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.
Financial Times – The top three executives at GLG Partners, until recently Europe’s biggest hedge fund, have cut their salaries to $1 (69p) as the global financial turmoil puts pressure on senior managers to waive their pay.
Noam Gottesmann and Pierre Lagrange, the "G" and "L" in GLG, and Manny Roman, co-chief executive with Mr Gottesmann, said in a regulatory filing that they had agreed to take $1 in salary from April to the end of the year. They receive no bonus, although all are big shareholders.
Chicago Sun-Times – Sears Holdings Corp. Chairman and hedge-fund guru Edward S. Lampert failed for the fourth year to make a list he once topped — the richest hedge-fund managers in the nation.
Lampert, who takes no salary from the Hoffman Estates-based Sears, is nowhere to be found on the list published Wednesday by Institutional Investor’s Alpha magazine. Lampert topped the list published in 2005, after pocketing a $1.02 billion salary in 2004 for his leadership of Greenwich, Conn.-based ESL Investments.
TheAdvocateOne year ago, former U.S. Rep. Richard Baker, R-Baton Rouge, stepped out of Congress to become the chief lobbyist for the trillion-dollar hedge fund industry and walked right into the economic tornado swirling through the nation.
“I don’t have too many irons in my fire,” Baker recently said. “I have too many fires in my irons.”
Now head of the Managed Funds Association in Washington, Baker’s one-year ban on lobbying former colleagues in Congress ended Monday.
He now expects to be going to Capitol Hill frequently to appear as a witness at congressional hearings. Neither Baker nor the association disclosed his salary, although some media report it to exceed $1 million a year.
Dallas Morning News – It’s every SMU grad’s dream: to be young, handsome, and closely involved with deciding how to spend $700 billion.
Attention, Class of 2000: Your fellow alum, Jeb Mason, is living it.
Mr. Mason, 32, has spent his entire career inside the Bush administration. His first assignment: running the mailroom for President George W. Bush’s transition office. His latest: overseeing the Treasury Department’s contacts with Washington’s influential community of lobbyists, trade groups and think tanks.
Mr. Mason is the gatekeeper to Henry Paulson, considered the most powerful treasury secretary in more than a decade.
