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Dalio's Large Philanthropic Foundation

Ray Dalio is Building a Large Philanthropic Foundation

Ray Dalio, an American hedge fund manager and founder of the investment firm Bridgewater Associates, is building a large philanthropic foundation.
According to the most recent public tax filing made by the Dalio Foundation, Dalio contributed $400 million to his foundation in 2013, pushing its total assets to $842 million. The foundation ended 2012 with $590 million in assets.
With an estimated net worth of $15.4 billion, Dalio is the second-wealthiest hedge fund manager. George Soros is the only hedge fund manager with a higher net worth.
In 2011, Dalio signed the Giving Pledge, a campaign led by Bill Gates and Warren Buffett to get the world’s richest people to give a majority of their wealth to philanthropy. “We were lucky enough to have experienced the whole range of financial circumstances, from not having any money to having a lot. Fortunately that happened in the best order,” Dalio and his wife, Barbara, wrote in their Giving Pledge letter.
Source: Forbes

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Elliott Management Buys Axis

Sweden’s Axis Secures Investment from Hedge Fund Elliott Management

7.5% stake in Swedish surveillance camera maker Axis has been acquired by hedge fund Elliott Management, potentially raising pressure on Japan's Canon to raise its bid for the firm.
The stake was disclosed in a filing with Sweden's Financial Supervisory Authority.
Canon's roughly $2.8 billion bid for Axis requires acceptance from shareholders with 90 percent of shares, meaning Elliott Management would need to team up with more owners to block the bid, or raise its stake above 10 percent.
Canon launched the bid to buy all Axis shares for 340 crowns apiece, a nearly 50 percent premium, in February.
Elliott did not immediately respond to a request for comment on its intentions.
Source: Reuters

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Northern Trust Hedge Fund

Northern Trust Hedge Fund Appoints David Burnett as Head of Services in Europe and EMEA

David Burnett has been appointed by Northern Trust as head of Northern Trust Hedge Fund Services in Europe, Middle East and Africa (EMEA), to support the continued momentum of Northern Trust’s hedge fund administration business.
Based in London, Burnett will lead Northern Trust Hedge Fund Services in EMEA, reporting to Peter Sanchez, global head of Northern Trust Hedge Fund Services.
“Managing hedge funds amidst the challenges of today’s market environment requires the right combination of expertise, automation and controls,” said Peter Sanchez, global head of Northern Trust Hedge Fund Services. “David has been instrumental in integrating Hedge Fund Services in EMEA and his invaluable experience will ensure we are best placed to continue providing outstanding client service using innovative technology.”
“Data management is critical to the success of our client’s ability to meet regulatory, investor, and operational requirements,” said Burnett. “Our technology delivers real-time, transparent and consolidated data which supports meeting the diverse range of stakeholder data requirements.”
Source: Business Wire

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Asia-Pacific Hedge Funds' Growth

Asia-Pacific Hedge Funds Record Strong Growth in 2014

During 2014, assets of the Asia-Pacific hedge funds reached a record $192.81 billion or a 21 percent increase from the $139.8 billion recorded at end 2013.
The figure is still higher than the previous industry high of $191bn that was seen in the pre-crisis heyday of 2007, according to the latest AsiaHedge Asset Survey.
"Asian hedge funds have delivered two solid years of outperformance in 2013 and 2014 – which has put Asia firmly back on investors’ radar screens. In particular, many of the Asian billion dollar funds brought in strong double digit returns in 2014, boosting investor confidence," commented Aradhna Dayal, editor of AsiaHedge and head of Asia for HedgeFund Intelligence.
The survey also found that China-focused strategies emerged as the largest hedge fund category in Asia last year, with assets at $32.88bn. It added that as much as 86% or $167bn of industry assets are now being managed out of Asia. Hong Kong is the biggest hub for these funds, with as much as $68bn of assets based in Hong Kong, way ahead of traditional hubs like New York and London.
Source: Opalesque

