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.
Seeking Alpha – Very in-depth and analytical commentary out of Elliott Management in their recent second quarter 2009 letter to investors. The hedge fund has penned a 24 page letter covering topics of risk management, the automotive industry, regulation, distressed assets, arbitrage opportunities and much, much more. We highly recommend taking the time to peruse through this lengthy and informative hedge fund investor letter.
Elliott Management was founded by Paul Singer back in 1977 and managers over $12 billion today.
Reuters UK – Highbridge Capital Management, one of the world’s biggest hedge fund firms, saw its flagship fund rise 20.5 percent in the first half of the year, according to an investor letter, as performance in the industry rebounds.
Highbridge’s $7 billion (4 billion pound) multi-strategy fund returned 3.4 percent in June, the letter said, having last year fallen 25 percent and stopped clients from withdrawing all their cash.
Reuters UK – Highbridge Capital Management, one of the world’s biggest hedge fund firms, saw its flagship fund rise 20.5 percent in the first half of the year, according to an investor letter, as performance in the industry rebounds.
Highbridge’s $7 billion (4 billion pound) multi-strategy fund returned 3.4 percent in June, the letter said, having last year fallen 25 percent and stopped clients from withdrawing all their cash.
Reuters – Private equity firm Cerberus is to place investors seeking withdrawals from one of its hedge funds into a special purpose vehicle which would make cash distributions over time, a source familiar with the contents of a recent investor letter said on Thursday.
For investors remaining in the fund, fees will be reduced, the source said.
Bloomberg – Camulos Capital LP, a hedge-fund firm founded by former Soros Fund Management LLC trader Richard Brennan, is in talks to have Mariner Investment Group run its business operations.
Mariner, an $11 billion firm managed by Bill Michaelcheck, may handle compliance, accounting and administration for Stamford, Connecticut-based Camulos, according to a June 30 investor letter obtained by Bloomberg News.
Reuters – Warren Lichtenstein’s Steel Partners LLC is forging ahead with a controversial plan to convert its flagship hedge fund, Steel Partners II, into a publicly traded holding company in the face of opposition from shareholders calling for liquidation.
The New York-based firm told limited partners, in a shareholder letter dated Tuesday, that they have until June 5 to either approve its plan to convert the fund into shares in a listed company, Steel Partners Holdings, or elect to receive a share of the fund’s assets. Both options will also distribute some cash.
"For myself and many of our investors, the option provided by Steel Partners Holdings is too compelling to ignore," Lichtenstein said in his investor letter, a copy of which was obtained by Reuters.
