Archive for Hedge Funds

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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  • As much as 35 percent will be invested in private companies
  •  D1 Capital is said to earmark $1 billion for Viking investors

For Dan Sundheim, who starts trading outside capital at his new hedge fund in mid-July, it might as well be 2007.

That’s when hedge fund managers dominated Wall Street. They could charge high fees, impose long lock-ups on capital and afford to be discerning about which investors they allowed into their funds. Then came the financial crisis and a decade of low returns and client defections. Most startups barely raised any money…

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Remember when our pal The Mooch took that super-extended sabbatical from running his fund-of-funds Skybridge Capital in order to spend months waiting for a White House gig that lasted almost 11 days? And remember Premium Point Investments, the small fund that a few weeks ago got charged with mismarking securities for more than two years?…

Anthony Scaramucci Suing Hedge Fund For Ripping Him Off While He Wasn’t Paying Attention

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  • Manoj Narang loses biggest investor after posting losses
  •  Woodriff’s QIM tactical fund slumps 35% this year through May

Many quant hedge funds — young and old — are struggling to make money this year.

Manoj Narang, who started his hedge fund last year, saw his biggest investor, JPMorgan Chase & Co.’s asset management unit, pull its money. Renaissance Technologies, the world’s most profitable hedge fund, is trailing its benchmark in one fund this year through mid-June. Jaffray Woodriff, who runs Quantitative Investment Management, lost 35 percent in his tactical aggressive fund this year through May…

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  • Coffey, Clark join managers warning a crisis is brewing
  •  ‘The ghosts of 2000 are upon us,’ Coffey tells investors

The ranks of hedge fund managers expecting impending market chaos are growing.

Greg Coffey, the former star manager at Moore Capital Management who started trading at his own firm this year, is comparing the turmoil in May to the end of dotcom bubble in 2000. Horseman Capital Management’s Russell Clark, one of the most bearish hedge fund managers in Europe, invoked memories of the financial crisis of 2008 in a letter to clients…

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  • ‘If we do nothing, we will largely bleed dry,’ Singh says
  •  Axon’s Dinakar Singh calls alleged fraud ‘astonishing theft’

Two high-profile hedge funds accused one of India’s biggest real estate developers of defrauding its foreign investors out of as much as $1.5 billion, potentially one of the largest private equity scams ever.

IREO Management engaged in a billion-dollar criminal conspiracy involving shadow companies, dumped documents and “astonishing theft,” according to Axon Capital and Christopher Hohn’s Children’s Investment Fund Foundation…

Hedge Funds Alleging $1.5 Billion Fraud Fear They’ll `Bleed Dry’

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  • WTI long and short positions fall slightly ahead of OPEC meet
  •  Unclear how much more supply will be poured into the market

In the lead up to OPEC’s meeting last week, investors were playing a waiting game.

Hedge fund wagers on the direction of crude prices barely budged, and an obscure decision on Friday didn’t do much to dispel the uncertainty. While prices jumped with the adoption of a smaller-than-expected production increase, it’s still unclear how much more supply will be poured into the market, and which countries will be responsible for it…

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Private polls—and a timely ‘concession’ from the face of Leave—allowed the funds to make millions off the pound’s collapse.

At 10 p.m. on June 23, 2016, Sky News projected the words “IN OR OUT” across the top of a London building as an orchestral score ratcheted up the tension. “In or out—it is too late to change your mind,” declared Adam Boulton, the veteran anchor, seated in a makeshift studio across from Big Ben. “The polls have closed in the U.K.’s historic referendum on EU membership.” Election nights are major productions for British broadcasters, but Brexit was bigger, with Sky viewers watching worldwide.

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  • Sector Zen fund has delivered 188% return over past 12 years
  •  Fund has benefited from takeovers of Panahome, Hitachi Koki

An Oslo-based hedge fund’s love for unloved Japanese stocks has proved a winning passion for more than a decade.

“Our model is good at identifying companies that shouldn’t be listed,” Trond Hermansen, who manages Sector Zen with analyst Lars Solberg, said in an interview. “We’d like to invest in companies that don’t have high returns today but have a lot of cash and easily could have high returns going forward.”…

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German firm joins rivals such as Nike, Under Armour on shopping corridor

German sportswear-maker Puma SE has signed a lease deal to open a flagship store on Manhattan’s Fifth Avenue shopping corridor, creating a marquee location that will be the first of its kind for the company in North America.

