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West Palm Beach (HedgeCo.net) – According to a report in the Financial Times, London hedge fund manager Alan Miller has returned to the industry after a two-year absence by becoming a partner at SilverStreet Capital, a small London fund of hedge funds manager.
Miller, who co-founded New Star Asset Management with John Duffield in 2001, went on a sabbatical in 2006 following a bitter and highly public divorce battle. His absence from the UK fund manager was made permanent in February last year, the FT report said.
SilverStreet Capital is an asset management firm specialising in alternative investments, including hedge funds, private equity and property management.
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Reuters – The Hedge Fund Standards Board, the body set up to develop voluntary standards in the industry, said on Wednesday it now represents about half of hedge fund assets in Europe.
The announcement comes as hedge funds attempt to head off tougher regulation in the wake of turmoil in the global financial system.
The industry has come under intense scrutiny, most notably for the impact of short-selling employed by many managers. In September, regulators in the U.S. and Europe imposed a temporary ban on shorting financial stocks.
Ten new signatories to the HFSB include Blackrock Investment Management UK, New Star Asset Management and Sabre Fund Management. They join 14 existing members including Man Group Plc, the world’s largest hedge fund manager, GLG Partners and Marshall Wace.
Bloomberg – Harry Tyser, manager of the $100 million New Star Firefly Hedge Fund in London, was still trading while being wheeled into the operating room for kidney- stone surgery.
“It’s life and death out there right now,” said Tyser, 40, who used his mobile phone to call in sales before his July procedure. “You need to keep moving your feet in markets like this. There are moments in life to make money and moments where the secret is just not to lose it.”
Tyser’s fund, which bets on rising and falling stocks, returned 3.7 percent last month, according to investors. Few rivals were as fortunate as the average hedge fund fell 6.9 percent, the biggest one-month loss in a decade, according to Hedge Fund Research Inc.’s HFRX Global Index.
Managers who did post profits last month include John Horseman, whose $3.2 billion Horseman Global stock fund rose 5.7 percent, bringing the gain this year to 15 percent, investors said. Carol Brown, a spokeswoman for Horseman Capital Management LP in London, declined to comment.
