Selections from Recent Issues
Ex-SAC Manager Opening Fund to Outsiders (03/03/2010)
Neil Chriss, a former SAC Capital portfolio manager who launched a hedge fund in 2008 with backing from Renaissance Technologies, will soon open the door to outside investors.
Read more.
Neil Chriss, a former SAC Capital portfolio manager who launched a hedge fund in 2008 with backing from Renaissance Technologies, will soon open the door to outside investors.
Read more.
Gloves Come Off in Camulos Capital Dispute (02/24/2010)
A legal dispute between the founding partners of Camulos Capital is becoming increasingly ugly.
Read more.
A legal dispute between the founding partners of Camulos Capital is becoming increasingly ugly.
Read more.
Fast-Growing King Street Might Cap Assets (02/17/2010)
King Street Capital is on the verge of closing its flagship fund to new investments after taking in more than $3 billion of fresh capital over the past 12 months.
Read more.
King Street Capital is on the verge of closing its flagship fund to new investments after taking in more than $3 billion of fresh capital over the past 12 months.
Read more.
Ex-SAC Fund-Raising Chief Lands at Visium (02/10/2010)
Jason Huemer, who helped SAC Capital raise $6 billion as the firm's head of marketing, has joined Visium Asset Management to lead an expansion of the healthcare-focused firm.
Read more.
Jason Huemer, who helped SAC Capital raise $6 billion as the firm's head of marketing, has joined Visium Asset Management to lead an expansion of the healthcare-focused firm.
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Swieca Scouting Talent for New Initiative (02/03/2010)
Highbridge Capital co-founder Henry Swieca, who left the hedge fund giant at yearend, is looking to hire a slew of market pros for his newly opened family office.
Read more.
Highbridge Capital co-founder Henry Swieca, who left the hedge fund giant at yearend, is looking to hire a slew of market pros for his newly opened family office.
Read more.
Fin 48 Complicates Yearend Audit Process (01/27/2010)
A 4-year-old accounting rule is finally catching up to the hedge fund industry.
Read more.
A 4-year-old accounting rule is finally catching up to the hedge fund industry.
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Operators Snapping Up Talent From Galleon (01/20/2010)
The list of former Galleon Group staffers who have resurfaced at other hedge fund operations continues to grow.
Read more.
The list of former Galleon Group staffers who have resurfaced at other hedge fund operations continues to grow.
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Fund Managers Face Scrutiny From Pensions (01/13/2010)
A regulatory crackdown on corporate pension plans is putting pressure on hedge fund managers.
Read more.
A regulatory crackdown on corporate pension plans is putting pressure on hedge fund managers.
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Sandell Downsizes Amid Dwindling Assets (01/06/2010)
Sandell Asset Management has shrunk to about $1 billion under management - a precipitous fall for a firm that was running $7 billion just two years ago.
Read more.
Sandell Asset Management has shrunk to about $1 billion under management - a precipitous fall for a firm that was running $7 billion just two years ago.
Read more.
Investors Queue Up for Bay Harbour Launch (12/16/2009)
Distressed-investment specialist Bay Harbour Management is putting the finishing touches on a hedge fund that is expected to have $500 million under management by midyear 2010.
Read more.
Distressed-investment specialist Bay Harbour Management is putting the finishing touches on a hedge fund that is expected to have $500 million under management by midyear 2010.
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New GLG Fund Showcases Equity Portfolios (12/09/2009)
Hedge fund giant GLG Partners is repackaging its key equity strategies for a fund that began trading last week.
Read more.
Hedge fund giant GLG Partners is repackaging its key equity strategies for a fund that began trading last week.
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Despite Losses, Clarium Founder Still Bullish (12/02/2009)
Although his firm has seen only a trickle of revenue during the past two years, Clarium Capital founder Peter Thiel is seeking to reassure investors that he remains committed to his $2 billion hedge fund and its global-macro strategy.
Read more.
Although his firm has seen only a trickle of revenue during the past two years, Clarium Capital founder Peter Thiel is seeking to reassure investors that he remains committed to his $2 billion hedge fund and its global-macro strategy.
Read more.
Funds in Rothstein Case Could Forfeit Gains (11/18/2009)
Hedge funds that profited from a suspected $500 million Ponzi scheme in Florida will likely have to relinquish their gains to investors who lost money in the scam.
Read more.
Hedge funds that profited from a suspected $500 million Ponzi scheme in Florida will likely have to relinquish their gains to investors who lost money in the scam.
Read more.
Ex-Balyasny Pro Eyed in Insider-Trading Case (11/11/2009)
The SEC has extended the reach of its insider-trading probe by looking into the activities of a stock analyst who worked at Balyasny Asset Management until just several weeks ago.
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The SEC has extended the reach of its insider-trading probe by looking into the activities of a stock analyst who worked at Balyasny Asset Management until just several weeks ago.
