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.
AltAssets – Florida’s State Board of Administration has launched a $250m growth capital fund of funds that will invest in technology and growth-related businesses with a presence in the US state.
The Florida Growth Fund, to be managed by private equity fund of funds manager Hamilton Lane, will invest on behalf of the Florida Retirement System Pension Fund.
“Florida needs leadership to develop economic growth, because this is one of the biggest issues currently facing our state,” said Attorney General McCollum, one of the SBA’s Trustees. “We have to find a balanced way to stimulate our economy and solve these problems rather than simply relying on federal handouts.”
Bloomberg – Yale University and Harvard University may have to cut investments in hedge funds and private equity because the risks of holding the hard-to-sell assets outweigh the returns, said Bill Gross, co-chief investment officer of Pacific Investment Management Co.
“The Yale and Harvard portfolios, which have succeeded enormously over the past 10 or 20 years in terms of the emphasis on illiquidity and private investments and risk-taking — you have to question that model,” Gross said yesterday at an industry conference in Chicago.
The two Ivy League schools had more than half of their endowments in hedge funds, private equity, real estate and hard assets such as commodities at June 30. Gross, who manages the $150 billion Pimco Total Return Fund, the world’s biggest bond mutual fund, recommended in March buying securities that provide stable income this year rather than more speculative and illiquid investments, as slowing economic growth and higher unemployment depress returns.
Bloomberg – Theodoro Messa’s Paineiras Hedge FIM hedge fund beat 96 percent of its peers this year on bets Brazilian bond yields will fall as the central banks slashes borrowing costs to shore up Latin America’s largest economy.
Messa is buying bonds and avoiding stocks because the global recession will persist longer than investors expect, requiring Brazilian policy makers to deepen interest rate cuts, he said. He predicts zero economic growth for Brazil in 2009.
West Palm Beach (HedgeCo.net)- Soon after the scheduled departure of several senior traders and executives was announced, hedge fund GLG Partners has begun hiring new experts to fill in the gap.
Experts such as as Galia Velimukhametova, Fabrice Bay, and most recently Driss Ben-Brahim, a star Goldman Sachs emerging markets trader. He is to manage and hopefuly expand GLG’s $1.2 billion special situations portfolio.
Galia Velimukhametova is to join the hedge fund’s London office as a Portfolio Manager. With extensive background in the area, Galia will focus on distressed situations. Galia joins GLG from King Street Capital, where she was a Managing Director and Member of the European Investment Committee.
Fabrice Bay was previously a Managing Director at DWS/Deutsche Asset Management in Frankfurt, his significant experience in managing global long-only and 130/30 portfolios will play an important role in driving forward GLG’s offerings in these areas, according to GLG.
As of March 31, 2008, GLG has managed a net AUM (assets under management) of over $24.0 billion. GLG’s capital appreciation strategies target long-term capital appreciation through diversified portfolios of global equities and bonds.
Since its inception in 1995, GLG has built on the roots of its founders in the private wealth management industry to develop into one of the world’s largest and most recognized alternative investment managers, while maintaining its tradition of client-focused product development and customer service.
