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.
Bloomberg – Credit Suisse Group AG, the largest Swiss bank by market value, hired Trevor Randolph from BNP Paribas Securities as a senior sales executive for its fund- linked products unit, a person familiar with the matter said.
Randolph, 36, will be a director and report to Jeff Jaenicke and Walter Rotondo, global head of fund-linked products at the Zurich-based company, said the person, who declined to be identified because the hire hasn’t been announced.
ZURICH, June 9 (Reuters) – Hedge fund outflows of $116 billion in the first quarter of 2009 were the second highest since 1994, Lipper data show, yet hedgies may yet receive a boost from some pension funds before the end of the year. Aureliano Gentilini, Lipper’s global head of hedge fund research, said on Tuesday he expected hedge fund outflows to taper off in the second quarter and that inflows could return in the third as investor confidence returns.
"Although down 21 percent from the fourth quarter of 2008, outflows were high, but partly because withdrawal restrictions imposed in the fourth quarter were lifted in Q1 of 2009," said Gentilini.
Gentilini also said that, in spite of having their worst ever year in 2008, hedge funds were seeing renewed interest from larger institutions as the dust from the financial crisis settles. Lipper is a Thomson Reuters research firm.
The Lawyer – Offshore giant Appleby is to merge with Isle of Man firm Dickinson Cruickshank to create the world’s largest offshore firm in terms of partner numbers.
The combined firm will have 73 partners and nine offices worldwide, including in Dubai and Zurich, where Appleby opened last year.
It is the first major offshore merger since Appleby first moved into the Channel Islands by combining with Jersey-based firm Bailhache Labesse in June 2006.
Reuters Zurich – UBS AG is considering selling all or part of its hedge funds business Alternative & Quantitative Investments in a management buyout, a Swiss newspaper reported on Tuesday.
Citing unnamed financial sources, the Neue Zuercher Zeitung said a management buyout offer for A&Q, or parts of it, was on the table, which the newspaper said would fit into the bank’s strategy of focusing the bank and cutting its risks.
Bloomberg - John Costas and Michael Hutchins, are reuniting to start a financial services firm after running UBS AG’s hedge fund Dillon Read Capital Management LLC, according to people familiar with their plans.
Costas, 52, took over UBS’s investment bank in 2001 and spun off the proprietary trading desk to form Dillon Read in 2005. Zurich-based UBS shut down the unit in May 2007 and said it accounted for $3 billion of the $19 billion in losses the bank reported that year. Hutchins, 53, was president of Dillon Read and previously headed the debt unit of UBS.
