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Wednesday, December 12, 2018

General News




Madoff’s ‘Lie’ Ensnares Victims From Paris to Tokyo
Dec 15/08
Bernard Madoff’s scam that allegedly cost investors $50 billion ensnared firms from London and Paris to Tokyo. HSBC Holdings Plc, Europe’s biggest bank, has $1 billion at risk after providing financing to funds that inve...Read more



Third of Hedge Funds Face ‘Wipe Out’ After Slump, Godden Says
Dec 15/08
Almost a third of hedge funds will shut or merge after the $1.5 trillion industry posted its worst ever performance this year, according to IGS Group, which advises hedge funds on raising money. “The failure rate is going to...Read more



Bernard Madoff Arrest Stirs Worry Among Nonprofits
Dec 15/08
From a Massachusetts charity that sends teenagers to Israel to the Manhattan theater that introduced “Hair” in 1967, nonprofits around the nation are bracing following the arrest of New York money manager Bernard Madoff. ...Read more



List of victims grows in Madoff fraud case
Dec 14/08
Investors who put their fortunes in the hands of arrested New York money manager Bernard Madoff are waiting to hear how much of their stake is left.The roster of potential victims in what prosecutors said was a $50-billion Ponzi s...Read more



The 17th Floor, Where Wealth Went to Vanish
Dec 14/08
The epicenter of what may be the largest Ponzi scheme in history was the 17th floor of the Lipstick Building, an oval red-granite building rising 34 floors above Third Avenue in Midtown Manhattan.A busy stock-trading operation occ...Read more



Hedge Fund Founder Nailed in What Could be Largest Scam Ever
Dec 12/08
New York (HedgeCo.Net) - Former chairman of the Nasdaq Stock Market Bernard Madoff was arrested yesterday and accused of orchestrating a ponzi scheme that bilked some $50 billion out of investors, authorities say.The founder of Be...Read more



Blocked exits can be costly at hedge funds-paper
Dec 12/08
Hedge fund investors may face an expensive tug-of-war with managers, according to a new research paper that suggests they could lose as much as 15 percent of their initial investments should they be unable to exit when they want.H...Read more



Locked away
Dec 12/08
PICKING the name Fortress for an investment group was no doubt intended to give the impression of solidity. Investors are now discovering another unfortunate connotation: the hedge-fund firm has suspended redemptions and their mon...Read more



Emerging-market hedge funds take hard hit
Dec 12/08
A lower appetite for risk among investors has added up to some lousy returns for hedge funds concentrated in emerging markets, according to the latest data from HFR Group LLC in Chicago.While hedge funds have suffered in stride wi...Read more



Copycat Selling Maroons Investors as Hedge Funds Cash In
Dec 12/08
What does the turmoil in the hedge fund world mean to most investors? Losses and more losses. Over the past few weeks, the forced deleveraging of the industry, combined with redemptions by frantic clients, has led to hundreds of b...Read more



Feds Now Say Dreier Bilked Investors Of $380 Million
Dec 12/08
New twists in the case of a prominent New York attorney accused of fraud.Prosecutors have expanded their investigation of prominent New York attorney Marc Dreier, uncovering hundreds of millions more of missing funds in what they ...Read more



Newest Yahoo agitator has lofty goals
Dec 12/08
Yahoo Inc. has a new shareholder on its back, adding more pressure on the board to come back to the negotiating table with Microsoft Corp.But the proposal by Ivory Investment Management LP, a hedge fund based in Los Angeles, has o...Read more



November 2008 Performance Review of the DJ Hedge Fund Strategy Benchmarks
Dec 12/08
 Only one of four strategies in the Dow Jones Hedge Fund Strategy Benchmarks posted net-of-fee gains in November. After hedge funds experienced two of the most volatile months in market history,merger arbitragewas the only strateg...Read more



Surviving with a defensive game
Dec 12/08
Hedge fund manager Eric Sprott heaps praise on his "defensive team" for helping him survive this bear market.While some of his peers have cratered amid this year's stock market crash, his short positions have kept him we...Read more



Madoff ‘Big Lie’ Hits Fairfield Sentry, Kingate Funds
Dec 12/08
Hedge funds, already heading for their worst year on record, may lose at least $10 billion from investing with a New York firm that founder Bernard L. Madoff called “a giant Ponzi scheme.” The biggest loser may be Walter...Read more



Hedge Funds Are Victims, Raising Further Questions
Dec 12/08
Frauds on Wall Street aren’t unheard of. But a $50 billion Ponzi scheme, one that prosecutors say struck at boldface names on several continents, is a bombshell by any standard.The case against Bernard L. Madoff, the respected lon...Read more



Arience Capital to Shut Hedge Fund on ‘Incompatible’ Markets
Dec 12/08
Arience Capital Management LP, a New York-based hedge-fund firm run by Caryn Seidman-Becker, is closing its sole fund because markets are “incompatible” with its investment style. Arience, which manages more than $1 billion...Read more



