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The Inefficiency of Hedge Funds & Finance


LectureThe area of high-finance is horribly inefficient, but that is good news for those who can correct that inefficiency because there is value in doing so.  We got our start by providing 1,000+ articles and videos on the family office industry, speaking at 100+ events in 23 countries and building a large family office community in the process.

Our mission at the Wilson Holding Company is to correct the inefficiency which is rampant across high-finance, the areas of investment banking, mergers & acquisitions, private equity, family offices, and hedge funds operate and sometimes feed upon the lack of transparency, consistency, and ease of communication which is a global challenge.  While some crowd funding and accredited investor aggregation platforms are helping cure 1% of the problem it is still everywhere.  Consider the following:

  1. Why do hedge fund managers need to hire placement agents and third party marketers, even when they have $1B, enough capital under management to afford building their own teams? Because many investors don't make public what they are looking to invest in right now, don't or can't speak publicly about their investments, or rely upon a single database for their fund manager searches.  To show how non-transparent our industry is, I actually met someone who hire third party marketers for hedge fund managers...so in this case the hedge fund manager not only doesn't know what investors to go to so they have to turn to a third party marketer, but now has found the third party marketing world so opaque that they hire someone else to find the third party marketer.  When I first I heard this I immediately though "this type of professional shouldn't exist" but they so and they make a living performing this function because the market demands it.
  2. Why do conferences like our division which offers such exist? To connect peers who may have been working down the street from each other but besides a LinkedIn Group which can be filled with 100,000+ other professionals it is hard to figure out who is real, who is closing actual deals, raising capital, and is credible enough to invest time in getting to know.
  3. How is it that our small team has been able to make any progress in the field of family offices, starting with no capital and just by providing education?  Why were we able to make Endowments.com the #1 most visited website on endowment funds in the first week of acquiring it? The truth is that education in our industry is risky to provide, it could be construed as a compliance risk, as investment advice, and a regulator may fine or suspend your licenses if you make one wrong step in giving away the wrong type of advice publicly that appears to be a solicitation or lacks a needed disclosure.  In a way by providing education consistently we are picking up pennies in front of a regulatory steamroller, you hope you never get tripped up....and that is why the approach is not taken by many.
  4. Finally, why do family offices hire us to find them deal flow, to find companies to invest in.  Mostly because investment bankers, M&A brokers, and private business owners don't have relationships with family offices, many times they don't even know they exist. To make it more challenging many single family offices don't have websites, don't want to be "known" yet at the same time are frustrated by lack of deal flow. 
These are just three of over a dozen examples on the tip of my tongue on how in-efficient high-finance is today and how much work is to be done providing base level education and training, insights on what is going on day to day via blog posts and videos, connecting like-minded peers through conferences, and investor databases, and finally getting deals done and capital raised through connecting parties who both benefit by being introduced to each other.  This summarizing our work in high-finance, why we see endless possibilities for how we at Wilson Holding Company can contribute and how we hope to be of value to you and your firm over the next 20 years.

Related to: Hedge Fund Inefficiency

Tags: hedge fund inefficiency, hedge fund industry, hedge fund industry changes, hedge fund industry trends.

Link to This Resource: The Inefficiency of Hedge Funds & Finance

http://richard-wilson.blogspot.com/2014/10/the-inefficiency-of-hedge-funds-finance.html

Private Equity Hedge Funds

Private Equity and Hedge Funds to Attract more Investments from Germany’s biggest public pension fund

Private equity and hedge funds are attracting more investments from Germany’s biggest public pension fund, which plans reduce its bond holdings as low interest rates curb returns.
“We started committing the first funds to private equity in 2007 and we are now beginning to reap the first rewards,” said Andre Heimrich, chief investment officer of Bayerische Versorgungskammer, in an interview in Munich. “There is still room for expansion and we could imagine doubling our share of private-equity investments.” BVK currently has about 4 percent of its assets committed to buyout funds.
BVK, which had 60.5 billion euros ($76.5 billion) in assets at the end of August, manages 12 pension plans overseeing compulsory retirement funds for doctors, architects, lawyers, Bavarian lawmakers and chimney sweeps. The company, part of the state of Bavaria’s interior ministry, is also seeking more investments in infrastructure, hedge funds and real estate.
“The current low interest rate environment will persist for some time,” said Heimrich, who took over as CIO from Daniel Just, now BVK’s chief executive officer, in February 2013. “In Germany, we even might not have reached rock bottom yet.”
Source: Bloomberg