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World’s Largest Hedge Fund

World’s Largest Hedge Fund Manager Releases Two UCITS-Compliant Equity Funds

The world’s largest publicly traded hedge fund manager Man Group released two UCITS-compliant equity funds as it aims to attract retail investors.
The funds will be managed by Man Numeric, the Boston-based quantitative manager acquired by Man Group in September 2014.
Domiciled in Dublin, the Man Numeric Market Neutral Alternative fund and the Man Numeric Emerging Markets Equity fund are the first UCITS vehicles to be offered to the European market by the US fund manager, which has $16.7bn of assets under management.
Man Numeric’s co-heads of hedge fund strategies Greg Bond and Daniel Taylor will manage both funds.
Man Numeric president and chief executive Michael Even said: “We are delighted to launch these UCITS-compliant funds, offering investors in the European market access to two of our core alpha-generating strategies for the first time.”
The Man Numeric Market Neutral Alternative fund offers exposure to one of Man Numeric’s core strategies, the 14-year old Numeric Alternative Market Neutral Strategy, formerly known as Numeric Multi-Strategy Market Neutral Strategy.
The Man Numeric Emerging Markets Equity fund is based on the Numeric Emerging Markets Core Strategy, which launched in June 2013.
Source: Fundweb

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2015 Hedge Funds Strong Performance

Hedge Funds are Posting Strong Performance of 2.52% in 2015

According to Preqin, a leading source of data and intelligence for the alternative assets industry, hedge funds posted strong performance of 2.52 percent so far in 2015.
Hedge funds are outpacing stocks in 2015, various data trackers said; Brevan Howard’s largest hedge fund was up 3.6% this year after posting its first loss in 2014; Value Partners saw its net profit double last year on strong returns; APS Asset Management (APS) saw its China Alpha Fund return 4.71% in February (+7.27% YTD); and Blueshift Capital Group saw its main fund drop more than 8% last month.
One Oak Capital launched the Alpha Opportunities Fund that targets institutional investors, high net worth individuals and family offices; Gottex is preparing to launch its first low cost "risk premia" investment product; Polen Capital has launched a new global growth equity strategy fund to be managed by Julian Pick; Sandell Asset launched a new hedge fund-backed reinsurer in Bermuda; Asia Frontier Capital has announced the launch of the AFC Iraq Fund; multi-strategy asset manager CQS launched a new long-only Global Convertible Bond Fund; and Neuberger Berman has extended its liquid alternatives UCITS platform with the launch of the Neuberger Berman Global Long Short Equity Fund.
Source: Opalesque

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Oil Hedge Fund

Andurand Capital Posts Gains of 13.5% in February 2015

According to source familiar with the matter, Andurand Capital, an energy hedge fund, was up 13.5 percent at the end of February, as one of the world's most famous oil traders extended a winning run.
French fund manager Pierre Andurand, who made almost 50 percent last year betting on the oil crash, returned about 10 percent in January and 3 percent in February, the source said, as crude stabilised after hitting a six-year low near $45 a barrel.
Andurand, whose career included stints at Wall Street bank Goldman Sachs and commodities trading giant Vitol, made his name in 2008 when his BlueGold fund correctly called the spike and subsequent collapse in oil.
BlueGold shut at the end of 2011 as Andurand and co-founder Dennis Crema went their separate ways.
Since launching the new London-based fund in 2013, Andurand Capital has increased its assets under management to $450 million, the source said. That is up from $400 million at the start of 2015.
Speaking in December, Andurand said wild oil price swings would continue after the Organization of the Petroleum Exporting Countries (OPEC) declined to cut production, choosing to compete to hold on to market share rather than trying to prop up the price.
Source: Reuters

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Neuberger Berman Buys Jana Partners

