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Ackman Donates to Harvard University

Bill Ackman and His Wife Donate $17 Million to Harvard University

Bill Ackman, an American hedge fund manager, founder and CEO of hedge fund Pershing Square Capital Management LP, and his wife Karen have donated $17 million to Harvard University through their hedge fund foundation.
The gift will go to Harvard’s Foundations of Human Behavior Initiative and endow three professorships and create a $5 million research venture fund, which is open to Harvard faculty, doctoral students and post-doctoral fellows.
The initiative aims to develop cost effective solutions – and solutions that can be scaled – to issues such as health care, economic development, education and government.
Both Ackmans attended Harvard University and met there. He got a Harvard undergraduate degree in 1988 and an MBA from Harvard Business School in 1992. She has a master's degree in landscape architecture, which she earned in 1993.
“Supporting innovation and new approaches to creating sustainable change is a vital part of what The Pershing Square Foundation was established to do,” said Bill Ackman, CEO of Pershing Square Capital Management.
Source: Boston Business Journal

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European Hedge Funds Hit Record

European Hedge Funds Hit Record High Levels in March

With a record $476.2 billion ($553.3 billion) by the end of March, assets held by European hedge funds hit record high levels in the first three months of this year, according to Eurekahedge.
Surpassing the previous high of US$473b hit in October 2007, as investors look to tap into the region's gradual recovery.
Globally, hedge funds eked out returns of 0.9 per cent in the first three months of 2014. This beat the 0.6 per cent posted by the MSCI's All-Country World Stock Index but underperformed the 1.3 per cent growth shown by the Standard & Poor's 500 and the FTSEurofirst 300 share indices over the same period.
After posting gains the month before, hedge fund returns took a hit in March as markets were disrupted by an escalation of tensions in Ukraine and worries over a slowdown in China, the world's second-largest economy.
Strategies focusing on distressed debt have performed best so far this year, the data showed, with returns hitting 2.8 per cent.
Source: Timaru Herald

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Elliott Repeats Riverbed Offer

Elliott Repeats $3.36B Offer for Riverbed

Elliott Management, the management affiliate of US hedge funds Elliott Associates L.P., repeated its $3.36 billion offer for network gear maker Riverbed Technology Inc.
Elliott Management is saying it remained "extremely interested" in acquiring the company.
Riverbed rejected Elliott Management's raised bid in February, saying the offer undervalued the company.
Elliott has said it could raise its offer of $21 per share if allowed access to Riverbed's books.
Source: Reuters

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Bonds in Puerto Rico

Hedge Funds Buy over $100M of Bonds in Puerto Rico

According to a list of buyers of the $3.5 billion deal, Och-Ziff Capital Management LLC, Fir Tree Partners, Perry Capital LLC and Brigade Capital Management each bought more than $100 million of the bonds in Puerto Rico.
The list doesn't show whether the firms continue to hold the bonds, which carried junk credit ratings, or whether they sold some or all of their purchases afterward.
John Paulson's Paulson & Co. also purchased more than $100 million of the deal. It isn't clear whether Mr. Paulson owned Puerto Rico debt before. His firm invested in a Puerto Rico hotel earlier this year.
Hedge funds and other nontraditional buyers of municipal bonds bought around 70% of the deal when it was offered, according to calculations based on the document—an atypically high level for municipal-bond offerings. Many investors said they were drawn by the high yields and discounted price, though market participants said another major draw for buyers was the prospect of boosting the value of their existing investments in the island.
Source: Wall Street Journal

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Hedge Funds February 2014

Hedge Funds Banking $24.3 Billion in February 2014

Hedge funds banked $24.3 billion (1.1% of assets) in February 2014, the highest monthly inflow in three years, according to BarclayHedge and TrimTabs Investment Research report released.
“The hedge fund industry raked in $28.7 billion in January and February, an 83% jump from $15.7 billion in the same period last year,” said Sol Waksman, president and founder of BarclayHedge.
Industry assets climbed to a 5–1/2 year high of $2.2 trillion in February, according to estimates based on data from 3,374 funds. Assets rose 18% in the past 12 months but are down 11% from the all-time high of $2.4 trillion in June 2008.
The monthly TrimTabs/BarclayHedge Hedge Fund Flow Report noted that the hedge fund industry delivered a return of 1.9% in February, recovering from January’s 0.4% loss but substantially underperforming the S&P 500, which gained 4.6%. In the past 12 months, the industry returned 10.0%, while the S&P 500 gained 24.5%.
Equity Long Bias hedge funds, the best-performing category in the past 12 months, rebounded in February. “Equity Long Bias funds gained 3.0% in February, the best return in five months and a healthy recovery from January’s 0.8% loss,” Waksman said.
Source: Opalesque

