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.
Forbes – Man Group PLC, the world’s largest publicly traded hedge fund, said Thursday that funds under management declined in the first half despite a recent growth in private investor sales.
The group said it had $43.3 billion in funds under management on June 30, down from $44 billion at the end of May and $46.8 billion on March 31.
Private investor sales in the three months ending June 30, the company’s first quarter, were $3.4 billion, producing a net inflow of $1.9 billion. However, institutional sales amounted to just $300 million, with a net outflow of $3.3 billion.
West Palm Beach (HedgeCo.net) – Citadel Securities has added three former Merrill Lynch and Goldman Sachs senior investment bankers to the hedge fund company, at the same time launching Citadels Investment Banking division.
Todd Kaplan joined Citadel in March, he will assume the role of Head of Investment Banking for Citadel Securities. Brian Maier joins as Head of Industry Groups and Carl Mayer joins as Head of Leveraged Finance.
“By bringing Todd to Citadel Securities to head up our banking effort, we are executing our strategy of developing a leading, fully integrated, client-facing franchise across investment banking and institutional sales and trading," Rohit D’Souza, CEO of Citadel Securities said "Todd and his team are outstanding investment bankers with strong relationships who have experience across a broad spectrum of capital markets areas."
Commenting on the opportunities for Citadel in the marketplace, Kaplan said, "Now more than ever, corporations are looking for sound, actionable advice. With Citadel Securities’ unique set of assets, I look forward to building our investment banking operation as we provide innovative products and services to a broad group of clients in an increasingly complex environment.”
“We have the foundation of an exceptional team of esteemed banking professionals,” said D’Souza. “Together we will be able to deliver fully developed world class capabilities to meet our clients’ needs.”
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West Palm Beach (HedgeCo.net) – Coinciding with the launch of new services aimed at increasing hedge fund transparency, independent alternative fund manager Butterfield Fulcrum appointed T. Andrew Smith as the firm’s global head of business development and marketing. He will be based in the company’s New York office, and will oversee Butterfield Fulcrum’s teams in Europe, Asia and North America.
With nearly 20 years of experience in institutional sales, business development, securities and global fund services, Smith’s appointment comes as investors demand operational transparencies from hedge funds.
Smith most recently served as a managing director and head of North America in global transaction services at Citi overseeing a $1.0 billion securities and fund services region. Before that he served as senior vice president of plan sponsor services at The Bank of New York and spent ten years at the State Street Corporation.
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West Palm Beach (HedgeCo.net) – Hedge fund tech. and brokerage provider, Merlin Securities, formed a new equity sales coverage and content division, the Merlin Institutional Group.
Headed by Jesse Cole and Bryan Miller in New York, the group will focus on delivering traditional institutional equity sales coverage and content to medium and large hedge funds. The group will provide clients with services such as corporate access, company modeling and trading ideas.
“Merlin Institutional Group represents an important development for Merlin,” said Stephan Vermut, founder and managing partner of Merlin. “We have built our reputation on providing excellence in prime brokerage, reporting, trading, and operational support for our clients. With the addition of this new team, we will now be in a position to provide clients with investment ideas, research and modeling. Jesse and Bryan ….are recognized in the industry for their expertise, and we are delighted to welcome them to Merlin.”
Jesse W. Cole joins Merlin from Schonfeld IBS, where he was a member of the institutional sales and trading group since its inception in 2004. Bryan Miller was most recently with the institutional research sales and trading group at Collins Stewart.
Merlin Secutities was recognized as the #1 prime broker for funds less than $1 billion by Alpha magazine’s 2008 hedge fund service provider survey for the second year running.
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Bloomberg – U.S. hedge funds are buying more of the nation’s stocks than they’re selling for the first time since October, while mutual funds and most other investors remain net sellers, according to UBS AG.
In the four weeks ended March 13, net purchases of equities by hedge fund clients of UBS averaged $140 million, according to a March 18 report by David Bianco, the New York-based chief equity strategist at Switzerland’s biggest bank. The inflows into stocks followed 22 straight weeks of outflows.
“Those who are supposedly experts at assessing and managing risk are more confident putting capital to work than they were in October and November,” said Peter Kenny, managing director in institutional sales at Knight Equity Markets LP Jersey City, New Jersey. “That’s an indication that the market has made some constructive moves toward building a base.”
