HEDGE FUND NEWS

Reuters - Securities regulators are locking horns with some of the U.S.’s most powerful mutual funds and Wall Street players over plans to scrap requirements that money market funds hold investment-grade securities.
For years, the Securities and Exchange Commission allowed fund firms to buy only highly rated municipal bonds for money market funds but now the […]

Reuters - U.S. hedge fund Fairfield Greenwich Group has merged with Swiss private bank Banque Benedict Hentsch, bringing their combined assets under management to more than $18 billion.
The deal will allow Fairfield’s clients to access Banque Benedict Hentsch’s (BBH) suite of wealth management services and provide it a broader base of operations within Switzerland, according […]

West Palm Beach (HedgeCo.net) - Venus Capital Management, Inc. has launched the Venus Index Plus Fund. The general objective of the Fund is to outperform the S&P CNX Nifty India Index without changing the weights in the Index.
Venus Capital, after conducting a detailed analysis of India-dedicated hedge funds, found that most India funds, both inside […]

Reuters - Switzerland plans to ease the tax burden for hedge funds and private equity funds and soften regulations for investment funds in a first step to boost its standing among other financial centres.
The goal is to get the tax burden for hedge funds and private equity funds in line with taxes of 15 to […]

Wall Street Journal - With anxiety about hedge-fund woes gripping the market, funds have their own fear: their investors.
Some investors, particularly what are known as "funds of funds," are demanding their money back and may ramp up requests in the weeks ahead. That has prompted hedge-fund managers to sell securities to raise cash.
"As the hedge […]

Reuters - A Citadel Investment Group LLC executive who ran an unprofitable credit investment group for the large hedge fund company has resigned, a person familiar with the matter said on Friday.
Joe Russell, who was instrumental in making Citadel’s investments in E*Trade Financial  this year and in failed hedge fund Sowood Capital last year, left […]

MSN MoneyCentral - Paulson & Co, a prominent New York hedge fund, will weigh buying shares or convertible bonds in banks and other financial institutions that need capital, the Financial Times reported on its website on Sunday.
John Paulson, its founder, remained bearish on the economy and the financial sector, but […]

Telegraph.co.uk - Mark McGoldrick, a former Goldman Sachs trader whose track record earned him the nickname ‘Goldfinger’ during his career with the Wall Street bank, is making a comeback with a new $5bn (£2.8bn) fund.
McGoldrick, who famously earned $70m a year ($200,000 a day), but resigned because it was not enough, has asked his old […]

West Palm Beach (HedgeCo.net) - TriAlpha recently a launched property hedge fund of hedge funds, the TriAlpha Global Property Strategy Fund in June this year.
The fund seeks absolute returns by focusing on hedge fund managers that specialise in the global property sector. In its first month the fund outperformed the FTSE EPRA Global Index […]

Wealth Bulletin - The UK’s financial regulator has hired Australian Andrew Crain to head up the team that oversees the roughly 40 largest hedge fund managers that operate in the UK. Crain, a former regulator in his home country, assumes his new job later this month.
The team he will run sits within the wholesale […]

New York (HedgeCo.Net) - As if trying to secure $6.1 billion in financing to exit bankruptcy isn’t enough of a headache, now Delphi has to deal with counterclaims by hedge fund Appaloosa Management who is demanding that the U.S. auto parts supplier pay them $82.5 million in fees plus expenses.
Appaloosa claims they are entitled to […]

Reuters - Final bids for the Chicago Cubs will likely be due late September or early October, two sources said on Thursday, as owner Tribune Co seeks to sell the storied baseball team by the year end.
The next stage in the drawn-out sale of the team, its landmark stadium and a cable TV network […]