Reuters Hedgeworld back issues from June 2009:
Hedge Funds Worried Obama Moves Could Backfire
Jun 01, 2009 ... U.S. government efforts to revive a sluggish economy have cheeredmarkets since March, but some of the most successful investorsaround worry these moves may only make the bad times linger. Several hedge fund managers at an investment conference this weekwarned that a number of ...
Hedge Fund Manager Singer Wants Limits On Leverage
Jun 01, 2009; ... Aggressive government action can hurt the market, but regulatorsshould clamp down on leverage among banks and investors to preventanother credit crisis, veteran hedge fund manager Paul Singer saidat a conference. Singer said the current "anti-capitalist" fervor, inspired bylast ...
Hermes Calls For Greater Hedge Fund Transparency
Jun 01, 2009; ... Pension fund manager Hermes has called for a shake-up of thehedge fund industry, demanding greater transparency and feestructures more closely aligned to performance. The asset manager, which runs BT's pension fund, said it wantedto set up a committee to help drive through reforms ...
Citi, Morgan Stanley Start Brokerage JV Early
Jun 02, 2009 ... * Deal was expected to close in third quarter * Citi expects pretax gain of $10.9 billion * JV loses 1,500 advisers from original projection NEW YORK (Reuters)Morgan Stanley and Citigroup Inc. have startedtheir retail brokerage joint venture at least a month ahead ...
No Hedge Fund Now Poses Systemic Risk: LTCM partner
Jun 02, 2009 ... LONDON (Reuters)No single hedge fund today poses a systemic riskto the global financial system, said a former partner at Long TermCapital Management (LTCM), as lawmakers continue to hammer out rulesto control the industry. Even though many funds are now much larger than LTCM, ...
A Little Hope A Dangerous Thing For Commodities
Jun 02, 2009 ... SINGAPORE (Reuters)Optimism, a necessary precondition of a globaleconomic recovery, could also be the undoing of the commodity pricerally if producers focusing on future demand put their faith in aforex-fueled price rally. The growing din of analysts warning of the schism ...
Saks Shareholders Favor Proposals on Board
Jun 03, 2009; ... CHICAGO (Reuters) - Saks Inc. shareholders voted on Wednesday[June 3] to call on the struggling upscale retailer to put directorsup for election annually, eliminating a staggered board with three-year terms, in a move to make the board more accountable. Shareholders also voted for ...
Pallotta to Shut Down Raptor Fund, Reopen it Later
Jun 03, 2009; ... BOSTON (Reuters) - Hedge fund manager James Pallotta, who longdelivered some of the industry's best returns, told clients onTuesday [June 2] that he will shut down his $800 million RaptorGlobal fund in July. Mr. Pallotta, 51, told investors that he had grown concernedabout the ...
Och-Ziff Eyes New Portfolios, Will Invest Own Money
Jun 03, 2009; ... BOSTON (Reuters) - Och-Ziff Capital Management, one of theworld's few publicly traded hedge fund companies, plans to put itsown money into its new portfolios and hopes this will prompt otherinvestors to follow. The $21.5 billion hedge fund company, which currently managesfour ...
JPMorgan to Break up Unit's Hedge Fund Business
Jun 03, 2009; ... NEW YORK (Reuters) - JPMorgan Chase & Co. is disbanding its stand-alone Principal Investment Management Group's hedge-fund businessand private-equity division and shifting staff from this unit to sitwithin existing businesses, according to a person familiar with thereorganization ....
Citadel's Flagship Funds up 21% in '09: Sources
Jun 03, 2009; ... NEW YORK (Reuters) - Citadel Investment Group's flagship hedgefunds, slammed by losses and redemption requests last year, aremounting a comeback that paves the way to start releasing somesuspended shareholder withdrawals this fall, according to peoplewith access to its ...
Hedge Firm Brevan Howard Sees Profit Jump
Jun 03, 2009; ... LONDON (Reuters) - Brevan Howard Asset Management, Europe'sbiggest hedge fund firm, more than doubled its operating profit inthe year to July 2008, helped by a strong performance from itsflagship fund. The firm made an operating profit of 503 million ($835.2 million)in the year, ...
CFTC Chief Backs Wide-Reaching Trade Limits
Jun 03, 2009; ... WASHINGTON (Reuters) - The new chairman of the U.S. agency thatoversees the futures markets said on Tuesday [June 2] thatcomprehensive multi-market position limits on trading would curbexcessive speculation and protect investors. Gary Gensler, who became head of the Commodity ...
