Selections from Recent Issues
Dow 15,000 Is Boon for Long-Only Strategies (05/15/2013)
As long/short equity funds continue to underperform the stock market, increasing numbers of managers and investors alike are betting on long-only vehicles.
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As long/short equity funds continue to underperform the stock market, increasing numbers of managers and investors alike are betting on long-only vehicles.
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Citco Maintains Lead In Face of M&A Activity (05/08/2013)
Citco remains the largest hedge fund administrator, though challengers State Street and SS&C GlobeOp achieved big gains in the past year by acquiring rivals.
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Citco remains the largest hedge fund administrator, though challengers State Street and SS&C GlobeOp achieved big gains in the past year by acquiring rivals.
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Butterfield Fulcrum Looks Ripe for Takeover (05/01/2013)
Fund administrator Butterfield Fulcrum is being eyed by a larger rival.
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Fund administrator Butterfield Fulcrum is being eyed by a larger rival.
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M&A Shuffles Roster of Big Funds of Funds (04/24/2013)
Some of the biggest fund-of-funds operators grew substantially in the past year, even as total assets in multi-manager vehicles remained flat.
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Some of the biggest fund-of-funds operators grew substantially in the past year, even as total assets in multi-manager vehicles remained flat.
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Big Get Bigger in Annual Manager Ranking (04/17/2013)
Recent investment gains and greater use of leverage have added even more heft to the hedge fund industry’s biggest managers.
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Recent investment gains and greater use of leverage have added even more heft to the hedge fund industry’s biggest managers.
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Hedge Funds Plodding Into Mutual Funds (04/10/2013)
Hedge fund companies haven’t rushed into the mutual fund business in the large numbers expected after the financial crisis, but expectations are that the trend will build over the long term.
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Hedge fund companies haven’t rushed into the mutual fund business in the large numbers expected after the financial crisis, but expectations are that the trend will build over the long term.
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Sycamore Lane Cuts Fees to Attract New LPs (03/27/2013)
A year after launching with $20 million of seed money from Maverick Capital, Sycamore Lane Partners has lowered its management and performance fees in a bid to attract additional investors.
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A year after launching with $20 million of seed money from Maverick Capital, Sycamore Lane Partners has lowered its management and performance fees in a bid to attract additional investors.
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Startup Offers Quant Trading for Little Guys (03/20/2013)
A new technology shop wants to bring quantitative investing to the masses.
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A new technology shop wants to bring quantitative investing to the masses.
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Equity-Derivatives Pioneer Preps Debut Fund (03/13/2013)
A veteran equity-derivatives trader whose resume includes stints at Credit Suisse and Paloma Partners plans to launch a hedge fund on April 1.
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A veteran equity-derivatives trader whose resume includes stints at Credit Suisse and Paloma Partners plans to launch a hedge fund on April 1.
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Consumer-Loan Shop Pursues Leveraged Play (03/06/2013)
Colchis Capital, a fund manager that invests in “peer-to-peer” loans, is preparing to launch its first leveraged vehicle — a format that could help bring such offerings into the mainstream.
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Colchis Capital, a fund manager that invests in “peer-to-peer” loans, is preparing to launch its first leveraged vehicle — a format that could help bring such offerings into the mainstream.
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Fortress Pressure Prompts Recruiter’s Ouster (02/27/2013)
Executive-search firm iFind Group has dropped one of its three partners to salvage its relationship with Fortress Investment.
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Executive-search firm iFind Group has dropped one of its three partners to salvage its relationship with Fortress Investment.
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Recruiters Swamped by Traders’ Resumes (02/20/2013)
It’s becoming increasingly difficult for traders to find work in the hedge fund industry.
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It’s becoming increasingly difficult for traders to find work in the hedge fund industry.
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New Management Teams Bolster Balyasny (02/13/2013)
Balyasny Asset Management has added two portfolio managers to its already growing staff — an expansion brought on at least partly by plans to resume accepting investor contributions for the firm’s flagship hedge fund.
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Balyasny Asset Management has added two portfolio managers to its already growing staff — an expansion brought on at least partly by plans to resume accepting investor contributions for the firm’s flagship hedge fund.
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Zweig-DiMenna Offers High-Conviction Play (02/06/2013)
Zweig-DiMenna Associates has launched a more concentrated version of its original fund.
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Zweig-DiMenna Associates has launched a more concentrated version of its original fund.
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Omega Poised to Bar Entry to New Investors (01/23/2013)
Look for Omega Advisors to cap its main hedge fund in the near future.
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Look for Omega Advisors to cap its main hedge fund in the near future.
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Dyal, in Deal-Making Spree, Backs Halcyon (01/16/2013)
Dyal Capital, a Neuberger Berman vehicle that acquires minority interests in hedge fund firms, wrapped up a flurry of yearend deal making with the purchase of a stake in the $12 billion Halcyon Asset Management.
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Dyal Capital, a Neuberger Berman vehicle that acquires minority interests in hedge fund firms, wrapped up a flurry of yearend deal making with the purchase of a stake in the $12 billion Halcyon Asset Management.
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Equity Shops Run Gamut From Lean to Robust (01/09/2013)
Some of the largest equity-fund managers employ as few as 2-3 staffers for every $1 billion of assets under management, while others maintain staffing levels 10 times higher.
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Some of the largest equity-fund managers employ as few as 2-3 staffers for every $1 billion of assets under management, while others maintain staffing levels 10 times higher.
Read more.
Quant Traders Getting Crack at Seed Capital (12/19/2012)
A new seeding vehicle run by quantitative manager Horton Point Capital would invest an average of $10 million apiece in up to 20 systematic-trading shops.
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A new seeding vehicle run by quantitative manager Horton Point Capital would invest an average of $10 million apiece in up to 20 systematic-trading shops.
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Family Office Shows Managed-Futures Fund (12/12/2012)
An investment advisor that runs $550 million for several wealthy families will soon open a quantitative managed-futures vehicle to outside investors.
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An investment advisor that runs $550 million for several wealthy families will soon open a quantitative managed-futures vehicle to outside investors.
