Archive for Hedge Funds

Einhorn, Paulson, and Howard made their names in the crisis, but they faded in the decade that followed.

It was the spring of 2008, and David Einhorn gave the most memorable speech of his career. At a conference in Manhattan, the hedge fund manager took to the stage at the standing-room-only concert hall and delivered a scathing attack on Lehman Brothers. The U.S. investment bank, he said, hadn’t disclosed before that year billions of dollars of assets tied to loans and had incorrectly valued some its mortgage-related assets…

For Hedge Fund Stars, Being Right in 2008 Proved to Be a Curse

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Barclays Plc, one of the world’s biggest investment banks, will invest about 875 million pounds ($1.1 billion) in a U.K. property fund that will lend to home builders.

The fund will make “competitively priced” loans to developers ranging from 5 million pounds to 100 million pounds in a bid to increase the pace and volume of housing provision, the London-based bank said in a statement. The U.K. government’s housing agency will invest 125 million pounds in the venture…

Barclays Plants $1.1 Billion Into U.K. Government Housing Fund

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Sep
11

The Incredible Shrinking Hedge Fund

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You’d be forgiven for thinking the hedge fund industry might be starting to rebound. Industry assets are at a record $3.2 trillion this year, and a brand-new ?rm just brought in an unprecedented $8 billion.

But the reality isn’t so rosy. In?ows into funds, on the whole, are non-existent and the number of startups has slowed to levels not seen for nearly two decades…

The Incredible Shrinking Hedge Fund

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JPMorgan Chase & Co. is broadening its team that offers hedge fund investments in a bet that volatility will help spur more allocations to the industry.

The bank’s asset management unit hired Lynnette Ferguson to lead hedge fund solutions for its investment specialist team in the Americas and promoted London-based Karim Leguel to be international head of the team, according to a statement Monday. Both will report to Jamie Kramer, head of JPMorgan’s alternative solutions group…

JPMorgan Bolsters Hedge Fund Team in Asset Management With Hires

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  • Firm has only large EM fund with positive returns this year
  •  Manager Sebastian Juhen has eked out a 2.5 percent return

Sebastien Juhen’s simple investment strategy, inspired by a two-year bike ride across the Americas, is paying dividends for investors at a time when almost everything else in emerging markets is in freefall.

Eschewing the derivatives favored by others, the money manager who runs BlueOrchard’s $1.6 billion Microfinance Fund has eked out a 2.5 percent return this year. That makes it the only one out of 251 emerging-market funds bigger than $1 billion to have gained at all, according to data compiled by Bloomberg…

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  • More rich families start funds as strategy catches on in Asia
  •  Tolaram to court outside money after Millennium, Goldman hires

They’ve already come for the talent, poaching traders from the likes of Millennium Management LLC. Now Asia’s family offices are going after the hedge fund industry’s clients, too.

Take Tolaram Group, which runs a $500 million family office in Singapore. After hiring former Millennium and Goldman Sachs Group Inc. staffers to manage $100 million of its own cash, Tolaram plans to convert the portfolio into a hedge fund and accept outside money next year. It’s the first foray into asset management for a family that made its fortune in textiles, consumer goods, and other mostly non-financial businesses…

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JPMorgan Asset Management is liquidating a $1 billion credit hedge fund led by Fahad Roumani after abandoning a plan to spin it off, according to a letter to investors seen by Bloomberg News.

The Palm Lane Credit Opportunities Fund, which started with initial capital from JPMorgan Chase & Co., earlier this year reversed a decision to transfer the management contract to a separate company, according to the letter dated June 13. JPMorgan didn’t give a reason for the decision and a spokeswoman for the fund declined to comment…

JPMorgan Is Liquidating $1 Billion Credit Hedge Fund Led by Fahad Roumani

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When my grandfather retired, he and my grandmother bought a mobile home. They took one trip to Las Vegas in it, realized the folly of their ways, and upon returning to their trailer park in upstate New York promptly removed the wheels and built a deck off the side of it, to ensure something like it could never happen again. That story, and the years spent visiting them in their no-longer-mobile-home, has cured me of the desire to hit the open road in a rolling one-bedroom apartment, even without doing the math and realizing just how little you save doing it when there are perfectly good three-star hotels strewn along every interstate in the country. Still, I recognize that I live in New York City and am therefore completely detached from the Real America, and in the Real America people eschew the Holiday Inn Express for an eight-foot-wide aluminum can on top of a septic tank containing their own waste…

