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.
Dallas Morning News – There are 200 hedge funds in this area, putting the Dallas area third behind only New York and San Francisco in the number of hedgies. Most have offices in the Crescent, Preston Center and in Plano.
Hedge funds – a kind of mutant mutual fund for the wealthy – have been blamed for much of what ails Western Civilization, but make no mistake, they remain one of Dallas’ most thriving industries that no one ever heard of.
Ed Easterling, senior fellow of the alternative investments center at SMU’s Cox School of Business and a hedge fund manager himself, said the average hedge fund dropped just over 20 percent last year. The total assets in the Dallas funds dropped from a high of about $30 billion to about $20 billion today.
Forbes – John Rutledge is the chairman of Rutledge Capital, a private equity investment firm that has invested more than $150 million in middle-market manufacturing, distribution and service companies. He is also member of the Advisory Boards of B.V. Group, a venture capital, hedge fund and real estate investment firm, and First Q Capital, a hedge fund.
Rutledge is a visiting professor at the Chinese Academy of Sciences and chief adviser for finance and investment to the governor of the Haidian District in Beijing. He is a board member of the Progress and Freedom Foundation, the Heartland Institute and a senior fellow at the Pacific Research Institute.
Telegraph.co.uk – When Andy Hornby, the former chief executive of HBOS, was asked by the Treasury Select Committee to detail his banking qualifications he couldn’t. Like his fellow bankers, Sir Fred Goodwin, Sir Tom McKillop and Lord Stevenson, being questioned by the panel, Mr Hornby, had to admit publicly that he held no formal banking qualifications. However unlike his fellow bankers, Mr Hornby’s admission held one important qualification.
"I have an MBA from Harvard," he told the MPs, "where I specialised in all the finance courses including financial services."
With the question about qualifications almost certain to come up, Mr Hornby’s answer was almost certainly prepared. By referring not just to his MBA, but also to where he got it from, Mr Hornby knew he was putting himself firmly at the front of the pedagogical pecking order. Harvard prides itself on consistently being the highest-ranked university; Mr Hornby no doubt prides himself on being the highest-achieving student out of his year, coming top out of 800 peers.
New York Daily News – Disgraced Park Ave. lawyer Marc Dreier gave fellow scamsters $100,000 to impersonate others in calls to victims, Manhattan federal prosecutors said Tuesday.
The new details emerged at a bail hearing for former broker Kosta Kovachev, 57, arrested yesterday for allegedly helping Dreier try to steal some $100 million from hedge fund managers.
Prosecutors say Kovachev pretended to be a real estate developer’s controller in an October sitdown with hesitant hedge fund managers. Kovachev also impersonated the developer’s CEO in a conference call, prosecutors say.
