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Saturday, June 22, 2024

General News

Wall Street shaken by Lehman failure, Merrill sale
Sep 15/08
Tumultuous weekend also sees banks set up $70 billion emergency fund while Fed agrees to accept equity as collateral.NEW YORK, Sept 15 (Thomson IM) - The ruptured U.S. financial system faces an unprecedented shakeup with Lehman Br...Read more

Funds of funds industry growth slows to 4.5%
Sep 15/08
Says InvestHedge Billion Dollar Club survey Despite a period of negative performance, more than $50 billion was added to the fund of hedge funds universe in the first half of 2008  Firms with more than $1 billion in assets under m...Read more

More trustees turn to hedge fund strategies
Sep 15/08
Trustees are increasing hedge fund allocations as concern over investment diversification and market risk exposure grows, Hewitt Associates says. During the last two years Hewitt has advised its clients on 54 hedge fund mandates –...Read more

International Financial Reporting Standards for Hedge Funds
Sep 15/08
 What about IFRS in the U.S.? The U.S. is almost the only major capital market that has not yet adopted or committed to adopting IFRS, but it seems that this may be changing soon. In August 2007, the SEC issued a "concept rel...Read more

Hedge funds are losing their secretive status
Sep 15/08
PEOPLE who run hedge funds hate the way the press describe them as “secretive”. A quick Google of “hedge funds” shows what a cliche it has become. Hedge funds are “notoriously secretive” and “super-secretive”; they live in a “secr...Read more

Shift to dark pools, algo trades and electronic venues lowers trading costs
Sep 12/08
Institutions across Europe are gearing up for a major move into electronic equity trading that will include a significant push into execution options such as crossing networks, dark pools and algorithmic trading strategies. The re...Read more

Advent to acquire leading RMS provider Tamale Software
Sep 12/08
Advent Software, Inc, a leading provider of software and services for the investment management industry, and Tamale Software, Inc., a leader in research management solutions (RMS), have signed a definitive agreement under which A...Read more

Hedge Fund Glory Days Fading Fast
Sep 12/08
Making millions — or even a few billion — by managing a hedge fund has been a running dream on Wall Street in recent years. But suddenly even the masters of this $2 trillion universe are falling on hard times, at least by their ow...Read more

Combating Hedge Fund Madness
Sep 12/08
"This market has been at the mercy of hedge funds gone wild," Jim Cramer told viewers of his "Mad Money" TV show Thursday. But that situation changed abruptly today when "the hedge funds panicked and some ...Read more

Rob Davis to Step Down at Hedge Funds Care
Sep 12/08
Rob Davis is stepping down as chairman and president of Hedge Funds Care (HFC). Deutsche Bank hedge fund executive John Budzyna is replacing Davis. Budzyna will assume leadership of the industry nonprofit in November. Budzyna will...Read more

Dow Jones Hedge Fund Indices
Sep 12/08
Dow Jones Hedge Fund Indices: All strategies except for merger arbitrage posted losses for August Hedge funds continued to struggle for the year as only two of the six strategies covered by Dow Jones Hedge Fund Indexes posted net-...Read more

Canada Needs Faster Tax Reforms
Sep 12/08
Canadian federal and provincial governments must accelerate business tax reforms to help Canadian firms be more productive and to deal with the strong dollar, the Conference Board of Canada argues."Broad business tax reform w...Read more

Contrite Sprott blames U.S. actions
Sep 12/08
Eric Sprott says he is sorry about the losses investors in his firm's funds have had to endure as commodities have sunk, but the country's best-known hedge fund manager isn't giving up on his belief that oil and gold are headed in...Read more

Eric Sprott Sees Net Sales in Third Quarter as Stocks Fall
Sep 11/08
New Page 1 Sprott Inc., the Canadian hedge fund manager that went public in May, expects to record net sales in the third quarter even as stock prices decline, Chief Executive Officer Eric Sprott said. ...Read more

Heebner Hedge Fund Targets $5 Billion With Lure of Top Returns
Sep 11/08
New Page 1 Kenneth Heebner, manager of the top-ranked U.S. stock mutual fund, is seeking as much as $5 billion for his first hedge fund. Heebner, who has worked in the mutual-fund business almost four decade...Read more

Pension plans need advice on hedge funds - US GAO
Sep 11/08
New Page 1 WASHINGTON, Sept 10 (Reuters) - The U.S. Labor Department should provide pension plans with guidance on investing in hedge funds and private equity, a report issued by the Government Accountability ...Read more

RK Capital Hedge Funds Lost Up to 30% in August as Metals Fell
Sep 11/08
New Page 1 RK Capital Management LLP, the metals hedge-fund firm co-founded by Michael Farmer, lost as much as 30 percent last month amid falling copper and aluminum prices, according to an investor with ...Read more