Neuberger Berman Buys 20% Stake in Hedge Fund Firm Jana Partners

Jana Partners LLC, a New York based hedge fund managed by Barry Rosenstein, has sold 20 percent in firm to Dyal Capital Partners, a unit of investment manager Neuberger Berman.
The deal, with Neuberger’s Dyal Capital Partners, values New York-based Jana at roughly $2 billion, according to a person familiar with the matter. Jana, which manages more than $11 billion, is known for buying stakes in companies and then seeking to work with management as it pushes for change.
Activists have long been Wall Street outsiders, criticized as brash speculators more interested in a quick profit than the long-term success of their corporate targets. But in recent years they have attracted large flows of money from institutions as some firms have dialed back the vitriol and delivered performance outpacing other hedge funds.
The stake sale gives Jana, one of the biggest activist funds, a stamp of approval from an established investment manager as well as more money to invest. The stake is passive, meaning Dyal won’t have a say in Jana’s operations, according to a Jana investor letter.
Source: Wall Street Journal

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European Equity Markets

Hedge Funds Rise 2.2% on European Central Bank’s Extension

Following to data provider BarclayHedge, the European Central Bank’s extension of aid to Greece and its new €1.1 trillion stimulus package rallied European equity markets helped pushed hedge funds to gain 2.2 percent in February.
It added that the quantitative easing also calmed down deflation fears on rising prices for oil and other commodities.
The Barclay Hedge Fund Index was up 2.14% year-to-date. "Risk factors were largely out of the limelight in February," says Sol Waksman, founder and president of BarclayHedge.
All but one of Barclay’s 18 hedge fund indices had gains in February. The Healthcare & Biotechnology Index jumped 4.49%, equity long bias was up 4.02%, the Event Driven Index gained 3.57%, Pacific Rim Equities rose 2.81%, Distressed Securities added 2.18%, and European equities were up 2.09%.
The only losing hedge fund strategy in February was the Equity Short Bias Index, which dropped 3.70%. Equity short bias is down 3.70% year-to-date.
After two months in 2015, healthcare & biotechnology leads all hedge fund indices with a 6.81% gain. European equities are up 2.81%, equity long bias has gained 2.74%, global macro is up 2.71%, and the Event Driven Index has gained 2.49%.
Source: Opalesque

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One Oak Launches New Hedge Fund

One Oak Introduces Its New Hedge Fund Entitled Alpha Opportunities Fund

A new hedge fund that targets institutional investors, high net worth individuals and family offices entitled Alpha Opportunities Fund, has been launched by Oak Capital Management, LLC, according to South Carolina financial services firm’s announcement.
One Oak chief executive officer Steve DiTursi said, "We are excited about the fund launching and view it as a critical step in building our firm. The product is designed for institutional investors, high net worth individuals and family offices seeking strategies with investment grade quality assets, higher liquidity and the mitigation of interest rate risk."
He explained that One Oak’s expertise employs a highly disciplined relative value long-short credit strategy. The fund seeks to exploit short-term trading opportunities in the investment grade corporate bond market.
"Given the size and scope of the corporate bond market, many opportunities arise that offer the possibility for above market rates of return from fixed income, particularly as it relates to trading volume segmentation" said Joe Scellato, One Oak’s chief investment officer. He commented further, "Our strategy has caught the attention of investors as we seek to manage the residual interest rate risk in our positions and the portfolio, as is practical."
Source: Opalesque

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Michael Platt’s Hedge Fund

Michael Platt’s Hedge Fund is Opening Its High-Performing Equity Fund

Michael Platt's $14 billion hedge fund firm BlueCrest is launching its high-performing equity fund to outside investors, marking a new attempt by one of Europe's biggest hedge funds to expand into the asset class.
The BlueCrest Equity Strategies fund has operated with its own capital of $1 billion until now but plans to accept its first money from third parties from April, sources familiar with the matter told Reuters.
BlueCrest aims to double the fund's assets in a first fundraising round after delivering annualised returns of 11.8 percent, with volatility of 6 percent, since the fund was launched in July 2013.
The fund returned 9.3 percent last year, marketing material for the fund seen by Reuters showed, more than twice that for the Eurekahedge Hedge Fund Index.
Ed Orlebar, a spokesman for BlueCrest declined to comment.
The move into equities bolsters BlueCrest's product line which until now had focused on asset classes such as interest rates, fixed income and credit.
It also highlights a broader trend in the industry where big hedge funds are strengthening their product range to attract capital from institutional investors that have boosted the industry's assets to almost $3 trillion.
The new equity fund's performance provides a much needed boost for BlueCrest, which has had weak returns from its flagship macro fixed income fund.
Source: Reuters