Puma is taking a three-level, 24,000 square-foot space at 609 Fifth Ave. at 49th Street, according to SL Green Realty Corp., the real-estate investment trust that owns the building. The real-estate investment trust has launched a redevelopment that will include double-height storefronts that wrap around…

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  • Manager to spend hundreds of millions of dollars on shares
  •  His Rittenhouse Hill apartments in Philly have jumped in value

While Bill Ackman has suffered losses as a Wall Street stock picker, he’s thrived as a Philadelphia landlord.

The hedge fund manager personally holds a majority stake in Rittenhouse Hill, a luxury apartment complex that’s one of the largest in Philadelphia, according to a May regulatory filing that first disclosed his ownership. The property, with about 625 units, has jumped in appraised value since he teamed up with the Pestronk brothers to buy it in 2011…

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  • $1.1 billion plant will make up to 150,000 cars, employ 3,900
  •  S60 sedan could help avoid some tariffs in China trade spat

When Volvo Car Group broke ground on its first U.S. assembly plant in 2015, it was a proud step in the Swedish automaker’s rebound and global expansion, not a chess move in anticipation of a possible trade war.

Now that the plant is about to begin production, it’s poised to serve as a small hedge against tariffs at a time when economic barriers are being erected almost daily…

Volvo Opens U.S. Factory in Timely Hedge Against Trade Tensions

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  • Pantera offers seven investors chance to gamble in Las Vegas
  •  Winners will get $10,000 to enter and $3,000 for travel costs

If the rush from gambling on Bitcoin isn’t enough, Pantera Capital may have a deal for you.

The crypto hedge fund has seven tickets to the 49th Annual World Series of Poker that it plans to give away to its investors. Winners will get $10,000 for the buy-in fee and $3,000 for lodging and travel expenses, the company said in an emailed letter Tuesday. The main event takes place July 2 through July 14 in Las Vegas…

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  • Fund fell 26 percent in May versus a 46 percent gain in April
  •  Founder Dan Morehead critiques Warren Buffett’s crypto view

The digital-currency market has had a tumultuous year, and crypto hedge funds are feeling the pain.

Pantera Capital’s Digital Asset Fund, which includes a number of virtual currencies, dropped 26 percent in May, Chief Executive Officer Dan Morehead said in the Menlo Park, California-based company’s monthly investor letter Tuesday. That compares with Bitcoin’s drop of around 15 percent, and the fund’s surge of nearly 50 percent during the prior month. The fund is down 51 percent year-to-date.

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  • Rising U.S. interest rates weigh on emerging-market assets
  •  iShares EM fund had $2.2 billion in outflows last week

Investors are yanking funds from emerging-market exchange-traded funds as rising interest rates in the U.S. weaken emerging-market assets.

The $35 billion iShares MSCI Emerging Markets ETF, or EEM, had $2.2 billion of outflows last week, the most since January 2014. Meanwhile, the biggest emerging-markets ETF, the $65 billion Vanguard FTSE Emerging Markets ETF, or VWO, lost about $270 million last week for its second-worst performance in over two years…

Investors Are Bailing from Emerging-Market ETFs

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Sometimes, the things Ray Dalio says and writes seem as though they are the product of an ostensibly deep, substance-aided conversation among co-eds. There is a good reason for this. Asked by a college sophomore with the spectacularly college sophomore handle of “absurdistcamus” during a Reddit AMA how to get the most out of his or her college years, Dalio offered the best advice ever given on campus life

Ray Dalio: College Is For Getting Blackout Drunk With Smart People

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  • Unexpected scale of indebtedness leads to fears of downgrade
  •  Fiscal, political risks are reasons to be cautious, Pimco says

The escalating scandal around troubled state-investment-fund 1MDB is turning bond funds against Malaysia.

The disclosure that the nation’s debt is almost 60 percent higher than previous estimates at 1 trillion ringgit ($250 billion), largely because of hidden liabilities tied to the troubled state investment fund, is convincing even fans of the country’s bonds to cut their holdings. Throw in the removal of a goods and services tax last month, and Prime Minister Mahathir Mohamad’s new government faces an increasing fiscal squeeze…

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The latest: they are bombing a port that accounts for 80 percent of the food and aid trickling into starving Yemen.