Cathartic times for fund of funds
Sep 11/08
New Page 1 Recent figures have suggested that fund of hedge funds (FoHFs) are not the panacea for the ills of the investment world many financial advisers were hoping for. While Standard & Poor's Fund...Read more

Tight credit, falling stocks a lethal mix for hedge funds
Sep 10/08
The global hedge fund industry has been ravaged by the U.S. subprime crisis and stands to lose more than $100 billion, according to predictions from the International Monetary Fund (IMF). In particular, long/short hedge fund strat...Read more

Sprott Asset Management to launch All Cap Fund
Sep 09/08
Sprott Asset Management is preparing for the upcoming launch of Sprott All Cap Fund on September 18.Using a ‘growth at reasonable price’ (GARP) approach, Spott says the strategy of the new will be different than that of other Spro...Read more

RBC Capital Markets snaps up Bear Stearns team
Sep 05/08
New Page 1 RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada today announced that it has hired 11 bankers from Bear Stearns to form a new U.S. institutional equity sal...Read more

Celent reports formidable challenges for hedge fund administrators
Sep 04/08
With the hedge fund industry undergoing seismic shifts, fund administrators are faced with a formidable set of business and operational challenges, according to a new report from Boston-based strategic consulting firm Celent.In th...Read more

Hedge Funds Ripe for Consolidation
Sep 04/08
A survey released Wednesday by Global Custodian ranked the world's top hedge fund administrators and found the industry could be in for consolidation in the near future.The survey queried clients of 56 hedge fund administrators an...Read more

Citadel, SAC Hiring Survivors
Sep 03/08
While more than 200 hedge funds shut down this year, Balyasny, SAC Capital Advisors LLC and Citadel Investment Group LLC are going on a hiring run, Bloomberg News reports.Hedge funds, diminished by a scarcity of credit and enfeebl...Read more

Ospraie to Close Flagship Hedge Fund After 38% Loss
Sep 03/08
Ospraie Management LLC, the investment firm run by Dwight Anderson, will close its biggest hedge fund after slumping 38.6 percent this year because of bad bets on commodity stocks. The New York-based Ospraie Fund fell 26.7 percent...Read more

RBC Capital Hires 11 Former Bear Stearns Bankers for Europe
Sep 03/08
RBC Capital Markets, the investment- banking unit of Royal Bank of Canada, hired 11 former Bear Stearns Cos. bankers for a new U.S. institutional equity sales and trading team based in London and Switzerland. The team will be head...Read more

Spouse Charged In Hedge Fund Fraud
Sep 03/08
The Securities and Exchange Commission has amended its complaint against Wextrust Capital, its principals and four affiliated Wextrust entities, to include defendant Joseph Shereshevsky's wife, Elka.Joseph Shereshevsky and his par...Read more

Private equity and hedge funds work both sides of the aisle
Sep 02/08
Donations flow to Dems and GOP in hopes of saving 15% carried-interest tax rate.Hedge funds and private equity firms arguably have more to lose than any other businesses this election cycle, given the calls in Congress over the pa...Read more

HF Chief Joins Sara Lee Board
Sep 02/08
Jeffrey Ubben, the head of an activist hedge fund with a major stake in Sara Lee Corp., has been added to the foodmaker's board of directors, the Chicago Tribune reports.Downers Grove-based Sara Lee said it is expanding its 10-mem...Read more

Worlds top 300 pension funds hit $12 trln-study
Sep 02/08
Despite adverse market conditions, contributions from sponsors have helped large pension schemes to grow. LONDON (Thomson IM) - The total assets of the world's largest 300 pension funds grew by over 14 percent in 2007 to around $1...Read more

High-profile ex-Goldman trader quits US hedge fund
Sep 02/08
Halcyon Asset Management, the US hedge fund that scrapped a plan for an initial public offering earlier this year, told its clients that Steve Mandis, a high-profile ex-Goldman Sachs trader whose funds are down significantly had q...Read more

Thomson Reuters links internal systems to help hedge funds
Sep 02/08
Thomson Reuters has linked two of its internal systems to enable hedge fund managers achieve efficiencies in valuation, client reporting and portfolio management. The company has linked PORTIA, its portfolio accounting system for ...Read more

London hedge fund four included in Trader Monthly top 30 under 30
Sep 02/08
They are the masters of the universe in training.Hedge fund bible Trader Monthly will today publish its list of 30 of the world's top traders under 30, and four London traders are included.Alexander Baring, a scion of the famous b...Read more