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Structured-Product Shops Face CFTC Regime (12/05/2012)
Fund operators suddenly have a new regulatory wrinkle to worry about.
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Fund operators suddenly have a new regulatory wrinkle to worry about.
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FBI Probe Turns Up Heat on Investment Shop (11/28/2012)
The FBI has raided investment manager Fairhills Capital.
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The FBI has raided investment manager Fairhills Capital.
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ConvergEx Mulls Bids for Eze Castle Business (11/14/2012)
Fund administrator SS&C and private equity shop Advent International have emerged as finalists among bidders for two key pieces of ConvergEx’s business.
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Fund administrator SS&C and private equity shop Advent International have emerged as finalists among bidders for two key pieces of ConvergEx’s business.
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Arrowstreet Disclosure Prompts Resignation (11/07/2012)
A Harvard economist who sat on the board of $35 billion Arrowstreet Capital abruptly quit the post when a regulatory filing by the firm referenced a prominent civil-fraud case he had previously settled.
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A Harvard economist who sat on the board of $35 billion Arrowstreet Capital abruptly quit the post when a regulatory filing by the firm referenced a prominent civil-fraud case he had previously settled.
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Investors Get Behind Ex-Alphadyne Partner (10/31/2012)
A former Alphadyne Asset Management executive is leading a new global-macro firm that launched its debut fund last month.
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A former Alphadyne Asset Management executive is leading a new global-macro firm that launched its debut fund last month.
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Blackstone Wins Arkansas Pension Mandate (10/24/2012)
Blackstone Group will lead Arkansas Public Employees on its maiden foray into hedge fund investing.
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Blackstone Group will lead Arkansas Public Employees on its maiden foray into hedge fund investing.
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Mitsubishi Scouts Structured-Product Traders (10/17/2012)
Look for Mitsubishi Corp.’s alternative-investment arm in the U.S. to sponsor one or two hedge fund teams in the next year or so.
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Look for Mitsubishi Corp.’s alternative-investment arm in the U.S. to sponsor one or two hedge fund teams in the next year or so.
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German Manager Plans Global Marketing Pitch (10/10/2012)
Volatility-arbitrage specialist Conservative Concept Portfolio Management is embarking on a global marketing campaign for a fund that until now has mainly been offered to investors in Germany.
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Volatility-arbitrage specialist Conservative Concept Portfolio Management is embarking on a global marketing campaign for a fund that until now has mainly been offered to investors in Germany.
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Solus Expanding Bankruptcy-Claim Strategy (10/03/2012)
Solus Alternative Asset Management is doubling down on a recently hired portfolio team that invests in bankruptcy claims.
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Solus Alternative Asset Management is doubling down on a recently hired portfolio team that invests in bankruptcy claims.
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Outsourcing Option for Reinsurance Vehicles (09/26/2012)
A consulting firm that has helped big fund operators including Greenlight Capital set up reinsurance companies is pitching a low-cost way for smaller managers to raise capital via such vehicles.
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A consulting firm that has helped big fund operators including Greenlight Capital set up reinsurance companies is pitching a low-cost way for smaller managers to raise capital via such vehicles.
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NewAlpha Seeks US Partner for Seeding Effort (09/19/2012)
Hedge fund seeder NewAlpha Asset Management, which until now has raised capital mostly in Europe, is setting its sights on the U.S.
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Hedge fund seeder NewAlpha Asset Management, which until now has raised capital mostly in Europe, is setting its sights on the U.S.
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Ex-Highbridge Trio Shutting Kingsbrook Fund (09/12/2012)
Three former Highbridge Capital traders are pulling the plug on their $100 million Kingsbrook Partners hedge fund operation.
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Three former Highbridge Capital traders are pulling the plug on their $100 million Kingsbrook Partners hedge fund operation.
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GeoSphere Stays Afloat With New Account (08/22/2012)
It looks like GeoSphere Capital has been thrown a lifeline.
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It looks like GeoSphere Capital has been thrown a lifeline.
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Blackstone Enticed by UK Investment Talent (08/15/2012)
Blackstone has seeded another U.K. hedge fund operation, investing $100 million in startup Naya Capital.
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Blackstone has seeded another U.K. hedge fund operation, investing $100 million in startup Naya Capital.
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Fauchier Feels Bite of Pension Withdrawals (08/08/2012)
Fund-of-funds manager Fauchier Partners has struggled to retain institutional clients in the U.K. amid an ongoing shift in investor sentiment away from multi-manager products.
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Fund-of-funds manager Fauchier Partners has struggled to retain institutional clients in the U.K. amid an ongoing shift in investor sentiment away from multi-manager products.
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Former Tiger Global Exec Readies for Launch (08/01/2012)
A former Tiger Global Management executive is laying the groundwork for his own hedge fund.
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A former Tiger Global Management executive is laying the groundwork for his own hedge fund.
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OrbiMed Plans to Cap Hedge Fund Inflows (07/25/2012)
One of the industry’s largest and most successful healthcare investors, OrbiMed Advisors, will bar entry to its hedge fund once it reaches $2 billion of net assets.
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One of the industry’s largest and most successful healthcare investors, OrbiMed Advisors, will bar entry to its hedge fund once it reaches $2 billion of net assets.
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State Pension Seeks Long/Short Exposure (07/18/2012)
Look for Wyoming Retirement to invest up to $500 million in long/short equity and credit hedge funds over the next 18 months.
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Look for Wyoming Retirement to invest up to $500 million in long/short equity and credit hedge funds over the next 18 months.
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Lampert’s ESL Loses Staff in Florida Move (07/11/2012)
Eddie Lampert may have moved his ESL Investments to Miami, but virtually all of his staff remains in Greenwich, Conn., where they now work for former ESL chief financial officer Adrian Maizey.
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Eddie Lampert may have moved his ESL Investments to Miami, but virtually all of his staff remains in Greenwich, Conn., where they now work for former ESL chief financial officer Adrian Maizey.
Read more.