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JOBS Act Helping Hedge Funds

Loosening of Marketing Restrictions in the JOBS Act Helps Private Equity and Hedge Fund

According to study released by Preqin, hedge fund and private equity managers have yet to take advantage of the loosening of marketing restrictions in the JOBS Act signed by President of the United States Barack Obama in April two years ago.
The survey of 85 hedge fund managers and 65 private equity managers reveals only 5% of private equity managers and 4% of hedge fund managers have registered to market under the Jumpstart Our Business Startups Act.
The primary barriers to marketing are additional cost and an overall hesitancy to be the first manager to market.
Forty-two percent of hedge fund managers and 24% of private equity managers cited additional cost, while 21% of hedge fund managers do not want to be the first to market. Among private equity managers, 22% cited potential conflicts with the European Union's Alternative Investment Fund Managers Directive, 20% cited increased Securities and Exchange Commission scrutiny and 20% cited a negative perception of marketing.
Source: Pensions & Investments

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Bitcoin in Wall Street

Bitcoin Attracts Wall Street Interests

Barry Silbert, chief executive officer of SecondMarket, revealed that growing Wall Street interest in Bitcoin is likely to fuel a rebound in the price of the digital currency.
Barry Silbert, chief executive officer of SecondMarket, which has created a private bitcoin-dedicated investment vehicle called the Bitcoin Investment Trust, said he could count ten hedge funds interested in investing in bitcoin, “each of which doesn’t get out bed if they don’t have $50 million.”
“So, I would not be surprised if there is something like $500 million in the float right now, and if there is $500 million waiting to move into this space, it will have a dramatic effect on the price,” Mr. Silbert said.
His comments come after the price of the digital has fallen sharply in recent months. Bitcoin’s price peaked at $1,147.25 on Dec. 4, according to an index provided by news provider Coindesk, but has since fallen to $450.61 due to the demands of the U.S. taxman and a string of negative news.
Source: Wall Street Journal

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Jim Chanos

Jim Chanos Uses Stock Chart of Sotheby's as a Barometer

James S. Chanos, an American hedge fund manager, and is president and founder of Kynikos Associates, has been using the chart shows that shares of Sotheby's have peaked before every major financial bubble since 1987.
Closely watched hedge fund manager Jim Chanos says he has the best barometer for gauging where 1 percenters are putting their money, given the Federal Reserve's easy money policies that have been fueling their portfolios to record highs. During an interview Thursday on CNBC's "Squawk Box," he pointed to the stock chart of Sotheby's.
"That's what people are buying," Chanos said.
The stock "double peaked" in the past few years, since rising exponentially following the 2008 financial crisis. Chanos attributed Sotheby's run-up to the Fed's super-low interest rates and aggressive asset purchases, attempts to kick-start a sluggish economic recovery reeling from the subprime mortgage bubble.
Source: CNBC

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Mortgage Giant Fannie, Freddie

Bill Ackman Boosts Mortgage Giant Fannie, Freddie

Mortgage giants Fannie Mae and Freddie Mac has sold big stake in the company to Pershing Square Capital Management is an activist hedge fund founded and run by William Ackman.
Rather than cutting its substantial losses, however, the hedge fund is taking the swoon as an opportunity—to increase its investment.
Pershing Square’s stake in the two companies has grown to more than 11%, from about 9.8% each.
Fannie and Freddie shares fell sharply last month after a bipartisan plan to wind the two companies down and replace them with a new system of federally-insured mortgage securities that would saddle investors with more losses. Pershing Square’s losses totaled some $300 million.
Despite that, Pershing Square founder William Ackman believes that the likelihood that Fannie and Freddie will disappear is shrinking.
Source: FINalternatives

