Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Baltimore Business Journal – Former Aether Systems CEO David Oros has launched a $3 million hedge fund called Global Domain Vector Fund LLC, according to a Securities and Exchange Commission filing.
Oros is managing director and chief administrative officer of Baltimore’s Global Domain Partners LLC. He is joined by Jonathan Caplis, a director at Global Domain, as a managing member of the hedge fund, the filing says.
The fund was incorporated in 2005 and its first sale took place April 1, according to the Aug. 19 filing. It is accepting a minimum of $500,000 from outside investors.
CNBC Stocks – The hedge fund says that with a “doomsday scenario off the table” in the second quarter, it put capital to work in distressed debt and significantly undervalued turn-around situations.
In terms of asset allocation, the fund reports that by June 30, net exposure in its long/short strategy was 37 percent, up from -3.4 percent on April 1. Allocation to credit grew to over 40 percent and risk arbitrage, 20 percent of the portfolio.
Bloomberg – Fairfield Greenwich Group, the hedge fund that lost $7 billion invested with Bernard Madoff, accused a Massachusetts regulator of “factual distortions” and told a judge that it closely monitored its investment.
The firm said yesterday it filed court papers challenging an April 1 administrative complaint by Massachusetts Secretary of the Commonwealth William Galvin, who claimed Fairfield Greenwich defrauded investors by misrepresenting what it knew about Madoff’s business. The filing is the firm’s most extensive statement to date about how it monitored its Madoff investment.
Bloomberg – Moore Capital Management LLC is seeking to raise as much as $500 million for two new hedge funds run by Greg Coffey, the top-ranked money manager who joined the company last year after quitting GLG Partners Inc., according to an investor.
The funds, both focused on emerging markets, started trading April 1, said the investor, who asked not to be identified because the information is private. Fees are 2 percent of assets, standard for the industry, and 25 percent of investment gains, more than the typical 20 percent.
Guardian Unlimited – Japan’s public pension fund, the world’s largest, said on Thursday it needs a deeper study of diversifying into alternative investments, such as hedge funds and real estate, after seeing the asset class hit by the financial crisis.
Takahiro Kawase, president of the Government Pension Investment Fund (GPIF), denied a media report last week that it was planning to start investments in real estate funds from the business year beginning on April 1, 2010.
