Monthly Archives: May 2012
Bankruptcy court wipes Martinovich debt clean over failed financial brokerage firm
Newport News – The former head of a Newport News financial brokerage that closed amid a fraud probe two years ago won’t have to pay back millions of dollars that he owed to scores of creditors. Jeffrey A. Martinovich, 46, […]
Hedge Funds Are Shadow Banks in Need of Regulation, Bafin Says
BusinessWeek – Hedge funds act as shadow banks and should be added to the list of organizations in need of regulation, according to Raimund Roeseler, head of banking supervision at Germany’s financial regulator Bafin. Shadow-banking definitions by the Financial Stability […]
Yahoo CEO Thompson Quits Amid Furor Over Bogus Resume
Forbes – Yahoo CEO Scott Thompson today stepped down, two weeks after activist hedge fund manager Dan Loeb ignited a controversy over Thompson’s embellished resume. Thompson will be replaced in the interim by Ross Levinsohn, the company’s global head of […]
Business JP Morgan JP Morgan ‘dead wrong’ to dismiss concerns over trading, admits boss
Guardian – The chief executive of JP Morgan Chase, Jamie Dimon, has said he was “dead wrong” to dismiss concerns about the US bank’s trading a month before posting a $2bn loss. The loss has led to calls for greater […]
May Produces Another Month of Positive Hedge Fund Net Flows
New York (HedgeCo.net) – Hedge fund flows as measured by the GlobeOp Capital Movement Index advanced 1.24% in May. “May produced another month of positive net flows into hedge funds,” said Hans Hufschmid, chief executive officer, GlobeOp Financial Services (LSE:GO.). […]
JPMorgan Loses $2 Billion, Goldman Redeems $250 Million From Hedge Funds
Inquisiter – JPMorgan Chase & Co.’s (JPM) CEO Jamie Dimon has indicated that the firm lost roughly $2 billion. JPM’s chief investment office, which focuses on hedging, made some risky bets on synthetic credit securities that didn’t play out to […]
Investors losing faith in commodity hedge funds
Reuters – Investors in some of the best-known commodity hedge funds are getting increasingly frustrated by their performance, with some heading for the exit as managers rack up a second year of losses. Some major funds focused on energy, metals […]
Morgan Stanley bailed on hedge-fund firm: WSJ
MarketWatch – In 2010, Morgan Stanley MS +0.71% helped Zoe Cruz, the co-president pushed out of the firm three years earlier, launch a hedge fund by writing her a $20 million check and expressing willingness to pour in more money […]
Goldman Redeems $250 Million Hedge-Fund Stakes on Volcker
Bloomberg – Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank by assets, redeemed about $250 million from hedge funds during the first quarter as it begins to comply with rules requiring banks to reduce such investments. The firm can “generally” […]
Hedge Fund Launch: Neuberger Berman Introduces Long Short Fund
New York (HedgCo.net) – Neuberger Berman, one of the world’s leading employee-owned money managers, has introduced the Neuberger Berman Long Short Fund (“the Fund”) (tickers: NLSAX, NLSCX, NLSIX), providing investors with a long-short investment strategy that seeks long-term capital appreciation […]
Hedge funds struggle with macro volatility
Hedge Funds Review – Speakers at the Salt conference in Las Vegas highlight the challenges for hedge funds of managing money in a volatile macro environment. Global macro strategies have seen declines since 2009. Volatile macro conditions and structural inefficiencies […]
At Hedge Fund Conference, Spotlight on Falcone
DealBook – It was strange watching Philip A. Falcone, the embattled chief of Harbinger Capital Partners, sitting onstage at the 2012 SALT Conference, a hedge fund gathering taking place over the next three days here at the opulent Bellagio hotel. […]