Managers Mull Alternatives to Private Funds (07/04/2012)
Three months after SEC registration became mandatory for most hedge fund managers, industry lawyers say they see a silver lining to the Dodd-Frank edict.
Read more.
Three months after SEC registration became mandatory for most hedge fund managers, industry lawyers say they see a silver lining to the Dodd-Frank edict.
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Sonterra Liquidates Due to Heavy Withdrawals (06/27/2012)
In the face of withering redemptions, Tye Schlegelmilch is throwing in the towel on his Sonterra Capital.
Read more.
In the face of withering redemptions, Tye Schlegelmilch is throwing in the towel on his Sonterra Capital.
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GB Merchant Plans $500 Million Debt Fund (06/20/2012)
GB Merchant Partners is in the market with its second debt vehicle.
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GB Merchant Partners is in the market with its second debt vehicle.
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PanAgora Opens Equity Vehicle to Outsiders (06/13/2012)
PanAgora Asset Management has begun marketing an equity fund that has delivered a 17.3% gross annual return investing partner capital since 2010.
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PanAgora Asset Management has begun marketing an equity fund that has delivered a 17.3% gross annual return investing partner capital since 2010.
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Market Turmoil a Relief for Tail-Risk Vehicle (06/06/2012)
Pine River Capital’s tail-risk fund posted a whopping 10% return last month, partially offsetting sharp losses earlier in the year.
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Pine River Capital’s tail-risk fund posted a whopping 10% return last month, partially offsetting sharp losses earlier in the year.
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Veteran Quant Trader Preps Stat-Arb Vehicle (05/30/2012)
A high-frequency trader whose experience includes stints at Barclays and Lehman Brothers is laying the groundwork for a statistical-arbitrage fund.
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A high-frequency trader whose experience includes stints at Barclays and Lehman Brothers is laying the groundwork for a statistical-arbitrage fund.
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Dyson Shutting Small-Cap Activist Fund (05/23/2012)
John Dyson’s Millbrook Capital is unwinding an activist hedge fund that produced solid returns over 15 years by targeting small-cap companies.
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John Dyson’s Millbrook Capital is unwinding an activist hedge fund that produced solid returns over 15 years by targeting small-cap companies.
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FRM, Prisma Seen as Acquisition Targets (05/16/2012)
There’s talk this week that two more fund-of-funds operations — Financial Risk Management and Prisma Capital — are in play.
Read more.
There’s talk this week that two more fund-of-funds operations — Financial Risk Management and Prisma Capital — are in play.
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Reservoir Pursues Wealth-Advisory Role (05/09/2012)
Hedge fund-seeding specialist Reservoir Capital is getting into the wealth-management business.
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Hedge fund-seeding specialist Reservoir Capital is getting into the wealth-management business.
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Platinum Campaign Reverses Asset Slide (05/02/2012)
Platinum Partners’ flagship fund is on the verge of returning to its pre-crash size.
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Platinum Partners’ flagship fund is on the verge of returning to its pre-crash size.
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Alden Global’s No. 2 Exec Jumps to Startup (04/25/2012)
Alden Global’s second-in-command has left the firm to join a former colleague who has been working to start a new management shop.
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Alden Global’s second-in-command has left the firm to join a former colleague who has been working to start a new management shop.
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Pershing Square Details Plan for Listed Fund (04/18/2012)
Pershing Square is moving ahead with plans to offer an exchange-listed hedge fund, but first it must raise at least $3 billion of private capital to fund initial investments.
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Pershing Square is moving ahead with plans to offer an exchange-listed hedge fund, but first it must raise at least $3 billion of private capital to fund initial investments.
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Investors Line Up Behind Capstone Spinoff (04/04/2012)
Marjorie Hogan’s Altum Capital has attracted strong investor interest since spinning off from Capstone Investment on Jan. 31.
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Marjorie Hogan’s Altum Capital has attracted strong investor interest since spinning off from Capstone Investment on Jan. 31.
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End of the Road for Himelsein Mandel Vehicle (03/28/2012)
Investors in a long-troubled life-settlement fund voted last week to liquidate the vehicle’s remaining assets and shut it down once and for all.
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Investors in a long-troubled life-settlement fund voted last week to liquidate the vehicle’s remaining assets and shut it down once and for all.
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Family Office Builds Out Hedge Fund Business (03/21/2012)
Fairhills Group, a family office that’s repositioning itself as a hedge fund operator, has signed up managers for its first two investment teams and has a third team waiting in the wings.
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Fairhills Group, a family office that’s repositioning itself as a hedge fund operator, has signed up managers for its first two investment teams and has a third team waiting in the wings.
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Activist Funds on High Alert Over Rule 13D (03/14/2012)
Activist players including Jana Partners and Pershing Square are gearing up to counter tentative moves by the SEC to shorten the disclosure window for investors that buy large blocks of a company’s stock.
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Activist players including Jana Partners and Pershing Square are gearing up to counter tentative moves by the SEC to shorten the disclosure window for investors that buy large blocks of a company’s stock.
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AQR Finding Demand for 130/30 Strategy (03/07/2012)
(SEE CORRECTION BELOW) AQR Capital has seen a surge of investor interest in an equity fund running an out-of-favor strategy that could be due for a comeback.
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(SEE CORRECTION BELOW) AQR Capital has seen a surge of investor interest in an equity fund running an out-of-favor strategy that could be due for a comeback.
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Nexar Chief Is Big Winner in Deal With UBP (02/29/2012)
Arie Assayag, head of fund-of-funds shop Nexar Capital, will take over Union Bancaire Privee’s $12 billion alternative-investment business once UBP closes on its acquisition of Nexar.
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Arie Assayag, head of fund-of-funds shop Nexar Capital, will take over Union Bancaire Privee’s $12 billion alternative-investment business once UBP closes on its acquisition of Nexar.
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Increase in Hiring Driven by Operations Side (02/22/2012)
The industry’s weak showing last year may have put a dent in bonuses, but the overall job market for hedge fund professionals is stronger now than at any point since before the financial crisis, according to executive recruiters and outsourcing agents.
