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Times Online – While many lose sleep over each twist and turn of today’s economy, New Jersey collector Ralph DeLuca has found a hedge against the recession in the musty memorabilia of Hollywood’s past.
A former private investment consultant, DeLuca hardly batted an eye when he bought a vintage poster from the 1932 cult movie "Freaks" at auction in March for more than $100,000. The poster had cost $10 in the early 1970s.A few minutes later he outbid competitors for a rare poster of the original "Dracula" from 1931, owned by actor Nicolas Cage, snapping it up for more than $300,000.
Investment Consultant – Reports that U.S. Sens. Carl Levin’s and Charles Grassley’s new bill on hedge fund regulation will force funds to publicize the names of clients are untrue, the senators said.
"Contrary to some press reports, the Grassley-Levin bill to regulate hedge funds does not require the disclosure of hedge fund clients who merely invest in the fund," they said. "Instead, the bill requires disclosure of a hedge fund’s beneficial owners who profit from the fees generated in operating the fund. Such ownership information has already been requested and provided on a routine basis for years in the voluntary hedge fund registrations filed with the Securities and Exchange Commission."
West Palm Beach (HedgeCo.net) – Alternative investment consultant and director, Bob Torkelund has announced the launch of a Cayman regulated fund, the Arkanar Global Macro SP. The fund is being monitored and the due diligence work done by the Cayman regulator before the launch took place.
The initial offering period runs throughout February 2009, with a minimum investment of $10.000.
Torkelund said, “The fund is easy dealing and settlement: we have organised electronic clearing via Clearstream/Euroclear ‘payment against delivery’ which makes the fund available to most European and international banks in line with other international securities.”
The fund has a 20% high water mark performance fee and 0.5% per quarter as management fee and an expected annual return of 15–20%.
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