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Link to This Resource: Private Equity Hedge Funds

http://richard-wilson.blogspot.com/2014/10/private-equity-hedge-funds.html

Hedge Fund’s Next-Generation

Hedge Fund’s Next-Generation wants what Warren Buffett has

Hedge fund’s next-generation of name-brand investors wants what an American business magnate, investor and philanthropist Warren Buffett has.
Buffett, of course, has plenty for an ambitious investing titan to envy. There’s the $63 billion net worth, a first look at most every attractive acquisition opportunity, and the ability to generate awe and adulation with even mundane utterances about the economy and business. He’s a ruthless financial assassin and corny, unthreatening business Grandpa at once.
Today we’re hearing about how Buffett is deploying all the goodwill and high regard he has accumulated by rebranding more of his ventures with the Berkshire Hathaway Inc. (BRK-A, BRK-B) name. Expect to see it on foreign real estate agencies, domestic utilities and car dealerships.
But the particular thing that Buffett enjoys that hedge fund managers like Bill Ackman seem to covet is not Buffett’s brand. It’s a trove of “permanent capital” that can be wielded any which way without concern that fickle investing clients will yank it away.
Source: Yahoo! Finance

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Link to This Resource: Hedge Fund’s Next-Generation

http://richard-wilson.blogspot.com/2014/10/hedge-funds-next-generation.html

Florida SBA Investments

19 Managers Secure $2.88B in Investment from Florida State Board of Administration

19 managers, including its first specific allocation to the China A-shares domestic equity market, secured the amount of $2.88 billion in investment from Florida State Board of Administration, Tallahassee.
China A-shares commingled fund, John Kuczwanski, FSBA communications manager, said in an e-mail statement.
The FSBA, which oversees $171.8 billion in total assets, committed a total of $1.38 billion to private equity. It committed $500 million to Inflexion Buyout Fund IV and $300 million to Inflexion Partnership Capital Fund I, both managed by Inflexion Private Equity Partners; $200 million to Hellman & Friedman Capital Partners VIII; $125 million to SVB Strategic Investors Fund VII, managed by SVB Asset Management; $100 million to Charlesbank Equity Fund VIII, managed by Charlesbank Capital Partners; $75 million to ABRY Partners VIII; $50 million to Rubicon Technology Partners; and $30 million to OpenView Venture Partners IV.
In real estate, it committed a total of $163 million: $100 million to Prologis Targeted U.S. Logistics Fund; and €50 million ($63.3 million) to J.P. Morgan European IP Fund III, managed by J.P. Morgan Asset Management.
Source: Pensions & Investments

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Florida State Board of Administration, Tallahassee, John Kuczwanski, Private Equity, Inflexion Buyout Fund IV, Inflexion Partnership Capital Fund I, Inflexion Private Equity Partners, Hellman & Friedman Capital Partners VIII, SVB Strategic Investors Fund VII, SVB Asset Management, Charlesbank Capital Partners, ABRY Partners VIII, Rubicon Technology Partners, OpenView Venture Partners IV, Real Estate, Prologis Targeted U.S. Logistics Fund, .P. Morgan European IP Fund III, J.P. Morgan Asset Management