For three years, Saudi Arabia and the United Arab Emirates have conducted a murderous campaign to reinstall a pliable regime in the desperately poor country of Yemen. This campaign is based on a lie intended to gain American support: that the two authoritarian monarchies are responding to Iranian aggression. Now the UAE is preparing a military offensive that could split Yemen apart and create mass starvation.

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After two months of cutting bets on rising prices, hedge funds are feeling optimistic again as OPEC prepares to meet.

Whether that optimism is warranted remains an open question…

Hedge Funds Get Bullish on Oil Again as OPEC Prepares to Meet

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Brevan Howard Asset Management is the sick man of Europe’s hedge fund industry. Once a $40 billion behemoth helmed by Britain’s wealthiest hedge fund manager, the firm has wasted away to a sickly $8 billion. Amputating the “Brevan”hasn’t helped either. It’s been managing that shrinking pile of cash for nothing for the better part of two years, and last year firm founder Alan Howard brought the emaciated hedge fund home, where at least it would be allowed to die with dignity.

Still, Howard and the hedge fund’s doctors in London weren’t ready to give up. Another round of extraordinary measures were tried, including the painful removal of its Tel Aviv office and shedding a further couple dozen employees. It was a desperate decision, a Hail Mary, but by God if it hasn’t worked

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Paul Tudor Jones has made quite clear that, when the revolution comes, he’d rather avoid a one-way trip to the wall. This may be difficult if the new People’s Commissars read some of what he’s said about the fairer sex and Harvey Weinstein, or see him driving his Maybach, or get their hands on a copy of Trader—although he’s doing everything he can to make sure the latter does not happen. But more than some of his peers, PTJ is at least making an effort to seem like a Woke potential billionaire fellow-traveler. He does yoga. He liked Hamilton. He voted for Hillary. He’s super-philanthropic and, unlike his Greenwich neighbors, all of whom are ticketed for the Gulag, he not only doesn’t mind the unwashed masses invading his waterfront gated community: He invites them in! And three years ago, he acknowledged that capitalism might have a flaw or two. The election of a caricature of a modern-day robber baron as president has not changed his mind on that front…

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It turns out that Steve Cohen’s brother-in-law wasn’t the only person shown the door at Citadel’s Aptigon stock-picking unit. About a third of his co-workers also fulfilled their destiny in getting canned or otherwise driven away by Ken Griffin, one of Wall Street’s key rites of passage. And following them was one Lucy DeStefano, Aptigon’s former head of trading, last month.

DeStefano, as custom and legal instruments dictate, will now take the better part of year to decompress and deGriffinify. And then, it’s off to Soros Fund Management to help finance the New World Order and duck the flying lamps

Citadel Vet Flees Into the Not-At-All Infuriating Arms Of George Soros

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As we all know, the ten-year battle royal between Hedge Funds and the Oracle of Omaha did not end well for the former. It was not close: Warren Buffett’s S&P 500 Index just about doubled between the beginning of 2008 and the end of 2017, Ted Seides’ basket of baskets of hedge funds (a.k.a. funds of hedge funds) gained about a quarter. It was so lopsided that Seides cried uncle months before the bet actually ended, while Buffett somewhat less-than-magnanimously said that he’d sooner entrust his massive wealth to a moldering corpse than to a stinking, thieving hedge fund manager…

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Foreign reserves would need to drop to $110 billion, from the $124.9 billion recorded at the end of April, to signal an “aggressive and persistent depletion,” said Singapore-based strategist Rohit Garg. That’s unlikely to happen based on recent history, he said. On top of that, Bank Indonesia closed its forward books recently, giving it another $7 billion, he said…

 Indonesia Has a $22 Billion Buffer for Defending Its Currency, Bank of America Says

