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New York (HedgeCo.Net) - New York City-based Ramius Capital will close four of its hedge funds that manage about $550 million in capital, the Wall Street Journal reports citing people familiar with the matter.
The closing hedge funds are concentrated in convertible bonds, distressed credit and securities of merging companies.
Some of the money in these funds could be transferred to Ramius’ largest, $2.1 billion multi strategy fund. However, as the company deals with a wave of redemption requests, the multi strategy fund could be in danger of losing about $500 million of its value.
“Going forward, these strategies will continue to be important allocations in our multi-strategy fund and will continue to be managed by the same portfolio teams,” Ramius told the Wall Street Journal.
Ramius currently manages about $10 billion in capital. It recently offered its main hedge fund clients lower management fees to keep their loyalty with the firm.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
New York (HedgeCo.Net) - In an ironic turning of the tables, divorce lawyer Raoul Felder has lost $200,000 at the hands of a hedge fund, or so he says.
According to the New York Times, the “Duke of Divorce,” is accusing AllianceBernstein of placing his money into a risky hedge fund in order to collect higher fees and commissions for the firm.
According to Felder, he had given the investment firm simple instructions as to what to do with his $750,000. Instead, the firm placed the money into the riskier fund out of sheer “greed and self-interest.”
“It’s like the owner of a restaurant who tells his waiters to push the chopped liver,” Felder said.
The New York City-based AllianceBernstein manages over $590 billion of capital and is a subsidiary of French insurance company AXA.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
Financial Times - The soaring egos of the very wealthy seem to be contaminating the spirit of philanthropy. Increasingly, public buildings, or parts of them, are being renamed after big donors whose gifts are made on condition that their names adorn the objects of their largesse. Whatever happened to anonymous giving?
The selling of New York City appears to be under way. A few months ago some of us were shocked to hear that the New York Public Library’s beautiful flagship building on Fifth Avenue was to become the Stephen A. Schwartzman Building, in honour of a manager of hedge funds who is contributing $100m towards a $1bn renovation of the library system.
The Stephen A. Schwartzman Building? You’ve got to be kidding. Unfortunately not.
Both the board of the New York Public Library and the city’s Landmark Preservation Commission hardly debated the issue. Money trumped tradition and the dignity of the building. The president of the library, Paul LeClerc, did offer some comfort to those disappointed by the name change. He promised the commission no other name wouldbe attached to the building.
Gothamist- The NY Sun reports 26 out of the 51 City Council members support an Assembly bill that would require hedge fund and private equity managers to pay more in taxes.
The City Council is looking for ways to raise money (like implementing a hotel room tax) rather than slashing programs, noting, "With New York City facing tight budget projections in the years to come, it is incumbent on all of us to make sure everyone is paying their fair share of the tax burden before we ask those who depend on social services and public investments to suffer in the form of budget cuts to schools, mass transit, or health care."