Link to This Resource: Florida SBA Investments

http://richard-wilson.blogspot.com/2014/10/florida-sba-investments.html

Goldman-Backed Hedge Fund

Goldman Sachs-Backed Hedge Fund Rallies 8.6% for the Month and 9% for the Year

Todd Edgar, the $650 million firm that was backed with $150 million from Goldman Sachs Group Inc.’s asset management arm in 2012, rallied 8.6 percent for the month and 9 percent for the year.
Then came September. Edgar, whose Atreaus Capital LP specializes in currencies and commodities, had been betting since June that the price of soybeans would drop because of favorable weather conditions that promised a bumper crop. On Sept. 11, the U.S. Department of Agriculture reported record harvests and expanding global inventories. Bean prices tumbled 8 percent through the end of the month. That and a larger trade on a stronger U.S. dollar turned a poor year into a good one, according to an investor.
Edgar, whose $650 million firm was backed with $150 million from Goldman Sachs Group Inc.’s asset management arm in 2012, rallied 8.6 percent for the month and 9 percent for the year. He wasn’t alone. Rising volatility, concern over the global economy and Bill Gross’s abrupt exit from Pacific Investment Management Co. rattled the stock, bond, currency and commodity markets in which macro firms invest. The biggest funds, such as Paul Tudor Jones’s Tudor Investment Corp. and Andrew Law’s Caxton Associates LLC, rose between 3 percent and 4 percent in the month, thanks in large part to the jump in the dollar.
Source: Bloomberg

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Todd Edgar, Goldman Sachs Group Inc., Atreaus Capital LP, U.S. Department of Agriculture, Pacific Investment Management Co., Paul Tudor Jones, Tudor Investment Corp., Andrew Law, Caxton Associates LLC.

Link to This Resource: Goldman-Backed Hedge Fund

http://richard-wilson.blogspot.com/2014/10/goldman-backed-hedge-fund.html

How to Raise Capital from Family Offices - Live Workshop Friday in New York at the Harvard Club

Family Office Capital Raising Workshop

This Friday October 17th I am hosting a full day intensive workshop on how to raise capital from family offices and HNW investors.  I will cover the processes, strategies, and tactics needed to work with family offices including 7 blueprints to follow and copy for your own strategic use and 7 new family office trends that you can get in front of to generate more family office referrals and investors.

Learn more about this event and reserve one of the last 16 seats available here: http://WilsonConferences.com/Family-Capital

Hope to see you on Friday at the event.

- Richard

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Tags: Family Office Capital Raising Workshop, Family Office Workshop, Family Office Seminar

Link to This Resource: How to Raise Capital from Family Offices - Live Workshop Friday in New York at the Harvard Club

http://richard-wilson.blogspot.com/2014/10/how-to-raise-capital-from-family.html

Jeffrey Kirt Joins Pamplona

Jeffrey Kirt Joins Pamplona to Boost Company’s U.S. Private Equity Presence

Jeffrey Kirt has been appointed by Pamplona Capital Management, a specialist investment manager that provides an alternative investment platform across private equity, fund of hedge funds and single manager hedge fund investments, as it continues to strengthen its US private equity presence.
Mr Kirt arrives from Oak Hill Advisors, L.P, where he was a partner responsible for stressed and distressed investments, having joined the firm in 2002. He also had senior research responsibility for the aerospace, automotive and financial industries.
His appointment follows that of Bill Pruellage last month, formerly co-president at Castle Harlan; and increases to four the number of partners based in Pamplona’s New York office.
Mr Kirt joins more than 25 investment professionals at Pamplona, which is currently investing its recently committed $4 Billion fourth private equity fund.
Last month Pamplona agreed to buy Mobile, Alabama-based BBB Industries, a leading manufacturer and distributor of automotive parts. Other transactions this year have included the sale of an 8.5% stake in oil services company Nabors Industries Ltd; the acquisition Beacon Rail Leasing for $450 million; and of a majority stake in Alvogen, one of the fastest growing generics companies in the pharmaceuticals industry.
Source: Pamplona Capital Management

