Hedgeweek Comment: Hedge fund places faith in God

Wed, 14 May 2008, 06:05

Hedgeweek

The credit crunch, which is still in full flow, has left many seasoned investors praying for a miracle. One of these investors, however, has decided to put money directly into the source of miracles - God.

Millennium Multi-Strategy Fund reaches three-year anniversary in positive territory for 2008

Wed, 14 May 2008, 06:00

Hedgeweek

The Millennium Multi-Strategy Fund, a fund of hedge funds managed by London-based alternative investment manager and currency overlay specialist Millennium Global Investments, is keeping in positive territory for 2008 as the fund marks its third anniversary.

Commercialbank seminar focuses on hedge funds options

Wed, 14 May 2008, 05:03

Gulf Times

Commercialbank recently hosted a seminar on "Alternative Investments" with focus on hedge funds at the Four Seasons. Commercialbank said the objective of such seminars is to provide a platform for education and greater awareness on investment opportunities to its customers.
"Commercialbank is proud to

Hedge funds can play 'hero' role in market restoration

Wed, 14 May 2008, 02:03

FT Adviser

Hedge funds can play an important role in helping markets to function properly again during times of financial turbulence, according to BH Macro. Speaking at a recent roundtable on hedge funds and the credit crunch, Ian Plenderleith, chairman of Brevan Howard's BH Macro fund, said that hedge funds help markets to function properly again by taking their own positions on the pricing of assets.

Investors may pile USD200bn into Asian hedge funds

Wed, 14 May 2008, 01:04

The Star

Investors may pile more than USD200 billion into hedge funds focused on Asia excluding Japan this year, betting on emerging markets despite concerns about the global economy and waning risk appetite, Deutsche Bank said. The bank's annual Alternative Investment Survey also showed that 58% of investors would not consider applying leverage - investments with borrowed funds - to their portfolio this year.

Capita Financial Group appoints administration director in Guernsey

Wed, 14 May 2008, 00:10

Hedgeweek

Capita Financial Group, which recently established a dedicated office in Guernsey, has appointed Julian Lane as administration director, responsible for operations and administration on the island.

Energy sector funds lead hedge fund rally in April, says HFN

Tue, 13 May 2008, 23:54

Hedgeweek

Early estimates indicate that the HFN Hedge Fund Aggregate Average, an equal-weighted benchmark of all single manager hedge funds and CTA/managed futures products in the HedgeFund.net database, containing more than 8,000 current hedge funds, funds of funds and CTA products, gained 1.96 per cent in April but remains down 0.85 per cent so far in 2008.

Barclay CTA Index slips as managed futures experiences mixed fortunes in April

Tue, 13 May 2008, 23:03

Hedgeweek

Managed futures loss ground for the second successive month in April, losing 0.27 per cent according to the Barclay CTA Index compiled by Fairfield, Iowa-based index provider BarclayHedge.

Structured Portfolio Management hires trading and portfolio management executive

Tue, 13 May 2008, 22:54

Hedgeweek

Mortgage-backed securities manager Structured Portfolio Management has recruited Charles Smart as senior vice-president for trading and portfolio management, responsible for developing mortgage-backed securities derivative analytics as well as conducting prepayment risk and credit modelling.

Mirabaud predicts increased foreign investment in Gulf hedge funds

Tue, 13 May 2008, 21:49

Wealth Bulletin

Gilles Rollet, chief executive of Mirabaud in the Middle East, has predicted increased foreign investment being made in regionally based structured products and funds in the near future. Speaking at this year's Structured Products Middle East conference in Dubai last week, Rollet said: "Investors from outside the Gulf region are looking for investment vehicles with healthy returns that are based in stable environments. Structured products based in the Gulf, particularly hedge funds, are the perfect example. Bahrain leads the region with 57 funds worth about USD2.6bn (EUR1.7bn), and Dubai is determined to establish a competent global hedge fund centre."

House takes up hedge fund tax again

Tue, 13 May 2008, 20:31

FinAlternatives

Hedge fund lobbyists are preparing for round two of their battle to avoid a big increase in their clients' tax bills. The powerful House of Representatives Ways and Means Committee is set to reconsider a measure that would eliminate a loophole allowing hedge and private equity fund managers from deferring taxes on offshore compensation, a measure that is expected to add USD23.7 billion to their tax burden over the next decade. But the alternative investments community may have a harder time keeping this law off the books.