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Hedge Fund Buys Penso

$27B Hedge Fund Firm Acquires 25% Stake in Penso Advisors

25% stake in Penso Advisors LLC, an advisory firm that manages money for pension funds, endowments and large investors, has been acquired by hedge fund Brevan Howard Asset Management, following to Wall Street Journal report.
The New York firm, Penso Advisors LLC, helps clients hedge their portfolios to protect them from crises and in some cases looks for investment opportunities for them.
As part of the deal, Brevan Howard will get a share of fees that Penso collects, said a person familiar with the matter.
Both Penso and Brevan Howard declined to disclose how much Brevan Howard paid for the stake. Penso will remain independently managed, Penso Chief Operating Office Jaime Shechter said in a statement. The deal closed Thursday.
Penso, which manages and advises on $3.1 billion, said it would benefit from Brevan Howard’s institutional infrastructure.
Penso is run by derivatives specialist Ari Bergmann.
In recent years, private-equity firms have gotten into the business of buying stakes in hedge funds either directly or through funds they have raised to do so, as banks have stepped back from the sector.
Source: Wall Street Journal

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Hedge Funds’ March Index

Slight Increase for Hedge Fund Allocations in March, 2015

Following to the latest SS&C GlobeOp Capital Movement Index, hedge funds are posting a slight increase in allocations from hedge funds in the first week of March, 2015.
Data also showed that the inflows and outflows into hedge funds were largely unchanged this month compared to February figures.
"March data showed a modest gain in the SS&C GlobeOp Capital Movement Index with both inflows and outflows somewhat muted, but broadly in line with seasonal expectations. The overall steadiness of the increase in hedge fund investments is noteworthy in light of recent higher volatility in financial markets.
Source: Opalesque

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David Fear's Hedge Fund

David Fear Sets up Own Hedge Fund with $1.5B in AUM

Thunderbird Partners, a hedge fund with $1.5 billion in assets under management, has been launched by David Fear, who long ran a London-based hedge fund for the billionaire Ziff brothers.
That makes Thunderbird one of the biggest hedge-fund launches so far this year.
The rush to get access to Mr. Fear’s stock hedge fund even as many new start-up funds struggle to raise money underscores investors’ hunger to park money with managers they believe can consistently generate profits. Even as the number of funds globally has grown by more than 60% in the last decade to an all-time high of 6,154 last year, according to research firm eVestment, many longtime investors in hedge funds — and some veteran traders themselves — say too few justify their fees.
Two institutional investors who got access to Thunderbird, according to people familiar with the matter, are University of Texas Investment Management Co., or Utimco, which invests billions for the benefit of the University of Texas and Texas A&M Systems, and Investure LLC, an outsourced investment office business that manages money for colleges and foundations, including Smith College and Middlebury College.
The Ziffs also invested with Mr. Fear, according to people familiar with the matter, with Dirk Ziff, the eldest brother and a close friend of Mr. Fear’s, acting as a reference.
People familiar with Mr. Fear, a publicity-averse Canadian who has called London home since 2001, say his long experience managing money and his senior position with the Ziffs helped him drum up investor interest. A prominent family in the hedge-fund industry, the Ziffs are known for backing some of Wall Street’s biggest names, including William Ackman, Edward Lampert and Daniel Och, before shifting tack to start managing their money internally in 1999.
Source: Wall Street Journal