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The industry’s weak showing last year may have put a dent in bonuses, but the overall job market for hedge fund professionals is stronger now than at any point since before the financial crisis, according to executive recruiters and outsourcing agents.
Read more.
Terrapin Tees Up Direct-Lending Vehicle (02/15/2012)
Terrapin Asset Management wants to raise up to $100 million for a vehicle set up to lend to small manufacturers.
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Terrapin Asset Management wants to raise up to $100 million for a vehicle set up to lend to small manufacturers.
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Eastern Advisors Alums Off to Strong Start (02/08/2012)
Aleph One Capital, a spinoff of Tiger Management seed Eastern Advisors Capital, was up 20% in its first 10 months of trading.
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Aleph One Capital, a spinoff of Tiger Management seed Eastern Advisors Capital, was up 20% in its first 10 months of trading.
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Mariner Partnership Pitching Mutual Fund (02/01/2012)
Hedge fund heavyweight Mariner Investment has teamed up with managed-futures shop Hyman Beck to launch a mutual fund.
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Hedge fund heavyweight Mariner Investment has teamed up with managed-futures shop Hyman Beck to launch a mutual fund.
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Japanese Bank Retreating From Hedge Funds (01/25/2012)
Japan’s largest bank is pulling $2.5 billion from funds of funds managed by BlackRock, Grosvenor Capital, Mesirow Financial and UBS.
Read more.
Japan’s largest bank is pulling $2.5 billion from funds of funds managed by BlackRock, Grosvenor Capital, Mesirow Financial and UBS.
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Mount Lucas Sues Rival Over Quant Model (01/18/2012)
Mount Lucas Management, well known for its quantitative approach to futures trading, has filed a patent-infringement lawsuit against rival quant manager Alpha Financial Technologies.
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Mount Lucas Management, well known for its quantitative approach to futures trading, has filed a patent-infringement lawsuit against rival quant manager Alpha Financial Technologies.
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Smaller Firms Stand to Benefit From Malaise (01/11/2012)
Fed up with weak returns from blue-chip managers, institutional investors are poised to increase their allocations to smaller, less-established fund shops.
Read more.
Fed up with weak returns from blue-chip managers, institutional investors are poised to increase their allocations to smaller, less-established fund shops.
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‘Help Wanted’ at Tortus Capital Post-Launch (12/14/2011)
Tortus Capital is adding staff following the launch of its debut fund in October.
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Tortus Capital is adding staff following the launch of its debut fund in October.
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Duma Deja Vu: Walji Unwinding Firm — Again (12/07/2011)
For the second time in two years, Nadeem Walji has closed the doors of his fund shop.
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For the second time in two years, Nadeem Walji has closed the doors of his fund shop.
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Texas Endowment Favors Direct Investment (11/30/2011)
Texas Permanent School Fund is planning to revamp its $2.5 billion hedge fund portfolio by abandoning funds of funds in favor of single-manager vehicles.
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Texas Permanent School Fund is planning to revamp its $2.5 billion hedge fund portfolio by abandoning funds of funds in favor of single-manager vehicles.
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Kodak Pension to Reshuffle Manager Lineup (11/16/2011)
Eastman Kodak’s pension plan is preparing to cash out of five hedge funds and invest the proceeds in vehicles run by three other hedge fund operators and a mutual-fund manager.
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Eastman Kodak’s pension plan is preparing to cash out of five hedge funds and invest the proceeds in vehicles run by three other hedge fund operators and a mutual-fund manager.
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Despite Turnover, Talpion Nets Big Backer (11/09/2011)
A large institutional investor is set to park $150 million with Talpion Fund Management, an equity-focused shop headed by former Highbridge Capital honcho Henry Swieca.
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A large institutional investor is set to park $150 million with Talpion Fund Management, an equity-focused shop headed by former Highbridge Capital honcho Henry Swieca.
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Archeroak Settling Down as a Family Office (11/02/2011)
If former SAC Capital president Brian Cohn ever had any intention of establishing a hedge fund firm of his own, it’s now pretty clear he’s going to stick to running his own money.
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If former SAC Capital president Brian Cohn ever had any intention of establishing a hedge fund firm of his own, it’s now pretty clear he’s going to stick to running his own money.
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Kingdon Staffers Fret Over Steep Drawdown (10/26/2011)
Employees of Kingdon Capital are worried that the firm’s dismal third-quarter performance could trigger an avalanche of redemptions — followed by a wave of layoffs.
Read more.
Employees of Kingdon Capital are worried that the firm’s dismal third-quarter performance could trigger an avalanche of redemptions — followed by a wave of layoffs.
Read more.
Losses Pile Up for Investors in Tontine Fund (10/19/2011)
It’s shaping up to be another rough year for Tontine Asset Management, a once-$7 billion firm that has struggled to regain its footing since the 2008 market rout.
Read more.
It’s shaping up to be another rough year for Tontine Asset Management, a once-$7 billion firm that has struggled to regain its footing since the 2008 market rout.
Read more.
San Bernardino Taps Insider for CIO Job (10/12/2011)
San Bernardino County Employees is set to name interim chief investment officer Donald Pierce to the permanent post.
Read more.
San Bernardino County Employees is set to name interim chief investment officer Donald Pierce to the permanent post.
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Cerberus Vehicle Slow in Cashing Out LPs (10/05/2011)
A Cerberus Capital hedge fund is behind schedule in its plan to meet some $3 billion of redemption requests that limited partners submitted during the financial crisis.
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A Cerberus Capital hedge fund is behind schedule in its plan to meet some $3 billion of redemption requests that limited partners submitted during the financial crisis.
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Partner Quits QFS Amid Management Shift (09/28/2011)
A senior executive at QFS Asset Management left the quantitative fund shop just months after founder Sandy Grossman orchestrated a merger and turned over the chief executive’s job to an outsider.
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A senior executive at QFS Asset Management left the quantitative fund shop just months after founder Sandy Grossman orchestrated a merger and turned over the chief executive’s job to an outsider.
