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West Palm Beach (HedgeCo.net) – Ali Mudeen has joined hedge fund provider ATC Group as managing director of its Cayman Islands operations.
Mudeen will oversee and build the firm’s Private Clients and Corporate Services practices in the region, as well as work closely at a group level with ATC’s hegde fund administration practice.
Mudeen brings over 20 years of international experience to ATC, having worked in the US, South America and the Caribbean in banking, legal and trust services. He joins ATC from Caledonian Global, where he was a director and shareholder and had overall responsibility for marketing and business and strategic development.
“Ali’s industry expertise and leadership make him an invaluable addition to the ATC executive team." Robert Govaerts, ATC’s chairman, said, "His broad knowledge base and commitment to client service will significantly enhance ATC’s leadership position in the industry.”
“ATC is an impressive financial services company with a clear vision for the future, having enjoyed strong growth even in these unprecedented economic conditions,” Mudeen said. “I am delighted to join a company which has such a strong focus on client services and on its people.”
Serving international business, private clients, capital markets and alternative investment funds, ATC was established in 1893. ATC employs over 350 professionals in 17 offices across Europe, the Caribbean and the Asia Pacific region.
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New York (HedgeCo.Net) – Chicago-based Citadel Investment Group lost 13 percent in November, according to a report published by the Wall Street Journal. This brings the hedge fund firm’s total losses to 47 percent for the year.
The losses stem in part from the company’s two largest funds, the Kensington and Wellington, which together manage about $10 billion in assets. Investor redemption requests totaling around $1 billion and plummeting values of bonds were the catalysts behind the losses.
This is the first year since 1994 that Citadel will post a loss. It is only their second loss since CEO Kenneth Griffin launched the firm in 1990. All is not grim, however. Bloomberg News reports that three other Citadel funds, who together manage about $3 billion, have climbed about 40 percent this year.
Hedge funds as a whole have posted their worst record to date this year. According to data by Chicago-based Hedge Fund Research, hedge funds have lost an average of 22 percent this year.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
Seeking Alpha – As the Wall Street Journal pointed out earlier this week, “It may be premature to write the epitaph for funds of hedge funds”.
Maybe so, but with predictions for redemptions running in the high teens for this fall, one would be excused for believing the hedge fund “bubble” has burst along with the many other bubbles inflated over the past few years.
Yet, WSJ sister publication, eFinancial news reports this week that: “Pensions Continue Push into Hedge Funds”. This seems to back up what research firm Cerulli recently concluded – that institutions are continuing to move from long-only to alternative assets (see Monday’s post for clear evidence of this).
Dow Jones points to the UK’s University Superannuation Scheme (USS) as one example of the new and more grounded institutional view of hedge funds:
Michael Powell, head of alternative assets at the pension scheme, said: ‘The turbulence in the hedge fund industry has provided USS with a great opportunity as a new entrant. The fallout in the industry will also prove to be a great arbitrator of quality and skill among the huge number of hedge funds.’