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Ratan Capital Fund

Nehal Chopra’s Hedge Fund Increases 19% YTD

Ratan Capital Fund, the hedge fund managed by Nehal Chopra, has increased 19 percent YTD after reporting 13 percent returns in February, according to two people familiar with the matter.
That followed a 22 percent advance in 2014 that trounced most hedge fund managers.
Chopra’s $1 billion Ratan Capital Management, backed by billionaire Julian Robertson, shifted into European stocks toward the end of last year, a move other managers, including George Soros, made in anticipation that the European Central Bank would boost stimulus as the U.S. withdraws. European stocks have risen about 15 percent this year compared with 1 percent for the Standard & Poor’s 500 Index.
“The dataset in Europe is slowly improving, earnings are being revised up and investors are taking note,” according to Anthony Lawler, a money manager at GAM Holding, which invests in hedge funds.
Ratan declined comment on the returns.
Chopra was one of the top performing managers in February, the best month for hedge funds since December 2010, according to Hedge Fund Research Inc. The average fund rose 2 percent as global stocks, high-yield bonds and oil rallied, and is now up 1.7 percent this year.
Source: Bloomberg

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Citadel Employees

Citadel Employees Love Working for Their Company

The employees of Citadel love working for the company’s founder and CEO Ken Griffin, according to a Great Place to Work survey, which rated the Chicago-based hedge fund 10th on its list of large financial service companies.
The survey includes 738 responses out of about 1,200 employees, who rated Citadel highly on challenges, atmosphere, pride, rewards, communication, and bosses.
In a Crain’s Chicago Business article, Citadel founder and CEO Griffin explained that he hated the workplace culture at one of his first jobs. “It was a defining moment in my youth when I realised I wanted to be part of a team that liked to collaborate and work together,” he told Crain’s.
Employee perks mentioned in the survey include free daily meals, private museum tours, and fitness programs. Crain’s reported that Griffin delivers some perks personally, such as renting a whole theatre for employees and their families, or ordering special milkshakes from Wisconsin for the office. The article also said Griffin sends gifts to employees who have recently had babies, such as cashmere blankets and reading chairs.
One employee, Susan Warmerdam, recalled when she was diagnosed with lung cancer, Griffin offered her his private jet to use personally for ten days. She ended up using it to take her family to Kauai once she had recovered, two years later.
Source: Business Insider Australia

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Investcorp Hedge Fund Business

Gregory Berman Joins Investcorp Hedge Fund Business

Gregory Berman has been appointed by an alternative investment firm Investcorp as co-head of fundamental strategies in the firm’s hedge funds group.
In his role, Berman will be responsible for developing and managing Investcorp’s equity, credit and event driven investments, and will co-head these strategies with Elena Ranguelova. Berman will be based in New York and serve as a member of the hedge funds strategic outlook and investment committees and will report directly to Lionel Erdelyh Head and chief investment officer of hedge funds.
“We are very pleased to welcome Greg to Investcorp. His deep experience and expertise in credit and equities will be instrumental to the performance of our institutional customized portfolios, and our growth initiatives in seeding and co-investments,” said Erdely.
Berman joins Investcorp with over 15 years of industry experience. Before joining Investcorp, he served as the director and head of credit hedge fund strategies at Lyxor Asset Management since 2012. Prior to joining Lyxor, he was responsible for hedge funds selection across credit, event and equity strategies at Allianz Alternative Management.
Source: FINalternatives

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JPMorgan's Hedge Fund Unit

James C. Ferguson to Run JPMorgan's Hedge Fund Unit

James C. Ferguson has been appointed by an American multinational banking JPMorgan Chase & Co. to manage the unit that helps private equity and hedge funds with accounting, valuation and other administrative tasks after trades, according to Bloomberg.
Ferguson, a 14-year veteran of JPMorgan, will oversee the Global Alternative Investment Services team, according to a memo last week from the New York-based bank. He will report to Stephanie Miller, who held the investment-services position until being promoted to head of Global Fund Services in March 2014.
Ferguson’s business resides within JPMorgan’s custody and fund-services division, led by Nick Rudenstine. Custody and fund services’s revenue rose 10 percent since 2012, corporate and investment bank chief Daniel Pinto said in a Feb. 24 presentation.
“This is a business where the main focus will be to keep growing, but also to find a scalable solution for clients that make the overall efficiency ratio of the business better than it is today,” Pinto said.
Ferguson will focus on improving technology used by clients and working with other teams to improve profit. He previously was in charge of business controls within Global Fund Services. His promotion was reported earlier by the Wall Street Journal.
Source: Bloomberg