IMF official to become Aima chairman amid leadership restructuring
Dec 11/08
Hedge fund industry body the Alternative Investment Management Association has announced the appointment of Todd Groome as its non-executive chairman together with the restructuring of its executive team.  Groome - currently advis...Read more



Hedge-Fund Collectors Browse Colorful Currencies at Lugano Show
Dec 11/08
Switzerland’s asset managers and private bankers haven’t drawn much mirth from investing this year, making the timing of the “Art of Money” show in Lugano ironic. The exhibition by New York-based artist Jenna Lash features a dozen...Read more



Hedge funds future may lay in the past
Dec 11/08
One possible outline of the future of hedge funds is beginning to emerge from the wreckage of the industry's six-year boom, and it looks very much like the business did in the 1980s, but with lower fees.Several of the biggest hedg...Read more



Even the best hedge funds need your money
Dec 11/08
Hedge funds and mutual funds that have been closed to new money for years are reopening as chronic redemptions leave them with less capital than they would like.Corazon, a $1bn Guernsey-based investor in hedge funds, is aiming to ...Read more



Are Managed Forex Accounts Suitable for Short-term Hedge Fund Investors?
Dec 11/08
West Palm Beach (HedgeCo.net) - In an interview with Geneva based Forex trader and currency specialist Robert Paulson, he said; "Trading the Forex market is for serious investors seeking alternative investment opportunities.&...Read more



Connecticut Pension to Enter Hedge Funds After $5 Billion Loss
Dec 11/08
Connecticut State Treasurer Denise Nappier is proceeding with a plan to invest in hedge funds after market turmoil wiped out $5 billion of pension assets. Nappier, first elected treasurer in 1998, will begin allocating up to 8 per...Read more



Hedge Funds Shrink by $64 Billion, Eurekahedge Says
Dec 11/08
The global hedge-fund industry lost $64 billion of assets in November, with an index tracking its performance declining for a sixth month as economies in Asia and Europe joined the U.S. in recession, Eurekahedge Pte said. “I...Read more



Hedge fund pushes Yahoo to sell search unit
Dec 11/08
A major investor called on Yahoo Inc. to sell its search business to Microsoft Corp. on Wednesday, adding to the pressure on the Sunnyvale Web portal to restart talks with its rival.Meanwhile, Yahoo agreed to water down an employe...Read more



Caution urged as private equity turnarounds loom
Dec 11/08
Northern Trust's Morgan signals big opportunity to buy secondary private equity assets from his peers throughout 2009.Private equity firms specialising in turning around distressed companies will need to show restraint next year, ...Read more



Dreier Law Firm in Turmoil after Founders Arrest
Dec 11/08
The arrest of high-profile New York lawyer Marc Dreier for investment fraud has "had a neutron bomb-like effect" on his 250-attorney firm, with lawyers quitting and the law practice overdue on its rent and other bills, a...Read more



OSC allege Sextant Capital Management has inflated returns
Dec 11/08
Sextant Capital Management Inc. was one of the bright lights recently in Canada's ailing hedge fund sector, despite the current financial crisis. But on Wednesday, the Ontario Securities Commission alleged that the fund manager's ...Read more



Sextant Categorically Denies Any Wrong Doing and Will Vigorously Defend the Unproven Allegations to
Dec 11/08
The Staff of the Ontario Securities Commission (OSC) has alleged that Sextant Capital Management Inc., Sextant Capital GP Inc., Sextant Strategic Opportunities Hedge Fund L.P. and various people associated with these entities (...Read more



Lawyer Dreier, ‘Houdini of Impersonation,’ U.S. Says
Dec 11/08
Marc Dreier, the founder of the New York law firm Dreier LLP in jail over criminal charges, is a “Houdini of impersonation” who cheated hedge funds and investors out of $380 million, a U.S. prosecutor said today. “He is th...Read more



Appleby Zurich Date Confirmed in Drive to Focus on High Growth...
Dec 11/08
Leading offshore law firm Appleby has confirmed that its latest office in Zurich, Switzerland, will officially open on Monday 15th December 2008 located in Bahnhofstrasse 52. The Zurich office, will be led by Jonathan Vanderkar, a...Read more



Fund administrators see reduction in revenue in 2008, says Deloitte
Dec 10/08
Nearly 30 per cent of fund administrators in Europe will experience a reduction in revenue in 2008, according to a survey by Deloitte. The outlook for 2009 is slightly better, with 24 per cent of respondents predicting a further r...Read more



Buyers ready to catch New Star Asset Management as leading fund is put up for sale
Dec 10/08
New Star Asset Management hoisted the “for sale” sign last night as the fund manager hired UBS, the Swiss investment bank, to handle preliminary bid approaches from trade buyers and private equity companies. The move is understood...Read more



