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Monday, December 10, 2018

General News




Bear Stearns hedge funds saga continues
Jan 02/08
The multi-billion dollar collapse of two Cayman Islands hedge funds managed by investment giant Bear Stearns is set to continue to make headlines into the New Year. As 2007 drew to a close, news was released that the US Attorne...Read more



The Asian Hedge Fund Industry: Top Ten 2008 Forecasts
Jan 02/08
"If thou art pained by any external thing, it is not this that disturbs thee, but thy own judgment about it. And it is in thy power to wipe out this judgment now." Marcus Aurelius, Roman Emperor (161-180 AD) Her...Read more



Mark Mobius says hedge funds to target Pakistan
Jan 02/08
One of the world's most respected emerging market investors has pledged to keep his funds in Pakistan despite the turmoil unfolding in the country following last week's assassination of former prime minister Benazir Bhutto. Mark M...Read more



Hedge Funds May Beat Stock Market Returns in 2007, FT Reports
Dec 31/07
Dec. 31 (Bloomberg) -- The hedge fund industry remains on course to beat stock market returns in 2007, the Financial Times said, citing data from Chicago-based Hedge Fund Research. The two main HFR indexes both beat developed ...Read more



SUBPRIME SATAN IN HEDGE FUND HELL
Dec 28/07
MOVE over, banks, it's time for hedge funds to worry about subprime loans and such. "They haven't been under the same pressure as public companies to own up" to problems, said Chris Whalen, who runs The Institutional Risk Analy...Read more



Hedge Fund Increases Its Stake in Target
Dec 27/07
The hedge fund Pershing Square Capital Management said on Monday that it had raised its stake in the discount retailer Target to nearly 10 percent and had met with management to discuss ways to bolster the company’s share price. ...Read more



Role of Hedge Funds in Subprime Crisis Examined
Dec 24/07
The mortgage market turbulence is as much about the breakdown of the structure of U.S. financial markets as it is about bad debt Please read the article here...Read more



Not Much Love for California Registration Proposal
Dec 24/07
SACRAMENTO, Calif. (HedgeWorld.com)—A proposal under consideration by the California Corporations Commissioner that would require registration by hedge funds is having a hard time finding supporters. The proposal would register...Read more



Hedge funds see $41 billion net inflow in third quarter
Dec 24/07
FRANKFURT (Reuters) - The hedge fund industry recorded net inflows of $41.1 billion (20.7 billion pounds) in the third quarter, taking assets under management (AUM) up to an estimated $1.73 trillion, research firm Lipper said on F...Read more



Hedge Fund Honchos Look To 2008
Dec 24/07
While a number of hedge fund managers this year made astronomical gains shorting subprime mortgages, some believe that the trade may be on its last leg. In fact, they say there are more opportunities to be had in the coming year i...Read more



Former Norshield execs face fresh lawsuits
Dec 21/07
Former top executives of collapsed Norshield Financial Group engaged in wide-ranging misconduct at the hedge-fund operator where investors in various related companies are out close to half a billion dollars, a new lawsuit alleges...Read more



Hedge funds face key man risk
Dec 21/07
Despite current investor and media attention on unexpected CEO turnover at major public companies, key man risk – the risk that the departure of a key executive or group of executives will lower credit quality – is more prevalent ...Read more



Listed Funds: Will 2008 be their year?
Dec 21/07
Much ink has been spilt on the subject of listed private equity funds during 2007. As some funds decided to access permanent capital on Europe's stock markets, London tried to attract more of that business from Amsterdam and many ...Read more



Crowded hedge fund trades: Thomson Financial, Bloomberg, Goldman analyze
Dec 21/07
From AllAboutAlpha.com: Earlier this week, we told you about a recent European Central Bank report containing some research on correlations between hedge funds. Since position-level analysis is very difficult, researchers used the...Read more



Why do hedge funds stop reporting performance?
Dec 21/07
Authors: A. Grecu, B. G. Malkiel, and A. SahaSource: The Journal of Portfolio ManagementWhy do hedge funds stop reporting performance? According to Grecu, Malkiel, and Saha, there are two possible explanations. First, funds stop r...Read more



Disgraced Hedge Fund Manager Seeks More Family Time Before Jail
Dec 21/07
A judge is expected to decide today whether disgraced former hedge fund manager Albert Hsu can go home for the holidays.Hsu, who pleaded guilty in October to plotting to have his former mistress kidnapped and raped, has asked for ...Read more



$9.4 Billion Write-Down at Morgan Stanley
Dec 20/07
Morgan Stanley reported the first quarterly loss in its 72-year history Wednesday, heightening fears that the financial toll would keep mounting from the fast-spreading crisis in the subprime mortgage market. The company took a...Read more



