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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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The Objectives of Capitalism

What are the Effects of the Capitalism by Bridgewater’s Ray Dalio

The article below is an overview on Ray Dalio, an American businessman and founder of the hedge fund firm Bridgewater Associates, talking about how capitalism acts.
Ray Dalio is distinguished not only for founding Bridgewater Associates — the world's biggest hedge fund — or by his estimated net worth of $15 billion, but by his unique business philosophy and his tendency to explain it at length.
Every Bridgewater employee, for example, is given an exhaustive 120-page manual on Dalio's world view.
In late 2013, he produced and narrated an animated video that explains "How the Economic Machine Works" that simplifies the economy as the interaction of short- and long-term debt cycles over a productivity growth line. It's since gotten over 1 million views.
It's an engaging, animated explainer that covers the basics: the relationship between cash and credit, the government and the central bank, and inflation and deflation within 30 minutes. It's a great primer for anyone who could afford to be more financially savvy.
Source: Business Insider

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NYC Independent Wealth Management Firm

Clients of Watts Capital Partners Allowed to Invest in Hedge Funds

Crystal Capital Partners and Deer Isle Capital are offering clients of Watts Capital Partners, an independent wealth management firm based in New York City, to invest in hedge funds.
Crystal Capital offers financial advisors the ability to develop customiSed hedge fund portfolios tailored to meet each investor’s specific objectives, supported by rigorous due diligence, research, analytics, portfolio optimiSation tools, and operational support.
“Crystal allows our clients to invest in institutional-quality hedge fund managers for much lower investment minimums than would be required otherwise,” says Watts Capital’s CEO Thomas Watts. “For our high net worth clients, Crystal can be the foundation of their hedge fund portfolios.
“We look to alternative investments like hedge funds to boost clients’ risk-adjusted investment returns and help protect clients’ holdings against bear markets in other investments like stocks or bonds.”
“We are excited about our relationship with Watts Capital, as it provides further evidence of our growing recognition as the premier provider of institutional-quality hedge fund portfolios within the financial advisory community. We are confident that our service will enhance Watts Capital’s offering to their clients and will help them meet the needs of each individual client,” Says Steven Brod, CEO of Crystal Capital Partners.
Source: HedgeWeek

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UCITS-Compliant Macro Fund of Funds

Hedge Fund Investment Specialist Sets up UCITS-Compliant Macro Fund of Funds

Stenham Asset Management, a hedge fund investment specialist and investment advice to sophisticated investors, has launched a UCITS-compliant macro fund of funds.
Domiciled in Dublin, the Stenham UCITS Macro Fund is the group’s second UCITS vehicle, following the 2013 launch of its Equity UCITS Fund.
Managed by Akshay Krishnan and Kevin Arenson, the new fund will hold a high conviction portfolio of up to 10 funds and is distributed throughout Europe.
“Launching a UCITS strategy is a natural progression for Stenham,” said Krishnan. “Up until about 18 months ago we felt the macro UCITS universe did not offer enough depth for a fund of funds product, but we are now increasingly seeing top quality managers making the move into UCITS.
“There is no doubt the pool of investment talent on offer has developed substantially in the few years.”
He said there have been signs of an improving opportunity for discretionary macro trading as foreign exchange and interest market volatility has picked up in the last few months, thus forming “an opportune time” in the market to launch this latest strategy.
The fund has a minimum investment of £25,000 and a subsequent investment of £5,000.
Source: International Adviser

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Bank of America Investment Banking

Bank of America Wants to Attract more Hedge Fund Clients to Its European Investment Banking Unit

The nation's leading financial institution Bank of America wants to attract more hedge fund clients to its European investment-banking unit, including clients that were engaged in the so-called dividend-arbitrage tax trades.
Bank of America Corp. for years used its government-backed U.S. banking subsidiary to finance billions of dollars in controversial trades that helped hedge funds and other clients avoid taxes, according to internal documents and people familiar with the matter.
The bank last year quietly started phasing out the practice of using funds from its U.S. banking unit to finance transactions by its European investment-banking arm that, among other things, helped hedge funds avoid taxes on stock dividends, according to the documents and people. The practice has ended, according to a bank spokesman.
The strategy had attracted criticism from federal regulators about reputational risks as well as the broader need to better protect the U.S. deposit-holding subsidiary from risky activities, according to internal bank documents and people familiar with the matter. And it has prompted a series of complaints by a bank employee to U.S. authorities about the investment bank’s use of U.S. bank funding for tax-minimization trades.
Source: Wall Street Journal