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Weston, Harcourt Tee Up Incubation Fund (11/04/2009)
Hedge fund backer Weston Capital has teamed up with Swiss fund-of-funds operator Harcourt Investment Consulting to launch an incubation vehicle.
Read more.
Hedge fund backer Weston Capital has teamed up with Swiss fund-of-funds operator Harcourt Investment Consulting to launch an incubation vehicle.
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Service Providers Set Sights on Startup Firms (10/28/2009)
Three hedge fund service providers are separately pursuing startup managers by offering streamlined services and cut-rate fees.
Read more.
Three hedge fund service providers are separately pursuing startup managers by offering streamlined services and cut-rate fees.
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Ex-Parkcentral Pros Prep Fixed-Income Fund (10/21/2009)
The investment team that managed Ross Perot's failed hedge fund, Parkcentral Global, is gearing up to launch a fund of its own.
Read more.
The investment team that managed Ross Perot's failed hedge fund, Parkcentral Global, is gearing up to launch a fund of its own.
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Ex-Citadel Exec Readies Event-Driven Fund (10/14/2009)
Ervin Shindell, a big contributor to Citadel Investment's high-flying returns prior to last year's meltdown, is setting up his own hedge fund.
Read more.
Ervin Shindell, a big contributor to Citadel Investment's high-flying returns prior to last year's meltdown, is setting up his own hedge fund.
Read more.
Agents Try Heading Off US Marketing Rules (10/07/2009)
Shaken by an SEC proposal that could severely damage their business, third-party hedge fund marketers will revise their code of ethics at an upcoming annual meeting later this month in Chicago.
Read more.
Shaken by an SEC proposal that could severely damage their business, third-party hedge fund marketers will revise their code of ethics at an upcoming annual meeting later this month in Chicago.
Read more.
Will SEC Ease Tough Surprise-Audit Plan? (09/30/2009)
The investment industry is hopeful the SEC will scale back its proposal that would require asset managers to undergo surprise reviews by private auditors in order to deter swindlers like Bernard Madoff.
Read more.
The investment industry is hopeful the SEC will scale back its proposal that would require asset managers to undergo surprise reviews by private auditors in order to deter swindlers like Bernard Madoff.
Read more.
Pershing's Ackman Admits Investing Errors (09/23/2009)
William Ackman, founder of Pershing Square Capital, pulled no punches last week in admitting to investors that he misplayed the market in the second quarter.
Read more.
William Ackman, founder of Pershing Square Capital, pulled no punches last week in admitting to investors that he misplayed the market in the second quarter.
Read more.
Cautious UK Taking Months to Okay Funds (09/16/2009)
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CORRECTION: An article on Sept. 16, "Cautious UK Taking Months to Okay Funds," misspelled the last name of Julian Korek, a founding partner of Kinetic Partners.
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Read more.
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CORRECTION: An article on Sept. 16, "Cautious UK Taking Months to Okay Funds," misspelled the last name of Julian Korek, a founding partner of Kinetic Partners.
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Alumni of 3 Big-Name Firms Team Up (08/26/2009)
Three former staffers of different multi-billion-dollar fund-management firms are starting a hedge fund that would invest in stocks and bonds, having lined up more than $100 million of backing from at least two unidentified investors.
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Three former staffers of different multi-billion-dollar fund-management firms are starting a hedge fund that would invest in stocks and bonds, having lined up more than $100 million of backing from at least two unidentified investors.
Read more.
Peltz Offers 'Carrot' to Lure New Investors (08/12/2009)
Trian Fund Management, the hedge fund firm run by corporate raider Nelson Peltz, is cutting fees and loosening liquidity in a bid to attract fresh capital.
Read more.
Trian Fund Management, the hedge fund firm run by corporate raider Nelson Peltz, is cutting fees and loosening liquidity in a bid to attract fresh capital.
Read more.
Administrators Look to Rebuild Amid Ruins (08/05/2009)
Hedge fund administrators, after experiencing a one-third drop in assets under administration amid last year's financial-market carnage, are drawing a measure of hope from an unlikely source: Bernard Madoff.
Read more.
Hedge fund administrators, after experiencing a one-third drop in assets under administration amid last year's financial-market carnage, are drawing a measure of hope from an unlikely source: Bernard Madoff.
Read more.
New Firm Targets Stakes in Side Pockets (07/29/2009)
Two fund managers have teamed up to buy stakes in hedge fund "side pockets" from impatient investors willing to sell their shares at steep discounts.
Read more.
Two fund managers have teamed up to buy stakes in hedge fund "side pockets" from impatient investors willing to sell their shares at steep discounts.
Read more.
UBS' Troubles Hinder Search for Unit Head (07/22/2009)
Amid huge writedowns and regulatory issues, UBS has struggled to fill the top job in its prime-brokerage unit following the defection of Alex Ehrlich to Morgan Stanley.
