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.
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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.
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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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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.
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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.
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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.
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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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Alumni of 3 Big-Name Firms Team Up (08/26/2009)
Three former staffers of different multi-billion-dollar fund-management firms are starting a hedge fund that would invest in stocks and bonds, having lined up more than $100 million of backing from at least two unidentified investors.
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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.
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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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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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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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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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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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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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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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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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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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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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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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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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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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Funds of Funds Brace for Alarmed Investors (09/17/2008)
Fund-of-funds operators are anticipating panic among their investors by maintaining historically high cash positions and clarifying under what circumstances they might be allowed to withhold capital from those who wish to cash out.
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Seven-Month Freefall Continues for Atticus (08/13/2008)
Atticus Capital has racked up more losses in recent months, a development that is sure to strike a nerve with investors who were already upset with the firm for stashing one of its positions in a side pocket.
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Gottex Seeks Payback in Redemption Saga (06/04/2008)
Fund-of-funds operator Gottex Fund Management is suing a hedge fund manager for allegedly mishandling a series of redemption requests it submitted over the past two years - and then finally paying the firm with securities, rather than cash.
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Ex-Soros Manager Seen Drawing $1 Bil.-Plus (05/21/2008)
A star manager of global-macro investments has set sail from George Soros' hedge fund empire to start his own enterprise, which has the potential to attract substantially more than $1 billion by the time it launches in January.
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Citadel Backing Cohen-Wagner Debt Vehicle (04/09/2008)
The two former senior executives of Redwood Capital and Goldman Sachs who teamed up to start a debt hedge fund have bagged a $300 million investment from Citadel Investment's fund-of-funds group.
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Atticus Irks LPs by 'Side-Pocketing' Assets (03/26/2008)
Tim Barakett's Atticus Capital is moving 20% of the assets of its two largest hedge funds into "side-pocket" entities, a move that is angering some investors by limiting the portion of their capital they can immediately withdraw.
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Lehman Lands Major Assignment From Ford (03/12/2008)
Ford Motor's retirement fund has awarded Lehman Brothers a plum mandate, agreeing to invest $3 billion in hedge funds as well as private equity and real estate vehicles run by Lehman.
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Alcentra Blockades Struggling Credit Fund (02/27/2008)
A Bank of New York subsidiary told investors on Tuesday that it would block their efforts to pull out of a Europe-focused debt fund it runs, confessing that it can't determine what the vehicle's holdings are worth.
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Goldman, Fortress Going Long Credit (01/16/2008)
Goldman Sachs Asset Management and Fortress Investment are planning separate investment funds that will each put more than $1 billion to work in the battered credit market.
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