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Bloomberg – Japan’s attempts to end financial turmoil failed to lure hedge funds back to its swap markets, leaving premiums paid by domestic borrowers near a record, RBS Securities Japan Ltd. said.
Hedge funds, which lost more than $400 billion through withdrawals and market losses since June, pulled out of Japan’s swap markets after the failure of Lehman Brothers Holdings Inc. led to a seizure in global credit, said Tatsuo Ichikawa, a senior strategist at RBS in Tokyo. Japan’s banks were charged record premiums this month to swap London borrowing rates for those set in Tokyo as a slumping economy exacerbated concern about the health of the nation’s companies.
Bloomberg – Mario Gabelli is buying Wyeth to book a 13 percent profit from its takeover by Pfizer Inc. Managers at Cohen & Steers Inc. are scooping up closed-end funds trading at a 16 percent discount to the value of their holdings. Huntington Asset Advisors Inc. is betting the widest gap between silver and gold prices in 14 years will narrow.
A year ago, these so-called arbitrage strategies would have been favorites of hedge funds whose debt-fueled trading squeezed out other investors. Since then, the credit-market seizure wiped out about 920 of the 10,096 funds in business at the start of 2008, according to Hedge Fund Research Inc. The survivors have reduced borrowing to close to nothing, according to Rasini & C., a London-based investment adviser.
Bloomberg – Mario Gabelli is buying Wyeth to book a 13 percent profit from its takeover by Pfizer Inc. Managers at Cohen & Steers Inc. are scooping up closed-end funds trading at a 16 percent discount to the value of their holdings. Huntington Asset Advisors Inc. is betting the widest gap between silver and gold prices in 14 years will narrow.
A year ago, these so-called arbitrage strategies would have been favorites of hedge funds whose debt-fueled trading squeezed out other investors. Since then, the credit-market seizure wiped out about 920 of the 10,096 funds in business at the start of 2008, according to Hedge Fund Research Inc. The survivors have reduced borrowing to close to nothing, according to Rasini & C., a London-based investment adviser.