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Lion’s Path Opens Incubator to Quant Pros (09/21/2011)
Lion’s Path Capital is carving out an unusual niche in the hedge fund-incubation arena: quantitative strategies.
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Lion’s Path Capital is carving out an unusual niche in the hedge fund-incubation arena: quantitative strategies.
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Eisman’s Team Plans New Fund, Sans Eisman (09/14/2011)
Steve Eisman’s top lieutenants at FrontPoint Partners have split with the celebrity stock picker and are now gearing up to launch their own hedge fund.
Read more.
Steve Eisman’s top lieutenants at FrontPoint Partners have split with the celebrity stock picker and are now gearing up to launch their own hedge fund.
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Good Timing for Scottwood’s Perlman (08/24/2011)
In his parting letter to investors, Scottwood Capital founder Edward Perlman said in July that he wasn’t just exiting the hedge fund business — he was getting out of the financial markets altogether.
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In his parting letter to investors, Scottwood Capital founder Edward Perlman said in July that he wasn’t just exiting the hedge fund business — he was getting out of the financial markets altogether.
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TCW Lawsuit Juices Inflows for DoubleLine (08/24/2011)
Investors are pouring increasing amounts of cash into DoubleLine Capital, just as founder Jeffrey Gundlach begins defending himself against a lawsuit by former employer TCW.
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Investors are pouring increasing amounts of cash into DoubleLine Capital, just as founder Jeffrey Gundlach begins defending himself against a lawsuit by former employer TCW.
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August Returns Show Funds Beating Market (08/17/2011)
Despite some high-profile flops, hedge funds as a whole outperformed the S&P 500 index amid the extreme market turmoil earlier this month, according to two industry gauges.
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Despite some high-profile flops, hedge funds as a whole outperformed the S&P 500 index amid the extreme market turmoil earlier this month, according to two industry gauges.
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Nomura Building US Prime-Brokerage Unit (08/03/2011)
Nomura, which already sells prime-brokerage services to hedge funds in Asia and Europe, now wants a piece of the U.S. market.
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Nomura, which already sells prime-brokerage services to hedge funds in Asia and Europe, now wants a piece of the U.S. market.
Read more.
Citadel Puts Equity Managers on Short Leash (07/27/2011)
Citadel has taken steps to rein in its equity portfolio managers by limiting the amount of risk they can take.
Read more.
Citadel has taken steps to rein in its equity portfolio managers by limiting the amount of risk they can take.
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Former Blue Ridge Exec Plans Fund Launch (07/20/2011)
A founding member of John Griffin’s Blue Ridge Capital is laying the groundwork for a hedge fund that has the potential for a blockbuster launch.
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A founding member of John Griffin’s Blue Ridge Capital is laying the groundwork for a hedge fund that has the potential for a blockbuster launch.
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Ex-Camulos Crew Scouting Distressed Plays (07/13/2011)
A team of former Camulos Capital staffers is back in the business of buying distressed assets.
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A team of former Camulos Capital staffers is back in the business of buying distressed assets.
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Ex-Clinton Quant Chief Preps Equity Fund (07/06/2011)
Ellen Wang, who rang up 20%-plus returns as head of Clinton Group’s quantitative-trading program, is weeks away from launching her own hedge fund.
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Ellen Wang, who rang up 20%-plus returns as head of Clinton Group’s quantitative-trading program, is weeks away from launching her own hedge fund.
Read more.
Credit Suisse Raises Bar for Prime Services (06/29/2011)
Credit Suisse is being more selective about the hedge fund managers it takes on as clients.
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Credit Suisse is being more selective about the hedge fund managers it takes on as clients.
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Standard General Speeds Toward Asset Goal (06/22/2011)
After tripling assets under management in the past two years, Standard General is making an all-out push to reach the $1 billion mark.
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After tripling assets under management in the past two years, Standard General is making an all-out push to reach the $1 billion mark.
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Amlicke Takes Helm of UBS’ Funds of Funds (06/15/2011)
Bruce Amlicke is back atop UBS’ giant fund-of-funds business.
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Bruce Amlicke is back atop UBS’ giant fund-of-funds business.
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PioneerPath Getting Behind Trader’s Launch (06/08/2011)
An energy-stock trader who has enjoyed the backing of Citadel unit PioneerPath Capital is about to head out on his own, with the firm’s continued support.
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An energy-stock trader who has enjoyed the backing of Citadel unit PioneerPath Capital is about to head out on his own, with the firm’s continued support.
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LGT Capital Setting Sights on US Investors (06/01/2011)
U.S. hedge fund investors will soon get their first crack at LGT Capital, a large fund-of-funds manager well regarded in Europe.
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U.S. hedge fund investors will soon get their first crack at LGT Capital, a large fund-of-funds manager well regarded in Europe.
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Fund Marketers Form European Trade Group (05/18/2011)
A group of London-based marketing professionals is starting a trade group for European firms that specialize in raising capital for hedge funds.
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A group of London-based marketing professionals is starting a trade group for European firms that specialize in raising capital for hedge funds.
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Fortress Draws a Crowd for Death Benefits (05/11/2011)
Fortress Investment is planning to auction off $1.4 billion of life settlements that it seized from a failed hedge fund, in an offering that market players are viewing as a bellwether of sorts.
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Fortress Investment is planning to auction off $1.4 billion of life settlements that it seized from a failed hedge fund, in an offering that market players are viewing as a bellwether of sorts.
Read more.
JP Morgan Aims Prime Brokerage at Europe (05/04/2011)
J.P. Morgan is gearing up to launch a European prime-brokerage business next month, filling a gap that has hampered its ability to work with hedge funds outside the U.S.
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J.P. Morgan is gearing up to launch a European prime-brokerage business next month, filling a gap that has hampered its ability to work with hedge funds outside the U.S.
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It's Back to the Future for Next Stark Vehicle (04/20/2011)
Stark Investments is teeing up a hedge fund that would use credit-default swaps to short subprime mortgage-backed securities.
Read more.
