HedgeCo.Net

Reuters – Anglo-Australian fund manager Henderson Group said first half pretax profit could fall up to 50 percent after revenue was hit by falling markets, hitting its shares on Thursday.

First-half pretax profit fall to 25-28 million pounds ($41-$46 million), including one quarter’s contribution from New Star, the troubled fund management firm it acquired this year, from 50.8 million pounds in the 2008 period.

Read Complete Article

Tags: anglo, fund-management-firm, henderson group, new-star, pretax profit, reuters

Financial Times – New Star has closed two of its hedge funds after withdrawals of the crisis-hit fund manager’s internal capital left them too small to survive.

The manager has shut its three-year-old Firefly fund after Harry Tyser, its manager, quit in December, as well as the six-year-old Apollo fund.

New Star was seized by its banks in December in a debt-for-equity swap and has agreed a sale to larger rival Henderson in a stunning fall from grace for the previously high-flying group.

The closures come as hundreds of hedge funds are expected to shut this year, according to analysts and investors. Many small funds are being closed as their growth prospects recede, while larger funds are shrinking – and some are closing – as they face sizeable withdrawals by their clients.

Read Complete Article

Tags: apollo, banks, equity swap, fall from grace, financial times, flying group, growth-prospects, internal capital, investors, new-star, withdrawals

New York (HedgeCo.Net) – The international man hunt for Sam Israel came to an end yesterday when the hedge fund fraudster turned himself over to authorities.  

Israel turned himself into the Southwick, Mass., police station around 9:30 a.m., said Suzanne Anderson, Police Chief Assistant.  The police station is about 95 miles away from the Ayer, Massachusetts federal prison that Israel was supposed to report to on June 9th to start serving his 20-year sentence.  

After Israel failed to report, his SUV was found abandoned on the banks of the Hudson River, with the words “Suicide is Painless” scrawled through the dust on the window.  Officials were immediately reluctant to believe the man who bilked $400 million worth of cash from trusting investors through his hedge fund scheme.  

The 48-year old swindler once ran the Bayou hedge funds and covered up losses through doctored performance reports and by setting up a fake auditing firm.  He also reaped millions from trades conducted through his securities firm.  

Israel’s girlfriend, Debra Ryan, admitted to aiding Israel’s escape.  She drove her car alongside Israel’s SUV to the Hudson, where he then hopped in with her and returned to their home.  

It is rumored that Israel turned himself in because of ailing health problems, sort of a bummer when you’re a fugitive and your face is plastered on WANTED signs all over the country.   

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

Tags: banks-of-the-hudson, chief-assistant, chief-executive, drug-kingpin, due-diligence-service, international-man, jail-term, jp-morgan, leech, man-hunt, mass-police, missing-man, new-star, performance-reports, saylor, southwick-mass, suzanne-anderson, wanted-signs

New York (HedgeCo.Net) – The international man hunt for Sam Israel came to an end yesterday when the hedge fund fraudster turned himself over to authorities.  

Israel turned himself into the Southwick, Mass., police station around 9:30 a.m., said Suzanne Anderson, Police Chief Assistant.  The police station is about 95 miles away from the Ayer, Massachusetts federal prison that Israel was supposed to report to on June 9th to start serving his 20-year sentence.  

After Israel failed to report, his SUV was found abandoned on the banks of the Hudson River, with the words “Suicide is Painless” scrawled through the dust on the window.  Officials were immediately reluctant to believe the man who bilked $400 million worth of cash from trusting investors through his hedge fund scheme.  

The 48-year old swindler once ran the Bayou hedge funds and covered up losses through doctored performance reports and by setting up a fake auditing firm.  He also reaped millions from trades conducted through his securities firm.  

Israel’s girlfriend, Debra Ryan, admitted to aiding Israel’s escape.  She drove her car alongside Israel’s SUV to the Hudson, where he then hopped in with her and returned to their home.  

It is rumored that Israel turned himself in because of ailing health problems, sort of a bummer when you’re a fugitive and your face is plastered on WANTED signs all over the country.   

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

Tags: chief-executive, drug-kingpin, due-diligence-service, jail-term, jp-morgan, missing-man, new-star, saylor