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West Palm Beach (HedgeCo.net) - Renaissance Institutional Futures, a $3 billion futures fund run by hedge fund management company, Renaissance Technologies, has waived all it’s management fees for 2009, even if the fund delivers good results in 2009, according to the Wall Street Journal.
Renaissance told investors in a end-of-year letter that the futures fund was [...]
West Palm Beach (HedgeCo.net) - After being awarded $2.5 billion in allocation for investment in private equity, hedge fund manager Finvest Asset Management, announced the launch of a private equity initiative. Finvest is also separately dedicating $300 million to a fund of funds.
The $2.5 billion capital allocation to Finvest is being made by a [...]
West Palm Beach (HedgeCo.net) - French IT services group Atos Origin is holding a shareholder meeting on Feb. 10, making board changes and initiating a plan to speed up recovery spearheaded by its new chief executive Thierry Breton.
Atos Origin is replacing it’s current structure for a single managing board headed by a Chairman and CEO, [...]
West Palm Beach (HedgeCo.net) - Hedge fund manager, Aberdeen Asset Management PLC, has entered into an agreement with Credit Suisse to acquire their £40 billion ($58 billion) long-only asset management arm, making Aberdeen the the UK’s largest listed fund manager.
Credit Suisse sold the fund arm for approximately 240 million shares in Aberdeen, valued at £250 million [...]
New York (HedgeCo.Net) - John Paulson, head of hedge fund firm Paulson & Co., recently spoke his mind on the wave of redemption freezes that many managers have chosen to impose.
“We think it’s a mistake for our managers to use gates and other tools to limit investor access to their funds,” Paulson stated in [...]
New York (HedgeCo.Net) - GMAC LLC, the financing arm of struggling U.S. automaker GM, will receive $6 billion from the federal government.
The deal entails the treasury purchasing $5 billion in senior preferred equity in the company, while providing GM with a $1 billion loan. This is in addition to the earlier $17.4 billion required to [...]
New York (HedgeCo.Net) - New York-based Harbinger Capital Partners has capped year-end withdrawals from its largest hedge fund after investors moved to pull $3.5 billion of capital. The hedge fund, run by Philip Falcone, will only honor 60 to 70 percent of the requests, according to a report by Bloomberg News.
The Harbinger Capital Partners [...]
New York (HedgeCo.Net) - New York University is the latest victim in Bernard Madoff’s web of lies, claiming it lost $24 million in a fund of fund that invested with the infamous Ponzi schemer.
According to a complaint filed Christmas Eve in a Manhattan court, J. Esra Merkin invested NYU’s money with Madoff through two [...]
New York (HedgeCo.Net) - Stephen Feinberg’s Cerberus Capital Management has followed in the footsteps of many faltering hedge funds this year, limiting client redemptions in one of its funds after investors moved to withdrawal 16.5 percent of their capital, according to a recent letter to investors.
The Cerberus Partners Fund is down 16 percent this year [...]
New York (HedgeCo.Net) - Several hedge fund firms led by J.C. Flowers & Co., are closing in on a deal to purchase the assets of IndyMac, the failed mortgage lender, as of Sunday.
The group of firms, which also include Paulson & Co. and Dune Capital Management, would buy the bank’s 33 branches, along with its [...]
West Palm Beach (HedgeCo.net) - Morrison & Foerster LLP is announced the election of ten new lawyers into their partnership, including specialists in venture capital, hedge funds, bio-technology, patents, corporate transactions and chapter 11 bankruptcy, among others. Their election is effective January 1, 2009.
“We have elected an exceptional group of lawyers to the partnership. This year’s [...]
West Palm Beach (HedgeCo.net) - The Blackstone Group is making changes to the single manager hedge funds businesses within its Marketable Alternative Asset Management (MAAM) segment.
Blackstone is consolidating its distressed securities fund onto a single operating platform and moving Blackstone Kailix Advisors, the investment manager of Blackstone’s long/short equities fund, which will be spun off [...]
The Washington Times - Hedge-fund managers say Bernard L. Madoff may succeed where Christopher Cox failed: forcing regulation of their $1.5 trillion industry.
Mr. Madoff’s purported bilking of investors by up to $50 billion begins to uncover a part of the investment industry that has skirted government scrutiny. Although the 70-year-old was registered with the U.S. [...]
Bizjournals.com - Citadel Investment Group, a Chicago-based hedge fund, has spent $33 million to buy a 5.7 percent stake in ADC Telecommunications Inc.
The deal makes Citadel the second-largest holder of Eden Prairie-based ADC’s stock and sent the company’s shares up 4 percent Friday.
Lord Abbett & Co. remains ADC’s largest institutional shareholder, with a 9.52 percent [...]
AllAboutAlpha.com - Critics of hedge funds often argue that industry growth has had two negative side-effects: firstly, that less-skilled managers have been attracted to the sector and second, that the number of alpha-generating opportunities has not kept pace with asset inflows.
Assuming these are true, then it could be argued that recent industry shrinkage may [...]
Inquirer.net - Global asset management firm Bank of New York Mellon sees the Asia-Pacific region leading the revival of hedge fund instruments, such as the so-called structured products, despite the stigma from the financial meltdown that started in the United States.
"Over time, there will be a world-wide return to structured products. They have gotten a [...]
Reuters - Officials from the Federal Reserve and the European Central Bank on Sunday vowed to fight the damaging effects of deflation as the global economy suffers a deep and lengthy recession.
In just a few months, central bankers’ concerns have flipped from fighting inflation to staving off possible deflation — a condition in which falling [...]
Reuters - President-elect Barack Obama is seeking as much as $310 billion in tax cuts as part of a massive stimulus plan to counter what senior policymakers warned could be a prolonged period of economic stagnation and deflation.
Obama’s plan is the latest in a series of measures aimed at tackling a financial crisis that began [...]
Reuters - Asian stocks rose to a two-month high on Monday, with expectations for a global economic recovery later this year on the back of massive government spending prompting investors to wade back into riskier assets.
Regional equities have risen for six consecutive days, bolstered by expectations big government stimulus spending packages in coming weeks will [...]
Interactive Investor - Paolo Pellegrini, who played a crucial role in helping to implement bets against subprime mortgages that netted Paulson & Co about $15 billion in 2007, resigned from the hedge-fund firm on Dec. 31, the Wall Street Journal said. Pellegrini, who along with John Paulson was the co-portfolio manager of the two Paulson Credit [...]
Bloomberg - Toyota, Japan’s largest automaker, forecast its first operating loss in 71 years as sales crater in the U.S., Japan and Europe. Spending on new cars in Japan has dropped as the country’s jobless rate climbed to 3.9 percent from 3.7 percent in November.
“The industry is going through a blizzard,” said Ichiro Takamatsu, [...]
MSN Money UK - Bernard L. Madoff Investment Securities LLC was examined at least eight times in 16 years by the U.S. Securities and Exchange Commission (SEC) and other regulators, who often came armed with suspicions, the Wall Street Journal said.
SEC officials followed up on emails from a New York hedge fund that described Bernard [...]
Fort Wayne Journal Gazette - During the first six months of 2008, commodities looked to be the savior of investors who were losing money in the stock market. In the second half, particularly for those who had invested in oil, futures contracts were their undoing.
At the start of 2009, commodities have little appeal. Most analysts [...]
Bloomberg - The steepest plunge in crude prices on record may be setting up oil investors for a rally this year, if history is any guide.
The so-called forward curve of futures contracts traded on the New York Mercantile Exchange suggests oil will rise 30 percent to $60.29 a barrel by December. The curve looks almost [...]
