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The Australian – ARPAD Busson is angry. He has just looked at the returns of a hedge fund he used to invest in and they’re down more than 60 per cent in the past nine months.
"That a-hole!" Busson says of the New York-based manager, as he walks out of the conference room at the Mayfair offices of EIM, the $US11.5 billion ($16.2 billion) fund-of-hedge-funds firm of which he is founder and chairman. Although EIM yanked its money out of the fund in April 2008, when it was down only 25 per cent, there are too many like it out there, Busson says.
"If these managers are not focused on preservation of capital, they should not have the right to manage other people’s money," he says.
Busson’s opinion matters. Since he launched EIM in 1992 he has been instrumental in luring billions of dollars of public and corporate pension money into his and other funds of funds. The industry, which Busson helped pioneer, allows investors to spread their risk among hedge funds with different strategies.
Bloomberg – Arpad Busson is angry. He’s just looked at the latest returns of a hedge fund he used to invest in; it’s down more than 60 percent in the past nine months.
“That a-hole!” Busson says of the New York-based manager, as he walks out of the conference room at the Mayfair offices of EIM SA, the $11.5 billion fund-of-hedge-funds firm of which he is founder and chairman. Though EIM yanked its money out of the fund in April 2008, when it was down only 25 percent, Busson says there are too many like it out there.
“If these managers are not focused on preservation of capital, they should not have the right to manage other people’s money,” he says.
New York Times Blogs – Bill Clinton has plenty of friends in high finance.
Lifting a longstanding cloak of secrecy, the former president last week released a complete list of about 208,000 donors to his foundation as part of an agreement to check against possible conflicts, as his wife, Senator Hillary Rodham Clinton, is in line to become the next secretary of state.
While the list has been heavily scrutinized from a geopolitical perspective, it is also interesting to note how many heavy hitters from the financial world were contributors.
Hedge funds were big donors to Mr. Clinton’s organization over the years. The Children’s Investment Fund Foundation, the charitable arm of the United Kingdom-based activist hedge fund, gave more than $25 million to the Clinton foundation, making it one of the top two donors on the list, along with Unitaid, an international organization that fights H.I.V and AIDS.
Other contributors from the hedge fund world included EIM Group’s Arpad Busson; Julian Robertson, the founder of Tiger Management; and Sterling Stamos Capital Management, the hedge fund founded by New York Mets owner Fred Wilpon, who was recently stung by Bernard Madoff’s fraud. Each gave between $1 million to $5 million, records show.