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India’s Alternative Investment Funds

India-Focused Alternative Investment Funds more than Double During 2014

During 2014, India’s alternative investment funds (AIFs) or money collected from high net-worth investors to invest primarily in unlisted securities more than doubled, the fastest among all other traditional investment vehicles.
AIF managers raised capital commitments worth Rs.20,457.45 crore from affluent Indian investors till the end of December from Rs.11,186.36 crore in the previous year. Of this money that was committed by investors, asset managers raised funds to the tune of Rs.7,790.52 crore till December compared with Rs.2,883.49 crore collected a year earlier.
Local alternative fund managers, including private equity (PE) and venture capital (VC) funds, have followed their overseas counterparts in pouring money into Indian technology and e-commerce start-ups, triggering a boom in early-stage investments. In addition, prospects of a rebound in India’s economic growth have prompted wealthy investors in the country to embrace riskier investments in private equity, real estate and hedge funds in search of higher returns.
“Globally, AIFs represent 10% of an investor’s assets, so that way, India is at a nascent stage,” said Andrew Holland, chief executive officer (investment advisory) at Ambit Investment Advisors Pvt. Ltd, which has launched an AIF in the hedge fund space. “In the next 4-5 years, I feel the AIF industry in India will easily cross the $4-5 billion mark in terms of investments made.”
Source: Livemint

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Lansdowne Partners Sale

London Hedge Fund Lansdowne Partners to Exit Morgan Stanley’s Portfolio

According to people familiar with the matter, a leading investment firm Morgan Stanley is planning to sell its 19 percent stake in the $17.5 billion London-based hedge fund Lansdowne Partners LLP.
The attempted sale adds Morgan Stanley to a wave of banks including J.P. Morgan Chase & Co. that bought into hedge funds before the financial crisis and have been backing away because of regulatory pressure to simplify their businesses. New limits on ownership of relatively risky assets have played a role as well, in some cases.
Morgan Stanley bankers have narrowed the list of potential buyers after earlier approaching a larger group to determine their level of interest in a piece of the hedge-fund firm, said people familiar with the matter. The smaller group includes Boston firm Affiliated Managers Group Inc. ; Foundation Capital Partners, of Greenwich, Conn.; and Neuberger Berman’s Dyal Capital, some of the people said.
One person estimated the stake could be worth as much as several hundred million dollars. UBS AG is advising Lansdowne, which bets on and against stocks and is one of Europe’s larger hedge-fund firms. It isn’t clear whether any deal will materialize. The Lansdowne stake doesn’t give Morgan Stanley a seat on the firm’s board or management committee, according to a regulatory filing.
Source: Wall Street Journal

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London-Based Hedge Fund Launch

London-Based Hedge Fund Launched by a Money Manager Vet Markus Taraba

Following to two people with knowledge of the matter, a hedge fund firm in London is being launched by Markus Taraba, formerly a money manager with Citadel Investment Group and Davidson Kempner European Partners.
Monterone Partners will deploy a European-focused long- short equity strategy and begin trading in the first half of this year, the people said, asking not to be identified because the plans aren’t public. Taraba declined to comment.
Taraba worked in London for two of the biggest U.S. hedge funds, Citadel and Davidson Kempner, which both oversee more than $20 billion. He managed money for Ken Griffin’s Chicago- based Citadel from 2005 to 2009 before joining Davidson Kempner’s London office, according to his LinkedIn profile. He left that firm last April, according to the U.K.’s Financial Services Register of individuals approved to work in finance.
Monterone is raising money from investors and hasn’t decided how much it will start with, the people said. It will attempt to profit from bets that company stocks will either rise or fall. Taraba deployed a similar strategy at New York-based Davidson Kempner, the people said.
Source: FINalternatives

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LiquidMobileSM Launch

The Launch of LiquidMobile, a Mobile-Optimized Risk Analytics App for Hedge Fund Managers in Real-Time