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Link to This Resource: Jeffrey Kirt Joins Pamplona

http://richard-wilson.blogspot.com/2014/10/jeffrey-kirt-joins-pamplona.html

Carl Icahn Eyes More Apple Stocks

Carl Icahn Wants More Stocks in Apple after its 30% Jump

Carl Icahn wants more stocks in Apple Inc., after the stock in the American computer designer company has soared close to 30 percent year to date.
It’s unclear if hedge fund manager Carl Icahn follows statistical probability theory with stocks, but he’s looking to defy gravity in his latest Apple Inc. computer rant.
After the stock of Apple Inc. has soared close to 30 percent year to date, outperforming the broader stock market benchmarks (which it greatly influences) and beating peers like a drum, Carl Icahn wants more just as algorithmic traders have noted the stock might have risen a little too far, a little too fast.
Carl Icahn published a letter to Apple CEO Tim Cook that essentially ordered Cook to purchase additional Apple stock. This is a common hedge fund tactic to boost the stock price over a short period of time.  When a company purchases its own shares it communicates confidence to the market and soaks up limited stock supply, which typically boosts prices.
Source: ValueWalk

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Carl Icahn, Apple Inc., Tim Cook.

Link to This Resource: Carl Icahn Eyes More Apple Stocks

http://richard-wilson.blogspot.com/2014/10/carl-icahn-eyes-more-apple-stocks.html

European Hedge Fund Profits

Louis Bacon Sees His European Hedge Fund Generate Profits of £36.4M in 2013

Louis Bacon, an American hedge fund manager, trader and founder of Moore Capital Management, is seeing his European hedge fund generate profits of £36.4 million in 2013, according to a filing at Companies House.
The UK division was a big donor to the Tory Party before the last election.
Mr Bacon, 58, founded Moore Capital in 1989 after a career on Wall Street and rose to prominence after making a number of successful financial bets linked to the 1991 Gulf War. He hit the headlines recently over a protracted legal feud with the Canadian clothing mogul Peter Nygard over Clifton Bay in the Bahamas where both men own property.
Although yesterday figures cover only the period ending 31 December, they are significant because Moore has since bolstered its ranks in London by appointing Christian Levett, the founder of the commodities hedge fund Clive Capital, which closed last year, as well as his former chief investment officer, Tristan Almada.
Source: The Independent

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Louis Bacon, American Hedge Fund, European Hedge Fund, Moore Capital Management, Tory Party, Wall Street, Canada, Canadian Clothing Mogul, Peter Nygard, Clifton Bay, Bahamas, Christian Levett, Clive Capital, Tristan Almada.

Link to This Resource: European Hedge Fund Profits

http://richard-wilson.blogspot.com/2014/10/european-hedge-fund-profits.html

Conn’s Stock Price Crash

Hedge Fund Managers See Opportunities in Conn’s Stock Price Crash

Hedge fund managers such as Christian Leone of Luxor Capital, David Einhorn of Greenlight Capital and Daniel Gold of QVT Financial have seen opportunity in stock price crash in Conn’s Inc.
That opportunity might come in the form of the firm selling itself.
To start the year, Conn’s was trading near $77 per share and then troubles began eating at the retailer, who caters to lower income customers. Defaults began to increase in the credit financing business, which accounts for as much as 77 percent of sales as of the ended in July, according to a Reuters report.
It is the credit financing business that has come under fire. On September 2, Conn’s slashed its profit forecast for its year ending in January due to an increased provision for bad debts related to higher than expected delinquency rates. The stock shed nearly one third of its value that day, dropping from near $44 in price down to $31 and would eventually reach a near term low of $27.37.
Source: ValueWalk

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Christian Leone, Luxor Capital, David Einhorn, Greenlight Capital, Daniel Gold, QVT Financial.