Stark Investments is teeing up a hedge fund that would use credit-default swaps to short subprime mortgage-backed securities.
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US Managers Warming Up to UCITS Funds (04/13/2011)
European consultants that help managers launch UCITS hedge funds are working with a growing number of U.S. fund operators.
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European consultants that help managers launch UCITS hedge funds are working with a growing number of U.S. fund operators.
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European Campaign Paying Off for Kenmar (04/06/2011)
Kenmar Group is off to a strong start with two funds of funds it began pitching to European investors in recent months.
Read more.
Kenmar Group is off to a strong start with two funds of funds it began pitching to European investors in recent months.
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Reservoir Offers Fee Breaks to Key Clients (03/30/2011)
Pushing to raise $1.5 billion for its latest hedge fund-seeding vehicle, Reservoir Capital has agreed to cut management fees for large investors — a move apparently aimed at quelling complaints about its fee structure.
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Pushing to raise $1.5 billion for its latest hedge fund-seeding vehicle, Reservoir Capital has agreed to cut management fees for large investors — a move apparently aimed at quelling complaints about its fee structure.
Read more.
Deccan Value Vehicle Rises From the Ashes (03/23/2011)
A co-founder of Deccan Value Advisors, a once-$1.5 billion hedge fund operator that wound down in 2009, has relaunched the business.
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A co-founder of Deccan Value Advisors, a once-$1.5 billion hedge fund operator that wound down in 2009, has relaunched the business.
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Online Forum Would Link Managers and LPs (03/16/2011)
Former Merlin Securities technology chief Amr Mohamed has resurfaced with plans to launch a website connecting hedge funds with their limited partners.
Read more.
Former Merlin Securities technology chief Amr Mohamed has resurfaced with plans to launch a website connecting hedge funds with their limited partners.
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McMahan Recasts Firm in Commodities Role (03/09/2011)
Centaur Performance has reinvented itself once again.
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Centaur Performance has reinvented itself once again.
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Mandell Gives Up on Coeus to Join Carlson (03/02/2011)
Lloyd Mandell has pulled the plug on his Coeus Capital and taken a position at Carlson Capital.
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Lloyd Mandell has pulled the plug on his Coeus Capital and taken a position at Carlson Capital.
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Hayground Cove Founder Jumpstarts Vehicle (02/23/2011)
Jason Ader is back at the helm of his hedge fund.
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Jason Ader is back at the helm of his hedge fund.
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York Recruits Traders to Head Equity Desk (02/16/2011)
York Capital has nabbed investment staffers from Sigma Capital and Meru Capital to take over as co-heads of equity trading, filling a position vacated by one of York’s most senior executives.
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York Capital has nabbed investment staffers from Sigma Capital and Meru Capital to take over as co-heads of equity trading, filling a position vacated by one of York’s most senior executives.
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Shumway Shut-Down Galls Funds of Funds (02/09/2011)
Chris Shumway’s announcement last week that he’s shutting down his $8 billion hedge fund operation infuriated fund-of-funds managers who had vouched for him.
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Chris Shumway’s announcement last week that he’s shutting down his $8 billion hedge fund operation infuriated fund-of-funds managers who had vouched for him.
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Merlin's Technology Chief Heads for the Exit (02/02/2011)
Merlin Securities co-founder Amr Mohamed left the prime-brokerage firm last week.
Read more.
Merlin Securities co-founder Amr Mohamed left the prime-brokerage firm last week.
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MFA Aiming Pitch at Institutional Investors (01/26/2011)
After two years spent pleading its case to Washington lawmakers, the Managed Funds Association is setting its sights on a new audience: big institutional investors.
Read more.
After two years spent pleading its case to Washington lawmakers, the Managed Funds Association is setting its sights on a new audience: big institutional investors.
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Stillwater Hits Snag in Restructuring Effort (01/19/2011)
Investors in asset-based lending vehicles run by Stillwater Capital may have to wait another six months before redeeming their investments.
Read more.
Investors in asset-based lending vehicles run by Stillwater Capital may have to wait another six months before redeeming their investments.
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Arizona Pension Eyes Fund-Seeding Program (01/12/2011)
Arizona Public Safety Personnel, which began investing in hedge funds only two years ago, is now contemplating seed investments in startup managers.
Read more.
Arizona Public Safety Personnel, which began investing in hedge funds only two years ago, is now contemplating seed investments in startup managers.
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Ex-UBS Crew Plans Fund-Raising Campaign (01/05/2011)
A former UBS portfolio manager who once oversaw $240 billion of assets will soon begin marketing a global-macro strategy that has gained better than 15% in a little over a year.
Read more.
A former UBS portfolio manager who once oversaw $240 billion of assets will soon begin marketing a global-macro strategy that has gained better than 15% in a little over a year.
Read more.
Investcorp Backs Launch by Ex-Ramius Team (12/15/2010)
Three former Ramius Capital staffers are set to launch a hedge fund next month with backing from Investcorp.
Read more.
Three former Ramius Capital staffers are set to launch a hedge fund next month with backing from Investcorp.
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After Raid, Loch to Lay Off Most of Its Staff (12/08/2010)
Loch Capital appears to be throwing in the towel.
Read more.
Loch Capital appears to be throwing in the towel.
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Federal Probe Prompts Compliance Reviews (12/01/2010)
The SEC's latest insider-trading investigation has hedge fund managers working overtime to calm worried investors and drill their employees on compliance procedures.
Read more.
The SEC's latest insider-trading investigation has hedge fund managers working overtime to calm worried investors and drill their employees on compliance procedures.
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Perry Departures Highlight Strategy Overhaul (11/17/2010)
Perry Capital has said good-bye to its last remaining equity specialist, marking the end of a three-year makeover for Richard Perry's hedge fund shop.
Read more.
Perry Capital has said good-bye to its last remaining equity specialist, marking the end of a three-year makeover for Richard Perry's hedge fund shop.
Read more.
Funds Bow to Pressure From Utah Pension (11/10/2010)
Utah Retirement, which became a vocal advocate of revamping hedge fund terms during the financial crisis, has convinced most of the 40-odd managers it works with to reduce their management fees.
