Daily News back issues from September 2007:
Man Group Issues Corporate Responsibility Report
Sep 03, 2007; ... LONDON (HedgeWorld.com) - Man Group plc's two century evolutionfrom Thames River sugar trader to global commodities broker and nowthe world's biggest hedge fund operator has also coincided with theemergence of key standards to maintain and promote corporateresponsibility. The ...
HedgeWorld's Labor Day Observance
Sep 03, 2007; ... CHICAGO (HedgeWorld.com) - HedgeWorld's U.S. editorial andbusiness offices will be closed Monday, Sept ....
Senior Loan Price Issues Put Macquarie Funds in a Quandary
Sep 03, 2007; ... SYDNEY, Australia - If he wants to look on the bright side, thenMacquarie Bank executive director Peter Lucas might reflect thatcombined losses at Macquarie Fortress Notes, Macquarie New ZealandFortress Notes and Macquarie Fortress Fund were only around $52million as of the end of July, ...
South Africa Publishes Hedge Fund Regulations
Sep 03, 2007; ... JOHANNESBURG (HedgeWorld.com) - South Africa's Financial ServicesBoard has published regulations to govern the country's emerginghedge fund industry. The new regulations require managers to apply tothe FSB for a category IIA financial services provider licence by theend of February, ...
TA Takes Stake in Arnhold and S. Bleichroeder
Sep 04, 2007; ... BOSTON (HedgeWorld.com) - Private equity firm TA Associates Inc.has acquired a minority interest in ASB Holdings, the parent companyof Arnhold and S. Bleichroeder Advisors LLC, a leading investmentadvisory firm. ASB, which is based in New York, announced that its foundingfamily ...
Credit Suisse Opens Cobalt Market to Investors
Sep 04, 2007; ... LONDON (Reuters) - Credit Suisse has opened a market in hi-techmetal cobalt to investors seeking a commodity contract that won't bebuffeted by turbulence in other financial markets, the bank said onTuesday [Sept. 4]. Cobalt, a metal mined in Africa, Russia, Cuba and Australia, ...
August Correction Sparks Record Eurex Volumes
Sep 04, 2007; ... FRANKFURT, Germany (HedgeWorld.com) - Trading volumes on the Eurexderivatives exchange reached record levels in August, with a total ofmore than 175 million contracts traded, up 64% from the 107 millioncontracts traded in August 2006. Open interest also stood at a recordlevel of 130 ...
ALTSO to Host Fourth Annual Rocktoberfest
Sep 04, 2007; ... NEW YORK (HedgeWorld.com) - The Fourth Annual Rocktoberfestcharity concert is set to sell out again, with more than half theavailable tickets already gone for the Oct. 18 event. It will featureperformances from rock n' roll bands made up of hedge fundprofessionals and will benefit A Leg ...
Man Group Issues Corporate Responsibility Report
Sep 04, 2007; ... LONDON (HedgeWorld.com) - Man Group plc's two-century evolutionfrom Thames River sugar trader to global commodities broker and nowthe world's biggest hedge fund operator has also coincided with theemergence of key standards to maintain and promote corporateresponsibility. The ...
Investors Take the Long View: Dallas Fed
Sep 04, 2007; ... DALLAS (HedgeWorld.com) - Monthly money flows into - or out of -hedge funds are considerably less volatile than monthly profits andlosses, and that fact tells us something important about theindustry: Its investors have their eye on the long haul. In its August economic letter, the ...
Senior Loan Price Declines Put Macquarie Funds in a Quandary
Sep 04, 2007; ... SYDNEY, Australia (HedgeWorld.com) - If he wants to look on thebright side, then Macquarie Bank Executive Director Peter Lucas mightreflect on the fact that combined losses at Macquarie Fortress Notes,Macquarie New Zealand Fortress Notes and Macquarie Fortress Fund wereonly around $52 ...
Edhec Finds Hedge Funds are Not the Subprime Villains
Sep 04, 2007; ... NICE, France (HedgeWorld.com) - Excessive regulation, not hedgefunds, should be blamed for the current subprime crisis, and the pushfor more regulation in France and Europe is not going to helpinvestors navigate a market that is first and foremost plagued byilliquidity risk. This is the ...
South Africa Publishes Hedge Fund Regulations
Sep 04, 2007; ... JOHANNESBURG, South Africa (HedgeWorld.com) - South Africa'sFinancial Services Board has published regulations to govern thecountry's emerging hedge fund industry. The new regulations requiremanagers to apply to the FSB for a category IIA financial servicesprovider license by the end of ...