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In 2013, much to Carl Icahn’s delightand then resigned chagrin, Dell the publicly-traded company engineered its sale to Michael Dell the person(and a private-equity fund). In retrospect, this taking the battered computer-maker private seems like an excellent idea to Paul Singer and Elliott Management, or at least an absolutely smashing and fantastic idea compared to Dell’s new plan to go publiconce more…

Paul Singer Thinks Michael Dell Was Right Five Years Ago

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The government’s clampdown may have gone too far.

China’s consumer finance industry is sagging under an intensifying campaign of regulation. That could be a problem for an economy that’s relying on domestic demand to sustain growth amid the trade war with the U.S.

The government has started a fresh round of checks on thousands of peer-to-peer lending sites, Bloomberg News reported last week. Meanwhile, shares of U.S.-listed cash-loan provider Qudian Inc. fell 12 percent on Friday after a separate Bloomberg report that it would lose access to customers through Ant Financial’s Alipay app. While a commercial matter rather than a regulatory action, Qudian’s slump underlines the travails of an industry that’s increasingly out of favor with authorities…

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Despite terrible returns, so-called trend-following funds have attracted $300 billion in assets

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Women run only two of the top 50 funds; instead they cluster in positions away from the money

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  • Andurand Capital Management is down 5 percent January to July
  •  Oil investors were wrong-footed after Saudis hiked production

Pierre Andurand, one of the most bullish oil investors, lost 15.2 percent in July after markets sold-off, bringing his eponymous hedge fund into the red for the year, according to people familiar with the matter.

After the July loss, the oil-focused Andurand Capital Management LLP fund was down 5 percent through the first seven months of the year, the same people said, asking not to be named discussing private data. The losses came as global oil benchmarks suffered their biggest monthly drop since 2016…

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PIF is already on the hook to contribute to initiatives including Neom, the $500 billion futuristic megacity

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Spotify Technology SA, the music-streaming company that’s gained 47 percent since its April debut, attracted a number of prominent hedge funds in the second quarter.

Philippe Laffont’s Coatue Management, George Soros’s Soros Fund Management and Louis Bacon’s Moore Capital Management were among funds that held the stock as of June 30, according to filings released Tuesday. Tiger Global Management, an investor in Spotify before its direct listing, also counted the stock as its biggest investment in the second quarter with a 7.2 percent stake valued at $2.15 billion as of the filing date…

Spotify’s $8 Billion Rally Is Attracting Loads of Hedge Funds

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  • Man Group sees rally in U.S. currency continuing for now
  •  Greenback expected to gain especially against euro on trade

Don’t bet on the U.S. dollar rally ending any time soon, says the world’s largest publicly traded hedge fund.

While investment titans such as Morgan Stanley and State Street Corp. wager the greenback’s rally this year is just about finished, Man Group Plc reckons it may have further to go. The escalating trade war between the U.S. and China may only fuel the dollar’s strength, not stymie it, according to Guillermo Osses, head of emerging markets debt strategies at Man Group GLG, a unit of the fund…

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Backed by Jamie Dinan and Dan Loeb, Cerrano Capital was launched less than a year ago

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  • Net demand is highest in at least three years, survey finds
  •  Customized solutions such as separate accounts gain favor

Investors are back to loving hedge funds, if you can still call them that.

Net demand for allocating to hedge funds is the highest in at least three years at 28 percent, compared with 12 percent a year prior, according to a Credit Suisse Group AG survey released Tuesday. That ranks them only 1 percentage point behind private equity among the top alternative asset classes…

Investor Appetite for Hedge Funds Is Soaring—But Define ‘Hedge Fund’

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  • Water Mill event raises $500,000 for Robin Hood Foundation
  •  Winning pony Margerita was star of match for kids attending

It was a result everyone could live with as a polo match gave way to an Argentine asado: The blue team beat the red team, 8-5, at the Equuleus Polo Club in Water Mill raising about $500,000 for the Robin Hood Foundation, the anti-poverty group based in New York.

