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Reuters - Wealthy investors are cutting back exposure to hedge funds after disappointing returns but are not exiting the sector wholesale, and are likely to come back again once markets have calmed down.
High net worth individuals have been key drivers of the rapid growth of the $2.6 trillion industry. Many invested in free-wheeling portfolios well before institutions such as pension funds decided to go in.
But a dire year of performance is presenting hedge funds with their greatest-ever test — Hedge Fund Research’s HFRI index fell 4.68 percent in September, its second worst month ever, taking the year-to-date loss to 9.41 percent.
Still, given the battering equity markets have taken — the FTSE 100 .FTSE fell 24 percent in the nine months to end-September and has since fallen further — wealth managers say they are not deserting the asset class completely.
Bloomberg - Lone Pine Capital LLC, run by Stephen Mandel, and Traxis Partners LLC are among 56 overseas funds that registered to buy shares in India in July, the most in six months, betting on a recovery in stocks.
Helios Capital Management Pte and Stonewater Capital LLC also won approval from the nation’s regulator, nine months after authorities forced hedge funds to register. The Securities & Exchange Board of India will review those rules in Mumbai today.
India’s stock market recovered its $1 trillion in market value last month, helped by the biggest drop in commodity prices in 28 years. The new funds may help reverse record sales of stocks by overseas investors that led to the biggest first-half slump in the Sensitive Index since its 1979 creation.
eFluxMedia- Quoting an unnamed Wall Street source, the New York Post said that Apple’s hedge fund investors are very worried after Steve Jobs appearance at MacWorld 2008.
In June, Apple downplayed the rumors rumors and speculations regarding Steve Jobs’ health. The company has issued a statement saying that he was affected by “a common bug”. Apple’s spokesperson noted that he had received antibiotics as treatment and is now recovering. After his speech at WWDC, some major news sites and various blogs have commented about Job’s physical appearance. Apple’s CEO appears to have lost some weight and he looked a little pale.
But since then the company didn’t provide any other update on Jobs’ health. The New York Post noted also that other people who have met with Jobs in the weeks surrounding the introduction of the iPhone 3G on July 11, said they came away troubled by his thin appearance.
Jobs’ health is a reason of concern, because he was diagnosed with pancreatic cancer in October 2003, but Apple did not announce the illness until nine months later, in July next year. Jobs underwent a successful surgery in August 2004.
The Business Sheet- After spending nine months trying to close a $450-million film financing deal to offset the cost of 30 upcoming movies, Paramount has been forced to give up the chase.
The studio was working with Deutsche Bank to try to arrange what would be its third slate film-financing arrangement, but after the bank was unable to syndicate the senior debt part of the funding, the deal has come to a screeching halt ,and Deutsche Bank has decided to shutter its pioneering film-financing operation, according to the Financial Times.
Over the past four years more than $13 billion has poured into Hollywood from once-rich hedge funds, private-equity firms and investment banks in the form of co-financing deals with practically every major Hollywood studio. In fact, both Deutsche Bank and Paramount were early participants in such deals, with Paramount completing the first of these slate deals with Merrill Lynch in 2004 and Deutsche Bank following soon thereafter with a $600 million deal between Sony Pictures Entertainment, Universal and Ryan Kavanaugh’s Relativity Media.