Hedge fund investors have 20/20 hindsight

Tue, 13 May 2008, 20:04

Asian Investor

Deutsche Bank's exhaustive 2008 Alternative Investment survey would have electrified us if its predictions had been published a year ago. As it is, hedge fund investors aren't showing great foresight for the coming year.

Promotional feature - Have you considered having your fund of hedge funds professionally rated?

Thu, 01 May 2008, 06:03

Hedgeweek

With close attention being paid to the ability of fund of hedge funds managers to pick underlying funds that continue to prosper in more volatile market conditions, investors are increasingly examining the processes used by fund of funds managers and the capabilities of their operational structures as well as their investment skills.

Blackstone boosts hedge fund suite with Asian unit

Tue, 13 May 2008, 19:26

Financial News

The Blackstone Group, an alternatives manager facing difficult conditions in the US and Europe, has launched a hedge fund joint venture with Hong Kong-based fund manager Altius to focus on the Asia-Pacific region. Blackstone Altius Advisors, as the new company will be known, will focus on an event-driven strategy encompassing public and private investments on an opportunistic basis, according to a statement. Managers who follow this sort of strategy typically try to profit from events affecting companies such as restructurings, mergers and acquisitions. They use merger arbitrage (taking long positions on the seller and shorting the buyer) and make distressed debt investments. The unit will operate alongside Blackstone's proprietary hedge fund business, which launched in 2005 and has been building steadily ever since.

Instinet chief expects boost in volumes

Tue, 13 May 2008, 19:07

Financial News

Less than a month into his tenure as the president and chief executive of agency broker Instinet Europe, Richard Balarkas, former global head of sales at Credit Suisse's award-winning algorithmic trading service, is relishing the opportunities presented by the changing European equity marketplace. He thinks the emergence of trading venues such as Chi-X, an alternative trading system developed by Instinet, and other systems such as Turquoise, a bank-backed initiative, will combine with new trading techniques like smart routing and algorithmic trading to boost European trading volumes. Balarkas said the European market could support a fraction of the demand for equity investment opportunities but this was set to change.

Morgan Creek unveils credit fund of funds

Tue, 13 May 2008, 18:35

FinAlternatives

Morgan Creek Capital Management, the USD10.4 billion fund of funds shop, has launched a distressed offering to exploit opportunities in the credit markets. The Chapel Hill, NC-based firm last month launched the Dislocation Fund, a USD36 million vehicle that will invest in hedge and private equity funds, and is looking to raise some USD500 million, according to a source familiar with the firm's business development efforts.

Japan intervenes to stop UK hedge fund from doubling stake

Tue, 13 May 2008, 18:19

Taipei Times

Japan yesterday ordered a British hedge fund to drop plans to double its stake in the country's top power wholesaler or face punishment under a national security law, a government official said. It is the first time that Japan, which has almost no natural energy resources of its own, has invoked the law to block a foreign investment. The Children's Investment Fund last month rejected the government's "recommendation" that it desist from raising its stake in Electric Power Development Co, or J-Power, to as much as 20 per cent.

California backs off hedge fund regulation plan

Tue, 13 May 2008, 15:32

Dealbreaker

Opponents of hedge fund regulation scored a win yesterday when California backed away from its plans to regulate hedge funds. Since the registration of hedge funds with the Securities and Exchange Commission was over-turned by the federal courts, several states have considered enacting their own regulatory schemes. Such moves have typically been opposed by the hedge fund industry, which has recently become active in federal and state lobbying efforts.

Lombard Odier views hedge funds as central to wealth operations

Tue, 13 May 2008, 15:07

Wealth Bulletin

Geneva-based private bank Lombard Odier Darier Hentsch has moved with the times by broadening its hedge fund offering. It has hired managers to incubate single-strategy hedge funds through a majority-owned operation called 1798 Global Partners. The operation will fit alongside Lombard Odier's funds of hedge funds strategy. The bank has also snapped up Calibria Financial Services which advises wealthy individuals on how to allocate capital and make the best of hedge fund opportunities.

Blackstone launches new Asia-focused hedge effort

Tue, 13 May 2008, 14:59

Reuters

The Blackstone Group on Tuesday said it launched a new Asia-focused hedge fund strategy, naming a former executive of SAC Capital Management to lead the effort. The new Altius Advisors will be headed by Aaron Nieman, who recently joined Blackstone from SAC as managing director of its Canvas Capital division, Blackstone said.

