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.
Bloomberg – Helios Capital Management Pte, the hedge-fund manager once backed by Tudor Investment Corp., plans to start a “Slumdog Millionaire” fund that will buy underperforming shares of Indian companies.
“We want to find slumdogs from the Indian equity markets who have the potential of becoming millionaires,” Samir Arora, founder of Singapore-based Helios Capital, said in an interview.
The firm plans to raise about $50 million by the end of July for its long-only Helios India Jai Ho Fund, Arora said. “Jai Ho,” which means “victory” in Hindi, is the Oscar- winning theme song from “Slumdog Millionaire,” a feel-good tale of a Mumbai orphan’s escape from poverty that scooped eight Academy Awards, including best picture, this year in Los Angeles.
Reuters – Flashiness is out and subdued celebration is in among wealthy Americans on Valentine’s Day.
As the economic crisis spreads and conspicuous consumption loses its luster, hedge fund millionaires and oil barons are shunning eye-catching items like yellow, red and blue diamonds in favor of lower-key gifts, luxury industry watchers say.
In Hollywood, it is easier to book reservations at marquee restaurants than last year for the romantic day on Feb. 14, a restaurant publicist said, noting entertainment big shots now tend to favor eateries that have cut their entree prices.
Reuters – Millionaires who long put money with hedge funds are now skittish about adding fresh cash after these loosely regulated portfolios posted record losses last year, a top industry executive said on Thursday.
"We have probably seen the worst of the (hedge fund industry redemptions), but I think it will be a slow go to build up that asset base again," Don Heberle, executive director at Bank of New York Mellon Corp’s Wealth Management unit where he oversees the Family Office and Charitable Gift Services groups, said in an interview.
The potential of hedge funds to deliver strong returns in all markets because they can sell stocks short and use borrowed money has appealed to wealthy investors for years. With the help of people like Heberle’s clients — families that are worth more than $100 million — hedge fund industry assets doubled to $2 trillion between 2005 and 2008.