Read more.
Utah Retirement, which became a vocal advocate of revamping hedge fund terms during the financial crisis, has convinced most of the 40-odd managers it works with to reduce their management fees.
Read more.
SkyBridge Hires Carey From NY Pension Plan (11/03/2010)
Peter Carey, the architect of New York Common Fund's $4 billion hedge fund portfolio, is leaving the pension to join SkyBridge Capital.
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Peter Carey, the architect of New York Common Fund's $4 billion hedge fund portfolio, is leaving the pension to join SkyBridge Capital.
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Stark Hires Bank to Auction Investors' Stakes (10/27/2010)
Stark Investments is the latest hedge fund manager to hire Credit Suisse to help gated investors sell their shares on the secondary market.
Read more.
Stark Investments is the latest hedge fund manager to hire Credit Suisse to help gated investors sell their shares on the secondary market.
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Asia Specialist Wins Seed Deal From Mandel (10/20/2010)
A former partner at Eastern Advisors is prepping a hedge fund with backing from Lone Pine Capital chief Steve Mandel.
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A former partner at Eastern Advisors is prepping a hedge fund with backing from Lone Pine Capital chief Steve Mandel.
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Ellington Lands Big Mortgage-Bond Portfolio (10/13/2010)
Ellington Management this month won a mandate to run a $500 million portfolio of mortgage-backed securities.
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Ellington Management this month won a mandate to run a $500 million portfolio of mortgage-backed securities.
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Macklowe Forsakes Hedge Funds for Fashion (10/06/2010)
Retail- and consumer-stock portfolio manager Julie Macklowe is getting out of the hedge fund business.
Read more.
Retail- and consumer-stock portfolio manager Julie Macklowe is getting out of the hedge fund business.
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Citing Tough Market, Manager Calls It Quits (09/22/2010)
John Botti is shutting down his $402 million Emrose Capital, telling investors he's no longer confident he can preserve their capital in such volatile markets.
Read more.
John Botti is shutting down his $402 million Emrose Capital, telling investors he's no longer confident he can preserve their capital in such volatile markets.
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Theory Co-Founder Jumps Ship to Join SAC (09/15/2010)
With his firm in wind-down mode, Theory Capital co-founder Carl Fantasia has lined up a new job as a portfolio manager at SAC Capital.
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With his firm in wind-down mode, Theory Capital co-founder Carl Fantasia has lined up a new job as a portfolio manager at SAC Capital.
Read more.
Atticus Reunion Continues at BeaconLight (08/25/2010)
Another Atticus Capital alumnus is set to join BeaconLight Capital.
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Another Atticus Capital alumnus is set to join BeaconLight Capital.
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Englander Brushes Aside Millennium Exits (08/18/2010)
Recent staff turnover at Millennium Management has led to speculation that Israel "Izzy" Englander is downsizing his firm amid shrinking assets, but insiders said the departures are more about performance than cost-cutting.
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Recent staff turnover at Millennium Management has led to speculation that Israel "Izzy" Englander is downsizing his firm amid shrinking assets, but insiders said the departures are more about performance than cost-cutting.
Read more.
After Dip, Winton Capital Resumes Climb (08/11/2010)
After losing investors in droves during the financial crisis, commodities giant Winton Capital is in growth mode once again.
Read more.
After losing investors in droves during the financial crisis, commodities giant Winton Capital is in growth mode once again.
Read more.
DiRocco Rolls Out Software for Short-Sellers (08/04/2010)
Securities-lending pioneer John DiRocco is marketing software that automates the process of borrowing stocks and bonds, potentially lowering costs for fund managers.
Read more.
Securities-lending pioneer John DiRocco is marketing software that automates the process of borrowing stocks and bonds, potentially lowering costs for fund managers.
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Pension Targets Commodity Vehicles (07/28/2010)
Philadelphia Public Employees is getting ready to make its first investments in commodity funds.
Read more.
Philadelphia Public Employees is getting ready to make its first investments in commodity funds.
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Prime Brokers Targeting UCITS Managers (07/21/2010)
Several prime brokers are looking to capitalize on growing interest among U.S. fund managers in so-called UCITS, a tightly regulated European vehicle that has become a big hit with investors.
Read more.
Several prime brokers are looking to capitalize on growing interest among U.S. fund managers in so-called UCITS, a tightly regulated European vehicle that has become a big hit with investors.
Read more.
States Prepare for Expanded Regulatory Role (07/14/2010)
State regulators are gearing up to police several thousand hedge fund operators that will be forced to register at the state level under the pending financial-reform bill.
Read more.
State regulators are gearing up to police several thousand hedge fund operators that will be forced to register at the state level under the pending financial-reform bill.
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Origami Scoops Up Cambridge Place Shares (07/07/2010)
Origami Capital, which buys illiquid hedge fund stakes on the secondary market, has acquired 40% of the shares in Cambridge Place Investment's three remaining funds.
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Origami Capital, which buys illiquid hedge fund stakes on the secondary market, has acquired 40% of the shares in Cambridge Place Investment's three remaining funds.
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Hall's Astenbeck Pulls Back on Fund Raising (06/30/2010)
Andrew Hall's Astenbeck Capital is getting ready to close its doors to new investors within the next few months.
Read more.
Andrew Hall's Astenbeck Capital is getting ready to close its doors to new investors within the next few months.
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Correlation Issues Plague Commodity Funds (06/23/2010)
Persistent correlation between commodity and equity markets has contributed to wild performance swings for some of the top operators of commodity hedge funds, including Aisling Analytics, BlueGold Capital and Clive Capital.
Read more.
Persistent correlation between commodity and equity markets has contributed to wild performance swings for some of the top operators of commodity hedge funds, including Aisling Analytics, BlueGold Capital and Clive Capital.
Read more.
Ahead of Tax Vote, Managers Consider Exits (06/16/2010)
With Congress on the verge of passing a so-called carried-interest bill, some hedge fund managers are considering selling their businesses in order to avoid sharply higher tax rates.