Read more.
Amid huge writedowns and regulatory issues, UBS has struggled to fill the top job in its prime-brokerage unit following the defection of Alex Ehrlich to Morgan Stanley.
Read more.
Drake Succumbs to Losses in Credit Market (07/15/2009)
It's the end of the line for Drake Management, an operator of hedge funds and long-only accounts that had more than $11 billion under management at the start of last year.
Read more.
It's the end of the line for Drake Management, an operator of hedge funds and long-only accounts that had more than $11 billion under management at the start of last year.
Read more.
Zwirn Is Back With New Hedge Fund Shop (07/08/2009)
Daniel B. Zwirn, whose once-high-flying hedge fund firm was brought down by an accounting scandal, is about to raise the curtain on his second act.
Read more.
Daniel B. Zwirn, whose once-high-flying hedge fund firm was brought down by an accounting scandal, is about to raise the curtain on his second act.
Read more.
Polygon Offers Low Fees to Retain Investors (07/01/2009)
Polygon, a big multi-strategy hedge fund firm that got clobbered last year, has begun soliciting capital for a pair of single-strategy funds that offer unusually low fees to existing investors.
Read more.
Polygon, a big multi-strategy hedge fund firm that got clobbered last year, has begun soliciting capital for a pair of single-strategy funds that offer unusually low fees to existing investors.
Read more.
Farallon Pays Investors Ahead of Schedule (06/24/2009)
Farallon Capital has managed to unwind a so-called liquidating trust faster and more profitably than many investors had expected.
Read more.
Farallon Capital has managed to unwind a so-called liquidating trust faster and more profitably than many investors had expected.
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Pursuit Partners Sells Assets at Big Discount (06/17/2009)
Pursuit Partners liquidated asset-backed securities at a deep discount to their late-March values instead of complying with some redeeming investors who believed they could have recovered more by taking possession of the bonds.
Read more.
Pursuit Partners liquidated asset-backed securities at a deep discount to their late-March values instead of complying with some redeeming investors who believed they could have recovered more by taking possession of the bonds.
Read more.
Citadel Fund Carries Novel High-Water Mark (06/10/2009)
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CORRECTION: A June 10 article, "Citadel Fund Carries Novel High-Water Mark," incorrectly reported the liquidity terms for Citadel Investment's two main funds, Kensington Global Strategies and Wellington. Citadel offers two options. One permits investors to redeem any amount of capital once every two years with 90 days' notice, and to withdraw profits annually. The second option allows quarterly redemptions with 45 days' notice, so long as total redemptions from the fund don't exceed 3% of assets. If the 3% threshold is reached, investors can redeem no more than one-sixteenth of their money at a time. If they wish to withdraw more than one-sixteenth, then they face a 5-9% penalty. The liquidity terms will go back into effect once Citadel lifts its suspension on redemptions from the two funds.
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Read more.
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CORRECTION: A June 10 article, "Citadel Fund Carries Novel High-Water Mark," incorrectly reported the liquidity terms for Citadel Investment's two main funds, Kensington Global Strategies and Wellington. Citadel offers two options. One permits investors to redeem any amount of capital once every two years with 90 days' notice, and to withdraw profits annually. The second option allows quarterly redemptions with 45 days' notice, so long as total redemptions from the fund don't exceed 3% of assets. If the 3% threshold is reached, investors can redeem no more than one-sixteenth of their money at a time. If they wish to withdraw more than one-sixteenth, then they face a 5-9% penalty. The liquidity terms will go back into effect once Citadel lifts its suspension on redemptions from the two funds.
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Cayman Islands May Disclose Fund Details (06/03/2009)
Cayman Islands, home to more hedge funds than any other offshore jurisdiction, is eyeing a plan to improve the transparency of some 7,000 hedge funds that are domiciled in the British territory.
Read more.
Cayman Islands, home to more hedge funds than any other offshore jurisdiction, is eyeing a plan to improve the transparency of some 7,000 hedge funds that are domiciled in the British territory.
Read more.
Asness Eyes $750 Million for Credit Fund (05/27/2009)
Following a difficult year that saw its flagship fund plummet 40%, AQR has begun marketing a special-opportunities fund it launched last year with its own capital.
Read more.
Following a difficult year that saw its flagship fund plummet 40%, AQR has begun marketing a special-opportunities fund it launched last year with its own capital.
Read more.
FrontPoint Eyes Break From Morgan Stanley (05/20/2009)
FrontPoint Partners, a hedge fund-incubation platform owned by Morgan Stanley, is exploring a management-led buyout.
Read more.
FrontPoint Partners, a hedge fund-incubation platform owned by Morgan Stanley, is exploring a management-led buyout.
Read more.