Link to This Resource: Conn’s Stock Price Crash

http://richard-wilson.blogspot.com/2014/10/conns-stock-price-crash.html

Hedge Funds Cyber Security Website

Introducing Cyber Security Website for Hedge Funds

A new website dedicated to Cyber Security for hedge funds has been launched by ACE IT Solutions, a professional, leading and exclusive Web Design & Development Company.
The new website was created to help alternative investment firms at all asset levels successfully address today's cyber security challenges, and features the latest educational materials including white papers, blogs, relevant news, and information about cyber security solutions and services.
Cyber Security is of paramount importance to the global financial industry. Hedge funds in particular continue to be a prime target for malicious hacking and other cyber threats due to the potential large payoffs for hackers, a fact demonstrated by numerous media reports and research data. The 2014 IBM Cyber Security Intelligence Index indicates that the financial industry accounts for 23.8% of all cyber attacks, the highest of any industry. We continue to see frequent media coverage about high-profile firms being hacked, including reports impacting JP Morgan and many other unnamed financial institutions.
Source: Bobsguide

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Cyber Security, Cyber Security Website, ACE IT Solutions, IBM Cyber Security Intelligence Index, JP Morgan.

Link to This Resource: Hedge Funds Cyber Security Website

http://richard-wilson.blogspot.com/2014/10/hedge-funds-cyber-security-website.html

Brevan Howard September Performance

Brevan Howard Posts Positive Gains in September 2014

One of the largest hedge fund managers by assets under management Brevan Howard has seen its $25 billion Master Fund rise by 4.4 percent in September, a letter to investors obtained by Reuters showed.
The gain, the highest monthly return by the fund in three years, beats the average 1.5 percent gain posted by peers last month and marks a recovery in the strategy's performance after a tough first half of the year.
It also helped Brevan Howard recover all the losses suffered by the fund in the opening six months of the year and left it trading up 0.4 percent at the end of September, the letter, which did not explain how the returns were generated, showed.
Macro hedge funds focus on major economic trends and bet anywhere they see value, including stocks, bonds, currencies, commodities and derivatives markets. The strategy outperformed a 0.8 percent loss for the broader hedge funds industry in September, according to data from money manager GAM.
Source: Reuters UK

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Brevan Howard, Master Fund, Reuters, GAM.

Link to This Resource: Brevan Howard September Performance

http://richard-wilson.blogspot.com/2014/10/brevan-howard-september-performance.html

Profiting from Puerto Rico’s Debt Market

Michael Lau’s $3B Hedge Fund is Forming a Fund to Buy Puerto Rico Debt

As the commonwealth and the Candlewood Investment Group LP’s agencies struggle with $73 billion of obligations, the $3 billion hedge-fund firm run by Michael Lau is planning to form a fund to profit from Puerto Rico’s debt market.
The Candlewood Puerto Rico SP fund will target securities including general-obligation bonds, debt of public corporations and the monoline-wrapped space, the New York-based firm said in a presentation obtained by Bloomberg News. Market prices are offering unadjusted yields of 8 percent to 10 percent and U.S. tax-equivalent yields of 16 percent to 20 percent, it said.
Candlewood joins hedge funds including Brigade Capital Management LLC, Fir Tree Partners, Monarch Alternative Capital LP and Perry Capital LLC in investing in Puerto Rico as the island seeks to boost its economy, which has contracted by 20 percent since July 2005. About 45 percent of the island’s 3.6 million residents live in poverty, according to U.S. Census data.
Security selection will be important as certain segments of the market may retain “significant value” and others may “suffer full impairment,” Candlewood wrote.


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Link to This Resource: Profiting from Puerto Rico’s Debt Market

http://richard-wilson.blogspot.com/2014/10/profiting-from-puerto-ricos-debt-market.html

Paulson Meets MBA Students

John Paulson Speaks to MBA Grads about Hedge Fund Compensation

John Paulson, an American hedge fund manager and billionaire who heads Paulson & Co., a New York-based investment management firm he founded, spoke to a room of MBA grads and students on Tuesday evening about hedge fund compensation among other topics.
Paulson, who shot to fame after making billions betting against subprime during the housing crisis, was part of a panel at NYU Stern called the “Future of Finance” with Citigroup CEO Michael Corbat and Warburg Pincus Joe Landry. The Wall Street Journal’s Francesco Guerrera was the moderator.
Earlier on in the panel, Paulson discussed how the hedge fund industry has changed since he launched Paulson & Co., which now manages over $US20 billion of assets.
It’s a big number even by today’s hedge fund size standards. Compared to decades ago, however, it’s absolutely massive.
Paulson pointed out that in the early 90s, a large fund would have about $US100 to $US200 million. These days, the largest funds have billions in assets.
Source: Business Insider Australia

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, John Paulson, American Hedge Fund, Paulson & Co., New York, MBA Grads, MBA Students, NYU Stern, Future of Finance, Citigroup, Michael Corbat, Warburg Pincus, Joe Landry, The Wall Street Journal, Francesco Guerrera.

