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.
Explore the most informative hedge fund articles and take the news with you, using HedgeCo RSS.
Still want more? Browse the hedge fund blogs, authored by hedge fund industry experts.
BloggingStocks - Over the past few weeks you probably saw signs in retail stores touting "big sales" with discounts of 50% to 70& off. It seems that Wall Street has caught on to main street’s way of doing business - discounts, discounts, discounts!
The Renaissance Technologies LLC, a large hedge fund, has waived all of its management fees for 2009. Originally it charged a 1% fixed management fee, but with the new policy it will take a $30 million dollar haircut. However, the other larger Simon’s Renaissance Institutional Equities Fund will not cut its management fee in 2009. Other funds are using similar practices. The Citadel Investment Group LLC gave back about $300 million dollars in fees it collected in 2008.
Renaissance, like many other hedge funds, suffered losses in 2008 ranging from 12% to 16% but managed to beat the S & P losses by 4-6%.
West Palm Beach (HedgeCo.Net)- The Managed Funds Association (MFA) and the Coalition of Private Investment Companies (CPIC) called on SEC Chairman Christopher Cox in a letter to not extend the emergency order on short selling beyond the announced expiration date.
"While we recognize that the financial sector is undergoing an extraordinarily difficult period," Richard H. Baker, MFA President and CEO, said, "we believe that these difficulties are the result of poor fundamental conditions and not a mysterious conspiracy or, more to the point, the inadequacy of current rules related to short selling."
"Such action would severely burden short selling activity, which the SEC itself repeatedly has acknowledged plays a vital role in the stability of securities markets." James S. Chanos, CPIC Chairman said, "Restrictions on short sales distort the fundamentals that drive market prices and are, in the long run, counter-productive because they remove liquidity and healthy skepticism from the marketplace."
The current expiration date is 11:59 pm on July 29, 2008.
CPIC is a coalition of private investment companies whose members and associates are diverse in both size and investment strategies managing or advising an aggregate of over $100 billion in assets.
MFA members represent the majority of the largest hedge fund groups in the world who manage a substantial portion of the approximately $2 trillion invested in absolute return strategies. MFA is headquartered in Washington, DC, with an office in New York.
West Palm Beach (HedgeCo.net)- Global fund of hedge funds (FOHF) group Financial Risk Management (’FRM’), has hired Au King-lun, MH, PhD, as Chief Executive Officer of FRM Hong Kong.
"The firm has long been known for its strength in serving institutions and for its deep expertise in hedge funds." Dr Au said, "Asian investors are increasing allocations to hedge funds because of the absolute, uncorrelated returns and flexible investment strategies they can offer. FRM is in a strong position to deliver performance and products for this important and growing investor base."
With offices in Europe, Asia, North America and Australia, the new Hong Kong office is an effort to expand business efforts in Japan and Korea.
Dr. Au will join in September from HSBC, where he has been working for the past 11 years, most recently as Head of Institutional Business in Asia Pacific.
FRM opened its Hong Kong office in May 2008, building on its significant presence in Asia, including offices in Tokyo and Sydney, opened in 2000 and 2001 respectively. As one of the largest independent fund of hedge fund groups, FRM manages over $15 billion in assets for institutions and other sophisticated investors, including approximately 300 pension funds worldwide.
Dr. Au currently serves as Chairman of the Hong Kong Securities Institute and is a previous Chairman of the HK Investment Funds Association. In July Dr. Au was awarded the Medal of Honour (MH) by the Hong Kong SAR Government for his valuable contributions to the securities and asset management industry.
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
West Palm Beach (HedgeCo.net)- Hedge Fund representative, the Managed Funds Association (MFA), has submitted comments on the Best Practices Reports released by the two Committees appointed by the U.S. President’s Working Group on Financial Markets (PWG).
The Asset Managers’ Committee Report and the Investors’ Committee Report provide guidance for establishing best practices standards for the hedge fund industry and its investors.
"MFA has reviewed thoroughly the Asset Managers’ Committee Report and the Investors’ Committee Report, and we are broadly supportive of both sets of recommendations, which are comprehensive and substantive." Richard H. Baker, MFA President and CEO, said.
Andrew Baker, Deputy CEO of the Alternative Investment Management Association (AIMA) said, "We fully endorse the responses submitted by MFA to both committees… We are committed to the international harmonisation of sound practices for the alternative investment industry and look forward to leading this global approach with MFA as well as with all other industry stakeholders."
MFA represents members of the the global alternative investment industry. Including professionals in hedge funds, funds of funds and managed futures funds. MFA Members represent the vast majority of the largest hedge fund groups in the world who manage a substantial portion of the approximately $2 trillion invested in absolute return strategies.