Masters Says Signs of Oil Bubble Starting to Appear
Jun 04, 2009 ... WASHINGTON (Reuters) - Congress has not done enough to curbexcessive speculation in the oil markets, leaving the countryvulnerable to another price run-up in 2009, hedge-fund managerMichael Masters said on Thursday [June 4]. Appearing before the Senate Agriculture Committee, Mr ....
UBP Looks for Buys in Swiss Private Banking Sector
Jun 04, 2009 ... ZRICH, Switzerland (Reuters) - Swiss private bank Union BancairePrive (UBP), hit hard by the Bernard Madoff investment scandal, hasseveral billion Swiss francs available for takeovers and is lookingfor buys in Switzerland, its chief executive was quoted as saying ina newspaper interview ...
E.U. Laws Will Drive Some Hedge Funds from U.K.: Odey Exec.
Jun 04, 2009 ... LONDON (Reuters) - Some hedge funds will leave the United Kingdomif draft new European law is not changed, said one manager presentat a meeting this week with the Treasury, in which the industryexpressed grave doubts about the rules. Proposed new European Union rules to force ...
HFs Threaten to Quit U.K. over Draft E.U. Law: Report
Jun 04, 2009; ... LONDON (Reuters) - Some of Britain's biggest hedge funds havewarned the U.K. Treasury they will be forced to leave the countryunless a draft European directive is radically changed, theFinancial Times reported. The newspaper said some have already begun back-up ...
U.S. to Unveil Regulatory Reform Plan June 17: Source
Jun 04, 2009; ... WASHINGTON (Reuters) - The Obama administration plans to unveilon June 17 its sweeping plan to overhaul financial regulation,according to a source familiar with thinking at the U.S. TreasuryDepartment. The proposal will serve as a framework for lawmakers as theyembark on the ...
Obama Reforms Target Executive Pay: Frank
Jun 04, 2009 ... WASHINGTON (Reuters) - A much-anticipated package of financialregulations from the Obama administration will call for a financialproducts safety commission and new rules on executive pay, hedgefunds and derivatives, the chairman of the U.S. House ofRepresentatives Financial Services ...
Morgan Stanley Hires UBS Derivatives Heads: Report
Jun 04, 2009; ... NEW YORK (Reuters) - Aiming to become a top-tier broker in thelisted futures and options industry, Morgan Stanley hired ClarkHutchison and Bill Templer, co-heads of exchange-traded derivativesat UBS, the Financial Times reported on its website late onWednesday [June 3]. The duo ...
Putnam CEO Says Firm to Offer Hedge Funds Soon
Jun 05, 2009 ... BOSTON (Reuters) - Putnam Investments, a mutual fund company,plans to offer hedge fund portfolios in the next six to 12 months,its chief executive officer said on Friday [June 5]. "It is a business we would like to get into," Robert Reynoldstold a conference at Boston College ....
GLG Soars on CFO Comments about Returns, Assets
Jun 05, 2009 ... NEW YORK (Reuters) - Asset management firm GLG Partners Inc. -slammed last year by losses, departures and redemptions - has postedstrong fund performance so far this year and sees assets starting torebound, Chief Financial Officer Jeffrey Rojek told investors onThursday [June ...
ABN Does Not Want to be Foreign-Owned When Sold: CEO
Jun 05, 2009 ... AMSTERDAM, Netherlands (Reuters) - Dutch state-owned bank ABNAMRO does not want to be sold to a foreign party and aims for long-term shareholders when it is privatized, ABN AMRO's chief executivesaid in a magazine interview on Friday [June 5]. The Dutch government nationalized the ...
CME Questions Forced OTC Derivative Clearing
Jun 08, 2009 ... WASHINGTON (Reuters) - Exchanges giant CME Group Inc. on Monday[June 8] said that government-mandated clearing of all over-the-counter derivatives could drive business overseas, and that itopposes merging the U.S. Securities and Exchange Commission with theU.S. Commodity Futures Trading ...
Ackman Appointed to General Growth Board
Jun 08, 2009 ... NEW YORK (Reuters) - William Ackman, founder of the PershingSquare Capital Management LP hedge fund, has joined the board ofbankrupt shopping mall operator General Growth Properties Inc.,where he is a large shareholder. Pershing Square and its affiliates own slightly less than 7.5% ...
Hedge Funds Post Best Month Since 2000: HFR
Jun 08, 2009 ... NEW YORK (Reuters) - Hedge funds in May delivered their highestmonthly gains in nearly a decade, the latest sign the industry maybe recovering from disastrous losses and withdrawals last year,Hedge Fund Research Inc. said Friday [June 5]. The Chicago firm's widely watched ...