Several Portus investors will get total of $12.5 million if court approves request
Dec 20/07
TORONTO - Several hundred Portus Alternative Asset Management Inc. investors will get $12.5 million of their money back Thursday if an Ontario court approves a request relating to the defunct hedge-fund operation. Receiver KPMG...Read more



Amaranth, Hunter Respond to FERC Charges
Dec 20/07
Five months after being sued by the Federal Energy Regulatory Commission for market manipulation, collapsed hedge fund Amaranth Advisors and two former traders are firing back.Echoing founder Nicholas Maounis' response to FERC's...Read more



Barclays sues Bear Stearns over collapsed hedge funds
Dec 20/07
UK bank demands compensation and damages; Collapse of funds was first sign of mortgage Barclays has launched a $400m-plus legal action against Bear Stearns, accusing its Wall Street rival of fraud over the collapse of two hedge...Read more



CIBC Man IP 220 Deposit Notes Close at C$23.8 Million
Dec 20/07
Toronto, Ontario – Man Investments Canada Corp. (‘Man Canada’), a division of leading global hedge funds provider Man Investments, with the Canadian Imperial Bank of Commerce (‘CIBC’), is pleased to announce that it has raised C$2...Read more



Hedge Fund Mobster Gets Seven Years
Dec 19/07
A reputed mobster who led a phony hedge fund has been sentenced to seven years in prison for his role in a $20 million pump-and-dump scam. John Baudanza, who ran American’s Hedge Fund in his hometown of Staten Island, N.Y.—in a...Read more



Merkel drafting hedge fund code of conduct
Dec 19/07
BERLIN (Thomson Financial) - German Chancellor Angela Merkel is working with French and British counterparts to create a set of non-binding rules for hedge fund operators, a press report said today. 'We are working on a self-r...Read more



Hedge Fund Wizards
Dec 19/07
Scarcely a day goes by without another story of some large hedge fund blowing up due to bad bets. While many of the latest hedge fund casualties are linked to the subprime mortgage crisis, investors should not be lulled into think...Read more



Distressed debt hedge funds to shine in 2008
Dec 19/07
LONDON (Reuters) - A predicted golden age for distressed debt hedge funds has so far failed to materialise in spite of the global credit crisis, but 2008 should be their year. "You ain't seen nothing yet ... It's going to be hu...Read more



Bear Stearns Fund Manager Cioffi Departs Amid Probes
Dec 19/07
Dec. 18 (Bloomberg) -- Bear Stearns Cos. hedge fund manager Ralph Cioffi left the firm amid an investigation by U.S. prosecutors into whether he pulled his money from two funds before they collapsed in July. Cioffi, 51, ceased...Read more



Tobias Aide to Testify in Fund Manager's Estate Case
Dec 18/07
A former assistant to Seth Tobias has agreed to testify in the court battle over the late hedge fund manager's estate. Bill Ash, 43, claims he has evidence that Tobias was murdered. And Tobias' brothers want to use that evidence t...Read more



GMP Capital plans to launch hedge fund
Dec 18/07
GMP Capital Trust is launching a $50-million hedge fund co-headed by star trader Michael Wekerle, the investment dealer's latest strategy for expanding its asset management business.Toronto-based GMP is expected to announce as ear...Read more



Custom House surpasses USD 30 billion in assets under administration
Dec 18/07
One of the world's largest independent fund administrators, Dublin-based Custom House Administration & Corporate Services Limited, has surpassed USD 30 billion in client assets under administration as of the end of October. Th...Read more



Deloitte & Touche LLP and Mintz & Partners LLP agree to merge
Dec 18/07
Accounting and professional service firms Deloitte and Mintz & Partners have reached an agreement to join forces. It is expected that the firms will be in business together in January 2008. Mintz & Partners has long been r...Read more



BCE has the hedge funds nervous
Dec 17/07
Hedge funds are dumping BCE, partly on fears that the phone company buyout will be repriced, but also to raise capital after taking a beating in recent weeks.There are sales desks and analysts pushing a theory that due to the cred...Read more



Alleged Mafia leader faces 36 new charges
Dec 17/07
One of the alleged Mafia leaders arrested in the Project Colisée police sweep faces 36 new criminal charges, including an attempt to extort money from John Xanthoudakis, founder of the troubled Norshield Financial Group.The new ch...Read more



Hedge fund would bust up National Fuel
Dec 17/07
The Buffalo Niagara region has a lot at stake in National Fuel Gas Co.’s fight with its biggest shareholder.While the main issues in the Amherst- based energy company’s fight with New Mountain Ventures revolve around the hedge fun...Read more



Hennessee, RBC Indices Show Widespread Hedge Fund Losses
Dec 17/07
A pair of indices show widespread misery for hedge funds last month. Just one of nine sectors tracked by the RBC Hedge 250 Index was in positive territory in November: Managed futures added 0.35%, bringing its year-to-date return ...Read more