Fairfield Taps Sciens to Run Funds of Funds (05/13/2009)
Fairfield Greenwich, which had more investor capital tied up with Bernard Madoff's Ponzi scheme than any other firm, is turning over the bulk of its fund-of-funds business to Sciens Capital.
Read more.
Fairfield Greenwich, which had more investor capital tied up with Bernard Madoff's Ponzi scheme than any other firm, is turning over the bulk of its fund-of-funds business to Sciens Capital.
Read more.
Goldman Cap-Intro Event Draws Big Names (05/06/2009)
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CORRECTION: A May 6 article, “Goldman Cap-Intro Event Draws Big Names,” incorrectly reported that a capital-introduction conference being hosted by Goldman Sachs tomorrow in New York was originally to be held in March at the Fairmont Turnberry Isle Resort in Miami. The Miami conference, which Goldman plans to hold at a later date, will focus on emerging hedge fund managers. This week’s conference in New York features established managers.
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Goldman Sachs has lured some of the most prominent hedge fund managers to a capital-introduction event scheduled for next week, flexing its muscle at a time when many prime brokers are still struggling to find their footing.
Read more.
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CORRECTION: A May 6 article, “Goldman Cap-Intro Event Draws Big Names,” incorrectly reported that a capital-introduction conference being hosted by Goldman Sachs tomorrow in New York was originally to be held in March at the Fairmont Turnberry Isle Resort in Miami. The Miami conference, which Goldman plans to hold at a later date, will focus on emerging hedge fund managers. This week’s conference in New York features established managers.
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Goldman Sachs has lured some of the most prominent hedge fund managers to a capital-introduction event scheduled for next week, flexing its muscle at a time when many prime brokers are still struggling to find their footing.
Read more.
Renaissance Lifts Its Veil, But Just a Crack (04/29/2009)
James Simons' notoriously secretive Renaissance Technologies is taking a small step toward transparency - a sign that even the most-successful fund operators are feeling pressure to provide more information to investors in the wake of Bernard Madoff's fraud.
Read more.
James Simons' notoriously secretive Renaissance Technologies is taking a small step toward transparency - a sign that even the most-successful fund operators are feeling pressure to provide more information to investors in the wake of Bernard Madoff's fraud.
Read more.
Cyrus Capital Fills Vacancies After Bad Year (04/22/2009)
Stephen Freidheim's Cyrus Capital hired a chief financial officer last week after several key staffers left the New York firm in recent months.
Read more.
Stephen Freidheim's Cyrus Capital hired a chief financial officer last week after several key staffers left the New York firm in recent months.
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'Cap Intro' Is Back . . . And So Are Investors (04/15/2009)
Capital-introduction events, which virtually disappeared amid the market's meltdown late last year, are suddenly showing signs of life.
Read more.
Capital-introduction events, which virtually disappeared amid the market's meltdown late last year, are suddenly showing signs of life.
Read more.
Fortress Offers to Buy Fund's Illiquid Assets (04/08/2009)
Fortress Investment, scrambling to manage heavy withdrawals from its $5 billion Drawbridge Special Opportunities Fund, is proposing an unusual maneuver to meet some of the redemptions.
Read more.
Fortress Investment, scrambling to manage heavy withdrawals from its $5 billion Drawbridge Special Opportunities Fund, is proposing an unusual maneuver to meet some of the redemptions.
Read more.
Stark Restructures on Eve of Deephaven Deal (04/01/2009)
Stark Investments, which is scrambling to complete its acquisition of Deephaven Capital's main hedge fund, has told its own investors that it wants to restructure two big funds in the wake of sharp losses and heavy redemptions.
Read more.
Stark Investments, which is scrambling to complete its acquisition of Deephaven Capital's main hedge fund, has told its own investors that it wants to restructure two big funds in the wake of sharp losses and heavy redemptions.
Read more.
Lack of Seed Capital Impedes Incubations (03/25/2009)
Hedge-fund incubation firms, which act as middlemen between deep-pocketed investors and startup fund managers, are struggling with a growing mismatch between supply and demand.
Read more.
Hedge-fund incubation firms, which act as middlemen between deep-pocketed investors and startup fund managers, are struggling with a growing mismatch between supply and demand.
Read more.
Funds of Funds Face New Markdown Rule (03/18/2009)
With the audit season just around the corner, new accounting rules are requiring funds of funds to consider secondary-market prices when valuing investments in hedge funds that have blocked or gated redemptions.
Read more.
With the audit season just around the corner, new accounting rules are requiring funds of funds to consider secondary-market prices when valuing investments in hedge funds that have blocked or gated redemptions.
Read more.
Brevan Howard Eyes Morgan Stanley Clients (03/11/2009)
Brevan Howard Asset Management is set to hire Morgan Stanley to market the giant hedge fund operator's vehicles to the bank's institutional clients.
Read more.
Brevan Howard Asset Management is set to hire Morgan Stanley to market the giant hedge fund operator's vehicles to the bank's institutional clients.