Guinness-Backed Hedge Firm Debuts Alternatives Fund
Jun 08, 2009 ... LONDON (Reuters) - Hedge fund firm 47 Degrees North has launcheda portfolio that will invest in funds in areas such as electricity,transportation and volatility arbitrage as it seeks fresh ways tosidestep falls in traditional markets. The firm, which is part-owned by Iveagh, the ...
Commodity Bubble Feared as Gains Ignore Fundamentals
Jun 08, 2009 ... NEW YORK (Reuters) - A rush of investors betting signs of aneconomic rebound will spark demand for oil and other raw materialshas driven prices to levels that may belie fundamentals and createdthe specter of another commodities bubble. Oil prices have jumped nearly 30% over the ...
Pension Fund Rethink may Buoy Hedge Funds: Lipper
Jun 09, 2009 ... ZRICH, Switzerland (Reuters) - Hedge fund outflows of $116billion in the first quarter of 2009 were the second highest since1994, Lipper data show, yet hedge funds may yet receive a boost fromsome pension funds before the end of the year. Aureliano Gentilini, Lipper's global head ...
Lenders Mount Loan-to-Own Bid for Monier: Sources
Jun 09, 2009 ... LONDON (Reuters) - Lenders to French roofing company Monier Grouphave launched a takeover bid to oust current private equity ownerPAI Partners, three sources with knowledge of the situation said. The new debt-for-equity offer challenges earlier debtrestructuring proposals from ...
Horlick Seeks to Trump Tchenguiz over Bramdean
Jun 09, 2009 ... LONDON (Reuters) - Nicola Horlick has broken cover as the mysterybidder for Bramdean Alternatives, the ailing asset manager whoseboard property tycoon Vincent Tchenguiz is seeking to replace. Ms. Horlick's investment vehicle, Petersfield Asset ManagementLtd., was named on Tuesday ...
U.S. Swindler's Girlfriend Sentenced to House Arrest
Jun 09, 2009 ... NEW YORK (Reuters) - The girlfriend of hedge fund swindler SamuelIsrael was sentenced to three years of probation, including fourmonths of house arrest, on Tuesday [June 9] for helping him stagesuicide to avoid going to prison. Debra Ryan, of Armonk, N.Y., could have been ordered ...
Citadel's Griffin Joins Troubled E*Trade's Board
Jun 09, 2009 ... NEW YORK (Reuters) - Kenneth Griffin, the chief executive ofCitadel Investment Group, has joined the board of E*Trade FinancialCorp. in a move that suggests the giant U.S. hedge fund wants astronger hand in steering the troubled online brokerage. Citadel, E*Trade's largest debt and ...
Options Block Trading Firm Ballista Gets Funding
Jun 09, 2009 ... CHICAGO (Reuters) - Privately held venture Ballista Holdings saidon Tuesday [June 9] that it received funding from a group ofinvestors to expand its electronic platform for block options andcomplex options strategies. The investors represent a cross-section in the ...
Opinion: When Hedge Funds Lose Their Mojo
Jun 09, 2009 ... Matthew Goldstein is a Reuters columnist. The views expressed arehis own. NEW YORK (Reuters) - We're not quite there yet, but hedge fundmanagers may soon need to start giving away toasters - or perhapsplasma TVs - to woo new investors. Forcing the funds to eat a littlehumble pie ...
Opinion: U.K. has Uphill Struggle over E.U. Fund Rules
Jun 09, 2009 ... Margaret Doyle is a Reuters columnist. The opinions expressed areher own. LONDON (Reuters) - Lord Myners, Britain's City minister, saidlast week that Europe's proposed Alternative Investment FundManagers (AIFM) directive was "nave." His officials believe thatsome of the proposals ...
U.S. Republicans to Oppose Fed as Systemic Regulator
Jun 09, 2009 ... WASHINGTON (Reuters) - U.S. Republican lawmakers intend to opposethe Federal Reserve getting new powers to regulate systemic risk inthe economy, according to a draft discussion document obtained byReuters on Monday [June 8]. Republicans believe the Fed should be stripped of its ...
ECB Gains, U.K. Wanes in Financial Regulation
Jun 09, 2009 ... LONDON (Reuters) - Radical reform of financial supervision inEurope shows how power is shifting in the wake of the credit crunch,with the European Central Bank's star rising and Britain set to loseclout. Nine months after the collapse of Lehman Brothers Holdings Inc.,it is ...
Hedge Fund DE Shaw Fires 25 Support Staff: Sources
Jun 10, 2009 ... NEW YORK (Reuters) - D.E. Shaw & Co., one of the world's largesthedge fund managers, fired about 25 administrative and support staffon Tuesday [June 9] and reassigned other employees in an effort toboost efficiency, people familiar with the situation said. The job cuts represent a ...