Red Kite Metals Hedge Fund Lost About 22% Last Month
Dec 14/07
Dec. 13 (Bloomberg) -- Red Kite Metals, the hedge fund that almost tripled investors' money last year, lost about 22 percent in November as copper prices fell, according to two investors in the fund. Red Kite, co-founded by ...Read more



Man’s Outlook For Hedge Funds Positive
Dec 14/07
Man Investments recently said that uncertainty over the U.S. economy was likely to create substantial trading opportunities for hedge funds in 2008 but possible market disruptions could affect some strategies. In its annual rev...Read more



Electra Information Systems Launches New Corporate Website
Dec 14/07
Electra Information Systems, a leading provider of reconciliation, trade automation and settlements solutions, today announced the launch of a new corporate website. After several months of design, development and content review, ...Read more



CFA Institute Centre calls for single global hedge fund standard
Dec 14/07
In its response to the Hedge Fund Working Group (HFWG) consultation paper, the London-based CFA Institute Centre for Financial Market Integrity expressed that it would like to see included in the construction of the HFWG standards...Read more



Moore Shuts Toronto Office, Fires Ex-Amaranth Traders
Dec 13/07
TORONTO (HedgeWorld.com)—The former Amaranth Advisors traders who were running the Canadian office of Moore Capital Management have not met the firm's expectations, and are being let go. Moore announced that it is closing down the...Read more



Dubai First With HF Code
Dec 13/07
The Dubai Financial Services Authority has made history by becoming the first regulator to issue a code for hedge funds. Titled Hedge Fund Code Of Practice, it comes after several months of consulting with and comments from hedge ...Read more



Hedge-Fund Guy Is Up SIV Creek Without a Paddle
Dec 13/07
Dec. 13 (Bloomberg) -- Dear investor, we'd like to update you on this year's performance of our hedge fund, Short-Term Capital Mismanagement LLP. Actually, we'd prefer not to. We'd rather disappear. We read somewhere that Pana...Read more



Sprott to launch Global Market Neutral Fund
Dec 12/07
Manager to use proprietary quantitative model to identify investment opportunities Sprott Asset Management today announced the upcoming launch of Sprott Global Market Neutral Fund on Feb. 1, 2008.Sprott says the new fund will prov...Read more



Former Norbourg CEO convicted on 51 fraud charges
Dec 12/07
Lacroix founded Montreal-based investment fund.Former Norbourg CEO Vincent Lacroix was found guilty of 51 fraud charges in Montreal today.Quebec provincial court Judge Claude Leblond handed down the verdict.Lacroix, the founder of...Read more



Caisse puts chill on MX, TSX merger
Dec 12/07
Canada's two top bourses may finally be ready to tie the knot, but pension-fund manager Caisse de dépôt et placement du Québec is calling for a "public hearing" on the proposed $1.3 billion cash and stock deal to merge t...Read more



Gay Porn Star Denies Role In Seth Tobias Death Case
Dec 12/07
 A gay porn star being sought by lawyers in the death investigation of millionaire Seth Tobias said claims made about his relationship with the deceased hedge fund manager are "absolutely incorrect," WPBF News 25 reporte...Read more



Dubai: DFSA issues hedge fund code of practice
Dec 12/07
Dubai: The Dubai Financial Services Authority (DFSA) on Tuesday issued its Hedge Fund Code of Practice, the first of its kind to be issued by a financial market regulator. The code sets out best practice standards for operators...Read more



Hedge funds are having difficulty retaining back-office personnel
Dec 12/07
NEW YORK and ROSELAND, N.J., Dec. 11 /PRNewswire/ -- Nearly 70% of hedge funds are having difficulty retaining back-office personnel, according to a new survey conducted by CPA firm Rothstein Kass. Just below 60% of hedge funds p...Read more



Hedge Fund Association Forms Northeastern Chapter
Dec 11/07
HedgeCo reports: The Hedge Fund Association (HFA), an international not for profit organization founded in 1996 to advance the interests of hedge fund managers, service providers and investors, today announced the launch of the No...Read more



Ubequity Takes Stake in PCE Investors
Dec 11/07
LONDON (AP) - Canadian private equity firm Ubequity Capital Partners said Monday it is taking a majority stake in PCE Investors, an infrastructure platform for hedge fund managers.Under the deal, for an undisclosed amount, Ubequit...Read more



Sears Compromises for Restoration Buy
Dec 11/07
Sears Holdings agreed to sign a confidentiality agreement with takeover target Restoration Hardware, after a compromise by both sides. Sears had asked for confidential financial information, but Restoration balked, saying it would...Read more

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