LiquidMobile, a web-based app that allows hedge funds to manage portfolio and risk analysis and reporting across multiple funds on a mobile device in real-time, has been introduced by Liquid Holdings Group, a first-mover technology and services company.
LiquidMobile is engineered for fluidity from the desktop to any mobile device, giving fund managers the ability to easily interact with historical, real-time, and forward-looking P&L, performance, market and liquidity risk, and NAV-light calculations. With mobile-optimised dashboards to monitor investments and investor relationships on the go, LiquidMobileSM represents a major step forward for the hedge fund industry, which today faces rising pressures across transparency, regulations and operating costs.
"Fund managers need secure, real-time access to portfolio and investor information from their mobile device at any time. LiquidMobile does this,” says Brian Storms, CEO of Liquid Holdings. “We are proud to offer an operating system that addresses a manager’s most important requirements – before, during and after the trading day ends. LiquidMobileSM shows what lies ahead as we develop new ways for fund managers to simplify their processes.”
LiquidMobile allows portfolio managers and their teams to dedicate more time to instituting and refining their investment methodology, instead of compiling and searching through data. It allows fund staff to communicate the impact current market conditions have on holdings as they happen, down to the security level, from any location.
Source: HedgeWeek

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BlueTrend Hedge Fund

Leda Braga’s Hedge Fund Shows Strong Performance in January, 2015

BlueTrend, which is run by the Brazilian-born Leda Braga, one of the most prominent women in the hedge fund industry, achieved a 9.5 percent return a strong start for her business that spun out of BlueCrest Capital Management last month.
The gain in the $7.6 billion fund, which uses complex computer models to evaluate risk, pricing and timing in markets, marks its third-best monthly performance since launch over 10 years ago, according to a letter to investors seen by Reuters.
The hedge fund did not disclose how it made money but the letter showed that fixed-income securities contributed most to the gains, followed by interest rates trading and equities.
The hedge fund also avoided loss during the week of Jan. 16 when a surprise move in the Swiss franc led to heavy losses for some of the world's best known hedge funds such as Harness, Fortress and COMAC Capital.
The performance comes after the BlueTrend fund was forced to cut fees after losing 11.5 percent in 2013 and seeing outflows. The fund gained 12.7 percent last year.
January's return make the fund one of the top performers in a month when similar strategies, as measured by industry tracker Eurekahedge, gained 4.7 percent on average.
Brazilian-born Braga was the head of systematic trading at billionaire fund manager Michael Platt's firm BlueCrest. She spun out of the firm last month with about $8.9 billion in assets to start Systematica Investments.
Source: Reuters

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Pension Funds into Hedge Funds

Pension Funds are Planning More Hedge Fund Investments

Following to a paper published by the Alternative Investment Management Association (AIMA) and CAIA Association, nearly one in every four US dollars managed by the global hedge fund industry was derived from public and private pension plans.
The hedge fund industry has grown 10 percent a year since the financial crisis, much of that from higher allocations by public and private pensions, according to an association representing hedge fund interests.
Pensions have well over $700 billion invested in hedge funds at the moment, representing about $1 of every $4 invested in these funds, the Alternative Investment Management Association said.
All told, hedge fund investments returned $1.5 trillion after fees to their investors over the past 10 years, the AIMA said.
“The Way Ahead: Helping trustees navigate the hedge fund sector” is the first in a series of papers the association will publish in response to renewed questions of hedge funds’ place in institutional portfolios.
“Rarely has there been such demand for a realistic assessment of the benefits — and also the risks — associated with hedge fund investing,” said Jack Inglis, AIMA’s CEO.
Source: BenefitsPro

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Valiant Capital Partners

FirstCry Raises $26M in Fourth Round led by San Francisco Hedge Fund

Valiant Capital Partners, A San Francisco-based hedge fund, has led a $26 million in fourth funding round for FirstCry, a baby care products e-tailer.
The company's existing investors—IDG Ventures India, Vertex Venture Holdings and SAIF Partners—also participated in the round. The deal comes amid a wave of consolidation in the baby care e-tailing segment, which currently accounts for less than 5% of the estimated $10 billion baby care products market in India.
The latest round takes total venture capital raised by BrainBees Solutions, the Pune-based company that owns FirstCry, to $59 million. It last raised $15 million in January 2014 in a round led by Vertex, the early-stage investment arm of Singapore headquartered Temasek Holdings.
"The funds raised will be used to scale across channels, online, mobile and offline, and invest in growing the private label business," FirstCry co-founder and CEO Supam Maheshwari told ET, while declining details on the company's valuation in this round of funding.
Source: Economic Times

