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Bloomberg - At 5-foot-4 and 48 years, Nissim “The Miracle” Tse is the shortest and oldest of 34 boxers signed up for this year’s Hong Kong Hedge Fund Fight Nite.
Calling himself “a financial warrior,” Tse likens boxing to his daytime job as a co-founder and head of trading for Hong Kong-based Pi Investment Management Ltd., a unit of London hedge fund manager RAB Capital Plc.
“It’s mental, it’s physical, it’s crazy, it’s stressful,” Tse said in an interview. “But it all happens very quickly, just like you are managing a hedge fund.”
The annual charity fight tonight, in its second year, takes place amid the most severe financial crisis since the 1930s and with the hedge fund industry bracing for its biggest annual loss since Hedge Fund Research Inc. started to keep data in 1990.
The fight night aims to raise HK$1 million ($129,000) to repair children’s facial deformities and combat crime and juvenile delinquency in low-income and immigrant communities. The event beat the same target last year.
Seeking Alpha - This morning I pulled out a third quarter report for a hedge fund of funds and read it. It had some numbers in it that weren’t particularly good, but were way better than I thought they’d be.
But I really wasn’t focused on the numbers this morning. I wanted to understand what had happened and what is going to happen in the hedge fund market going forward. And this letter was revealing on both fronts.
From what I could tell by reading the letter, it was nearly impossible to make money managing a hedge fund in the third quarter. I am sure that there are some hedge fund managers who made money in the third quarter but most of the biggest and most experienced hedge funds lost money in the third quarter.
And I suppose the same is going to be true for October, when the numbers come in. If anything, October has been worse in many ways than September was. And yet, the vast majority of hedge fund managers are optimistic. It probably goes without saying that you have to be optimistic about your ability to make money to be a hedge fund manager. But this quote sums up a lot of managers’ thoughts that were expressed in the letter:
International Herald Tribune - Making millions - or even a few billion - by managing a hedge fund has been a running dream on Wall Street in recent years. But suddenly even the masters of this $2 trillion universe are falling on hard times, at least by their own gilded standards.
Hedge funds, those secretive investment vehicles for the rich and, increasingly, not-so-rich, are supposed to make money whether markets go up or down. But many of them are being swept up in the turmoil in the financial world.
The funds’ investment returns are sinking, and so are those big paydays for their managers, whose riches have helped redefine our notions of wealth and helped drive up the price of everything from Picassos to New York penthouses.
Several big funds have faltered in recent weeks, some of them spectacularly so. While many funds are still flying high, the average hedge fund has lost more than 4 percent this year, according to Hedge Fund Research, putting the industry on course for its worst year on record.
New York Times - Making millions — or even a few billion — by managing a hedge fund has been a running dream on Wall Street in recent years. But suddenly even the masters of this $2 trillion universe are falling on hard times, at least by their own gilded standards.
Hedge funds, those secretive investment vehicles for the rich and, increasingly, the not-so-rich, are supposed to make money whether markets go up or down. But many of them are being swept up in the turmoil in the financial world.
The funds’ investment returns are sinking, and so are those big paydays for their managers, whose riches have helped redefine modern notions of wealth and helped drive up the price of everything from Picassos to Manhattan penthouses.
Several big funds have faltered in recent weeks, some of them spectacularly so. While many funds are still flying high, the average hedge fund has lost more than 4 percent this year, according to Hedge Fund Research, putting the industry on course for its worst year on record.
West Palm Beach (HedgeCo.net) - Castle Hall Alternatives, a provider of hedge fund operational due diligence, has hired Kosta Segounis as Senior Manager, he will supervise a team of analysts responsible for operational due diligence on numerous hedge funds.
"I am delighted to have the opportunity to join Castle Hall’s team." Kosta said, "Operational due diligence has become an increasingly important element of managing a hedge fund portfolio, and Castle Hall offers a unique solution for investors who wish to work with an external partner to enhance their due diligence program."
Kosta previously held the position of Senior Consultant, Compliance, at Standard Life in Montreal. Kosta is a member of the Canadian Institute of Chartered Accountants and is also a CFA (chartered financial analyst) charterholder.
Chris Addy, Castle Hall’s President and CEO, said "we are extremely pleased to add Kosta to our growing team of due diligence professionals. His knowledge and experience will be a great asset to our firm, particularly with respect to compliance best practices in the hedge fund industry."
Castle Hall Alternatives helps investors identify better hedge fund managers - firms which not only have attractive performance but also match operational best practices. Castle Hall’s team of due diligence professionals uses a proprietary methodology to prepare a detailed operational assessment for each fund under review.
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