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Northern Trust Hedge Fund

Top European Hedge Fund Administrator

Northern Trust Hedge Fund Services has been elected ‘Best European Hedge Fund Administrator’, helping clients access the widening spectrum of European hedge fund opportunities.
“This is an exciting time for Northern Trust Hedge Fund Services,” says Liam Butler, Head of Northern Trust Hedge Fund Services in EMEA. “Over the past twelve months we have built on our two decades of experience in Europe by greatly expanding our product depth, locations support and staff expertise.”
Key to these developments is its next generation platform which brings advanced middle-office capabilities in support of European clients. Advantages include:
Scalability and efficient processing, providing best-in-class capabilities to support high frequency traders, multi-strategy firms, and other fund types that need support for sophisticated assets and large volumes of data.
An exceptional level of transparency, providing managers with real-time transparency into trade, NAV, and investor processing lifecycles.
Single data set supporting all middle-and-back-office processes, reducing operational risk that stems from multiple, intra-system reconciliations.
Source: HedgeWeek

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European Troubled Assets Interests

Troubled Assets in Europe Spark Interests in US Hedge Funds

Leaving investors in the United States with fewer opportunities to acquire distressed debt and sell it for a profit in a restructuring, hedge funds and also private equity investors are bidding up prices of some troubled assets in Europe.
For years after the financial crisis, European banks resisted selling their corporate loans for fear of having to record heavy losses. But recently, some European lenders have reversed their stance as demand for these assets has jumped. One reason for the shift: Defaults and bankruptcy filings have declined in the U.S., leaving investors with fewer opportunities to buy distressed debt and sell it for a profit in a restructuring.
"The prices have risen to the point where some banks are looking to sell because they're seeing transaction prices that imply" a much smaller loss for certain assets, said Ari Lefkovits, a managing director at Lazard Ltd., who moved to London in August 2012 in part because of an anticipated uptick in European restructuring activity.
That is a boon for the band of distressed-debt investors who set up camp in Europe shortly after the financial crisis hoping to cash in on bargain-basement prices only to find themselves with little to do. The problem is that the recovery in loan prices that is luring the banks into sales will cut into investors' profits and margins.
Source: Wall Street Journal

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Tiger Global Focus Silicon Valley

Hedge Fund Manager Tiger Global Focus Silicon Valley

A part private equity manager and part hedge fund manager Tiger Global Management, has arose as among the most prominent of a growing club of Wall Street financiers.
As increasing numbers of technology companies defer initial public offerings, one influential Wall Street investor has stepped up to the plate in Silicon Valley.
They include hedge funds such as Coatue Management and Valiant Capital Management; private equity groups such as Rizvi Traverse Management and TPG; and mutual fund giants BlackRock, Fidelity and T. Rowe Price.
Their traditional focus on larger companies in late stages of financing has partially given way to a search for young companies that have proven their chops and attracted investments from leading venture firms, but have not yet held richly priced initial public offerings.
Source: Chicago Tribune

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Dutch Telecom KPN

Hedge Fund Manager Buys Stake in Dutch Telecom KPN

John Paulson, an American hedge fund manager, and head of Paulson & Co., a New York-based investment management firm, has acquired stake in KPN, a Dutch landline and mobile telecommunications company.
After talking up the prospects for the European telecom sector, billionaire investor John Paulson is putting his money where his mouth is.
The hedge-fund manager has emerged as a shareholder in Dutch operator KPN, underscoring that investors are betting on further consolidation of Europe’s fragmented telecom market.
Mr. Paulson’s investment firm, Paulson & Co., held a 4.54% stake in the Dutch company as of Monday, according to a regulatory filing published Thursday by Dutch financial-markets regulator AFM. It was the hedge fund’s first notification as a KPN shareholder.
KPN declined to comment, while Paulson & Co. wasn’t immediately available for comment.
Mr. Paulson is best known for his lucrative bets on the U.S. subprime-mortgage crisis, but his firm has also posted gains on the recent wave of mergers in the U.S. cable market.
Source: Wall Street Journal

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Decosimo Hedge Fund Auditing

Decosimo a Top Hedge Fund Auditing Firm says HFMWeek

HMFWeek Magazine recognized Decosimo the accounting and business advisory firm founded by Joseph Decosimo as one of the leading hedge fund auditing firms in the nation.
Decosimo, a Top 100 regional public accounting and advisory firm, is proud to announce the publication HMFWeek Magazine recognized Decosimo as one of the leading hedge fund auditing firms in the nation. In its most recent ranking of service providers, HMFWeek Magazine placed Decosimo 13th as ranked by number of SEC-registered hedge funds audited and 12th by the funds' regulatory assets under management.
“Our firm is honored to have earned positions in the top 15 of HFMWeek’s rankings,” said Nick Decosimo, firm-wide Managing Partner. “We are proud to have built an investment services practice which provides services to hundreds of funds with industry-specific assurance, tax and advisory services. Currently, we serve as the auditors for 45 SEC-registered hedge funds with $5.6 billion in regulatory assets under management.”
Source: PR Web

