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.
Economic Times – European leaders meeting in Berlin on Sunday backed oversight of the world?s financial markets and products, including hedge funds, and urged that sanctions be drawn up to punish tax havens.
A copy of the “chair’s summary” from a summit hosted by Chancellor Angela Merkel and seen by Reuters describes the situation in financial markets as “fraught” and says structural reforms and a focus on public spending are needed to emerge stronger from the global crisis.
Reuters – A handful of hedge funds has resisted the global crisis ravaging their rivals, reaping bumper returns in 2008 in a sign some niche players will always beat the market no matter how dire the outlook.
There is no single recipe to explain why CQS’s Asset-Backed Securities rose 72.81 percent or Hugh Hendry’s Eclectica fund 31.2 percent, other than that they doggedly clung to a strategy they thought would bring in the money.
"To many observers, my behaviour became increasingly erratic," Eclectica Asset Management partner Hendry wrote in his latest client letter.
"Rather than embrace risk, like everyone else, I shunned it … I was written off as a gloomy character, one of life’s perennial bears," he said.
Reuters – U.S. President Barack Obama’s $825 billion stimulus plan cleared its first Congressional hurdle as the Federal Reserve eyed more extreme measures to ease credit market strains, boosting Asian stocks despite deep skepticism that a global slowdown can be reversed quickly.
Signs of corporate distress were still obvious regardless of the passage of Obama’s bill through the House of Representatives, the first big legislative success of his new presidency.
Sony Corp followed fellow Japanese electronics maker Canon Inc with a dismal quarterly profit report on Thursday as the fallout grows from a global crisis which has already cost trillions of dollars and threatens millions of jobs.