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Man Group’s QDLP Fund

British Hedge Fund Man Group Attracts Investment into QDLP Fund

Man Group plc, a British hedge fund manager, is pleased to announce that it has turn into one of the first foreign entities to secure a significant investment into its Qualified Domestic Limited Partner "QDLP" fund.
Man Group’s fund has received investment from institutional investors, including ICBC and Citic Trust.
Yifei Li, Chairperson of Man Group China said, “We are very encouraged by the strong institutional interest in this QDLP Man Multi Strategy fund. We are making good progress and are confident that this success will lead to further growth of the program."
Pierre Lagrange, Chairman of Man Group Asia added, “We are delighted to be part of the Shanghai QDLP program, which demonstrates China’s continuing drive to open up cross-border investment opportunities. The response to our QDLP fund to date demonstrates a growing appetite from the Chinese institutional investment community for this type of opportunity."
“Man Group sees significant future opportunity in China and we are committed to growing in the region. We have built strong, long-term relationships with the institutional investment community and are working with local partners to develop new products."
The QDLP program allows qualified high net worth individuals and institutional investors in China to invest in hedge funds overseas. Man Group was one of six hedge funds initially selected by the Shanghai Financial Services Office to participate in the scheme.
Source: Man Group

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Petrobras Faces Default Risk

Default Risk Circles Brazil’s State-Run Oil Company Petrobras

According to Aurelius Capital Management’s senior executive, Petrobras, a state-run Brazilian multinational energy corporation headquartered in Rio de Janeiro, is facing risk of being declared in default on billions of dollars of debt even after releasing its delayed third-quarter earnings.
The results, which failed to include an expected charge against earnings related to a corruption scandal, may even add to the number of bond covenants, or legal promises to investors, that have been broken by the company, a senior executive at Aurelius Capital Management said.
The default threat is another headache for Petrobras, which has been caught in a political and financial fire storm over the biggest graft scandal in Brazil's history.
In particular, Petrobras' comment in "Note 2" of its unaudited results saying that they do not fully meet the International Accounting Standards Board's (IASB) standards shows non-compliance, said Mark Brodsky, Aurelius' chairman.
The Petrobras note to its results says those disclosures related to assets whose value may have been inflated by corruption do not comply with the IASB's IAS-34 rule.
"Despite its recent assurances, Petrobras remains in default on its New York-law bonds," Brodsky said in a statement sent to Reuters. "Those bonds require Petrobras to issue financial statements that comply with IASB rules, but Note 2 to the new financial statements admits that they do not."
Source: Reuters

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Pershing Square’s CEO Earns

Pershing Square’s CEO Earns $11.6B for His Investors Since 2004

Following to survey released by fund-of-funds LCH Investments NV, William Ackman, an American hedge fund manager, founder and CEO of Pershing Square Capital Management LP, has earned the amount of $11.6 billion for his investors since 2004.
The 48-year-old activist investor is now ranked No. 19 on LCH’s “Greatest Money Managers” list. The list measures net gains (after fees) of hedge fund manager’s since their respective fund’s inception. The list includes fund managers like George Soros, Paul Tudor Jones, Louis Bacon and Ray Dalio.
Ackman is now the youngest person on the list. According to LCH, Pershing Square generated $US4.5 billion in net gains in 2014. A large part of those returns were a result of his profitable stake in Allergan.
Ackman, who runs Pershing Square Capital Management, had a big year in 2014, netting
40.4% for the year, according to the performance report for the fund.
Overall, 2014 was an incredibly underwhelming year for hedge funds. According to research firm Preqin, hedge funds on average returned just 3.78%, the lowest annual return since their 1.85% loss in 2011. To put that in perspective, the Standard & Poor 500 rose 13% last year.
Ackman has said before that he wants to have “one of the greatest investment track records of all time.” He would also like to surpass legendary investor Warren Buffett’s record.
Source: Business Insider Australia

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Hedge Fund’s High Returns

AIMA Says Hedge Funds Benefit Their Investors with £1T

Following to an article released by Alternative Investment Management Association (AIMA), hedge funds have earned the amount of £1 trillion or $1.5 trillion for their investors over the last decade.
The findings, based on data from industry tracker HFR, come as hedge funds face intense scrutiny following decisions by funds such as the California Public Employees’ Retirement System and Netherlands’ PFZW to pull out of them, citing high costs, complexity and poor performance.
“The global hedge fund industry has grown at approximately 10 percent a year since the financial crisis, and much of this growth can be attributed to increased allocations from public and private pensions,” AIMA Chief Executive Jack Inglis said.
“But at the same time, many trustees are asking questions about their existing or prospective hedge fund allocations,” he said in a statement, launching a series of papers to help investors assess risks and benefits of hedge fund investing.
The trade body said that one in every four dollars invested in the nearly $3 trillion industry is sourced from public and private pension plans.
Hedge funds recorded net inflows worth $76.4 billion last year, the highest since 2007. They earned investors $140.3 billion in performance gains after fees in 2014, about 5 percent of the assets they managed at the start of last year.
Source: Hellenic Shipping News Worldwide

