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.
West Palm Beach (HedgeCo.net) – Hedge Fund provider GlobeOp Financial Services S.A. published its Interim Management Statement covering the period since 30 June 2008. As a group, GlobeOp’s clients appear to have out-performed the industry.
"I am pleased to report that we have continued to grow revenues and Assets under Administration (to US$108 billion at 30 September 2008 from $104 billion at 30 June 2008) against a background of turbulent markets and a challenging environment for our clients," Hans Hufschmid, Chief Executive Officer, said, "the three-month period to September has been the strongest quarter this year for fund launches from new clients as well as launches from existing clients. In addition, similar to the first half of 2008, client funds grew organically during the period.
Preliminary data show performance for September of approximately -3% (which includes any exposure to Lehman Brothers) and year-to-date clients show negative returns of around -5.5%. This contrasts positively with performance reports from the Barclays Hedge Fund index and the HFRX index which both show year to date returns of more than -11% through September.
In the three months prior to Lehman Brothers insolvency, GlobeOp used GoCredit to identify and assess specific exposures. As a result, clients terminated or re-assigned over half of their Lehman Brothers positions, reducing their initial margin posted with Lehman by approximately $180 million.
GlobeOp provides administration services to over 180 clients representing hundreds of distinct hedge funds with total assets of $108 billion. Established in 2000, GlobeOp today serves over 180 clients worldwide, representing $108 billion in assets under administration (AuA). With headquarters in London and New York, GlobeOp employs more than 1,800 people on three continents; offices are also located in Dublin, Ireland; George Town, Cayman Islands; Harrison, NY and Hartford, CT, U.S.A.; and Mumbai (Bombay), India.
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) – AA platform for asset managers and advisers to create SICAV SIF funds in Luxembourg has been launched by KMG SICAV SIF. The platform caters to all asset classes, including hedge funds. There are no restrictions on leverage.
Thee process allows managers to focus on investment management, the process allows managers to focus on investment management. . The platform takes care of incorporation, custody, transfers and administration. In addition it can also offer a Luxembourg address and office for the fund, organise annual general meetings of shareholders and supply investors with statements, day-to-day management and general organization as well as order placing and execution, investment performance reports, promotion and distribution and corporate branding.
The open-architecture platform provides a faster route to market with funds established and open for capital within a few weeks rather than months, which it usually takes for a traditional fund. The platform can also provide all back office support, administration and other services for funds.
The KMG SICAV SIF platform is an off the shelf solution, licensed and regulated in Luxembourg. Entities establishing a fund through the platform do not have to apply for additional licences.
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!
New York (HedgeCo.Net) – New York’s top 100 hedge funds are in trouble and can’t seem to get out of the red, according to performance reports obtained by the New York Post.
Prominent hedge funds are still trying to recover from the credit crunch and unless they see a turnaround soon, 2008 could be the first year that hedge funds as a whole lose money since 2000.
Big time fund Appaloosa, who manages about $4 billion, is down almost 18 percent this year, compared to returns of 8 percent and almost 25 percent in ‘07 and ‘06 respectively.
Cantillion Capital Management, another monster fund that has $2 billion tied up, is closing in on 20 percent when it comes to losses this year. And the $10 billion Tontine Associates isn’t faring so well either. The fund is down 17 percent after an amazing 2007 where it posted returns of 40 percent. QVT Financial was another fund that saw 40 percent returns in ’07, only to be down over 6 percent this year.
It’s not all bad news, however. Some fund managers are just destined for success. John Paulson’s fund, Paulson Advantage is up over 18 percent this year after a record breaking 2007. Phillip Falcone of Harbinger Capital is riding high with returns of over 40 percent so far.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
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! Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com
New York (HedgeCo.Net) – The international man hunt for Sam Israel came to an end yesterday when the hedge fund fraudster turned himself over to authorities.
Israel turned himself into the Southwick, Mass., police station around 9:30 a.m., said Suzanne Anderson, Police Chief Assistant. The police station is about 95 miles away from the Ayer, Massachusetts federal prison that Israel was supposed to report to on June 9th to start serving his 20-year sentence.
After Israel failed to report, his SUV was found abandoned on the banks of the Hudson River, with the words “Suicide is Painless” scrawled through the dust on the window. Officials were immediately reluctant to believe the man who bilked $400 million worth of cash from trusting investors through his hedge fund scheme.
The 48-year old swindler once ran the Bayou hedge funds and covered up losses through doctored performance reports and by setting up a fake auditing firm. He also reaped millions from trades conducted through his securities firm.
Israel’s girlfriend, Debra Ryan, admitted to aiding Israel’s escape. She drove her car alongside Israel’s SUV to the Hudson, where he then hopped in with her and returned to their home.
It is rumored that Israel turned himself in because of ailing health problems, sort of a bummer when you’re a fugitive and your face is plastered on WANTED signs all over the country.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
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! Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com