8th Circuit Rejects Hedge Funds Debt Collection Practice
Dec 10/08
The 8th U.S. Circuit Court of Appeals has become the first circuit in the country to rebuff efforts by a hedge fund to call in a debt based on an alleged technical violation of bond terms in a dispute over an $850 million note iss...Read more



Hedge fund life not so grand
Dec 10/08
Dignitaries and grandees who joined the boards of hedge funds in boom times are finding life over lunch isn't so grand these days.The trend was best exemplified by US group Carlyle - at various times draping itself with the glory ...Read more



Funds reopen to aid redemptions
Dec 10/08
Mutual funds and hedge funds that have been closed to new investors for years are reopening in record numbers in an attempt to pull in cash to cover big redemptions.More than 200 mutual funds have reopened this year, according to ...Read more



U.S. Colleges May Shift From Hedge Funds, Survey Says
Dec 10/08
U.S. universities might reduce their investments in hedge funds to meet commitments to private-equity managers, according to a survey. Sixty of the largest U.S. endowments put $23 billion in hedge funds in the past two years, the ...Read more



Hedge fund reveals distressed mortgage appetite
Dec 10/08
A US hedge fund has revealed that its main acquisition target is now distressed, under-valued mortgage debt.In an interview with Reuters, T2 Partners founder Whitney Tilson revealed that the private equity firm had been “trimming”...Read more



Even strong hedge funds may go under
Dec 10/08
Even some strong and profitable hedge funds may not survive the ongoing credit crisis due to a lack of funding or credit, some top hedge fund managers said on Tuesday."There are going to be some firms that have good strategie...Read more



Give, Take, Give More
Dec 10/08
When Texas oilman Lee Bass pledged $20 million to Yale University in 1995, he envisioned its being spent to create an intensive academic program devoted to Western civilization. But Yale returned the money because administrators h...Read more



November 2008 Hedge Fund Performance
Dec 10/08
Hedge funds lost 0.4% on average, in November. Over half the reporting funds posted gains for the month, while 40% were in the black for 2008 YTD. Industry assets fell by an estimated US$64 billion, US$18 billion of which was on a...Read more



Marcus launching own hedge fund
Dec 09/08
Wall Street veteran Drew Marcus is exiting Deutsche Bank at the end of this year to launch his own hedge fund in the media sector in 2009. Sugarloaf Rock Capital will not be a private equity fund, so don’t look for Marcus to inves...Read more



Hedge Funds Said to Post Profit from Paulsons Abandoned Plan
Dec 09/08
Should Treasury Secretary Henry M. Paulson have stuck with his original blueprint to bail out struggling U.S. banks?That’s the suggestion by the New York Post, which reported that two hedge fund managers who followed Mr. Paulson’s...Read more



Schemes urged to stick with diversification
Dec 09/08
PENSION funds abandoning diversification strategies as a response to losses caused by market turmoil could miss investment opportunities, asset managers warn.The managers - speaking at a Redington Partners asset management roundta...Read more



Accused Norshield Execs. Allege Regulator Is Biased
Dec 09/08
Two former executives of a collapsed Canadian hedge fund have asked a judge to toss the regulatory case against them, arguing that the system is against them.John Xanthoudakis, the former CEO of Norshield Asset Management, and Dal...Read more



N.Y. lawyer accused of impersonating Toronto lawyer
Dec 09/08
A prominent New York lawyer walked out of a Toronto court today after posting $100,000 cash bail. Marc Dreier, 58, has been charged with personation with intent. He was represented at today’s bail hearing by lawyer Edward Greenspa...Read more



Bank Julius Baer CEO Dies Unexpectedly
Dec 09/08
Alex Widmer, the chief executive of Bank Julius Baer and a well respected figure in Swiss private banking, has died unexpectedly at the age of 52, the bank said. A source told Reuters he had been informed by close friends of Mr. W...Read more



Even Hedge Funds with Gains Face Redemptions
Dec 09/08
Even hedge fund managers with portfolio gains are in trouble this year. Dozens of managers who are outperforming the market and their troubled rivals with gains of as little as a few percent or as much as nearly 100% are facing a ...Read more



Hedge funds post modest losses in November
Dec 09/08
Gains in Global Macro and Managed Futures sectors help offset losses from other sectors.Gains in Global Macro and Managed Futures sectors help offset losses from other sectorsHedge funds likely lost less than 1% in November, accor...Read more



Hedge Funds Lost 1.41% Last Month on Emerging Markets
Dec 08/08
Hedge funds fell 1.41 percent in November, a record sixth straight monthly decline, on losses by managers focused on emerging markets and equities, according to data compiled by Hedge Fund Research Inc. The drop left hedge...Read more

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