Hedge fund manager Joe DiMenna had the home court advantage Sunday — he’s the owner of Equuleus — and Nacho Figueras as a teammate, who was fresh from a playing a match in England for Prince Harry’s charity Sentebale. Their NetJets-sponsored team was the winner…

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Eric Yip has been buying a credit default swap index that tracks the values of mortgages backed by commercial property

A hedge-fund manager known for wagering on the demise of the weakest American malls is raising the stakes, betting some of the hardest-hit shopping centers are in a death spiral.

This more aggressive stance is an example of how some bearish investors are becoming bolder in these risky bets against shopping malls, defying a recent pick up among certain brick-and-mortar retailers and shares of mall owners…

Mall Bear Doubles Down on Bet, Even as Shopping Centers Show Some Life

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The hedge fund industry has reputation for secrecy. To some extent, this is an artifact of a since-abolished ban on anything that could possibly be construed as marketing. To another extent, it’s a useful term to be bandied about political extremists and anti-Semites of all stripes to decry the unseen, malevolent Illuminati Masters of the Universe surreptitiously controlling all of the world’s governments and the global economy. To still another extent, it’s an accurate description of any business, especially privately-held ones, few if any of which practice the wide and free dissemination of their finances, models, plans, etc.

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  • PBOC move on Friday echoed efforts to squeeze bears in 2016
  •  Few managers have been willing to build large short positions

It’s exactly the kind of shock that many hedge fund managers feared as they mulled whether to bet big against China’s currency.

In a surprise statement on Friday night, the People’s Bank of China announced a rule tweak that will make bearish yuan trades much more expensive. The move, which sparked a sharp rally in the currency, echoed efforts to deter short sellers almost three years ago. It also underscored why hedge funds have largely avoided wagers against the yuan in recent months, missing out on one of the world’s most profitable currency trades…

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  • Volatility among top three contributors to performance: Robeco
  •  Managers likely better off to avoid bold bets, Blitz says

Smart money is blindsided by a flaw of its own making hiding in plain sight — an investing maxim quants have known for an age.

Blame bets on volatility…

The Hidden Reason Why Hedge-Fund Returns Are at Risk

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Three years after successfully defending his title as the richest man in Illinois from his now ex-wife, is Ken Griffin considering its voluntary surrender? Probably not anytime soon: He’s pretty deeply enmeshed in Chicago’s civic life, and after convincing the courts that his three young children should have to stay there and not move to New York with their mother, it’d be pretty awkward to ask them to sign off on a different East Coast relocation.

On the other hand, the Windy City does not really feature suitable accommodation for the likes of Ken Griffin. Things aren’t looking good for his buddies the mayor and governor, and the Citadel chief has some pretty strong feelings about what’s likely to happen to Illinois if those men are not re-hired by the voters…

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After another loss in the second quarter, Greenlight Capital’s funds are down 18.3% this year

Hedge-fund manager David Einhorn told clients Tuesday his funds declined again in the second quarter and attributed the firm’s recent struggles to larger market forces harming investors who avoid expensive shares.

In a letter to clients, the billionaire who runs Greenlight Capital Inc. said his funds are down 18.3% this year, through June, after a 5.3% loss in the second quarter…

David Einhorn: The Market ‘Is Telling Us We Are Wrong, Wrong, Wrong’

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We’ve read a few hedge fund investor letters in our time, and we’d like to think that we have a feel for the tone and meter of how hedge fund managers convey their innate undeniable brilliance despite what the performance of their actual fund might indicate.

Up, down, or sideways, the true legends of the game always keep it 100 when it comes to their confidence in themselves. Investors need to know that those losses are fixable because this master of the universe has this situation on lock. It’s almost a comfort to read that these guys are still able to put an ego flourish on a letter admitting to objectively shameful performance…

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Investors haven’t been this bearish for years. Are they wrong?

Investors have never been so down on gold.