Link to This Resource: Paulson Meets MBA Students

http://richard-wilson.blogspot.com/2014/10/paulson-meets-mba-students.html

U.S. Personal Income Growth

The Personal Income in U.S. Jumps 0.3% in August

The personal income in the United States jumped $47.3 billion or 0.3 percent in August, according to the U.S. Department of Commerce report released.
Personal consumption expenditures (PCE) increased $57.5 billion, or 0.5 percent. Consumer spending is the main engine for the U.S. economy.
The reported data “is a further signal that the positive momentum in domestic activity is being sustained," said Millan Mulraine, an economist at TD Securities in New York to The Christian Science Monitor.
The savings rate dipped to 5.4 percent from 5.6 percent. Personal saving was $705.3 billion in August, compared with $730.5 billion in July.
Inflation remained well below the Federal Reserve's longer term 2.0 percent target. In fact it has undershot the Fed's target for 28 consecutive months. The personal consumption expenditures price index, the Fed's preferred measure, fell to an annual rate of 1.5 percent from 1.6 percent in July.
Source: Venture Capital Post

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, US Personal Income, US, United States, US Department of Commerce, Personal Consumption Expenditures, PCE, US Economy, Millan Mulraine, TD Securities, New York, The Christian Science Monitor.

Link to This Resource: U.S. Personal Income Growth

http://richard-wilson.blogspot.com/2014/10/us-personal-income-growth.html

Chicago’s Pension Fund Hire

Andrew Kelsen Joins $10.8B Chicago’s Pension Fund

The $10.8 billion Chicago Public School Teachers’ Pension & Retirement Fund announced it has appointed Andrew Kelsen as portfolio manager for alternative investments.
Mr. Kelsen, who started earlier this month , will oversee the fund’s private equity, hedge fund of funds and other alternative investments as applicable, according to the documents.
He will report to Carmen Heredia-Lopez, chief investment officer.
Currently, the pension fund has no plans to change its hedge fund strategy, said Ms. Heredia-Lopez in the documents.
Previously, Mr. Kelsen was a vice president at Torshen Capital Management. The position will not be filled.
As of June 30, 2013, the most recent information available, the pension fund had an as asset allocation of 33% domestic equities, 27% international equities, 17.3% fixed income, 7.9% real estate, 5.5% cash and equivalents, 3.4% infrastructure, 2.8% each public REITs and private equity, and 0.3% hedge funds.
Source: Pensions & Investments

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Andrew Kelsen, Chicago, Pension Fund, Chicago Public School Teachers’ Pension & Retirement Fund, Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, REITs, Real Estate Investment Trusts, Real Estate, Real Estate Fund.

Link to This Resource: Chicago’s Pension Fund Hire

http://richard-wilson.blogspot.com/2014/09/chicagos-pension-fund-hire.html

KKR's First Asia Hedge Fund

Kohlberg Kravis Roberts Seals Its First Asia Hedge Fund

Following to sources, an American multinational private equity firm Kohlberg Kravis Roberts closed its first Asia hedge-fund partnership backing a startup by the former regional chief of York Capital Management LP.
Feng Hsiung’s Hong Kong-based Acion Partners Ltd. will start a pan-Asia event-driven hedge fund in the first quarter of 2015, investing in equities and credit, said the people, who asked not to be identified as the information is private.
The private-equity firm led by billionaires Henry Kravis and George Roberts, based in New York, will take an unspecified minority stake in Acion as part of the broader partnership, they added. Anita Davis, a Hong Kong-based spokeswoman for KKR, declined to comment on the deal.
Private-equity firms like KKR, Blackstone Group LP and Carlyle Group LP have been diversifying businesses beyond leveraged buyouts, in part by buying stakes in hedge-fund firms. KKR has been scouting for such opportunities in Asia, which has fast-growing economies and diverse markets where reforms are creating new opportunities, said the people.
Source: Bloomberg