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US Hedge Fund AUM

American Hedge Funds Control 73 Cents of Every Dollar in AUM

North American hedge funds control 73 cents of every dollar in assets under management, according to Hedge Funds Review, the leading magazine for the alternative investment industry.
eVestment recently completed an analysis of the structural details of funds in its research database with the goal of providing a detailed breakdown of the hedge fund industry as a whole and by regional location of operations. eVestment’s research data set is a combination of its commercial data along with information collected via private portals.
Hedge funds operating out of North America (US or Canada) control 73 cents of every dollar in assets under management (AUM); this is also the only region to comprise a smaller percentage of active funds relative to its active fund AUM (62% versus 73%). Specifically, the US is an AUM bastion, representing 70% of the total, or more than four times that of the next highest nation (the UK).
North America has the widest dispersion of AUM while those with operations domiciled in Africa and the Middle East had the least. By this we mean North America has not only the largest funds in the industry, but also maintains a healthy group of emerging managers.
Source: Risk

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Dan Roman Join KPMG

Dan Roman Lands in KPMG to Head its UK Hedge Funds Practice

The United States audit, tax and advisory services firm KPMG is pleased to announce the appointment of the tax partner Dan Roman to head its UK hedge funds practice.
Roman, who has led KPMG’s hedge fund tax practice in the UK for the past three years, takes over from Rob Mirsky, global head of hedge funds, who has relocated to New York from London.
Said Tom Brown, global head of investment management at KPMG, in a statement: “Hedge funds, and the alternatives industry more broadly, are priority sectors for our investment management practice. I am delighted to welcome Dan to this role and am confident that he – along with our global hedge fund leadership team—is well placed to help our clients succeed in today’s challenging environment.”
KPMG has 22 offices across the UK with approximately 11,500 partners and staff.
Source: FINalternatives

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Asian Hedge Fund Record

Asia-Focused Hedge Funds Scores $20B in 2013

Recording Asia’s first growth in three years and boosting the industry's size to $158.8 billion, Asia-focused hedge funds scored $20 billion in assets in 2013, AsiaHedge said.
The industry still remains about $33 billion below its peak asset level hit in 2007, but the twice-a-year survey shows that investors are starting to return.
"This dispels the notion that Asian hedge funds have fallen off the radar for global allocators," said Aradhna Dayal, head of Asia for HedgeFund Intelligence, which runs AsiaHedge.
"We have seen assets in some of the large, home-grown managers swell considerably last year," she added.
A 13.6 percent median return in Asian hedge funds, strong gains by China and Japan-focused managers, and a $3.85 billion capital flow into new launches last year helped the turnaround.
Source: Reuters

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Didier Scemema in Hedge Fund

Odey Asset Management Appoints BoAML’s European Research Head

Didier Scemema, head of European technology research of Bank of America Merrill Lynch, has been appointed by Odey Asset Management, a London-based hedge fund with $6.2 billion AUM.
Scemema, who spent 13 years with ABN Amro and Royal Bank of Scotland before moving to BAML two years ago, is working his notice at the US bank and will leave on May 21, according to one of the people. Scemema did not return messages seeking comment.
At Odey he will join a team of more than 20 analysts. According to one of the people, analysts at the firm can earn as much as portfolio managers.
The firm, which is nominated in the long/short equities category at this year's for a Financial News hedge fund awards, enjoyed a strong 2013.
Founder Crispin Odey’s $2.4 billion Odey European fund was up 25.8% last year, after gaining 30.7% in 2012. Meanwhile, the $1.5 billion-plus CF Odey Absolute Return fund, run by portfolio managers James Hanbury and Jamie Grimston, was up 45% in 2013, after gaining 36.3% in 2012.
In recent weeks, the fund has been named as investor of online retailer boohoo.com and biotech company Circassia.
Source: Financial News

