The Independent – Rents for plush offices in Mayfair and St James’s plunged almost 30 per cent last year, hammered by the declining fortunes of many of their hedge funds tenants.

The commercial property agency NB Real Estate has released new research that shows the rent in swanky west London offices tumbled from £120 per square foot at the end of 2007 to £85 at the end of last year, a consequence of a bad year for hedge funds. They have been vilified for short selling bank shares, have suffered mass redemptions and experienced their worst ever full-year losses.

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New York (HedgeCo.Net) – Hamilton Alan Bird, formerly of XL Capital Partners, who headed the scheme that swindled over $7.5 million of investors’ money, has been sentenced to 24 years in prison.  The Colorado Springs resident received his fate on Friday, six months after pleading guilty to one count of securities fraud and another count of theft.

According to the original indictment, Bird, along with partners David Edward Newton and Douglas Alan Scott, took money from about 350 individuals and set up their own “personal piggy bank.”  From October 2002 to December 2004, the three men withdrew millions of dollars for personal usages including residences and private jets.

While Bird’s felonies only carried a maximum sentence of 12 years, he was eligible to be charged as a habitual criminal, meaning that his sentence could have been three times his maximum. 

Newton, in exchange for testifying against Bird and Scott, was sentenced to 15 years probation and 200 hours of community service.  Scott, a former Pastor for the now collapsed River of Life Church, was sentenced to 15 years probation and ordered to pay back $1.4 million in restitution.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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New York (HedgeCo.Net) – Greenwich-based Andor Capital Management will liquidate its $2 billion hedge fund after posting losses due to unfavorable market conditions, following in the footsteps of many failed hedge funds this year.   

Co-founder Daniel Benton announced the decision in a letter to investors this week while outlining a liquidation to start in October.

"My desire to devote more time to my family and other interests runs counter to the obligations of a hedge-fund manager who must be immersed in the markets in order to meet client expectations," Benton said in the letter.  He also stated that he will be retiring from managing outside capital after 24 years in the business.

In 2004, Andor made headlines when Benton split from Co-Founder Christopher James.  At that time, Andor held over $6 billion in assets and was just starting to experience turbulence after a period of enviable returns.

Benton, having been a technology investor at Pequot, built up high stakes in energy and commodities companies.  However, the volatility associated with these companies has not translated well for many hedge funds invested in those sectors.   

The hedge fund will continue to invest throughout August and September.   

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

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