Managed money funds’ position in Comex gold futures and options last week crashed to a net short of 27,156 contracts. That amount — equivalent to 2.7 million troy ounces, or 14 million-odd wedding bands — represents the most bearish position for hedge fund investors in data going back to 2006, outstripping even the major wobble at the end of 2015 as the U.S. Federal Reserve started edging away from its zero-interest-rate policy…

Hedge Funds’ Big Short Could Be Fool’s Gold

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Shares in Nintendo Co. slumped as a New York hedge fund increased its short bet against the company ahead of earnings Tuesday.

Nintendo dropped as much as 3.7 percent on Tuesday, the most in about a month, after Bloomberg News reported Gabriel Plotkin, head of Melvin Capital Management, had accumulated a short position of roughly $400 million in the Japanese game maker. Plotkin’s fund was short 1.2 million shares, or about 0.8 percent of Nintendo’s outstanding stock, according to the latest filing with the Tokyo Stock Exchange. The firm has been increasing its position, with the latest trade on July 26, ahead of Nintendo’s quarterly earnings on Tuesday…

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Investors who can’t get into high-return exclusive funds are opting for the next best thing

All the money in the world can’t get you into some of the world’s best hedge funds.

Multibillion-dollar funds operated by Renaissance Technologies LLC,…

These Hedge Funds Are Doing Great but Don’t Want Your Money

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Last year, John Paulson finally solved one of the enduring mysteries of our time: Why he hadn’t made enough money on gold over the past seven years to buy all of Puerto Rico several times over. It was not, it turns out, an oversized, mistimed bet on a commodity that did not do what John Paulson expected it to do. No: Gold’s stubborn refusal to bend to Paulson’s will, costing him a significant chunk of his fortune and reputation, is actually the fault of gold-mining CEOs, who through a conspiracy of incompetence have single-handedly undermined both the value of their own companies and depressed global demand for shiny metals…

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  • Firm’s main fund is up 7% this year, billionaire manager says
  •  Assets under management at firm have slid in recent years

Leon Cooperman, citing a line from the Kenny Rogers song “The Gambler,” says he knows when to “fold ’em.”

The hedge fund manager told investors that he plans to convert his Omega Advisors at year-end into a family office, managing his own money rather than that of other investors…

Leon Cooperman’s Omega Hedge Fund Converts to Family Office

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Investors pulled about $3 billion from hedge funds in the second quarter, the first quarterly outflow since early 2017.

Macro hedge funds led net outflows in the period, with $2.8 billion leaving the strategy, according to a report Thursday from Hedge Fund Research Inc.The outflows were offset by equity hedge funds, which saw inflows of $2.4 billion…

Hedge Fund Investors Pull Money for First Time Since 2017

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  • PPC Partners’ fund will target packaging, health-care firms
  •  Tony Pritzker says ‘We’re very different from private equity’

Just because you raise a buyout fund doesn’t mean you’re a private equity manager.

That’s the idea Tony Pritzker and Paul Carbone pitched to wealthy families when setting out to gather $1.5 billion for the first private equity fund their PPC Partners investment firm marketed to outside clients…

Pritzkers Raise $1.8 Billion From Wealthy Families for Fund

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  • Recruits four people, including two from Deutsche Bank
  •  Japan stocks ‘remain important’ for global hedge funds: Furumi

Citigroup Inc. is expanding its Japan prime brokerage business serving global hedge funds by hiring four people from rivals including Deutsche Bank AG.

Two of the recruits will take up newly created positions, division head Toshikatsu Furumi said in an interview. They are Thomas Morrison, who will join from Deutsche Bank in September as head of financial resource management, and Fortress Investment Group LLC’s Kentaro Takao, who will lead capital introductions when he starts later this month…

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  • York Capital submits offer for rights to manage Abraaj funds
  •  New York-based Cerberus, Abu Dhabi investor also contenders

Another American bidder is joining the race for the rights to manage a network of emerging-market funds up for grabs in the liquidation of Dubai-based private equity firm Abraaj Group.

New York-based hedge fund York Capital Management, run by Jamie Dinan, is said to have placed a $45 million offer for Abraaj’s asset-management platform, which will give the winner easy access to more than a dozen developing countries across the world where the collapsing company has offices…

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  • Point72 Asset Management’s performance is about flat for June
  •  Hedge fund has raised more than $4 billion in assets this year

Point72 Asset Management, the hedge fund run by Steve Cohen, returned about 7 percent in the first half of the year, according to people familiar with the matter.

