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FINalternatives- Hedge fund seeder Capital Z Asset Management has hired a Bear Stearns veteran to head up its marketing effort and support its portfolio funds.
James Marrone was named a partner and chief marketing officer at New York-based CZAM. Marrone joins after a decade at Bear Stearns Asset Management, where he led corporate institutional sales. Prior to joining BSAM, Marrone was director of marketing at Capital Management Associates.
“Jim’s appointment underscores out commitment not only to our currently sponsored hedge funds and those that we intend to sponsor, but also to our institutional investors who are interested in seeding the next wave of hedge fund managers,” Christianna Wood, CEO of CZAM, said. “Jim is a respected industry veteran with broad sales and marketing experience of alternative products.”
Yahoo News- Investors can’t seem to catch a break — Wall Street again starts a week with oil prices at their highest levels yet, and banks poised to reveal that they remain on shaky footing.
None of the troubles that have rocked the market over the past year have let up yet: not the housing market, not high commodities costs, not the ailing financial system.
"We’ve got a fistful of drivers that are working against the market," said Arthur Hogan, chief market analyst at Jefferies & Co. "And they’re all important."
It’s a different collection of worries than the ones that hurled stocks lower at the beginning of the decade, after the technology bubble burst and the Sept. 11, 2001, terrorist attacks sent the country reeling. But many on Wall Street are worried that the effects of the country’s current problems could end up being just as devastating, or more so, for stocks.
Reuters- Distressed debt in emerging markets is now harder to find than in developed economies, asset manager Ashmore says, but its "special situations" funds see good growth in emerging private equity.
Ashmore’s Global Special Situations Funds started a decade ago picking up distressed corporate debt in developing economies and helping companies achieve profitable returns — but now that market barely exists.
Bloomberg- Whenever pension funds, mutual funds and insurance companies decide they should own dollar assets that are out of favor with hedge funds, the hedge funds lose.
Institutional investors bought more dollars than they’ve sold this year, according to State Street Corp. and Bank of New York Mellon Corp., the largest money managers for institutions. That’s significant because speculators such as hedge funds raised bets against the greenback by 36 percent, data from the Commodity Futures Trading Commission in Washington show.
History indicates institutional investors may be on to something. The dollar gained in 71 percent of the quarters over the past decade when they were net buyers, according to Boston- based State Street.