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Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund Industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, American Private Equity, US, Kohlberg Kravis Roberts, KKR & Co., Asia Hedge Fund, Startup, York Capital Management LP, Feng Hsiung, Hong Kong, Acion Partners Ltd., Henry Kravis, George Roberts, New York, Anita Davis, Blackstone Group LP, Carlyle Group LP.

Link to This Resource: KKR's First Asia Hedge Fund

http://richard-wilson.blogspot.com/2014/09/kkrs-first-asia-hedge-fund.html

Deloitte Boosts Hedge Fund Activity

Deloitte Boosts Its Hedge Fund Practice with Two Appointments

Chris Farkas has been appointed by Deloitte, one of the "Big Four" professional services firms, as UK hedge fund leader, and Brian Forrester that will take on the role of hedge fund leader for the Europe, Middle East and Africa region.
Farkas was Deutsche Bank’s European head of hedge fund consulting in its prime brokerage group, working with global top 100 hedge funds and significant hedge fund start-ups.
Prior to Deutsche Bank, Farkas was head of sales at GlobeOp and executive director on the Goldman Sachs European hedge fund consulting team.
Farkas’ appointment follows the announcement that Deloitte’s Brian Forrester will take on the role of hedge fund leader for the Europe, Middle East and Africa region. Forrester is a partner with Deloitte in Ireland, having recently returned to Ireland after two years with the UK firm.
Forrester says: “Investors recognise the need for customised portfolios and are using hedge funds to provide better risk adjusted returns and diversification. As a result, investor allocations are increasing and hedge funds are expanding to take on more assets and staff whilst launching new products.
Source: HedgeWeek

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ABN Amro Banking’s Hedge Fund

The Progression of ABN Amro Private Banking’s Hedge Fund Offerings

The article below is an overview on Marc de Kloe, Head of Alternatives Investments and Funds at ABN Amro Private Banking, talking about banking’s hedge fund offerings, growing the hedge fund exposure tenfold to $3 billion, with more to go.
For Marc, hedge funds are not a magic bullet, but a menu of options for dedicated problems. He also explains what fund managers and promoters can do to help private banks to better sell alternatives.
First, fund promoters need to understand thatoffshore is passé: With AIFMD, offshore hedge funds can’t be sold any more to non professional clients, which includes private banks and most family offices. Therefore, the private banks’ preferred vehicles are managed accounts, funds of managed accounts, UCITS, and AIFs. The transparency those vehicles provide allows for stress tests, which turns out to be an extremely powerful huge sales argument.
Source: ValueWalk

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Harvard's Endowment Rise

Harvard University's $36B Endowment Rises 15.4% in 2014

As in-house bond managers and outside hedge funds teamed up to easily beat the portfolio's 14.6 percent benchmark return, Harvard University announced that its $36 billion endowment posted an increase of 15.4 percent throughout fiscal 2014.
The endowment, overseen by Harvard Management Company Inc, grew to $36.4 billion in the fiscal year ended June 30 from $32.7 billion. That marked a near-full recovery from losses posted during the financial crisis.
Still, an overhang from underperforming illiquid private-equity investments continue to weigh on the endowment's portfolio, HMC said in a press release.
The Ivy League school's endowment is the largest in the world and is now valued roughly three times bigger than the annual gross domestic output of Africa's Zimbabwe.
The endowment's bond portfolio produced a 7.7 percent return in fiscal 2014, trouncing the 4.2 percent return on its benchmark. Its foreign bonds were the stars, posting an 18 percent return against an 8 percent return on the benchmark, HMC said. The entire fixed income portfolio is managed internally.
Source: Business Insider