CTA Performance Not So Hot in July
Sep 04, 2007; ... NEW YORK (HedgeWorld.com) - July proved tricky for many commoditytrading advisers to figure out. Most CTA strategies lost money overthe course of the month, according to index results from CrditAgricole Structured Asset Management and the Center for InternationalSecurities and ...
U.S. Chamber Blasts Carried-Interest Proposals
Sep 05, 2007; ... WASHINGTON (HedgeWorld.com) - The U.S. Chamber of Commerce opposesrecent proposals to tax carried interest as ordinary income, and onWednesday [Sept. 5] it released a report on the subject from JohnRutledge. Mr. Rutledge, who has a Ph.D. in economics from the University ...
OECD Forecasts Lower U.S. Growth Due to Subprime Woes
Sep 05, 2007; ... PARIS (HedgeWorld.com) - The repercussions of the subprimemortgage crisis on the United States will cause the nation's grossdomestic product to fall in the second half of this year, though thefull impact of credit market turbulence on economic activity can't befully evaluated yet, ...
Hedge Fund Manager Tobias Found Dead
Sep 05, 2007; ... NEW YORK (HedgeWorld.com) - Seth Tobias, general partner and chiefexecutive of hedge fund Circle T Partners LP, was found dead Tuesday[Sept. 4], floating face down in the swimming pool at his Jupiter,Fla. mansion, according to reports from the New York Daily News. Hewas 44.His ...
Renaissance Raising New Fund to Trade Futures
Sep 05, 2007; ... NEW YORK (Reuters) - Renaissance Technologies Corp. is raising itsthird quantitative hedge fund, this one specializing in tradingfutures and designed to handle up to $50 billion, a source familiarwith matter said. Renaissance, which is managed by mathematics ...
Regulators Reassure House on Credit Markets
Sep 05, 2007; ... WASHINGTON (HedgeWorld.com) - Five days after President Bushannounced new measures to help American homeowners, U.S. regulatorson Wednesday [Sept. 5] offered a less-than-gloomy outlook about thecredit and mortgage markets. Testifying before the House Committee on Financial ...
Moody's Moves on $14 Billion SIV Debt
Sep 05, 2007; ... NEW YORK and LONDON (Reuters) - Moody's Investors Service said itcut or might cut ratings on $14 billion of debt issued by structuredinvestment vehicles hit by market turmoil linked to the subprimemortgage crisis. Moody's analysts told investors on a conference call ...
RMF Launches Environmental Fund of Hedge Funds
Sep 05, 2007; ... LONDON (HedgeWorld.com) - RMF Investment Management, the Swiss-based fund of hedge funds subsidiary of Man Group plc, has committed$25 million to launch what it is billing as the first fund of fundsinvesting solely in environment-related assets and strategies. The RMF Environmental ...
Harcourt's August Saved by Low Leverage, Staying Put
Sep 05, 2007; ... GENEVA (HedgeWorld.com) - August was far from the best-ever monthfor Harcourt, a Zrich, Switzerland-based fund of funds provider with$5.1 billion under management. But halfway through the month itlooked as though it might turn out much worse, and companyrepresentatives were looking ...
Coming Weeks Will Show Extent of Credit Problems
Sep 05, 2007; ... LONDON (HedgeWorld.com) - The chairman of a boutique Londoninvestment bank said he believes it is too early to have a "fixedjudgment" on the effect on investment banking of the ongoingvolatility in credit markets. "Everybody knows the credit market is stagnant," Howard ...
Citi Closes Tribeca Fund; Old Lane Takes Over
Sep 06, 2007; ... NEW YORK (HedgeWorld.com) - Citibank announced on Wednesday [Sept.5] the liquidation of Tribeca Global Investments LLC, its $2.4billion multi-strategy flagship, which has operated as an in-houseplatform since it was created three years ago. Citigroup is nowmaking Old Lane LP, the ...
Report to Sarkozy Marks French Shift in Tone on Hedge Funds
Sep 06, 2007; ... LONDON (HedgeWorld.com) - A new report on how France can reach anaccommodation with globalization and the international marketeconomy, including hedge funds, is unlikely to be essential bedtimereading for continental hedge fund managers. But it does mark a shiftin tone. France's ...
Grant Thornton Creates Financial Services Group
Sep 06, 2007; ... LONDON (HedgeWorld.com) - Grant Thornton UK LLP announced lastweek that it established a new financial services group aftercompleting its July 1 merger with U.K. accountancy firm RSM RobsonRhodes LLP. The group replaces Grant Thornton's financial marketsgroup and Robson Rhodes' financial ...
