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Reuters UK - Balyasny Asset Management LP recruited more than 30 money managers and analysts from competing hedge funds in the first eight months of the year, exceeding its total for all of 2007.
“We have been aggressively looking for talent, and in a year like this, there are a lot more candidates out there,” said Barry Colvin, vice chairman of the Chicago-based firm, which oversees $2.5 billion. Hires came from New York-based Satellite Asset Management LP and Magnetar Capital LLC in Chicago, which have both lost money this year.
While more than 200 hedge funds shut down this year, Balyasny, SAC Capital Advisors LLC and Citadel Investment Group LLC are taking advantage of the industry’s worst performance in a decade to go on a hiring spree. Hedge funds, diminished by a scarcity of credit and enfeebled stock markets, fell by an average 4.7 percent as of Aug. 28, according to data compiled by Hedge Fund Research Inc. in Chicago.
Sixty-one percent of the 2,795 funds managing more than $100 million that are in New York-based HedgeFund.net’s database are losing money in 2008.
Bloomberg - Balyasny Asset Management LP recruited more than 30 money managers and analysts from competing hedge funds in the first eight months of the year, exceeding its total for all of 2007.
“We have been aggressively looking for talent, and in a year like this, there are a lot more candidates out there,” said Barry Colvin, vice chairman of the Chicago-based firm, which oversees $2.5 billion. Hires came from New York-based Satellite Asset Management LP and Magnetar Capital LLC in Chicago, which have both lost money this year.
While more than 200 hedge funds shut down this year, Balyasny, SAC Capital Advisors LLC and Citadel Investment Group LLC are taking advantage of the industry’s worst performance in a decade to go on a hiring spree. Hedge funds, diminished by a scarcity of credit and enfeebled stock markets, fell by an average 4.7 percent as of Aug. 28, according to data compiled by Hedge Fund Research Inc. in Chicago.
Bloomberg- Service Corp. International, the biggest U.S. funeral-home and cemetery owner, is becoming a magnet for hedge funds which see the rising death rate among Baby Boomers as the surest way to resurrect the company’s shares.
Steven Cohen’s SAC Capital Advisors LLC added almost 2 million shares in the first quarter to increase its stake to 2.2 percent, according to regulatory filings. AQR Capital Management LLC, run by Cliff Asness, also boosted holdings in Service Corp.
“There is a demographic benefit as the Baby Boom ages and the death rate rises,” said Dana Walker, a portfolio manager at Kalmar Investments Inc., which oversees $3 billion in Greenville, Delaware. “The flow-through, in a top-line and a bottom-line sense, ought to be very generous.” Kalmar owned 1.2 percent of Houston-based Service Corp. as of March 31.
After at least four decades of declines, the U.S. death rate will rise to 9.3 per thousand people in 2020 and 10.9 per thousand in 2040, according to projections from the National Funeral Directors Association in Brookfield, Wisconsin.