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Passport's Exit From Fund Angers Investors (03/04/2009)
Passport Capital's flagship fund redeemed $37 million from a sister vehicle, Passport India Fund, angering some investors who have been waiting for withdrawals as the India-focused fund continues to lose money.
Read more.
Passport Capital's flagship fund redeemed $37 million from a sister vehicle, Passport India Fund, angering some investors who have been waiting for withdrawals as the India-focused fund continues to lose money.
Read more.
Falcone Buys Out Early Backer of Harbinger (02/25/2009)
Philip Falcone, chief of hedge fund heavyweight Harbinger Capital, is buying out the firm that backed Harbinger at its inception.
Read more.
Philip Falcone, chief of hedge fund heavyweight Harbinger Capital, is buying out the firm that backed Harbinger at its inception.
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Moore Spin-Off Closes After Sponsor Exits (02/18/2009)
Fund-of-funds operator Alstra Capital is shutting down after its biggest client, Max Capital, decided to take direct control of its hedge fund investments after they suffered double-digit losses last year.
Read more.
Fund-of-funds operator Alstra Capital is shutting down after its biggest client, Max Capital, decided to take direct control of its hedge fund investments after they suffered double-digit losses last year.
Read more.
Neuberger Feels Pull of Secondary Market (02/11/2009)
As the secondary market for hedge fund shares heats up, Neuberger Berman hopes to raise $500 million for an investment vehicle that would buy fund stakes at a discount.
Read more.
As the secondary market for hedge fund shares heats up, Neuberger Berman hopes to raise $500 million for an investment vehicle that would buy fund stakes at a discount.
Read more.
Perry Capital Pitches Novel High-Water Mark (02/04/2009)
Perry Capital is floating a plan to continue charging investors a performance fee, albeit at a reduced rate, even though its flagship fund remains well below its high-water mark.
Read more.
Perry Capital is floating a plan to continue charging investors a performance fee, albeit at a reduced rate, even though its flagship fund remains well below its high-water mark.
Read more.
2003 Report Raised Red Flags About Nadel (01/28/2009)
A study six years ago found evidence of inadequate internal controls and compliance procedures at the fund shop run by Arthur Nadel, who was arrested and charged with fraud yesterday after disappearing for two weeks.
Read more.
A study six years ago found evidence of inadequate internal controls and compliance procedures at the fund shop run by Arthur Nadel, who was arrested and charged with fraud yesterday after disappearing for two weeks.
Read more.
GoldenTree Taps Budding Secondary Market (01/21/2009)
The secondary market for shares of hedge funds is heating up.
Read more.
The secondary market for shares of hedge funds is heating up.
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Plainfield Hosts Auction for Fund Stakes (01/14/2009)
After suspending redemptions two months ago, Plainfield Asset Management turned around and set up an auction to let investors in its $5 billion flagship fund sell their stakes on the secondary market.
Read more.
After suspending redemptions two months ago, Plainfield Asset Management turned around and set up an auction to let investors in its $5 billion flagship fund sell their stakes on the secondary market.
Read more.
Deutsche Bank Shrinks Fund-of-Funds Unit (01/07/2009)
Deutsche Bank's $4.5 billion fund-of-funds unit is shutting down one of its fund series and running into serious trouble with another.
Read more.
Deutsche Bank's $4.5 billion fund-of-funds unit is shutting down one of its fund series and running into serious trouble with another.
Read more.
Fairfield Peddled Madoff to the Bitter End (12/17/2008)
Fairfield Greenwich Group, which steered more investor capital to Bernard Madoff's con game than perhaps any other player, was pitching a new Madoff offering as late as Dec. 11, the day of his arrest.
Read more.
Fairfield Greenwich Group, which steered more investor capital to Bernard Madoff's con game than perhaps any other player, was pitching a new Madoff offering as late as Dec. 11, the day of his arrest.
Read more.
SAC, Diamondback Segregate Some Assets (12/10/2008)
Fund operators SAC Capital and Diamondback Capital have created "side pockets" to wall off a portion of their assets, but for different reasons.
Read more.
Fund operators SAC Capital and Diamondback Capital have created "side pockets" to wall off a portion of their assets, but for different reasons.
Read more.
Millennium Seeding Outside Equity Funds (12/03/2008)
Even as it faces a flood of redemption requests, Millennium Partners is investing more than $1 billion of seed capital in three planned stock funds run by outside managers.
Read more.
Even as it faces a flood of redemption requests, Millennium Partners is investing more than $1 billion of seed capital in three planned stock funds run by outside managers.
Read more.
Goldman Lets Investors Exit Battered Fund (11/19/2008)
After losing about half of its value since it started last year, a Goldman Sachs distressed-debt fund is allowing investors to redeem all of their shares ahead of schedule, an option that limited partners in other hedge funds are sure to envy.