New fund of hedge funds to launch
Sep 02/08
Star Hedge Managers Corp. has obtained a receipt for the final prospectus for the initial public offering of units. The fund will invest in a portfolio of private investment funds or portfolios managed by Rohit Sehgal of Dynamic F...Read more

Hedge funds face struggle for survival
Sep 01/08
Black clouds have been building over the hedge fund industry for much of the year, and a storm could break in coming weeks as investors receive their second set of lousy monthly results from funds that are meant to do well in good...Read more

Managed Funds Association Names Exec VP
Aug 29/08
Hedge fund trade association, Managed Funds Association, has named Roger Hollingsworth as executive vice president and managing director, government relations. Hollingsworth will be responsible for the implementation of the Associ...Read more

RBC Dexia lands fund services deal
Aug 29/08
RBC Dexia Investor Services has secured a major new multi-billion dollar outsourcing deal in Luxembourg.Vontobel Asset Management, part of the Swiss private bank Vontobel AG, has appointed RBC Dexia to provide custody, fund admini...Read more

Petrobras, Potash Added to Goldman Hedge Fund List
Aug 29/08
(Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, and Potash Corp. of Saskatchewan Inc., the world's largest producer of the crop nutrient, were added to Goldman Sachs Group Inc.'s list of the most popu...Read more

French state bank urges caution on wealth funds
Aug 29/08
PALAISEAU, France (Reuters) - Countries including France need to be pragmatic and open their arms to sovereign wealth funds but must tread cautiously to weed out the good from the bad, the chief executive of state bank Caisse des ...Read more

Canadas 2 big banks earnings surprise
Aug 29/08
TORONTO - Royal Bank of Canada has reported higher-than-expected earnings and Toronto-Dominion Bank experienced a boost of its quarterly dividend in outcomes that contrast with the banking sector in the United States.Royal Bank sa...Read more

Hedge fund manager settles fraud suit
Aug 28/08
A prominent hedge fund manager agreed to a $100,000 penalty and a five-year ban on acting as an investment adviser to settle a Securities and Exchange Commission lawsuit that accused him of misleading clients who invested $20 mill...Read more

Sprott sees oil prices continuing to climb
Aug 28/08
Canadian hedge fund manager Eric Sprott said he expects oil prices to rise as global crude supplies dwindle."We have an oil problem in the world, and it's called depletion," Mr. Sprott, 63, told legislators in Ottawa yes...Read more

Tories Commit $100 million To Map Arctic Resources
Aug 28/08
Prime Minister Stephen Harper has announced a major project to map geological resources in Canada's Arctic. Declaring "use it or lose it" as the "first principle of Arctic sovereignty," Harper says the program ...Read more

Sovereign Funds Still see Value in Banks: State Street
Aug 28/08
 HONG KONG (Reuters)—Sovereign wealth funds will likely plough more money into capital-starved financial firms if they see long-term value, said a regional executive on Wednesday [Aug. 27] at one of the world's biggest institution...Read more

Most Hedge Funds Don't Plan Ahead on Management: Study
Aug 28/08
 BOSTON (Reuters)—Hedge fund firms often pride themselves on being ahead of the curve on financial trends but roughly 70% lag behind on planning for their own futures, according to a study to be released on Tuesday [Aug. 26]. &quo...Read more

Hedge funds could profit if battered financial stocks fall further
Aug 27/08
LONDON: The trade of the moment in the hedge fund industry - betting on falling financial stocks and rising commodities - is offering further profit despite a setback in July, but fund managers may have to alter their tactics.Hedg...Read more

Green indices launched by Dow Jones Indexes and Chicago Climate Exchange
Aug 27/08
Dow Jones Indexes and the Chicago Climate Exchange (CCX) have launched the Dow Jones/CCX European Carbon Index and Dow Jones/CCX Certified Emissions Reductions (CER) Index. The indexes are rolling indexes that roll once a year in ...Read more

Biden No Hedge Fund Lover
Aug 27/08
According to Joseph Biden, the hedge fund industry and private equity deserve the blame for the global credit crisis. The Delaware senator and running mate of Democratic presidential nominee Barack Obama made that assertion in a p...Read more

Hedgie Gets Jail Time For Trimming Trees
Aug 27/08
A San Francisco-based hedge fund manager is being sent to the clink for five days for illegally trimming trees at a state park adjacent to his vacation home. Last week, a jury found Derek Webb guilty of vandalism, and yesterday th...Read more

Bidens Son, Brother Face Hedge Fund Fight
Aug 26/08
Sen. Joseph Biden (D-Del.), whose son and brother have been accused of defrauding partners in a hedge fund venture, has been tapped as the Democrats’ vice-presidential candidate.Biden’s son Hunter and brother James have been sued ...Read more

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