The Stamford, Connecticut-based firm was about flat in June, the people said. A spokesman for Point72 declined to comment…

Steve Cohen’s Hedge Fund Gains About 7% in First Half

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The Treasury curve is on a one-way trip to inversion.

That’s the assessment of fund managers surveyed this month by Bank of America Merrill Lynch, which reported that investors’ expectations for curve steepening sank to the lowest level in more than seven years…

Treasury Yield Curve Is Heading for Inversion, Fund Managers Say

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  • Funds of hedge funds are opening at a record pace in China
  •  Crackdown on shadow banking sends investors to alternatives

An investment offering that most of the world has shunned is suddenly all the rage in China, and money managers from UBS Group AG to SkyBridge Capital are moving to grab a slice of the bounty.

Funds of hedge funds, which allocate client money across multiple managers, are opening at a record pace in Asia’s largest economy even as their numbers dwindle globally after 10 straight years of outflows. While investors in the U.S. and Europe have grown disillusioned with the funds’ fees and spotty performance, China’s rich are looking past those concerns as they hunt for alternatives to increasingly risky domestic asset-management products…

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Staff have departed and investors have expressed dismay, but CEO ChamathPalihapitiya says the firm hasn’t wavered from its goals.

Seven years ago, Social Capital made its debut as one of the hottest venture funds in Silicon Valley, the brainchild of a former Facebook Inc. executive with some grandiose ideas about backing startups that might help humanity. Now, after a flood of prominent departures from the firm and a failed expansion strategy, a number of investors have lost confidence in the remnants of the leadership team and its ability to make good on its initial promises.

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  • Springs China Opportunities Fund drops as much as 17% in 2018
  •  Fund is buying oversold, undervalued smaller growth stocks

One China hedge fund is adding to stocks in the nation even as a rout deepened losses in its portfolio and prompted some peers to duck for cover.

Springs China Opportunities Fund is using the “panic selloff” to increase its holdings of “oversold and undervalued” companies, it told investors in a letter seen by Bloomberg News. The letter was sent after the fund lost an estimated 17 percent this year through July 6…

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Hedge funds have lagged behind the S&P 500 for the first half of 2018 despite market swings

Hedge funds have long touted their ability to do better when things turn volatile. But they lagged behind the S&P 500 for the first half of 2018 despite market swings tied to trade policy tensions and interest rate increases.

A widely followed hedge-fund index maintained by data research company HFR dropped .46% in June, pulling down the industry’s gains for the first half of 2018. The index rose .81% in the first two quarters, which is lower than the 2.65% return on the S&P 500, including dividends, over the same…

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AC Milan’s new owner said that the equity capital should stabilize the seven-time European champion financially

American billionaire Paul Singer’s Elliott Management Corp. promised an initial €50 million ($58.7 million) cash injection into Italian soccer team AC Milan, providing a much-needed lifeline to the storied team that is fighting a sanction that would keep it out of the Europa League this season.

AC Milan’s new owner said Tuesday that the equity capital—and promises for more down the road—should stabilize the seven-time European champion financially.

Hedge Fund Manager Elliott Takes Control of AC Milan Soccer Team

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  • AMP Capital started buying long-end U.S. debt six weeks ago
  •  “The best is probably behind us,” Ilan Dekell says of growth

In a bid to beat the trade war, a $139 billion Australian investment manager is using 30-year Treasuries as its weapon of choice.

The ultra-long bonds are seen as a hedge to protect the portfolios of AMP Capital Investors Ltd. against the risks stemming from the U.S.-China trade frictions and less-synchronized global growth, according to Ilan Dekell, the head of macro for global fixed income at the asset manager…

How a $139 Billion Fund Is Trading the Trade War

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Billionaire Steven Cohen has invested in a hedge fund focusing on cryptocurrencies and blockchain-based companies, according to a person familiar with the matter.