Read more.
After losing about half of its value since it started last year, a Goldman Sachs distressed-debt fund is allowing investors to redeem all of their shares ahead of schedule, an option that limited partners in other hedge funds are sure to envy.
Read more.
Chilton Fires 30, Undoing 2-Year Expansion (11/12/2008)
Chilton Investment let go about 30 staffers last week, as it scales back operations to cope with a $2.5 billion drop in assets over the past four months.
Read more.
Chilton Investment let go about 30 staffers last week, as it scales back operations to cope with a $2.5 billion drop in assets over the past four months.
Read more.
Fund-of-Funds Firms Go on the Defensive (11/05/2008)
Three large fund-of-funds operators in Europe are making it tougher for investors to withdraw their money, reversing the easy liquidity terms that helped fuel their rapid growth.
Read more.
Three large fund-of-funds operators in Europe are making it tougher for investors to withdraw their money, reversing the easy liquidity terms that helped fuel their rapid growth.
Read more.
September Losses Pound HRJ Fund of Funds (10/29/2008)
A leveraged fund of funds run by HRJ Capital lost 30.9% last month, leaving it down 53.5% for the year.
Read more.
A leveraged fund of funds run by HRJ Capital lost 30.9% last month, leaving it down 53.5% for the year.
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Whitebox Freezes Investor Redemptions (10/22/2008)
Multi-strategy shop Whitebox Advisors is suspending redemptions from the half-dozen or so hedge funds it runs - cutting off investors from some $4 billion of assets.
Read more.
Multi-strategy shop Whitebox Advisors is suspending redemptions from the half-dozen or so hedge funds it runs - cutting off investors from some $4 billion of assets.
Read more.
Ramius Knocks Down Fees, Slashes Staff (10/15/2008)
Ramius Capital is attempting to persuade investors not to cash out of its flagship hedge fund by offering to reduce their fees.
Read more.
Ramius Capital is attempting to persuade investors not to cash out of its flagship hedge fund by offering to reduce their fees.
Read more.
Merrill Pares Down Infrastructure Effort (10/08/2008)
Merrill Lynch has slashed the staff of a group it set up last year to perform operational services for startup hedge funds.
Read more.
Merrill Lynch has slashed the staff of a group it set up last year to perform operational services for startup hedge funds.
Read more.
Black Diamond Blocks Shareholder Access (10/01/2008)
Black Diamond Capital suspended investor redemptions from one of its hedge funds last week, citing uncertainty related to the financial crisis.
Read more.
Black Diamond Capital suspended investor redemptions from one of its hedge funds last week, citing uncertainty related to the financial crisis.
Read more.
Withered Management Firm Slashes Staff (09/24/2008)
Amber Capital cut its 75-member staff nearly in half this month in anticipation of its assets plummeting to $2 billion from a peak of more than $7 billion last year.
Read more.
Amber Capital cut its 75-member staff nearly in half this month in anticipation of its assets plummeting to $2 billion from a peak of more than $7 billion last year.
Read more.
Funds of Funds Brace for Alarmed Investors (09/17/2008)
Fund-of-funds operators are anticipating panic among their investors by maintaining historically high cash positions and clarifying under what circumstances they might be allowed to withhold capital from those who wish to cash out.
Read more.
Fund-of-funds operators are anticipating panic among their investors by maintaining historically high cash positions and clarifying under what circumstances they might be allowed to withhold capital from those who wish to cash out.
Read more.
Goldman Tightens Financing Terms for Funds (09/10/2008)
Goldman Sachs is reworking the terms of its credit agreements with prime-brokerage clients as part of an effort to better control its exposure to struggling hedge funds.
Read more.
Goldman Sachs is reworking the terms of its credit agreements with prime-brokerage clients as part of an effort to better control its exposure to struggling hedge funds.
Read more.
Illiquid Investments Bring Down Bonanza (08/20/2008)
Small-cap stock specialist Bonanza Capital is returning its investors' money, following steep losses and a wave of redemption requests.
Read more.
Small-cap stock specialist Bonanza Capital is returning its investors' money, following steep losses and a wave of redemption requests.
Read more.
Seven-Month Freefall Continues for Atticus (08/13/2008)
Atticus Capital has racked up more losses in recent months, a development that is sure to strike a nerve with investors who were already upset with the firm for stashing one of its positions in a side pocket.
Read more.
Atticus Capital has racked up more losses in recent months, a development that is sure to strike a nerve with investors who were already upset with the firm for stashing one of its positions in a side pocket.
Read more.
Growth of Fund Assets Slowed in Past Year (07/30/2008)
An era of staggering growth for hedge funds is drawing to a close, according to new survey of administrators.
Read more.
An era of staggering growth for hedge funds is drawing to a close, according to new survey of administrators.
Read more.