N.J. Fraud Couple Enters Guilty Plea
Sep 06, 2007; ... NEW YORK (HedgeWorld.com) - An Englishtown, N.J. couple pleadedguilty in U.S. District Court to federal charges of insider tradingyesterday [Sept. 4]. The trades netted them $600,000, and now willput them in prison for up to three years. Xujia Wang, also known as Jennifer Wang, and ...
Global Advisors Shuts Funds, Explores Options
Sep 06, 2007; ... LONDON (HedgeWorld.com) - Commodities specialist Global Advisorsis shutting its two discretionary funds and returning money toinvestors. In a refreshingly frank press release, Daniel Masters, whoco-founded Global Advisors in 1999, said the action had been promptedby "poor performance and ...
Survey Shows Distressed Still Attractive, Despite New Risks
Sep 06, 2007; ... CHICAGO (HedgeWorld.com) - By now, hedge fund managers are wellaware of the dangers of investing in financially troubled companies -with near-daily reminders in the headlines this summer, how couldthey not be? Yet in spite of the risk, they still find it difficultto pass up what could be ...
Technology Briefs
Sep 06, 2007; ... Linedata Announces New Offering, Partnership HACKENSACK, N.J. (HedgeWorld.com) - Lindata Services hasintegrated its fund administration solutions to provide a combinedaccounting and recordkeeping solution for complex fund structures. The two systems are transfer agency ...
Mind the Gap: Maturity Mismatches Threaten SIVs
Sep 06, 2007; ... LONDON (HedgeWorld.com) - Subprime issues continue to claimvictims, even those with little direct exposure to low-graderesidential mortgage lending. And the news that a survey by the U.S.-based Mortgage Bankers Association found that foreclosures on one-tofour-unit homes had reached the ...
Congress Debates Carried Interest
Sep 06, 2007; ... WASHINGTON (HedgeWorld.com) - Lawmakers in Washington addressedtwo distinct efforts to increase taxes on carried interest atsimultaneous hearings Thursday morning [Sept. 6] - one before theSenate Finance Committee, the other before the House ofRepresentatives' Ways and Means ...
Housing Industry Woes Hit Spectrem Indexes
Sep 06, 2007; ... CHICAGO (HedgeWorld.com) - While the subprime mess morphed into abroader housing-industry mess last month, both millionaires and themerely affluent paid heed, and worried about their own investments. The Spectrem Affluent Investor Index, which had been at seven inJune and July, ...
Italian Investors Flee in August; HF Inflows Buck Trend
Sep 07, 2007; ... MILAN, Italy (HedgeWorld.com) - Italy's investors have engaged insome heavy selling of their equities and bond funds over the lastthree months, according to data from Assogestioni, the Italian assetmanagers' association. In total, they sold off a whopping 13.4billion euro ($18.5 billion) ...
Goldman, New Investors Gain on Fund Rebound
Sep 07, 2007; ... LONDON (HedgeWorld.com) - Goldman Sachs and several otherinvestors have made hundreds of millions of dollars after putting newmoney into one of the investment bank's biggest hedge funds in mid-August. Goldman's Global Equity Opportunities Fund took the virtuallyunprecedented ...
CalPERS Adds Hedge Fund Allocations in July
Sep 07, 2007; ... SACRAMENTO, Calif. (HedgeWorld.com) - The California PublicEmployees' Retirement System on July 1 made initial contributions of$75 million each to Money Management Group's CRG Partners LP andSuttonBrook Capital Partners LP, as part of its risk managed absolutereturn strategies program ....
RBS Says China May Benefit From Global Slowdown
Sep 07, 2007; ... GLASGOW, Scotland (HedgeWorld.com) - A report this week from theRoyal Bank of Scotland suggested that, far from being vulnerable to aglobal slowdown in demand, the Chinese economy may actually be in aposition to benefit from it. And while some analysts have expressedconcern regarding the ...
TXU Shareholders Expected to Vote for LBO
Sep 07, 2007; ... DALLAS (HedgeWorld.com) - Shareholders of TXU Corp., the Dallas-based utility company, are scheduled to vote Friday morning [Sept. 7]on the sale of their corporation to Kohlberg Kravis Roberts & Co. andTexas Pacific Group. While shareholders are expected to endorse theworld's ...
Charlemagne Emerging Market Funds Weather Volatility
Sep 07, 2007; ... LONDON (HedgeWorld.com) - The market volatility and consequent bigdrawdowns that hit a number of quantitative, credit and long/shortequity funds have not extended to the four emerging market OCCO-branded funds run by Charlemagne Capital plc, a specialist emergingmarkets fund ...
