Bloomberg - Satellite Asset Management LP, founded by former employees of billionaire George Soros, stopped client withdrawals from its three largest hedge funds and eliminated more than 30 jobs after losses reduced the firm’s assets to about $4 billion this year.
Satellite Overseas Fund Ltd., Satellite Fund II LP and Satellite Credit Opportunities Ltd. have declined […]

West Palm Beach (HedgeCo.net) - Preparations are underway for the creation of a new European hedge fund association, hedgemeetings.com, which has the objective to communicate the public utility of this industry for wealth creation and risk management. A first meeting for founding participants will take place this Friday, November 14, in Paris.
Rene Friedrich, 45, who […]

Bloomberg - PXP Vietnam Asset Management, which oversees $225 million, plans to start a hedge fund by early next year as it seeks bargains in Asia’s second-worst-performing stock market, said co-founder Kevin Snowball.
The PXP Vietnam Value Fund will raise as much as $200 million to invest in undervalued stocks, Snowball said today.
PXP, the initials […]

CNNMoney.com - Dow Jones & Co. has suspended the publication of two hedge-fund benchmarks and the Dow Jones Hedge Fund Balanced Portfolio Index that incorporates them, saying that the underlying hedge funds have been deleveraging in an effort to reduce the risk to their investors.
Suspended are the Dow Jones Hedge Fund […]

Reuters - Lasair Capital, a hedge fund industry newcomer that boasts General Electric Co as its blue-chip backer, said on Tuesday that it has hired a senior investment officer to help put $180 million to work.
Carrie McCabe, who founded Lasair as a "next generation" hedge fund firm earlier this year, told investors that Jennifer […]

Reuters UK - Recent sharp moves in global currencies are the start of longer trends set to produce strong money-making opportunities for trend-following hedge strategies, according to Insch Capital Chief Executive Chris Cruden.
Cruden, whose Insch Interbank Currency Program is up 7.96 percent over the year to end-September before fees compared with a 27.6 percent fall […]

Reuters - Union Bancaire Privee has cut its exposure to hedge funds and industry performance has disappointed, while other assets look more attractively-priced, a top executive said.
Christophe Bernard, the Swiss-based firm’s head of asset management, also told the Reuters Wealth Management Summit that the industry, estimated at $2.6 trillion, could shrink by one-third over the […]

Forbes - In light of the higher risks which are sweeping global markets, Finvest Asset Management is set to launch a new capital protected offering for investors who are seeking to generate annual returns of between 12-20 percent in a low risk structure.
The total offering is for $500 million and is open to non-U.S. […]

Reuters - The Hedge Fund Standards Board, the body set up to develop voluntary standards in the industry, said on Wednesday it now represents about half of hedge fund assets in Europe.
The announcement comes as hedge funds attempt to head off tougher regulation in the wake of turmoil in the global financial system.
The industry has […]

Sydney Morning Herald - BNP Paribas SA, France’s biggest bank, agreed to take control of Fortis in Belgium and Luxembourg for 14.5 billion euros ($26 billion), completing a breakup of the lender after a government rescue failed.
BNP Paribas will pay 9 billion euros in stock and 5.5 billion euros in cash for 75% of […]

Emirates Business 24/7 - Cheap they may be, but not all cash-rich Gulf investors are up for buying distressed assets in the US.
Such a move historically was a good way to make a profit. A good fund manager can buy up distressed assets for pennies on the dollar and figure out ways to sell them […]

International Herald Tribune - Lehman Brothers said Monday that it would sell for $2.15 billion much of its money management business, including its prized Neuberger Berman asset management unit, to Bain Capital and Hellman & Friedman.
The sale of the business, more than a month in the making, has been among the biggest outstanding issues for Lehman, […]