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Deimos Asset Hedge Fund

Deimos Asset Hedge Fund Secures Investment from Ontario Teachers’ Pension Plan

Deimos Asset Management, a new hedge fund led by a group that includes a former Co-CEO of RBC Capital Markets, has attracted investment from Ontario Teachers’ Pension Plan, one of Canada’s biggest pension funds.
Ontario Teachers’ Pension Plan, which oversees 140.8 billion Canadian dollars in assets ($112.3 billion), will invest an undisclosed amount in Deimos’s multistrategy hedge fund as an anchor investor, Deimos said Tuesday.
The investment is significant given the increasing difficulty hedge funds face raising new money amid a stricter regulatory environment.
“The requirements for passing operational due diligence keep getting stricter and stricter,” Mark Standish, former co-chief executive of RBC Capital Markets, said in a telephone interview. “That translates into more costs because of the more infrastructure needed for small and midsized managers,” he said.
At the same time, large institutional investors are more demanding of managers to produce outperformance against prevailing market conditions, he added.
Deimos, based in Purchase, N.Y., was created in February after a management buyout group that included Mr. Standish acquired Guggenheim Partners’ multistrategy hedge fund. His partners included Loren Katzovitz and Patrick Hughes, previously managing partners of the Guggenheim Global Trading alternative investment management business.
Source: Wall Street Journal‎

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South Korea's NPS

South Korea's National Pension Service’s First Move into Hedge Fund

A $420 billion pension fund South Korea's National Pension Service (NPS), announced it has made its first move into hedge funds by allocating the amount of $2.1 billion, or 0.5% of its total assets under management to hedge funds.
As of November 2014, NPS, the world's third largest pension fund, has a total of USD426bn in AUM. The hedge fund allocation was approved late last week after eight years of studying the asset class. Sources said the NPS will make its first investment into hedge funds before the end of 2015. Reports said NPS will first invest in multi-strategy Fund of Hedge Funds and then expand into larger hedge fund strategies. An official from NPS told South Korea's media that hedge fund investments will diversify the risks of the entire pension fund's portfolio. NPS first began exploring hedge funds as early as 2007.
This month the fund had reported improved returns on the fund in 2014 though those returns were still at a level below the five year average due to falls in the domestic stock market. Yonhap news reported that the NPS, which is the country's largest institutional investor, achieved a return of 5.25% last year, compared with a 4.19% gain the previous year.
NPS also announced last week that it would opened offices and recruit staff in Singapore this year to focus on the fund̢۪s investments in the alternatives space including hedge funds.
The move ny NPS follows similar changes in strategy last year at Japan's giant Government Pension Investment Fund, which saw a reported 5% of its assets move into alternatives, in their case private equity, infrastructure and real estate. That changed formed part of a wider strategy to diversify away from Japanese government bonds which had comprised a majority of its asset.
Source: Asia First Financial Intelligence Limited