Tosca Fund Draws Investors Despite 1H Loss (07/23/2008)
Investors committed $800 million this month to Martin Hughes' Tosca Fund, a vote of confidence for the star money manager whose stock vehicle suffered severe losses in the first half.
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Investors committed $800 million this month to Martin Hughes' Tosca Fund, a vote of confidence for the star money manager whose stock vehicle suffered severe losses in the first half.
Read more.
Rough Start for Fortress Mortgage Fund (07/16/2008)
Fortress Investment's $1 billion foray into residential
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Fortress Investment's $1 billion foray into residential
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Argenis Founder Exits as Firm Offers Fund (07/09/2008)
One of the two founders of Argenis Capital has left the New York healthcare-stock investor, which is raising capital for a new hedge fund.
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One of the two founders of Argenis Capital has left the New York healthcare-stock investor, which is raising capital for a new hedge fund.
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2 Cap-Intro Execs Axed in Citi Shakeup (07/02/2008)
Citigroup last week laid off two of its top capital-introduction executives as part of a shakeup of its prime-brokerage unit.
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Citigroup last week laid off two of its top capital-introduction executives as part of a shakeup of its prime-brokerage unit.
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Amber Suggests Forfeit of Illiquid Assets (06/25/2008)
Faced with an avalanche of redemption requests, event-driven shop Amber Capital wants to surrender assets from its main hedge fund to some of the vehicle's shareholders.
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Faced with an avalanche of redemption requests, event-driven shop Amber Capital wants to surrender assets from its main hedge fund to some of the vehicle's shareholders.
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Goldman Develops Revenue-Sharing Vehicle (06/18/2008)
Goldman Sachs is assembling a $1 billion-plus vehicle that will invest in hedge funds in exchange for shares of their managers' revenues.
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Goldman Sachs is assembling a $1 billion-plus vehicle that will invest in hedge funds in exchange for shares of their managers' revenues.
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Passport's Latest Offering Blends Strategies (06/11/2008)
Passport Capital has set up a fund that invests in both public and private deals.
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Passport Capital has set up a fund that invests in both public and private deals.
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Gottex Seeks Payback in Redemption Saga (06/04/2008)
Fund-of-funds operator Gottex Fund Management is suing a hedge fund manager for allegedly mishandling a series of redemption requests it submitted over the past two years - and then finally paying the firm with securities, rather than cash.
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Fund-of-funds operator Gottex Fund Management is suing a hedge fund manager for allegedly mishandling a series of redemption requests it submitted over the past two years - and then finally paying the firm with securities, rather than cash.
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Fairfield Exiting Manhasset and Other Funds (05/28/2008)
As part of a strategy shift, Fairfield Greenwich has pulled capital from two hedge funds that carry the Fairfield name and are run by outside managers it bankrolled.
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As part of a strategy shift, Fairfield Greenwich has pulled capital from two hedge funds that carry the Fairfield name and are run by outside managers it bankrolled.
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Ex-Soros Manager Seen Drawing $1 Bil.-Plus (05/21/2008)
A star manager of global-macro investments has set sail from George Soros' hedge fund empire to start his own enterprise, which has the potential to attract substantially more than $1 billion by the time it launches in January.
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A star manager of global-macro investments has set sail from George Soros' hedge fund empire to start his own enterprise, which has the potential to attract substantially more than $1 billion by the time it launches in January.
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Merrill Nixes Institutional Fund-Raising Team (05/14/2008)
Merrill Lynch has done away with the four-member team that raised institutional money for its hedge fund development and management group.
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Merrill Lynch has done away with the four-member team that raised institutional money for its hedge fund development and management group.
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Rieder Exiting Lehman to Start Credit Fund (05/07/2008)
A top credit trader is about to leave Lehman Brothers to start his own hedge fund operation, which could receive a major contribution from the bank if its fund-raising effort goes well.
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A top credit trader is about to leave Lehman Brothers to start his own hedge fund operation, which could receive a major contribution from the bank if its fund-raising effort goes well.
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Ex-BofA Equity Honcho Leads Startup Shop (04/30/2008)
Former Bank of America equity chief Peter Forlenza is trying his hand at running hedge funds.
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Former Bank of America equity chief Peter Forlenza is trying his hand at running hedge funds.
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Arx's Sipprelle Bidding Adieu to Industry (04/23/2008)
Another Sipprelle brother is closing up shop.
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Another Sipprelle brother is closing up shop.
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BNP Bypasses Other Suitors for BofA Unit (04/16/2008)
BNP Paribas has emerged as the leading contender to buy Bank of America's prime-brokerage business.
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BNP Paribas has emerged as the leading contender to buy Bank of America's prime-brokerage business.
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Citadel Backing Cohen-Wagner Debt Vehicle (04/09/2008)
The two former senior executives of Redwood Capital and Goldman Sachs who teamed up to start a debt hedge fund have bagged a $300 million investment from Citadel Investment's fund-of-funds group.