Managers Expect Consolidation, Volatility: Rothstein Kass
Sep 07, 2007; ... NEW YORK (HedgeWorld.com) - Hedge fund senior partners surveyed byRothstein Kass said they expect that consolidation lies ahead in thenext three years as larger financial institutions increasinglypurchase hedge fund firms and competition among funds for the pool ofhigh-net-worth ...
NEW: AIMA Chairman Christopher Fawcett on HedgeWorld TV
Sep 10, 2007; ... In this episode of HedgeWorld TV, Christopher Fawcett, chiefexecutive and chief investment officer at fund of funds FauchierPartners as well as chairman of the Alternative Investment ManagementAssociation, talks about AIMA's history, where it's going and how itsgrowth has reflected that ...
Citi Investors' Survey Shows Bullish Outlook
Sep 10, 2007; ... NEW YORK (HedgeWorld.com) - Investors are still bullish on stocksdespite the current credit crunch and market turmoil, accordinginstitutional clients of Citigroup, who were surveyed in the secondhalf of August, in the midst of the crisis. But this relative optimism does not appear ...
Fed Rate Cut: Done Deal Or Wishful Thinking?
Sep 10, 2007; ... NEW YORK (HedgeWorld.com.com) - The Federal Reserve Board willdecide next Tuesday [Sept. 18] whether or not to cut interest rates,and if so by how much. For now, it's anyone's guess what will happen,although Wall Street seems to be thinking that a cut is already inthe ...
Sentinel Trustee Wants to Auction Sports Tix
Sep 10, 2007; ... CHICAGO (HedgeWorld.com) - The trustee for Sentinel ManagementGroup Inc., a cash management concern that filed for bankruptcy lastmonth, has asked the court for permission to sell the debtors'remaining season tickets for the Chicago Bears football games andChicago White Sox baseball ...
BlueCrest Shuts Funds, Listed London Fund Slides Further
Sep 10, 2007; ... LONDON (HedgeWorld.com) - BlueCrest Capital Management Ltd. hasshut down a pair of related equity funds with a combined worth ofabout $550 million following a three-year period of disappointingperformance, according to reports. The two funds, BlueCrest EquityFund Ltd. and BlueCrest ...
Swiss Watchdog Wants to Lure Hedge Funds
Sep 10, 2007; ... ZRICH, Switzerland (Reuters) - Switzerland is home to some of theworld's biggest hedge fund buyers but is missing out on businessopportunities by not attracting the actual hedge fund managers toSwitzerland, the Federal Banking Commission (EBK) said on Monday[Sept ....
Pools or Clouds: Fragmentation has Silver Lining
Sep 10, 2007; ... NEW YORK (HedgeWorld.com) - The U.S. securities market isfragmenting, and this creates difficulties for traders. But it has anup side, according to a new white paper from EdgeTrade Inc., anagency broker. Many dark liquidity pools - venues for trades that aren't publiclydisplayed ...
Salus Brings Hedge Funds to European Retail Market
Sep 10, 2007; ... VIENNA, Austria (HedgeWorld.com) - While the U.S. Securities andExchange Commission debates just how much it ought to raise thewealth standard for accredited investors in the United States,European Union retail investors will soon get their first taste ofhedge fund investing. The ...
130/30 Strategies Not Just a Fad
Sep 10, 2007; ... NEW YORK (HedgeWorld.com) - A majority of investors said theyconsider 130/30 strategies to be a new investment paradigm with long-term potential, as opposed to a passing trend. Furthermore, nearlyhalf of investors currently implement 130/30 strategies or hope to doso within the next ...
Patent Reform Clears Hurdle
Sep 10, 2007; ... WASHINGTON (HedgeWorld.com) - The U.S. House of Representatives onFriday [Sept. 7] approved a sweeping patent law reform bill, inresponse to the concerns raised by industry groups that intellectualproperty claims and resulting litigation have become a bottleneck forinnovation and ...
People Briefs
Sep 10, 2007; ... Watson Wyatt Adds Researchers LONDON (HedgeWorld.com) - David Gold came on board the hedge fundresearch team at financial consulting firm Watson Wyatt, and DouglasCrawshaw joined the firm's real estate team. Mr. Gold will be basedin New York, while Mr. Crawshaw will be based in ...
Moody's: Credit Crunch to Double Default Rate
Sep 11, 2007; ... NEW YORK (HedgeWorld.com) - Liquidity stress is likely to causejunk-bond default rates to double to 4% over the next year. However,the current market disruption is not a repeat of the corporate creditquality crisis of the early 2000s and corporate investment-gradeissuers will have the ...