Blackstone Altius Advisors to offer Asia-focused event-driven strategy

Tue, 13 May 2008, 14:49

Hedgeweek

The Blackstone Group has announced that Aaron Nieman will launch Blackstone Altius Advisors, a new event-driven strategy focusing on opportunities in the Asia-Pacific region and managed by an investment team based in Hong Kong as well as professionals in Tokyo, Mumbai and New York.

Asia fund loss spurs debate

Tue, 13 May 2008, 12:18

Euromoney Institutional Investor

Natick's municipal pension fund may have lost up to USD2.6 million in an Asian hedge fund that is reportedly bankrupt, a finding that has local official questioning whether the town's pension management should put in the state's hands, the Boston Globe reports. Natick is among many Massachusetts communities with stakes in First America Asia Fund I, including Middlesex County, Brockton, Haverhill, and Salem, which each have between USD1-3 million, said Michael Sacco, a lawyer for the Natick Retirement Board.

Bear emerging macro fund gains 9%

Tue, 13 May 2008, 12:18

Euromoney Institutional Investor

Bear Stearns & Co USD1.2 billion Emerging Markets Macro Fund is recovering from earlier losses, as the fund earned 8.9% last month, according a letter to investors Reuters obtained. The fund is managed by former Bear proprietary trader Melissa Ko. April gains help the fund bounce back from a rough first quarter, as the fund dipped 15.2% through March. Still the fund needs to continue the positive performance as it is down 7.6% for the year, according to the note.

HFs hurt by low liquidity

Tue, 13 May 2008, 12:18

Euromoney Institutional Investor

The average return for all funds sank to -2.99% from 1.64% in the fourth quarter, due to economic uncertainty and acute liquidity problems that slammed most hedge fund strategies in the first quarter of 2008, Pensions & Investments reports. Performance numbers for hedge funds managing at least USD100 million for the three months ended March 31 were almost uniformly negative across all strategies, according to data from Morningstar Inc's hedge fund database, run especially for Pensions & Investments.

Lehman exec to start fund

Tue, 13 May 2008, 12:09

Euromoney Institutional Investor

Lehman Brothers' Head of Proprietary Investment Strategies Rick Rieder is said to be raising money for a hedge fund that will invest in fixed income securities, sources told Financial Times. Lehman will be a minority investor in the fund, R3 Capital Partners, which Rieder hopes to launch at the end of May.

UK firm offers commodity, power HFs

Tue, 13 May 2008, 11:26

Euromoney Institutional Investor

Ebullio Capital Management has launched a commodity hedge fund, the Ebullio Commodity Fund, reports FINalternatives. It plans to launch a power and emissions vehicle sometime in the third quarter. The fund, an event-driven offering, debuted in January with USD4 million in partner capital. The fund opened to outside investors on May 1. It returned 27% in the first quarter, according to Monica Kotzee, marketing director. The  firm plans to offering the Ebullio Power & Emissions Fund in the third quarter, headed by a yet-to-be-named energy trader from a UK-based brokerage house. The event-driven fund will trade electricity, carbon emissions, coal and the natural gas sectors.

Emergent targets EUR300m for fund launch

Tue, 13 May 2008, 08:20

Reuters

Hedge fund firm Emergent Asset Management told Reuters on Monday it aims to raise EUR300m (GBP239m) for a global macro fund, because it believes conditions are now "perfect" for such strategies. The Emergent GeoMacro Fund will be launched on July 1 and will target an annual return of more than 15 per cent.

Fridson to start new investment firm with BNP Paribas

Tue, 13 May 2008, 00:00

Bloomberg

Martin Fridson, the high-yield analyst who announced plans last week to leave his research firm, said he will start a new fund management firm with BNP Paribas Investment Partners to invest in junk debt. Fridson, 55, said the New York company will be called Fridson Investment Advisors. Thomas Shandell, 47, a co-founder and partner of GoldenTree Asset Management LP, will be chief portfolio manager and Richard Hollander, 50, founder of Metropolitan West Financial, will be chairman, Fridson said.

Ex-Fidelity head launches into alternatives

Wed, 13 Feb 2008, 19:26

Financial News

Graham Clapp, the former head of European equities at Fidelity International, has re-emerged as chief executive of a newly formed hedge fund more than a year after he left the European division of the Boston-based money manager. Clapp has founded London hedge fund Pensato Capital, which was registered by the UK's Financial Services Authority last month. He is joined by Edward Rumble, who used to work for Dawnay, Day Investment Banking and David Watson, former chief operating officer of private equity secondaries specialist Coller Capital.

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