Author Archives: the HedgeCo News Team
Pickens hedge fund has lost more than $1 billion
Houston Chronicle – Boone Pickens, the billionaire founder of BP Capital LLC, said 15 percent of his hedge funds’ holders have asked for the option to withdraw their money after he lost more than $1 billion in energy trades this […]
Gulf firms shy away from US distressed assets
Emirates Business 24/7 – Cheap they may be, but not all cash-rich Gulf investors are up for buying distressed assets in the US. Such a move historically was a good way to make a profit. A good fund manager can […]
Stocks rally as Bush pushes revived bailout
KTAK – U.S. lawmakers and President George W. Bush eased pressure on financial markets on Tuesday by starting work to revive a $700 billion bailout plan to stem a credit crisis that has spread beyond Wall Street to claim more […]
Citigroup Purchases Wachovia, Reclaims Throne
New York (HedgeCo.Net) – Citigroup Inc. has purchased Wachovia’s banking operations at a price tag of $2.16 billion, or roughly $1 a share, after losses stemming from bad mortgages rendered a resurfacing nearly impossible. Citigroup will now have around 4,300 […]
Asia Hedge Funds, Among Worst Performers, Close at Faster Rate
Bloomberg – Asia hedge-fund closures jumped 19 percent this year, with the industry set to shrink for the first time as clients withdraw more money after funds in the region underperformed rivals in the U.S. and Europe. “It is likely […]
Former hedge fund manager Michael Lauer found guilty
A federal judge in Miami has found that former hedge fund manager Michael Lauer defrauded investors out of more than $500 million between 1999 and 2002. U.S. District Court Judge Kenneth A. Marra, in a 67-page order issued last week, […]
Finter Bank Zurich acquires Bank Hugo Kahn
Zurich, September 2008 – Finter Bank Zurich and Bank Hugo Kahn AG, Zurich, hereby announce the merger of their two institutions. Completion of the transaction is planned for the first quarter of 2009. Bank Hugo Kahn has a tradition going […]
Petters resigns amid probe
Pioneer Press – Tom Petters, who spent two decades building the Petters Group Worldwide into a far-flung empire with $2 billion in sales and 3,200 employees, resigned Monday amid a federal investigation into allegations of fraud at one of his […]
Two equity firms buy Lehman’s money management unit
International Herald Tribune – Lehman Brothers said Monday that it would sell for $2.15 billion much of its money management business, including its prized Neuberger Berman asset management unit, to Bain Capital and Hellman & Friedman. The sale of the business, […]
Fund Managers Rattled as Rescue Plan’s Rejection Shakes Markets
Bloomberg.com: UK & Ireland – “I’ve never lived through something like that,” Stephen Jarislowsky, the 83-year-old chairman and founder of Montreal-based money manager Jarislowsky Fraser Ltd., said yesterday about the past month on Wall Street. “I don’t even think the […]
Cameron hit by new hedge-fund row as Tory Party conference begins
Times Online – The Tory party conference got off to an embarrassing start today after it emerged that the Conservatives have taken large donations from hedge-fund managers whose firms made vast sums of money from taking bets in some of […]
Wall Street Finance “Banking” On Hollywood?
CNBC – The Wall Street fallout is having aftershocks throughout the economy, but believe it or not, the entertainment industry is having no problem securing bank-financed credit. Sure, it’s not boom time, but the fact that media companies are able […]