CB Richard Ellis Jumps on Sale of Shares, Debt
Jun 10, 2009 ... NEW YORK (Reuters) - CB Richard Ellis Inc. stock rose 13% onWednesday [June 10] after the world's largest real estate servicesfirm said it agreed to sell 13.4 million shares to hedge fundPaulson & Co. and expected to generate $100 million from the sale. In addition, CB Richard ...
U.S. Financial Planner Accused of $6 Million Fraud
Jun 10, 2009 ... NEW YORK (Reuters) - A U.S. money manager who ran a financialplanning firm has been arrested on charges of defrauding clients ofmore than $6 million by stealing from their accounts, authoritiessaid on Wednesday [June 10]. Matthew Weitzman, a founder and former principal at AFW ...
Opinion: IFRS Adoption in Canada - Lessons Learned
Jun 10, 2009 ... In today's increasingly global economy, businesses, regulatorsand investors are demanding more globally consistent and comparablefinancial reporting standards on which to base their decisions. As aresult, many countries have moved to or are in the process of movingto a single set of ...
E.U. to Seek Rapid Progress on Financial Regulation
Jun 10, 2009 ... BRUSSELS, Belgium (Reuters) - At a summit next week, EuropeanUnion leaders will call for rapid progress on agreeing andimplementing new financial regulations to prevent another globaleconomic crisis, a draft summit declaration showed on Wednesday[June 10]. The draft, prepared for ...
France to Keep Short Selling Ban: AMF Regulator
Jun 10, 2009 ... PARIS (Reuters) - France will maintain its ban on the short-selling of financial stocks for the time being, the head of thecountry's AMF market regulator said on Wednesday. "The AMF has decided to maintain the plans to ban short-sellingon financial stocks while we await the ...
Reluctant Hedge Fund Managers Eye M&A Deals
Jun 10, 2009 ... LONDON (Reuters) - The beleaguered hedge fund industry is rifewith talk of consolidation, as dwindling asset bases eat into firms'profits, with the key barriers likely to be hedge fund managers'egos and poor rewards for sellers. Man Group and RAB Capital have both indicated they ...
Private Equity Looks To Recruit Private Investors
Jun 11, 2009 ... *PE managers see tougher capital raising conditions *Private investors jittery about exiting funds BOSTON (Reuters)Smaller private equity firms plan to rely more onwealthy investors for new capital even as these rich clients grumbleabout high fees, low returns and fear they ...
Asian Exporters Pin Hopes On China As West Sputters
Jun 11, 2009 ... BEIJING/HONG KONG (Reuters)Emerging economies in Asia mayoutperform developed markets on the road to recovery if theirexporters can capitalize on rebounding growth in China to escapesluggish U.S. and European markets. But some exporters and economies in the region are better ...
FACTBOX: Major US Financial Regulation Initiatives
Jun 11, 2009 ... (Reuters)The Obama administration and congressional Democrats aremoving to tighten U.S. financial regulation to prevent anotherbanking and market crisis. Changes will affect banks, hedge funds, exchanges and othersegments of the financial services industry. The administration ...
BlackRock to Buy BGI, Becomes Top Asset Manager
Jun 12, 2009 ... BOSTON (Reuters) - BlackRock Inc. said on Thursday [June 11] itwill buy British bank Barclays Plc's investment arm BGI for $13.5billion in a blockbuster deal that will create the world's biggestasset manager. For BlackRock, a 21-year old company which relied heavily ...
Battered Hedgies see Cause for Hope at Monaco Summit
Jun 12, 2009 ... LONDON (Reuters) - Hedge funds meeting for their annual get-together in Monaco next week are hoping recovering profits will helpplacate clients, after the industry was heavily culled and sufferedits worst year on record. An exodus of investors followed a year in which hedge funds ...
BlackRock's Fink Engineers Biggest Deal of Career
Jun 12, 2009 ... BOSTON (Reuters) - In the rarefied circles of institutionalinvestors and government officials asking for investment aid,Laurence Fink is known as the go-to man. Now he may become that to average savers around the world. As chief executive of BlackRock Inc., already the ...
Opinion: A Duck is Still a Duck - GM and the Greatest PIPE Deal of Our Time
Jun 12, 2009 ... As the managing partner of a hedge fund firm that has for over adecade specialized in Direct Investments or PIPE transactions, myopinion is often sought after on matters of finance and dealstructure. Recently I was asked for my thoughts on the government'sGeneral Motors Corp. bailout ...
