
"We are pleased that we were able to come to a mutually satisfactory agreement with Deutsche Bank regarding this dispute. As a staunch advocate of our investors’ interests, we reached a mutually beneficial financial resolution for our funds. At Highland, we are focused on leveraging our vast credit expertise to maximise the significant opportunities available in today’s
Mark Spinner (pictured), partner and Head of Private Equity at international law firm Evershed, outlines the significance of Candover’s latest agreement with investors to terminate the EUR 3bn (GBP 2.73bn) buy-out fund it raised last year.
This news is indicative of what is happening in the bigger end of the buy-out market. Traditionally the bigger buy-out funds have relied upon the availability of significant amounts of reasonably cheap debt – debt that is just not available at this time. This makes deals at the top end of the private equity value range much more difficult to structure and close.
Added
London-based investment manager Beach Horizon has launched a US onshore feeder fund to its flagship fund.
The fund is incorporated in Delaware and was launched on 1 December 2009 with initial AUM of USD10m. Total assets in the programme are now USD260m.
Beach Horizon has also opened a US office in Chicago and has appointed Richard Ewan president of the office.
Ewan has over 30 years of experience in the alternative investment industry. He previously worked for Man Investments for 16 years in five of their global locations in various roles in sales, marketing and business development. Most recently, he
October results for the absolute return and hedge fund sector in Australia were generally flat, but this still represents outperformance of around two per cent when compared with equity markets, according to Australian Fund Monitors.
There was the usual diversification of returns between the best (eight per cent) and worst performing funds (minus seven per cent) as there was between strategies.
Equity market neutral returned +1.69 per cent against managed futures which lost an average of 1.74 per cent.
Over the last 12 months, strategy performances ranged from +30 per cent to -25 per cent, and individual fund performances from
William Hill, Head of Property (pictured) and Mark Callender, Head of Property Research, at Schroder Property Investment Management Limited, predict that the recent turnaround in the performance of UK commercial property will continue through the first six months of 2010, however, the picture after that is less clear.
In the first half of 2010, Schroders believes that there is sufficient momentum in the investment market to support a further recovery in capital values. In turn, yields will continue to fall, particularly as rental values are expected to reach a trough.
What happens in the second half of 2010 and beyond
The Alternative Investment Management Association says the proposed asset threshold for firms required to contribute to the US Systemic Resolution Fund would impose disproportionately high costs on hedge fund managers.
Andrew Baker (pictured), chief executive of Aima, says the Financial Stability Improvement Act of 2009, which was just approved by the House Committee on Financial Services, would subject the hedge fund industry to more onerous requirements than other financial institutions.
The asset threshold for firms required to contribute to the Systemic Resolution Fund – a pool of capital that would be used to rescue firms deemed too big to fail
Long/short equity funds did not fully capitalise on November’s equity market rally since many funds are maintaining more conservative positions in anticipation of year-end, according to Jordan Drachman, head of research for alternative beta strategies at Credit Suisse.
Long/short equity hedge funds underperformed most global equity markets as managers maintained relatively neutral exposure to equity markets and many began to lock in profits before the end of the year.
Global macro hedge funds experienced positive performance this month as managers capitalized on increased macro-economic activity.
The Credit Suisse Long/Short Equity Liquid Index was down 0.75 per cent (net) for the
SS&C Technologies, a provider of financial services software and software-enabled services, has been appointed by The Archstone Partnerships to handle the fund administration and accounting for its funds of hedge funds.
Archstone has selected SS&C Fund Services as their sole onshore and offshore administrator, replacing their in-house system and the existing independent administrator for their offshore funds.
The go-live date is planned for 1 January 2010.
“It was clear we needed to work with an independent fund administrator for managing both our on-shore and off-shore fund administration needs,” says David Parker (pictured), chief operating officer, The Archstone Partnerships. “We carried
John C. Cushman III, chairman of the board of commercial real estate firm Cushman & Wakefield, has been named chairman of alternative asset investment manager Rock Creek Capital.
Rock Creek Capital is an alternative asset management firm which invests in resource-rich land.
“I am excited to be working with the principals of Rock Creek Capital,” says Cushman. “The coming scarcity of water and arable land affects the entire world. Although I have mainly worked in the commercial real estate industry, my experiences as a director of the National Park Foundation and as a former trustee of the Urban Land Institute
Cardano has appointed Claire Bowyer to its London-based team as head of legal.
In addition to managing the legal due diligence of proposed investments, Bowyer’s role will include advising on client contracts, negotiating documentation for derivative instruments and advising Cardano on all other legal aspects of its business.
Kerrin Rosenberg, chief executive of Cardano UK, says: “As part of our role as a solvency manager we seek to negotiate the best legal terms and protection for our clients’ investments. This is an essential part of getting the best deal for clients and managing their legal risks. Claire’s appointment will strengthen