Read more.
With Congress on the verge of passing a so-called carried-interest bill, some hedge fund managers are considering selling their businesses in order to avoid sharply higher tax rates.
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BNP Prime Brokerage Hiring for Global Push (06/09/2010)
Emma Sugarman, head of capital introduction for BNP Paribas, leaves for London later this month for the start of a two-continent hiring tour aimed at establishing outposts in Europe and Asia.
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Emma Sugarman, head of capital introduction for BNP Paribas, leaves for London later this month for the start of a two-continent hiring tour aimed at establishing outposts in Europe and Asia.
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Website Will Pair Managers, Administrators (06/02/2010)
Carbon360, a research firm that tracks the fund-administration industry, is launching an online matchmaking service where administration firms can bid for contracts with hedge funds.
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Carbon360, a research firm that tracks the fund-administration industry, is launching an online matchmaking service where administration firms can bid for contracts with hedge funds.
Read more.
For Investors, May Looks to Be Cruel Month (05/26/2010)
It's shaping up to be a really bad month for a host of big-name fund managers, including Citadel, Diamondback Capital, SAC Capital, Third Point and Viking Global.
Read more.
It's shaping up to be a really bad month for a host of big-name fund managers, including Citadel, Diamondback Capital, SAC Capital, Third Point and Viking Global.
Read more.
Medley Maps IPO Strategy to Free Investors (05/19/2010)
Medley Capital is pitching an unusual plan to restructure its asset-based lending hedge fund, which has had a freeze on withdrawals since late 2008.
Read more.
Medley Capital is pitching an unusual plan to restructure its asset-based lending hedge fund, which has had a freeze on withdrawals since late 2008.
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More Managers Saying 'No' to New Investors (05/12/2010)
Add Baupost Group, Louis Dreyfus, Mason Capital and Two Sigma to the list of large hedge fund operators that have cut off new investments amid a turnaround in the fund-raising market.
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Add Baupost Group, Louis Dreyfus, Mason Capital and Two Sigma to the list of large hedge fund operators that have cut off new investments amid a turnaround in the fund-raising market.
Read more.
Seeding Vehicle Gearing Up for More Deals (05/05/2010)
(SEE CORRECTION BELOW) Larch Lane Advisors and PineBridge Investments expect to raise an additional $600 million by yearend for a hedge fund-seeding vehicle they jointly operate.
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(SEE CORRECTION BELOW) Larch Lane Advisors and PineBridge Investments expect to raise an additional $600 million by yearend for a hedge fund-seeding vehicle they jointly operate.
Read more.
K2 to Staffers: Reinvest Half of Your Bonuses (04/28/2010)
Even as assets under management continue to grow at an impressive clip, K2 Advisors has told its portfolio managers and other key staffers that they must reinvest a larger portion of their bonuses.
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Even as assets under management continue to grow at an impressive clip, K2 Advisors has told its portfolio managers and other key staffers that they must reinvest a larger portion of their bonuses.
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Shorting Sugar, Touradji Makes 1Q Killing (04/21/2010)
Commodities-fund operator Touradji Capital last month finished unwinding a home-run trade in the sugar market that netted a profit of around $46 million, more than tripling an investment that started as a loser.
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Commodities-fund operator Touradji Capital last month finished unwinding a home-run trade in the sugar market that netted a profit of around $46 million, more than tripling an investment that started as a loser.
Read more.
Davidson Kempner Alum Launches Fund (04/14/2010)
A medical doctor who once ran a large healthcare fund for Davidson Kempner has started his own hedge fund operation.
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A medical doctor who once ran a large healthcare fund for Davidson Kempner has started his own hedge fund operation.
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Ex-BofA Executive Set to Pitch Debt Vehicle (04/07/2010)
Thomas White, former head of global markets at Bank of America, is preparing to launch a hedge fund that would take a multi-strategy approach to the credit sector.
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Thomas White, former head of global markets at Bank of America, is preparing to launch a hedge fund that would take a multi-strategy approach to the credit sector.
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Moore Raiding Banks for Proprietary Traders (03/31/2010)
Moore Capital has been aggressively recruiting proprietary-trading teams from big investment banks.
Read more.
Moore Capital has been aggressively recruiting proprietary-trading teams from big investment banks.
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First Signs of Spring for Asset-Based Lending (03/24/2010)
Investors in asset-based-lending hedge funds, whose positions have been virtually frozen since the credit crisis, are starting to see signs of a thaw.
Read more.
Investors in asset-based-lending hedge funds, whose positions have been virtually frozen since the credit crisis, are starting to see signs of a thaw.
Read more.
Securities-Lending Exchange Woos Managers (03/17/2010)
The operator of the only U.S. securities-lending exchange is pushing to expand the marketplace, in part, by making it more accessible to hedge fund managers.
Read more.
The operator of the only U.S. securities-lending exchange is pushing to expand the marketplace, in part, by making it more accessible to hedge fund managers.
Read more.
Springbok to Hedge Funds: Put Up or Shut Up (03/10/2010)
Springbok Capital has raised $250 million for a multi-manager vehicle that will place an extraordinary demand on underlying managers.
Read more.
Springbok Capital has raised $250 million for a multi-manager vehicle that will place an extraordinary demand on underlying managers.
Read more.
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.
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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.
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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.
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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.
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.
Read more.
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.
Read more.
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.
Read more.
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.
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.
Read more.
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.
Read more.
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.
Read more.
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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Read more.
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.
Read more.
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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FrontPoint Partners, a hedge fund-incubation platform owned by Morgan Stanley, is exploring a management-led buyout.
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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.
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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.
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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.
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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.
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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.
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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.
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Capital-introduction events, which virtually disappeared amid the market's meltdown late last year, are suddenly showing signs of life.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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GoldenTree Taps Budding Secondary Market (01/21/2009)
The secondary market for shares of hedge funds is heating up.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Fund operators SAC Capital and Diamondback Capital have created "side pockets" to wall off a portion of their assets, but for different reasons.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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