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Citadel Boosts Fifth Third

Citadel Advisors Purchases Millions of Shares in Fifth Third Bancorp

Citadel Advisors, one of the nation's biggest hedge funds with $77 billion in assets under management, is pleased to announce the acquisition of millions of shares in Fifth Third Bancorp.
Citadel said in a Securities and Exchange Commission filing that it pumped up its stake in Fifth Third (Nasdaq: FITB) during the quarter. It owned less than 1 million shares in the prior quarter.
The purchase represents a $200 million bet on Fifth Third.
A Citadel spokesman said the company wouldn’t comment on the purchase. Citadel typically uses a mix of fundamental research on a company’s performance and quantitative research regarding its financials.
Fifth Third’s stock rose 26 cents, or 1.2 percent, to $22.60 in late-afternoon trading on Tuesday.
Source: Cincinnati Business Courier

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Highest Hedge Fund AUM

Hedge Fund Industry Assets Reaches $2.03 Trillion

In February, hedge fund industry assets under management have reached a record high of $2.03 trillion, adding 1.79 percent, according to Eurekahedge.
Hedge funds recorded performance-based gains of US$15 billion and net asset inflows of $11 billion during the month.
Long/short equities hedge funds recorded their 15th consecutive month of positive net asset flows, with net capital allocations to the strategy for 2014 standing at $19.0 billion.
On the flipside, trend-following strategies posted their ninth consecutive month of net asset outflows in February, and saw redemptions worth $12.7 billion over this period.
Total assets in North American hedge funds reached a new high of $1.36 trillion with assets growing by $11.1 billion in the first two months of the year.
Source: FINalternatives

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Highbridge Capital Double Play

Hedge Fund Firm Highbridge Capital Hires Two SAC Capital Traders

Wayne Chambless and Christopher Procaccini are leaving Steven A. Cohen’s SAC Capital Advisors, to join the $29 billion hedge fund firm Highbridge Capital Management, two people told New York Times.
Mr. Chambless and Mr. Procaccini are leaving SAC a month before the firm officially changes its name to Point72 Asset Management and converts from a hedge fund to a family office that will manage mainly Mr. Cohen’s $9 billion.
Over the last several months, SAC, which once employed nearly 1,000 people, has been slowly shedding staff through a combination of layoffs, office closings and traders jumping to other shops. The firm, in announcing the name change, said it had roughly 850 employees and did not see itself shrinking much more.
But people in the hedge fund industry said the expectation was that a number of top money managers at SAC would begin looking for jobs outside the firm after their employment contracts expired. These people said it should become easier for traders and analysts to look for jobs outside SAC as the insider trading scandal that has besieged the firm became less in the public eye.
Source: New York Times

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Ultra-Wealthy Families & Top Single Family Offices

Ultra-Wealthy Families & Top Single Family Offices

Global Perception of $1 Billion+ Families & Reality:  I recently traveled to London to discuss co-investment opportunities with a $2B & a $5B+ family, and while In town I recorded a BBC World News TV interview on $1B+ families and their single family offices.  Much of the interview focused on why these families are not spending more of their money to help the economy, the perceptions of the ultra-wealthy, and what it is like to work with them every day.  This book is not focused on these topics of public perception or political views but I do think some important points came out of the show’s discussion which include:
  • None of these families interviewed in my book and not a single one that I have met to date has came into wealth through pure good fortune, such as winning the lottery, or finding gold on their horse ranch, etc…almost all of them have all started and grown successful businesses and worked long hours over a long period of time.
  • While family offices and $1B+ families are seen sometimes as secretive, hard-to-access, and under-the-radar, they are everywhere.  They are behind the charities we hear about, backing the venture capital funds, owning the sports teams we cheer for, and refining the oil going into our cars.  They are omnipresent yet someone secretive at the same time.
  • Part of the interview focused on what it is like to work with these families.  As I explained on-air I have found them all to be highly professional, respectful of time, and while very busy they do take time to identify high-quality partners and products starting with what their peers refer to them as high quality resources.  I also think it is important to note that while these families have excess wealth, if you can provide genuine insight on your area of niche expertise you have a knowledge-currency they don’t have and in that way are often see as valuable to their team despite that you may not have $100M or $1B yourself.
  • Most newspaper headlines on the ultra-wealthy focus on wasted money, crashed Ferrari’s, family disputes, or other negative aspects of being very wealthy.  There are many family disputes, but what goes on with these families is far from what the media portrays and is not consistently negative.  Some may disagree, and this is as political as I ever get, but I believe as a society we are playing the game of capitalism and with the exception of a few corrupt politically connected billionaires, the rest of these individuals are winners of this global game that we play.  They should be studied, learned from, respected, and seen as such.
I hope you enjoyed this short post, it is an excerpt from my soon-to-be-released book The Single Family Office: Creating, Operating, & Managing Investments of a Single Family Office.