The investment was made through his Cohen Private Ventures, said the person, who asked not to be named because the information is private. The hedge fund, Autonomous Partners, was started last year by Arianna Simpson, an early advocate of cryptocurrencies. It has also secured investments from Union Square Ventures, Coinbase Inc. Chief Executive Officer Brian Armstrong and Craft Ventures Co-Founder David Sacks, Simpson said in an interview Thursday…

Billionaire Steven Cohen Invests in Crypto Hedge Fund

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  • APS CIO Wong says gain could be 20% over next 3 years
  •  Stocks could rise as much as 50% if tensions ease: Wong

Chinese stocks may rise 20 percent over the next three years even if conflicts with the U.S. persist, a $3 billion hedge fund manager said as the trade war between the nations kicked off.

If tensions ease over trade and technology, the gain could be as much as 50 percent, said Wong Kok Hoi, founder and chief investment officer of APS Asset Management Pte in Singapore. That compares with the CSI300 Index losing about 14 percent so far this year…

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  • Volatility, political risks cause losses in merger arbitrage
  •  Strategy faces accelerated outflows as investors shift money

In a booming year for mergers and acquisitions, hedge funds that seek to make money from corporate marriages are struggling.

The value of deals surged 43 percent in the first half of the year, with large takeovers reaching the highest number since before the financial crisis. That should have offered a fertile hunting ground for managers who bet on or against such deals. Yet their investment pools, known as merger arbitrage funds, lost money in the period, sending some investors fleeing…

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When the owner of Richard Nixon’s former beachfront estate in San Clemente, California, listed the 15,000-square-foot home three years ago for $75 million, you may have been tempted. Now, with the historic property back on the market for $63.5 million, you can hardly say no.

Yet that’s just what buyers are saying to extravagant real estate listings from the sunny sands out west, where a residence owned by Warren Buffett has been on sale for more than a year, to the austere brownstones of Manhattan and the opulent hedges of Greenwich, Connecticut

Nixon Estate, Buffett Beach House Go Begging in Languishing Luxury Market

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  • Fund is buying thermal power, electrical equipment firms
  •  Yuan may continue to fall but the slide to be modest: Wang

The rout in Chinese stocks may be nearing an end as the central bank turns to more accommodative monetary tools, according to Shanghai Chongyang Investment Management Co., whose flagship hedge fund has returned 356 percent since its launch in September 2008.

“While asset prices will face a ceiling given China’s tough regulation, risk prevention and deleveraging, a more flexible policy stance will put a floor under risk asset prices,” said President Wang Qing. “The market clearly is in its bottom range after earlier corrections.”…

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  • George Foulkes calls for inquiry into use of private poll data
  •  Foulkes one of many lawmakers seeking a probe into polling

U.K. lawmaker George Foulkes said hedge funds use of private polling data to bet on the outcome of the 2016 British referendum was a “scandal,” and called for an investigation into practices revealed in a Bloomberg report.

If “any section of the public is given information which is not publicly available it is a criminal offence,” said Foulkes during a debate in parliament on Tuesday. “Action needs to be taken.”…

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  • Pinpoint’s multi-strategy fund is on 16-month winning streak
  •  Risk of yuan use in trade battles spurred currency hedging

The escalating trade dispute between China and the U.S. prompted hedge fund manager Pinpoint Asset Management to take money off the table earlier this year. It’s now game-planning for a potential agreement between the world’s top two economies.

“The likely scenario to result from the China-U.S. trade tensions would be a trade deal — largely due to China conceding,” said Jennifer Wong, managing director of investor relations at Pinpoint Asset Management, which manages $3.6 billion in long-short equity and multi-strategy hedge funds focused on Asia…

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  • Kingsmead’s exit from China proves prescient as rout deepens
  •  Foo’s Kingsmead is increasing investments in Vietnam, Thailand

John Foo, who has managed long-only and hedge funds in Asia for 20 years, has sold out of Chinese stocks for the first time in his career as a money manager.

Foo’s Kingsmead Asset Management ended all bullish and bearish bets on China stocks about two months ago, as trade tensions and domestic credit tightening intensified, he said in an interview. Singapore-based Kingsmead manages about $60 million in an Asia-focused hedge fund and also oversees client money in separate accounts…

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As you may have heard, Italy has a new government. Now, Italy has had some governments in the past. But of the roughly 847 governments it’s had since the war, this one is unlike all of the others, because this one doesn’t think too kindly on the European Union. In fact, it thinks that Italy would have been better off if it had never joined the euro, and that if it hadn’t, the country wouldn’t be mired in a decades-long economic slump, and the Azzurri would have made the World Cup.