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The two former senior executives of Redwood Capital and Goldman Sachs who teamed up to start a debt hedge fund have bagged a $300 million investment from Citadel Investment's fund-of-funds group.
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New York Pension Overhauling Portfolio (04/02/2008)
New York Common Fund plans to stop investing in funds of funds, and will direct more capital directly into hedge funds instead.
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New York Common Fund plans to stop investing in funds of funds, and will direct more capital directly into hedge funds instead.
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Atticus Irks LPs by 'Side-Pocketing' Assets (03/26/2008)
Tim Barakett's Atticus Capital is moving 20% of the assets of its two largest hedge funds into "side-pocket" entities, a move that is angering some investors by limiting the portion of their capital they can immediately withdraw.
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Tim Barakett's Atticus Capital is moving 20% of the assets of its two largest hedge funds into "side-pocket" entities, a move that is angering some investors by limiting the portion of their capital they can immediately withdraw.
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One Less Suitor for BofA's Prime Broker (03/19/2008)
J.P. Morgan's rescue of Bear Stearns has likely dampened its interest in bidding for the prime-brokerage unit that is being offered by Bank of America.
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J.P. Morgan's rescue of Bear Stearns has likely dampened its interest in bidding for the prime-brokerage unit that is being offered by Bank of America.
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Lehman Lands Major Assignment From Ford (03/12/2008)
Ford Motor's retirement fund has awarded Lehman Brothers a plum mandate, agreeing to invest $3 billion in hedge funds as well as private equity and real estate vehicles run by Lehman.
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Ford Motor's retirement fund has awarded Lehman Brothers a plum mandate, agreeing to invest $3 billion in hedge funds as well as private equity and real estate vehicles run by Lehman.
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Several Databases Needed for Big Picture (03/05/2008)
A new survey confirms that investors and analysts who subscribe to just one of the many hedge fund databases get a far-from-complete view of the market.
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A new survey confirms that investors and analysts who subscribe to just one of the many hedge fund databases get a far-from-complete view of the market.
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Alcentra Blockades Struggling Credit Fund (02/27/2008)
A Bank of New York subsidiary told investors on Tuesday that it would block their efforts to pull out of a Europe-focused debt fund it runs, confessing that it can't determine what the vehicle's holdings are worth.
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A Bank of New York subsidiary told investors on Tuesday that it would block their efforts to pull out of a Europe-focused debt fund it runs, confessing that it can't determine what the vehicle's holdings are worth.
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Fixed-Income Shop Sprouts From Citi Exodus (02/20/2008)
Two former Citigroup executives who left the bank amid a massive staffing shakeout late last year are starting their own hedge fund operation.
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Two former Citigroup executives who left the bank amid a massive staffing shakeout late last year are starting their own hedge fund operation.
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Brevan Howard Macro Offering Dials Up Risk (02/13/2008)
Brevan Howard is assembling its latest hedge fund, and investors expect the London firm to attract $500 million to $1 billion of commitments for the vehicle by the time it launches next month.
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Brevan Howard is assembling its latest hedge fund, and investors expect the London firm to attract $500 million to $1 billion of commitments for the vehicle by the time it launches next month.
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Merrill Withdrawal Hobbles Pequot Program (02/06/2008)
Pequot Capital and Merrill Lynch are scrapping a joint venture that sought to cultivate up-and-coming equity managers.
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Pequot Capital and Merrill Lynch are scrapping a joint venture that sought to cultivate up-and-coming equity managers.
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Housing Slump Squeezes Asset-Based Lender (01/30/2008)
Hedge funds operated by asset-based lender MKA Capital are facing a cash squeeze due to the decline in the U.S. housing market.
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Hedge funds operated by asset-based lender MKA Capital are facing a cash squeeze due to the decline in the U.S. housing market.
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Equity Funds Suffering Sharp January Losses (01/23/2008)
Hedge funds are off to a grim start this year, facing their toughest down-market test since the technology-stock bubble burst in 2000.
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Hedge funds are off to a grim start this year, facing their toughest down-market test since the technology-stock bubble burst in 2000.
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Goldman, Fortress Going Long Credit (01/16/2008)
Goldman Sachs Asset Management and Fortress Investment are planning separate investment funds that will each put more than $1 billion to work in the battered credit market.
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Goldman Sachs Asset Management and Fortress Investment are planning separate investment funds that will each put more than $1 billion to work in the battered credit market.
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Real Estate Stock Fund Limits Withdrawals (01/09/2008)
Investors who want out of Mercury Real Estate Securities Fund received some unsettling news just before the holidays - at least half their money is stuck in the vehicle.
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Investors who want out of Mercury Real Estate Securities Fund received some unsettling news just before the holidays - at least half their money is stuck in the vehicle.
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