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2015 Hedge Fund Assets

Hedge Fund Assets Jump 0.22% in the First Month of 2015

During the first month of 2015, total hedge fund assets increased 0.22 percent, bringing the industry’s total asset under management at over $3 trillion, reported eVestment, redemption pressures continue for equity & credit, macro/managed futures enjoy strong inflows.
The flow of investor assets was nearly flat on a net basis in January, but there were elevated redemptions and allocations occurring across major strategies.
Investors added $1.19 billion into Hedge Funds during the month. Light flows in January have been the norm over the last five years with the lowest levels of inflows, and/or highest outflows occurring around year-end and half year-end, while the largest inflows have consistently been recorded in February and August.
January flows showed a continuation of the redemption pressures on funds with equity and credit exposures, but for different reasons. Long/short equity funds experienced their largest outflow of money since December 2009, losing $7.3 billion. Flows were at a similarly elevated level just one month prior to end 2014.
Disappointing performance appeared to be the driver of redemptions from long/short equity strategies in January. 65% of long/short equity funds had negative returns in the second half of 2014, but these funds accounted for 96% of all net outflows from the strategy in January.
Source: ValueWalk

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Chicago's Hedge Fund Empire

Citadel's Ken Griffin to Build a Hedge Fund Empire in Chicago

In part by doubling down on technology, an American hedge fund manager, founder and CEO of Citadel, a global alternative investment firm, would build a $24 billion hedge fund empire in Chicago.
That fortune is at the heart of a divorce battle with his wife Anne Dias Griffin. She recently raised eyebrows by demanding $1 million in monthly expenses, including a whopping $160,000 a month for hotels and $2,000 a month for stationery.
Citadel's success: Despite the controversy swirling around Griffin, his hedge fund continues to hit home runs -- even as many of its peers are barely hitting singles.
Citadel has three big funds, all of which beat the market by a lot last year. The Citadel Tactical Trading fund surged nearly 27% last year, while its Global Equities Fund climbed over 23%, according to a person familiar with the matter. Citadel's flagship Wellington fund jumped 18% in 2014.
By comparison, the S&P 500 "only" gained 11% last year. Citadel's rivals did far worse, with the average hedge fund posting a gain of just 2.2%, according to data tracker eVestment.
"He is one of the top managers -- period -- among ETFs, mutual funds and hedge funds," said Raul Moreno, co-founder and CEO of iBillionaire, which tracks the holdings of a pool of uber-rich investors like Warren Buffett and Carl Icahn.
Source: CNNMoney

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Hedge Funds Boost Goldman Sachs

Stakes in Credit, Real Estate, Private Equity and Hedge Funds Return $10B to Goldman Sachs

Goldman Sachs, an American multinational investment banking firm, is pleased to announce that stakes in credit, real estate, private equity and hedge funds produced 6 percent of the firm’s total revenue in the past five years and 3 percent of revenue over the past decade.
The company previously said the investments generated an immaterial portion of total revenue since the bank went public in 1999.
Goldman Sachs has traditionally taken significant stakes in funds offered to its clients, leading investors and analysts to question how much revenue will decline when the holdings are reduced. Gains from those investments account for almost half of the $24 billion in revenue in its investing and lending segment over the past five years.
The Volcker Rule limits banks’ investments in covered funds to 3 percent of Tier 1 capital, meaning Goldman Sachs’s stakes would be capped at $2.35 billion at the end of 2014. The Federal Reserve has pushed back the deadline for meeting the limits and indicated it will move the date to July 2017.
The firm had $9.84 billion of fund investments as of Dec. 31, down from $14.4 billion a year earlier, according to Monday’s filing. The biggest reduction was in credit funds, where the firm’s holdings fell 72 percent to $1.02 billion.
Source: Bloomberg

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Neil Power

Blue Sky’s Hedge Fund Adds Neil Power

Neil Power, a hedge fund veteran, has been appointed by Blue Sky Alternative Investments as its new managing director.
Power brings more than 20 years of experience working in the hedge fund industry. He most recently was a partner at Australian-based advisory and placement firm Allen Partners.
In 2007, Power joined Boronia Capital, one of Australia’s oldest and largest hedge funds, where he was instrumental in helping triple the fund’s Assets Under Management (AUM) to $3 billion.
Based in Blue Sky’s Sydney office, Power will work to grow Blue Sky’s hedge fund business in Australia and internationally.
Blue Sky Alternative Investments managing director Mark Sowerby thanked outgoing managing director David Hobart for his leadership of Blue Sky’s hedge fund division over the last five years.
For real-time company announcements, investment opportunities and investment performance, download the Blue Sky Fingerprint app from the App Store or Google Play.
Source: HedgeWeek‎