Asian Hedge Funds Returned 9% in May: Eurekahedge
Jun 12, 2009 ... SINGAPORE (Reuters) - Asian hedge funds gained for a thirdconsecutive month in May, rising an estimated 9.02% from a month agoas stocks and commodities rallied while the dollar weakened, hedgefund tracker Eurekahedge said on Friday [June 12]. The positive returns in May, which is ...
BGI Deal Flags Institutional Bank, Fund Arm Split
Jun 12, 2009 ... LONDON (Reuters) - Consolidation in the asset management industryis set to intensify as encroaching regulation and client demands forindependence force banks to hive off fund arms, Barclays said onFriday [June 12]. Major investment banks were finding it ever harder to keep holdof ...
Morgan Stanley Top Asia Banker Resigns, Co-Heads Named
Jun 12, 2009 ... HONG KONG (Reuters) - Morgan Stanley said its head of AsiaPacific investment banking, Matthew Ginsburg, has resigned and namedco-heads to replace him, amid speculation that Mr. Ginsburg isheading to Barclays. According to sources close to the matter Mr. Ginsburg, a veteranAsia ...
Investcorp Scraps COO Role
Jun 12, 2009 ... MANAMA, Bahrain (Reuters) - Bahrain investment bank Investcorphas scrapped the position of chief operating officer to "streamlineits management" in the current economic climate, it said on Friday[June 12]. Investcorp posted a first-ever loss of $511 million for the sixmonths ...
Hedge Funds Face Redemption Risks; Leverage to Rise: ECB
Jun 15, 2009 ... LONDON (Reuters) - Hedge funds face redemption risks frominvestors who have not yet unwound their investments while theindustry's leverage level is set to increase as markets recover, theEuropean Central Bank said on Monday [June 15]. In its half-yearly Financial Stability Review, ...
Vedanta to up Note Portion of Asarco Offer: Report
Jun 15, 2009 ... NEW YORK (Reuters) - Vedanta Resources PLC will increase the noteportion of its offer to take copper giant Asarco LLC out ofbankruptcy, The Wall Street Journal reported on Sunday [June 14]. Citing an amended debtor's filing that may be submitted as soonas Monday [June 15], the ...
SAIL Advisors to Manage Three ING Funds of Hedge Funds
Jun 15, 2009 ... SINGAPORE (Reuters) - SAIL Advisors, a Hong Kong-based fund ofhedge funds operator, said on Monday [June 15] it will take over themanagement of three ING funds in a move that will see a senior INGexecutive join the Hong Kong firm. Under a complex deal, SAIL will sub-advise three ...
Hedge Funds, Private Equity Eye Shift of E.U. Power
Jun 15, 2009 ... LONDON (Reuters) - Hedge funds and private equity firms arehoping a resurgent right wing in European politics will give themstronger support when they call for changes to proposed legislationthey see threatening their industries. The coalition of European conservative parties won ...
Six Flags Chapter 11 to Hurt Unsecured Creditors
Jun 15, 2009 ... NEW YORK (Reuters) - A plan outlined by Six Flags Inc. on Monday[June 15] would leave secured lenders with lion's share of the themepark operator when it emerges from bankruptcy while unsecuredlenders would get very little. In a securities filing, Six Flags said credit obligations ...
U.S. Congress Sets Many Hearings on Financial Reform
Jun 15, 2009 ... WASHINGTON (Reuters) - Congressional committees have tentativelyscheduled more than a dozen hearings between now and mid-July toexamine proposals to overhaul U.S. financial regulation, saidcongressional aides on Monday [June 15]. Hearings not previously announced include one on ...
Test Awaits Obama This Week on Financial Reforms
Jun 15, 2009 ... WASHINGTON (Reuters) - The Obama administration on Wednesday[June 17] will unveil its long-awaited plan to tighten U.S.financial regulation, marking a test of its resolve to seizepolitical opportunity and face down powerful interests. Banks and financial firms are pushing hard in ...
BlackRock Seals 2 Billion Henkel Pension Deal
Jun 15, 2009 ... LONDON (Reuters) - German detergents and cosmetic group Henkelhas outsourced the asset management of 2 billion ($2.78 billion) inpension assets to BlackRock, the fund manager said on Monday [June15]. Henkel's German, U.K., U.S., Irish and Dutch pension schemes wereinvolved in the ...
Asia Hedge Funds Eye Q3 Inflows
Jun 15, 2009 ... SINGAPORE (Reuters) - Asia-based hedge funds will see aturnaround in inflows in the third quarter as investor confidencereturns, but new players may still struggle on concerns over riskcontrols in the industry. Like their counterparts in Europe and North America, Asian ...