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Bloomberg – Moore Capital Management LLC, founded by Louis Bacon almost two decades ago, tapped Greg Coffey, former GLG Partners Inc.’s top-performing money manager, to be co-chief investment officer of Moore’s European business.
Coffey, 37, will join London-based Moore Europe Capital Management LLP with a 12-person team. Eric Dannheim, a senior member of that team will become chief operating officer of Moore Europe.
“Greg Coffey is one of the most impressive trading professionals operating anywhere in the world today,” said Bacon in a statement announcing the hires. “I have known Greg for a number of years and we have similar views with respect to markets and investment decisions,” he said.
Bacon, 52, has been the sole chief investment officer for the New York-based firm since he started it in 1990. A so-called macro investor — chasing macroeconomic trends by trading stocks, bonds, currencies and commodities — he’s been adding employees and attracting capital this year even as other funds have been firing personnel and facing client withdrawals in the worst economic crisis since the Great Depression.
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 Coffey will now help select hedge funds as well as infrastructure and timber assets for clients.
"Jennifer will report directly to me and I will continue to oversee all investment decisions," McCabe, who cemented her reputation in the hedge fund industry while running Blackstone Alternative Asset Management and FRM Americas, told clients.
West Palm Beach (HedgeCo.Net)- A recent Bank of America Survey of high net worth Americans indicates that US investors understand the risk and rewards of hedge fund investments. Many expressed greater satisfaction over the last 12 months with their holdings in alternatives, including hedge funds, venture capital, real estate and private equity, than their more traditional investments, including stocks and bonds.
Surveying more than 400 high net worth investors with greater than $3 million in investable assets, 267 held investments in alternatives overall, including 92 who held investments in hedge funds or hedge funds of funds. Nearly one-third (32%) of the data collected focused on the attitudes of individuals with investable assets of $10 million or more.
The findings also indicated a positive relationship between satisfaction with alternative investments and the length of time the investments were held. Investors with 10 or more years of experience in alternatives were almost twice as likely as those with fewer than 10 years of experience to be "extremely satisfied” with their total portfolio since their initial investment.
Negative stories published about hedge funds appear not to have deterred experienced hedge fund investors, according to the survey’s findings. When asked if negative publicity about hedge funds impacted their investment decisions, 44 percent of those invested in hedge fund vehicles said no and only 20 percent said yes.
"Our study demonstrates that, despite the portrayal of hedge fund investors as risk-takers investing in aggressive managers," David Bailin, president of Bank of America Alternative Investment Solutions, said, "Many high net worth investors have a realistic understanding of the risks associated with their holdings and realize that large alternatives managers are institutional in their investment approach and the quality of their investment professionals.”