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  • Greg Jensen and Bob Prince each own about 5% of the hedge fund
  •  Bridgewater is planning to adjust its partnership structure

Ray Dalio is the first to admit that Bridgewater Associates is a tough place to work.

But for those able to navigate the unorthodox culture — defined by Dalio’s mantra of radical transparency — the rewards are worth it…

As Dalio Steps Back, Two More Bridgewater Billionaires Rise

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Remember Jeffrey Pierce? The Snow Park Capital founder and CEO who got sued back in May for metaphorically hitting on his former CFO before literally tackling her? The guy who denied the whole thing and then did what so many guys in his position do these days and dropped some version of “I can prove I’m innocent, more to come!”?

Welp, unlike almost every single one of the guys that have said they could prove they didn’t get handsy or “tackle-y” with a co-worker, it now seems that Pierce meant it…and how:

Accused Hedge Fund CFO Tackler Files Countersuit Claiming Hedge Fund CFO Embezzlement

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The nation’s largest banks, back to making big profits a decade after the financial crisis, are set to pay out billions of dollars to their shareholders.

The banks’ regulator, the Federal Reserve, signed off on the payments after the banks passed annual stress tests, whose results came out on Thursday. The Fed carries out the tests, which were introduced after the crisis, to assess how big banks would fare in a deep recession…

Banks Are Paying Out Billions to Shareholders. We Put the Numbers in Context.

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  • Greenlight’s main hedge fund posts 7.7% decline for June
  •  Value-oriented stock-picker still seeking to reverse slump

David Einhorn’s main hedge fund at Greenlight Capital fell 7.7 percent in June, bringing losses for the first half of this year to almost 19 percent, according to a client update seen by Bloomberg.

His value-investing strategy fell well short of U.S. stock market returns, as the S&P 500 Index has handed investors about 2.6 percent this year, including reinvested dividends. The HFRX Global Hedge Fund Index, an early indicator of industry performance, declined about 1 percent in the period. Hedge Fund Research Inc.’s Fundamental Value Index, which measures value strategies among equity hedge funds, gained 1.8 percent in the first five months of the year…

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  • Timefolio Asset hedge funds attracted $1.3 billion in 2 years
  •  Main fund is long-short strategy focused on Korean equities

A hedge fund firm is causing a stir among investors in South Korea, delivering strong returns even as the stock market declines and attracting a flood of money.

Timefolio Asset Management has gained almost 14 percent this year in its main fund, which combines a long-short strategy focused on South Korean equities and alternative investments, Joosang Lee, a managing director at the firm, said in an interview in Seoul. The country’s benchmark Kospi index is down 5.7 percent in 2018…

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Bridgewater Associates, the world’s largest hedge fund, has long been tightly controlled by its founder, Ray Dalio, and his top two lieutenants. That is about to change.

In the coming months, the firm will reshape itself, becoming a partnership that will give its top executives significantly more say in how the $150 billion fund is run…

Bridgewater Plans to Become a Partnership as Ray Dalio Takes a Step Back

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Documents unsealed this week show that Paul Manafort and his wife acknowledged on a 2010 tax return that they owed $10 million to a Russian oligarch with close ties to the Kremlin.

The disclosure, contained in partially unredacted versions of search warrant applications filed last year in federal court in Alexandria, Virginia, offers fresh details of Manafort’s dealings with the oligarch, Oleg Deripaska, and his business interests in Ukraine…

Manafort Reported $10 Million Loan From Russian Oligarch in 2010

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In the latest round of hedge fund closures, Jack Franke and Eric Lee, who once worked for billionaire Stan Druckenmiller, are liquidating their firm after about two years in business, according to people with knowledge of the matter.

Their Blockhouse Capital Management oversaw about $541 million including borrowed money as of the end of last year, a regulatory filing shows…

Blockhouse Hedge Fund Is Shuttering After Two Years of Trading

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