PFPC Moves to the City
Sep 11, 2007; ... LONDON (HedgeWorld.com) - Hedge fund accounting and administrationfirm PFPC International Ltd. opened a new office last month onCornhill Street in London's City financial district. PFPC, already well-established in Ireland and Luxembourg, said itintends the new office as a client ...
Man Booker Short List Unveiled
Sep 11, 2007; ... LONDON (HedgeWorld.com) - The short list for the 2007 Man BookerPrize for Fiction has been announced ahead of the Oct. 16 gala thatwill see the winning author unveiled on live television and awarded aprize of 50,000 ($100,000). Man Group plc recently renewed its sponsorship of the ...
Pirate Capital Suspends Redemptions on Two Funds
Sep 11, 2007; ... NEW YORK (Reuters) - Pirate Capital LLC, a hedge fund group knownfor taking activist stances in its investments, has suspendedinvestor redemptions on two of its four funds, citing "marketturmoil," according to an Aug. 31 letter to investors. Pirate, which is managed by former ...
Basel Committee Eyes New Risk Charges
Sep 11, 2007; ... BERNE, Switzerland (Reuters) - The world's top banking authority,the Basel Committee, is considering new capital charges that coulddiscourage some of the risky behavior behind the current creditcrunch by making it more expensive. Many big banks have been caught out in recent months ...
Rosenberg Gone, Lake Shore Fights On
Sep 11, 2007; ... CHICAGO (HedgeWorld.com) - Laurence Rosenberg, the former chairmanof the Chicago Mercantile Exchange, has confirmed reports that heleft his post with hedge fund Lake Shore Asset Management Ltd. in mid-August. Mr. Rosenberg was chairman of Lake Shore's advisory board. In abrief ...
ICE Acquires Chatham Energy
Sep 11, 2007; ... ATLANTA (HedgeWorld.com) - IntercontinentalExchange Inc. announcedthat it has reached an agreement with Chatham Energy Partners LLC toacquire Chatham's assets, thereby creating a wholly owned subsidiaryof the ICE. Chatham, a New York based inter-dealer broker that focuses on ...
Bearish Faber Says Buy Gold, Silver and Oil, Sell the Dollar
Sep 11, 2007; ... ZRICH, Switzerland (HedgeWorld.com) - Over the years Marc Faberhas earned something of a reputation for providing timely investmentadvice. He is credited with predicting the long-term decline of theJapanese market from 1990, for foreseeing the Asian financial crisisof 1997 and for ...
Instinet Clients Get Direct Access
Sep 11, 2007; ... NEW YORK (HedgeWorld.com) - Instinet clients who use the firm'sNewport and Trading Portal execution management systems now havedirect access to algorithms, alternative trading systems and salestrading desks at Bank of America, Credit Suisse and Goldman Sachs. Direct access means ...
Compliance Suffers from Part-Time CCOs
Sep 11, 2007; ... WASHINGTON (HedgeWorld.com) - Compliance, like love and pizza,means different things to different people. It's been several yearssince the Securities and Exchange Commission began requiringregistered advisers to establish compliance programs and appointchief compliance officers, and ...
August Movements Bruise Gottex Funds of Funds
Sep 11, 2007; ... LAUSANNE, Switzerland (HedgeWorld.com) - August was not one of thebest months ever for $14 billion fund of funds provider Gottex FundManagement, the firm's preliminary results show. The market neutraland directional offerings were the worst hit, while the diversifiedfunds also had what ...
Shorts See Gains in August: Hennessee
Sep 11, 2007; ... NEW YORK (HedgeWorld.com) - As hedge fund indexes begin to reporttheir August results, the world is getting its first glimpse of justhow hard hedge funds were hit last month, when credit fears sentmarket volatility soaring. Just how bad did it get among the hedges? There were ...
Hedge Funds Down in August, but Not Out for the Year
Sep 11, 2007; ... NEW YORK (HedgeWorld.com) - As hedge funds tried to regroup aftera stormy summer in the credit markets, just one of the six strategiestracked by the Dow Jones Hedge Fund Indexes posted net-of-fee gainsin August. All strategies were still up year-to-date, though,suggesting the losses ...
Harvard's El-Erian to Return to PIMCO
Sep 11, 2007; ... CAMBRIDGE, Mass. (HedgeWorld.com) - Mohamed El-Erian announcedTuesday [Sept. 11] that he will step down as president and chiefexecutive officer of Harvard Management Co., which manages theuniversity's $34.9 billion endowment fund, at the end of the year toreturn to his former company, ...