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A few years back, a not-so-little hedge fund called Visium Asset Management made what proved to be a rather large a mistake. It told trader Jason Thorell that it thought he was getting paid exactly what he was worth, his own contrary opinions on the matter notwithstanding. This was not a smart thing to do to a man whose job was soliciting overly generous valuations from overly solicitous prime brokers, and who might just decide that the best way to get paid was to turn over 200 hours of conversations about the above practices with co-workers to the authorities. Because once the authorities start looking into a little mismarking among friends, they tend to think, “While we’re here, let’s take a look around,” and then find that there might have been a little bit of inside dirt circulating, which is music to the ears of the U.S. Attorney in your jurisdiction, which because you’re a hedge fund is Manhattan, whose U.S. Attorney just happens to be on a crusade to save his legacy by proving that insider trading still exists, and thinks your firm might be the perfect object lesson thereof. Next thing you know Visium Asset Management is out of the business of managing hedge funds—but it is not out of business, full stop. Because after the aforementioned nightmare comes to an end, you get to spend two years negotiating with the SEC about how much a defunct hedge fund should have to pay for all of the above. Only then can you finally, mercifully and actually go out of business…

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Tax bills of $1.5 billion are never fun for the recipient. First off, it’s a real logistical pain-in-the-ass to pay the IRS that much. And second, it’s ONE-POINT-FIVE-BILLION FUCKING DOLLARS.

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Defunct Hedge Fund Ends Two-Year Negotiation With Feds, Allowed To Go Out Of Business
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As we all well know, Wall Street has yet to have its #metoo moment. Try as Elizabeth Warren might, she just can’t find any hedge fund managers broadcasting hardcore porn on their trading floors or getting a little on the side from a subordinate after an mandatory strip-training session or including a lack of aversion to the term “sugar tits” in secretarial job listings or hanging out with alleged pervertswhile his own firm is allegedly telling female employees “this is just a really tough place for women, and that’s not going to change,” nor any bailed-out insurance giants staffed by under-desk Peeping Toms, nor banks firing senior VPs for objecting to suggestions that young female subordinates to get down to some horizontal business development with clients, nor even any high-profile supporters and enablers of those brought low by sexual harassment and assault allegations in other industries. Why, all over Wall Street today, people are undoubtedly cheering the fall of New York Attorney General Eric Schneiderman—not because he was a real pain in the ass, of course, but because of those women he allegedly choked…

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  • Digital Asset Fund is still down 34 percent year-to-date
  •  Winter slump was likely tied to tax-related selling, firm says

Bitcoin had a pretty good April. Pantera Capital had an even better one.

The hedge fund’s Digital Asset Fund, which was launched in November and includes a number of different virtual currencies, surged 46 percent last month, compared with a 31 percent gain registered by the biggest digital coin, Pantera said in an investor letter Wednesday, citing “dynamic trading” for the strong performance…

Crypto Hedge Fund Pantera Says Returns Outpaced Bitcoin in April

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Hayden Capital’s Fred Liu found inspiration in the top chef’s seminal cookbook and shared it with his team.

Liu was inspired by the chef’s seminal cookbook “to free [readers] from feeling you must follow a recipe—to help you trust your instincts.” It’s a philosophy he compares to Elon Musk’s idea of viewing learning like a tree, making sure you understand “the fundamental principles, i.e. the trunk and big branches, before you get into the leaves/details.”…

A Hedge Fund Manager Wants His Employees to Learn From Tom Colicchio

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  • Mandelblatt’s firm will oversee about $6 billion after shift
  •  Gaurav Kapadia, Soroban’s co-founder, leaves to run own money

Eric Mandelblatt, who co-founded Soroban Capital Partners eight years ago, is closing his oldest fund to focus on a more concentrated portfolio of stocks, cutting assets under management by almost half.

Mandelblatt also told investors in a letter Monday that Gaurav Kapadia, Soroban’s co-founder and co-managing partner, is leaving the firm to start his own family office, where he will invest in both public and private companies. Mandelblatt said he would invest with Kapadia if he decides to start his own hedge fund…
Soroban Shuts $4 Billion Hedge Fund to Concentrate Portfolio
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Four years ago, amidst the, um, unpleasantness, Steve Cohen had to make quite a show of not running a “vertible magnet for market cheaters”/linguistic innovator in the field of insider trading. So he went and hired a McKinsey guy to head things, a new human resources guy to sift the black edge out of the applicant pool and an advisory board for good measure.

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