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Hedge Fund of Funds Launch

Talson Capital Joins FIS Group for Hedge Fund of Funds Launch

Paragon Discovery Fund, a hedge fund of funds, has been launched by FIS Group, an asset management and investment firm focused on emerging manager strategies to generate alpha, in partnership with Talson Capital Management, LLC, a registered investment advisory firm located in Darien, Connecticut.
FIS Group CEO & CIO, Tina Byles Williams, commented, "Over the past five years, we have been approached by several hedge funds proposing that we form a joint venture entity. While there are several well respected hedge fund of funds in the industry, what was most appealing about this opportunity is the caliber of experience and firsthand knowledge that both Dominic [Napolitano] and Robin [Willoughby] bring to the table. Dominic has actually managed and traded assets, giving him a very unique perspective and frankly, a significant edge relative to his peers. Robin has also successfully managed custom and commingled hedge fund portfolios for some of the wealthiest families in the U.S."
Talson’s principals, Napolitano and Willoughby, bring a wealth of experience to the table. Napolitano has 28 years of experience in the hedge fund industry, including portfolio management across all asset classes with Tudor Investment Corporation and Graham Capital Management. He was also instrumental in building and managing multi-billion dollar portfolios of hedge funds at Soros Fund Management for eight years.
Source: Opalesque

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Man Group Buys NewSmith

World’s Hedge Fund Manager Reaches Agreement to Acquire NewSmith

NewSmith, the investment management operations of Mayfair-based equities boutique, has signed acquisition deal with Man Group Plc, the world’s largest publicly traded hedge-fund manager, terms of the deal were not disclosed.
NewSmith, which is based in London and also has offices in Tokyo, has about $1.2 billion in funds under management and is 40 percent owned by Sumitomo Mitsui Trust Bank, one of Japan’s largest lenders.
After the deal, NewSmith would be incorporated into Man Group’s fund manager GLG. The acquisition is expected to further expand GLG, enhance its presence in Japan and provide further opportunities to manage funds held by Sumitomo, a major Man Group client.
Sumitomo has indicated that it supports the transaction and intends to maintain its investment in the NewSmith funds, Man said.
“We believe that NewSmith is a highly complementary business for Man GLG,” Luke Ellis, the Man Group president, said in a news release. “The acquisition brings a new dimension to the firm, including a Japanese hedge fund and an excellent team in Tokyo, as well as adding further scale to our London business.”
The transaction is subject to regulatory approval and is expected to be completed in the second quarter.
Source: New York Times

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EY’s Hedge Fund Industry Honors

Leading Hedge Fund Tax Practice EY Receives Three Recent Industry Honors

An organization of leading service providers to start-up and established hedge funds EY, has been honored three times for its work in tax, auditing and advisory services to hedge funds.
EY received two honors from The Hedge Fund Journal Awards 2015, which celebrates the leading service providers to the European hedge fund industry. The publication named EY the Leading Hedge Fund Tax Practice and also recognized Mike Serota, the Global Hedge Fund Services co-leader, EY Global Wealth & Asset Management tax leader, and a partner in the Financial Services Office of Ernst & Young LLP in the U.S., for his Outstanding Contribution in Tax and Accounting.
"One of EY's key successes are its hedge fund practices, which stand out for their longevity, broad range of client capability and high market share," said Rod Sparks, Publisher, The Hedge Fund Journal. "We're happy to honor EY in this regard, as well as Mike Serota, who has been instrumental in helping EY build substantial and well-respected hedge fund practices, and played a part in shaping the supply of professional services to the hedge fund industry."
"It's always gratifying to be recognized by your clients and peers," said Serota. "EY continues its commitment to our clients in the hedge fund industry to provide them with services that will better prepare them for the challenges they are facing."
Source: PR Newswire

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