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.
Bloomberg – Dennis Gartman, an economist and the editor of the Gartman Letter, said he is creating his first hedge fund to speculate on assets including global equities and commodities.
The River Crescent Fund, created Aug. 17, seeks to raise $200 million over the first year, Gartman said today in an interview from Suffolk, Virginia. The fund already includes some “well-known hedge-fund managers,” he said, without identifying them. Gartman has managed guaranteed notes since 2007 and an exchange-traded fund since April in Canada.
Vancouver Sun – Prime Minister Stephen Harper won a key commitment for Canada at the G20 summit, getting world leaders to agree to extend for 12 months a pledge not to raise new trade barriers.
“The biggest single thing that could turn this recession into a very long, extended depression would be global protectionism,” Harper said in a television interview Wednesday. “In our recent budget in Canada, we actually lowered tariffs on imported machinery and equipment. It’s important that we start to see some initiatives push in the other direction, to push towards trade liberalization.”
Globe and Mail – A long-running legal dispute between Fairfax Financial Holdings Ltd. and a group of hedge funds has produced a sideshow involving the chief executive officer of one of Canada’s biggest mutual fund companies.
Fairfax, a Toronto-based insurance conglomerate, wants Bill Holland, the chief of CI Financial Corp., to testify in connection with its bitter lawsuit, which alleges hedge funds conspired to drive down its stock price.
Neither CI nor Mr. Holland is named in that lawsuit, and no wrongdoing is suggested. And while CI says it will co-operate, Mr. Holland yesterday called the situation absurd.
