Yearly Archives: 2008

Chutzpah Spree by Accused Lawyer Nets $380 Million

December 26, 2008 : Permalink

Bloomberg – When Manhattan lawyer Marc Dreier needed to apply a patina of reality to allegedly bogus promissory notes he was pitching to hedge funds, he used Mission Impossible- type tricks. As the U.S. Attorneys Office in Manhattan tells it, […]

Blackstone Makes Single Manager Hedge Fund Changes to Ensure Profitability

December 24, 2008 : Permalink

West Palm Beach (HedgeCo.net) – The Blackstone Group is making changes to the single manager hedge funds businesses within its Marketable Alternative Asset Management (MAAM) segment. Blackstone is consolidating its distressed securities fund onto a single operating platform and moving […]

Fund manager found dead after Madoff losses

December 24, 2008 : Permalink

Times Online – A French investment manager who entrusted $2.1 billion (£1.42 billion) with Bernard Madoff was found dead in New York yesterday. Thierry de la Villehuchet is thought to have committed suicide. He was found early yesterday morning in […]

Attorney paid cohorts to help execute swindle

December 24, 2008 : Permalink

New York Daily News – Disgraced Park Ave. lawyer Marc Dreier gave fellow scamsters $100,000 to impersonate others in calls to victims, Manhattan federal prosecutors said Tuesday. The new details emerged at a bail hearing for former broker Kosta Kovachev, […]

Tontine Capital to Start New Hedge Fund After Losses

December 24, 2008 : Permalink

Bloomberg – Jeffrey Gendell, whose investment firm Tontine Associates LLC is liquidating two hedge funds after losses of more than 60 percent this year, plans to start a new fund in February. The Tontine Total Return Fund will invest in […]

Hedge Fund Tracking: Barry Rosenstein’s Jana Partners

December 24, 2008 : Permalink

Seeking Alpha – Jana was recently ranked 79th in Alpha’s Hedge Fund Rankings. Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his B.S. from Lehigh University and […]

Blackstone to liquidate two hedge funds

December 24, 2008 : Permalink

Reuters – Blackstone Group LP said on Tuesday it plans to liquidate two hedge funds as a lack of outside investing amid tight credit markets will prevent them from getting big enough to be meaningful to the company. The private […]

Asian hedge funds step in as global players flee

December 24, 2008 : Permalink

Forbes – The investment banks and global hedge funds that are the usual buyers of debt and equity in struggling Asian companies have largely fled the market, leaving the distressed asset space to home-grown investors. Local players with the cash […]

UBP wants independent hedge fund administrators

December 24, 2008 : Permalink

Reuters – Swiss private bank Union Bancaire Privee (UBP) may pull client money out of hedge funds unless they set up independent administrators, the Financial Times said on Wednesday. The Geneva-based bank, one of the world’s largest investors in hedge […]

Hedge funds ‘must reorganise’ to avoid Obama-era taxes

December 23, 2008 : Permalink

Business Intelligence Middle East  – International Tax lawyers are urging private-equity and hedge-fund clients to restructure their partnerships so they can sidestep the higher taxes that president-elect Barack Obama has vowed to impose on their profits. Obama’s promise to revive […]

Aussie hedge fund manage HFA Holdings freezes payouts

December 23, 2008 : Permalink

The Australian – HFA, which has $5.8 billion in assets, joins a long line of fund managers — including Perpetual, Babcock & Brown and Macquarie Group — in suspending redemptions from some funds this year as the credit crisis takes […]

Hedge Funds Take Bullish Position On Gold

December 23, 2008 : Permalink

West Palm Beach (HedgeCo.net) – In the last week leading up to today, (Tuesday) hedge funds and other "large speculators" took their largest bullish position (when compared with the number of bearish bets) since early August. Commercial traders such as […]