Tags: Single Family Office, Top Single Family Offices, $1B+ Family Offices, $1B+ Single Family Office

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Boston Hires Scott Nathan

Secretary of State John F. Kerry Hires Scott Nathan

Boston hedge fund executive Scott Nathan, has been hired by Secretary of State John F. Kerry, as a liaison to the business community, assisting American companies that want to do business abroad and also foreign firms that want to do business in the United States.
Nathan, 46, was a partner and chief risk officer at the Baupost Group, Boston’s largest hedge fund firm. A major fund-raiser for President Obama, Nathan is a well-known philanthropist in Boston, focused on environmental causes and serving on a variety of nonprofit boards.
Kerry’s office said he is bringing on the financial executive to play a major role in private sector outreach at the State Department. His title will be special representative for the Office of Commercial and Business Affairs.
“I took this job because Secretary Kerry told me about how committed he is to making the State Department the friend of American businesses abroad, and I wanted to help him and the rest of his economic team put that into action,’’ Nathan said in a statement. “I believe that in today’s interconnected world, foreign policy is economic policy, important for our companies and key to greater stability and prosperity abroad and more jobs and growth at home.’’
Source: Boston Globe

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Hedge Funds January 2014

Hedge Funds Bank $4.4B in January 2014

Hedge funds kicked off in January 2014, according to report released by BarclayHedge and TrimTabs Investment Research.
“The hedge fund industry took in $56.6 billion in the 12 months ended in January, a big reversal of the outflow of $12.6 billion in the previous 12-month span,” said Sol Waksman, president and founder of BarclayHedge.
Industry assets dipped to $2.1 trillion in January from December’s five-year high of $2.2 trillion, according to estimates based on data from 3,362 funds. Assets rose 14% in the past 12 months but were down 13% from the all-time high of $2.4 trillion in June 2008.
The monthly TrimTabs/BarclayHedge Hedge Fund Flow Report noted that the hedge fund industry lost just 0.4% in January, far outperforming the S&P 500, which skidded 3.4%. In the past 12 months, the industry returned 8.2%, while the S&P 500 gained 21.5%.
Equity Long Only hedge funds, which led the industry in the past 12 months with a gain of 17.3%, had a rough January. “Equity Long Only funds had their worst showing in 20 months, losing 3.3% and more than reversing the 2.0% gain in December,” Waksman said.
Source: Opalesque

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Hedge Funds Care/Help for Children $2M

Hedge Funds Care/Help for Children Bags $2M

One of the most globally recognized charities backed by the hedge fund industry whose proceeds support non-profits focused on preventing and treating child abuse Hedge Funds Care/Help for Children, is pleased to announce the raise of about $2 million at its 16th Annual New York Open Your Heart to the Children Benefit.
The gala brought together close to 1000 senior executives from some of the most prominent hedge fund managers including Marathon Asset Management, Angelo Gordon, Glenview Capital, Paloma Partners, Woodbine Capital, Samlyn Capital, Pershing Square Capital Management and many more. While attendees networked over cocktails and hors d'oeuvres, participated in the silent auction, and enjoyed the live entertainment, Marathon Asset Management CEO Bruce Richards was presented with the Award for Caring by former New York Yankees Manager and prior HFC Honoree Joe Torre.
“I am honored to be the recipient of Hedge Funds Care’s ‘Award for Caring,’ and for Joe Torre who enters the Hall of Fame this summer to personally have presented this to me, made this a particularly special evening,” Richards said. “Hedge Funds Care has done great work to positively impact the lives of so many children worldwide and I am proud to be able to contribute to the organization’s amazing work.”
“This is an evening that showcases so many hedge fund executives who all come together for one common cause: to prevent and treat child abuse,” said Dean Backer, President of HFC.
Source: Opalesque

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Highbridge Veteran Launches Hedge Fund

