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.
Securities Industry News – Hedge fund manager Philip Goldstein, who successfully curbed the Securities and Exchange Commission’s attempts in 2006 to regulate hedge funds, has lost a “freedom of speech” case against the state of Massachussetts.
A Massachussetts court on Sept. 30th ruled that the state’s fop financial regulator,the Massachussets Secretary of the Commonwealth was allowed two years ago to order Goldstein to stop unqualified investors from looking at his firm’s website for information on the funds his firm, Bulldog Investor, manages. William Galvin, the secretary of the commonwealth, had also ordered Goldstein to pay a $25,000 fine.
The case — Suffolk Superior Court Civil Action No. 07-1261-BLS2, Bulldog Investors General Partnership, et al. vs William F. Galvin, Secretary of the Commonwealth of Massachussetts –involved an unsolicited request for information through the Bulldog website in January 2007 by a Massachusetts resident who did not qualify under current securities law to receive such information because of insufficient net worth.
MONACO (Reuters) – Former Insight Investment fund managers Patrick Armstrong and Ana Cukic-Armstrong have launched a new fund management business that will invest in a broad range of assets and seek to beat inflation.
The firm, Armstrong Investment Managers, will try to combine hedge fund-style flexibility with the liquidity and lower fees of traditional asset management. It will launch funds for retail, high net worth and pension fund investors at the end of the summer, Patrick Armstrong told Reuters on Tuesday.
The pair were co-heads of the multi-asset group at Insight Investment, now owned by Lloyds Banking Group. They ran around 1.2 billion pounds in assets including the Diversified Target Return fund, which over the past three years fell 2 percent, beating an average 11 percent fall among peer funds.
"We think there is a middle ground between traditional funds and hedge funds," Armstrong said. "Hedge funds have been opaque, illiquid and had very high charges."
Bloomberg – Before I quit my job trading bonds for my former Wall Street employer and set up my first hedge fund, I thought long and hard.
I stared at the ceiling every night, unable to sleep, and asked myself, over and over, many difficult questions. For example: “How sincerely do I want to grow my net worth from $10 million to $100 million?” And: “How much pleasure might be had from the envy of others?”
Blueridgenow.com – Hedge funds have been in the news recently, usually with a watered down description of the characteristics of these investment vehicles. Most folks know that Chelsea Clinton works for a hedge fund (Avenue Capitol), and that John Edwards pulled down a hefty $500,000 consulting fee from another hedge fund, Fortress Investment Group. The odious George Soros, a contributor to hard left political groups, manages a hedge fund called Quantum Fund.
Edwards said he wanted to learn more about poverty. And where better to learn about poverty than working for an investment company that requires its clients to have at least a million dollars net worth (Since then, Fortress has navigated enough legal hurdles to offer its services to the general public through a listing on the New York Exchange, but that’s unusual.)