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Paul Singer’s Hedge Fund

Hedge Fund Manager Paul Singer Buys Big Stake in Informatica

Big stake of Informatica, a specialist in data integration services with a market value of about $4 billion, has been acquired by Paul Singer’s hedge fund, Elliott Management, the $25 billion hedge fund has set its sights on a new target.
Though Elliott was circumspect in describing its motivations in a regulatory filing, the hedge fund appears likely to push its newest investment into selling itself. The firm has made a specialty of taking positions in enterprise technology companies and agitating for shifts in corporate strategy, usually by calling for a sale to a private equity firm.
Last month, Riverbed Technology agreed to sell itself to the private equity firm Thoma Bravo and an arm of the Ontario Teachers’ Pension Plan for $3.6 billion after a long activist campaign by Elliott. And other companies, including BMC Software and Novell, have also been prodded into sales after the hedge fund emerged as an investor.
Informatica has faced questions for several months about whether it should sell itself, particularly after a similar software provider, Tibco, sold itself to the private equity firm Vista Equity Partners for $4.3 billion, one of the largest leveraged buyouts in the technology industry last year. Tibco was also under pressure from a hedge fund to weigh a sale.
To activist investors, many of these technology providers fit into a common theme: No longer posting the rapid sales growth of yesteryear, these companies have often presided over lagging stock growth. Moreover, hedge funds have argued, the tech companies have turned to acquisitions that have softened their focus and consumed cash that otherwise could be paid out to shareholders through stock dividends.
Source: New York Times

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Winklevoss Twins and Bitcoin

Bitcoin Garners the Attention of Winklevoss Twins

Bitcoin is still attracting interests from the internet entrepreneurs, Cameron Winklevoss and Tyler Winklevoss, despite a tumble in value, attacks from hackers and legal scandals.
The former Olympic hopeful duo have hired engineers from top hedge funds and are working with regulators and a bank chartered in New York (that's as specific as they would get) to launch a Bitcoin exchange called Gemini as well as an ETF. The twins are convinced that financial expertise and a focus on security and regulation will help them succeed where many, many other Bitcoin exchanges have failed.
Although it's illegal and there have been recent indictments for violations of anti-spoofing laws as of late, one former hedge fund and commodities trader wants to undo the ban. John Arnold, the former CEO of hedge fund Centaurus Energy, writes on Bloomberg View that spoofing keeps high-frequency trading and "front-running" in check in the markets. "Regulators have never described how spoofing harms market integrity or even legitimate traders," Arnold writes. "Instead, they condemn the practice because it involves deception ... and summarily conclude that this deception is de facto harmful, without considering the broader context or its true consequence to the market."
Source: WealthManagement.com

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Pershing Square’s Bill Ackman

Pershing Square’s Ackman Moves into The Ranks of The Top 20 Most Successful Hedge Fund Managers

After Bill Ackman’s Pershing Square vehicle made a series of big bets on American stocks in 2014, the US activist investor has moved into the ranks of the top 20 most successful hedge fund managers of all time.
In an otherwise muted year for the industry, Mr Ackman’s 33 per cent return in 2014 placed him at number 19 of the top 20 funds based on the total amount of dollar net profits they have made for investors after fees.
Mr Ackman was the only new entrant into the annual list compiled by LCH Investments, the fund of hedge funds run by the Edmond de Rothschild group, having generated $11.6bn in returns since Pershing Square was launched in 2004.
Pershing Square is the youngest fund on the list, and Mr Ackman, 48, the youngest manager.
According to LCH the top 20 managers generated $25.2bn in profits net of fees in 2014, while the wider hedge fund industry made net gains of $71bn.
George Soros, the veteran hedge fund manager famed for betting against the Bank of England’s attempts to defend the pound on “Black Wednesday” in 1992, remained top of the all-time list with his Quantum fund having reclaimed pole position from Ray Dalio’s Bridgewater the previous year.
Source: Financial Times

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