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Financial-Planning.com - The fate of many a hedge fund relies on what investors decide to do with their money on Nov. 15, when it is possible an overwhelming majority could ask for their money back by the end of the year, Dow Jones reports.
If there is a rush to the exits, that could send the Dow Jones Industrial Average and equities, as well as other markets-including credit, commodities, foreign exchange and foreign stock markets-spiraling even further downward.
Hedge funds that give investors until Nov. 15 to notify them if they want their money back include Citadel Investment Group and Och-Ziff Capital Management Group. Others have deadlines of Nov. 26 or Nov. 30.
Reuters - Hedge fund manager PMA said on Wednesday its flagship macro vehicle focusing on foreign exchange and interest rate markets returned 4.83 percent in October, even as the global financial crisis ravaged many of its peers.
The unit of SPARX Group Co Ltd, Japan’s largest listed hedge fund manager, said the PMA Harvester Fund managed by macro-strategy chief investment officer Shun Hong Liu had now returned 21.33 percent year-to-date.
"Given that we anticipate that market conditions will remain difficult in the near-term, our strategy will be to remain light and nimble in our positions," the CIO said in a statement.
Reuters - U.S. hedge fund Fairfield Greenwich Group has merged with Swiss private bank Banque Benedict Hentsch, bringing their combined assets under management to more than $18 billion.
The deal will allow Fairfield’s clients to access Banque Benedict Hentsch’s (BBH) suite of wealth management services and provide it a broader base of operations within Switzerland, according to a letter by Fairfield founding partner Andres Piedrahita to investors.
BBH gains added products and infrastructure support from the deal and the combined company will try to grow the private bank, the companies said in a statement.
The terms of the deal were not disclosed.
Geneva-based BBH, which was founded in 2004, serves institutional and private clients in areas such as banking, securities, foreign exchange, tax and estate planning, they said.
West Palm Beach (HedgeCo.net) - Avalon Capital Holdings Corporation, and its wholly owned subsidiary, Traders Development LLC, announced that it has initiated alpha testing of its proprietary ECN system.
The Avalon ECN is a liquidity aggregator, which takes the best prices from an unlimited number of price providers, and allows traders to execute off the best prices in the market. The system will be ideal for traders seeking to execute large orders of a billion or more across many banks and hedge funds simultaneously.
"The overall goal of the Avalon ECN is to significantly improve the institutional liquidity in the Forex Market by applying the latest software technologies in the Foreign Exchange Industry." Dr. Vladimir Karpenkov, Chairman of Avalon Capital Holdings Corporation said. "Additionally, the Avalon ECN is designed to reduce the cost for Retail Forex brokerages that are seeking interbank liquidity."
"The Forex Market is about reducing overhead, managing risk and acquiring new trading clients. With Avalon technology, companies ought to increase their profitability while reducing risk." Alex De Khtyar, President of Avalon Capital Holdings Corporations added.