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.
Forbes – Polygon’s Reade Griffith is a poster child for what’s wrong with the hedge fund industry these days.
A year ago, Griffith, heading into a disastrous year where he wound up losing 48%, gated investors, barring them from yanking out their money. Now he is getting the word out that he is trying to raise money for two new hedge funds, a Convertible Opportunity Fund and the European Equity Opportunity Fund. The funds, Griffith said in a recent letter to investors, have been launched with partner and employee capital.
HedgeCo.net (West Palm Beach) – Viathon Capital, LP has officially launched the Whitewater Master Fund, LP, a credit opportunity fund focused on non-correlated absolute returns.
Employing a fundamental, credit-intensive research process in order to identify long and short investment opportunities in the United States and Europe, the hedge fund’s objective is to seek long term capital appreciation by investing in high yield and investment grade corporate bonds and bank debt.
As part of this launch, Viathon Capital has affiliates of Citigroup Alternative Investments, LLC (CAI) as its seed investor in this new fund. The fund launched in May of 2009 with $50 million in capital and had a net return of +0.92 % for the month of May and estimates +2.10% for June bringing it’s inception to date return to approximately +3.02%.
Viathon Capital’s team includes four investment professionals and two trade support/back office personnel with backgrounds from Marathon Asset Management, Goldman Sachs, Merrill Lynch, Neuberger Berman, SAC/Sigma, Providence Investment Management and Lehman Brothers.
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West Palm Beach (HedgeCo.net) – Viathon Capital, LP has announced the launch of a new credit focused opportunity fund, the Whitewater Master Fund, LP, as of May 1, 2009. The launch has affiliated with Citigroup Alternative Investments LLC (CAI) as seed investor in this new fund.
The fund employs a fundamental, credit-intensive research process in order to identify long and short investment opportunities in both US and European markets.
"We have a multi-million dollar, best-in-class trading and risk management system that allows us to manage portfolio risk on a real time basis and seamlessly integrate with our prime brokers and independent administrator." Bob Becker and Rob Comizio, managing partners said, "In addition, we have the relationships, infrastructure and investment process in place to effectively execute our investment strategy."
"As managers of the Whitewater Master Fund, we are keenly aware of the current changes and challenges in our industry. As a result, we have instituted a number of key policies and initiatives specifically designed to service the needs of sophisticated investors in this new environment." they said.
The performance estimate for Whitewater Master Fund for the month of May 2009 was approximately +1%. Viathon Capital, LP has 60 years of combined market experience including four investment professionals and two trade support/back office personnel to manage the new fund.
Alex Akesson
Editor for HedgeCo.Net Email: alex@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!
Bloomberg – Alphex Investments Co., the adviser to Japan’s first short-biased hedge fund, plans to sell exporters’ shares, wagering they’ll fall on a rising yen and weak global economy, boosting the fund that started in March.
“What we’re seeing right now is nothing more than a bear- market rally,” Ichiro Takamatsu, 44, chief executive officer of the Tokyo-based hedge fund advisory firm, said in an interview yesterday. “We’re going to see a really bad yen rally this year, and that will create an opportunity to profit on exporters.”
The firm started its ASB Opportunity Fund on March 3 with $25 million of seed funding from a New York fund-of-funds seeking to diversify its portfolio, said Takamatsu. The ASB fund, with a net short position at all times, is the first of its kind in Japan, he said.
West Palm Beach (HedgeCo.net) – Hedge fund and alternative investor, Investcorp, along with its consortium partners Eastgate Capital Group and The National Investor, announced the acquisition of a 70% stake in Saudi gold and jewelry makers, L’azurde.
L’azurde had 2008 revenues of more than US$ 500 million and grew EBITDA by 14% over the previous year, making it over four times the size of its nearest competitor, employing over 2000 people, selling throughout the Middle East through 4,200 wholesale accounts, including to secondary markets through its distribution capabilities in the UAE. In addition, it has 18 flagship retail stores across the region.
Investcorp has made the investment through its $1.1 billion Gulf Opportunity Fund I, the first fund from Investcorp’s Gulf Growth Capital business, launched in 2007. This acquisition comes two months after the Fund closed its first deal, the November 2008 acquisition of Redington Gulf, the leading distributor and service provider of IT and telecom products in the Middle East and Africa. The Investcorp-led consortium will be the majority shareholder in L’azurde, and will help to institutionalise the company, to expand its markets and to build its brand across MENA and internationally.
"Despite challenging economic and market conditions, this is evidence of the resilience of Investcorp’s unique business model." Nemir Kirdar, Executive Chairman & CEO of Investcorp, said, "Good business opportunities are available in MENA and deals can be done. Our Gulf franchise and local reputation were key in getting us this deal and in forging this partnership…to add value to L’azurde over the coming years."
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Insurance giant Aviva could end the practice of lending shares to hedge funds in a move against short-selling.
Aviva shares were battered on the stock market earlier this month – losing 40pc of their value in two days – amid claims that short-sellers were looking to make quick profits by driving down the company’s share price.
Now Aviva directors are said to favour bringing to an end the company’s involvement in lending shares from its own investment portfolio to hedge funds.