Highbridge Veteran Adam Bernstein Exits to Start Hedge Fund

Adam Bernstein, a veteran Highbridge Capital Management LLC fund manager overseeing investment decisions, is leaving the firm with two colleagues so they can start their own hedge fund firm.
Adam Bernstein, a technology sector head who began working at Highbridge almost nine years ago, intends to depart by next month along with Mark Hoffman, Highbridge's global head of stock trading, who has worked there more than 10 years, the people said. An investment analyst plans to join them, the people said.
The men, who are based in New York, have described to colleagues their plans to launch a new technology- and media-focused hedge fund later this year, according to people briefed on recent discussions about the matter. Their plans haven't been made public or been announced broadly to Highbridge investors.
Mr. Bernstein, in response to an email inquiry Monday, directed questions to Highbridge, which is owned by J.P. Morgan Chase & Co. Mr. Hoffman didn't respond to an email Monday.
Source: Wall Street Journal

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Hedge Funds in Eagle Alpha

Eagle Alpha Raises $1.5 Million from Hedge Funds

Dublin-based social media analytics startup Eagle Alpha has raised $1.5 million in funding from a group of current and former senior executives at banks and hedge funds, the seed capital infusion will help the startup improve both its product.
The firm uses technology to scan social media content to identify information that can affect the markets – information that can provide valuable insights for brokers and institutions such as hedge funds and investment banks.
ValueWalk asked chief executive Emmett Kilduff how the firm planned to differentiate its offering from the likes of Social Market Analytics, Dataminr and Datasift. Like these, Eagle Alpha sells its information products to hedge funds and investment banks, but Kilduff says it differs by relying on people, as well as technology:
“Datasift and GNIP are resellers of the Twitter firehose and are therefore not competitors,’ said Kilduff. ‘In fact, we work with both. The other companies are in a similar space but we do very different things. We are focused on finding insightful themes, trends and data on the web. For example, last week we published a research report on Shadow Banking in China that was based on information from Twitter’s rivals in China: Tencent Weibo and Sina Weibo.”
Source: ValueWalk

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3i Executive Launches Hedge Fund

Ex-3i executive Anil Ahuja Floating $100M India-Focused Hedge Fund

Private equity firm 3i Group Plc’s former Asia head Anil Ahuja has launched a $100 million India-focused hedge fund from institutional investors by the end of this year.
IPEplus Fund 1, which invests in stocks, bonds and currencies, started in October with $10 million of Ahuja’s own capital, he said. Ahuja, who left the U.K.’s biggest publicly traded private-equity firm in February last year, is seeking to raise the money by the year-end, with the first $40 million by June, he said.
Ahuja, 51, is turning to a hedge-fund strategy as returns from private equity in Asia’s third-largest economy slow and the number of unsuccessful exits has exceeded winning ones since 2006. While India’s growth prospects attracted global firms such as Blackstone Group LP and KKR & Co., the average return of private-equity funds investing in the country fell by more than half in 2013 from 7.7 times in 2004, according to researcher Venture Intelligence.
“There are a handful of people who have made money, but the Indian private-equity domain has not performed,” Singapore-based Ahuja said in an interview on Feb. 26. “The right tool kit for India has to be very different.”
Source: Businessweek

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World’s Billionaires HF Managers

6 Hedge Fund Managers in the Ranks of the World’s Billionaires

According to a report released by Nathan Vardi from Forbes, there are six hedge fund managers joining the ranks of the world’s billionaires.
There are now 46 billionaires in the world who have derived most of their wealth from managing hedge funds. These hedge fund billionaires have made their fortunes by trading everything from stocks to bonds, options, currencies, mortgages and derivatives in financial markets. The money making machines of these hedge fund billionaires, however, have also been fueled by the rich fees they charge their investors.
Michael Platt spent nearly a decade at JP Morgan before cofounding BlueCrest Capital Management in late 2000. The firm, which is based in London and Geneva, has amassed $35 billion in assets under management, making it one of Europe’s biggest hedge fund firms. Platt bought the stakes of his partners in BlueCrest, including minority owner Man Group, in 2011. His funds did not perform very well last year, but he is now worth $3.6 billion. Other new hedge fund billionaires include Francis Biondi and Brian Higgins, cofounders of King Street Capital Management, and Christopher Hohn, who runs The Children’s Investment Fund Management, a London-based activist hedge fund.
Source: Forbes

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