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Hal Lehr's Hedge Fund

JPMorgan Backs Hal Lehr with $100M to Start Own Hedge Fund

JPMorgan Chase & Co. has backed Hal Lehr, a former Deutsche Bank AG (DBK) and Soros Fund Management LLC trader, with $100 million to start a New York hedge-fund firm, a person with knowledge of the matter told Bloomberg.
The firm, to be named Aithon Capital, is scheduled to start in January with JPMorgan investing about half its initial $100 million of capital, the person said, asking not to be identified as the information is private. The global macro fund may have a focus on commodity trading and JPMorgan can boost its investment to as much as $500 million, the person said. Aithon is in talks for office space at 501 Madison Avenue, the person said.
Lehr had planned to begin Aithon after stepping down as head of Deutsche Bank’s global cross-commodity trading unit in late 2012, the person said. The start was postponed after he joined Carlyle Group as an adviser. Deutsche Bank will act as one of Aithon’s prime brokers, according to the person.
JPMorgan Asset Management Chief Investment Officer Paul Zummo declined to comment when contacted by phone, while Lehr was unavailable for comment.
Source: Bloomberg

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SAIF Partners' Hedge Fund

Hong Kong Private Equity Firm Introduces Its First Hedge Fund

The Hong Kong-based private equity firm SAIF Partners Group, is pleased to announce the launch of its first hedge fund entitled SPQ Asia Opportunities Fund, with US$40 million.
Through August, the fund had more than tripled that number to US$130 million.
Most of the growth has come from investors, who have shown a growing appetite for Asian hedge funds. SPQ returned 1.6% in its first month last year and is up 5.1% this year, Bloomberg News reports.
SPQ is run by Brandon Lin, one of SAIF’s most senior partners, from Beijing.
Source: FINalternatives

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Ackman’s Hedge Fund IPO

Billionaire Hedge Fund Manager Files for Fund IPO on Amsterdam Stock Exchange

An American hedge fund manager and philanthropist William Ackman filed for an initial public offering on the Amsterdam Stock Exchange.
Hedge-fund manager William Ackman aims to raise $2 billion through the initial public offering of one of his funds on Euronext Amsterdam in a move that will provide it with steady capital.
Pershing Square Holdings Ltd. said Monday that it plans to float on the Amsterdam stock exchange for $25 a share, giving it a market capitalization of at least $5 billion.
A big chunk of this will be issued to 30 cornerstone investors who have committed $1.5 billion to the IPO, the company said.
Pershing Square Holdings, established in December 2012 as an offshore company, said it had a net asset value of $2.9 billion by the end of June.
The IPO comes as activist investors are embarking on a drive to take advantage of their increasing clout in boardrooms and above-average hedge-fund returns.
Source: Wall Street Journal

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Pershing Square Tops HSBC Chart

Ackman’s Pershing Square Tops HSBC Performance Chart

Pershing Square Capital, a New York-headquartered activist hedge fund management company founded and run by Bill Ackman, is leading as the top performing hedge funds by HSBC's performance chart on the back of strong August.
William Ackman’s Pershing Square Capital widened its lead as the top performing hedge funds monitored by HSBC’s HedgeWeekly report, with the ISAM Systmatic Fund elbowing its way into third place after posting a monster performance number in August.
Other notables in the top five include Chenavari Toro Capital fund, with 19.21 percent performance year to date, and Trisheld Special Situations fund, posting 18.08 percent year to date performance.
Ackman’s Pershing Square moves to 29.89%% YTD performance
It was Ackman that took the spotlight, however. From ValueWalk’s last post on July 28, Pershing Square extended its lead, moving from 23.97 percent performance year to date to 29.89 percent performance in the most recent HSBC report – and in doing so extended his lead over second place Pharo Trading Fund, with 21.34 percent year to date performance.
Source: ValueWalk

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Goldman Sachs' Oryza Capital

Goldman’s Asian Hedge Fund Reaches $1B Mark

Oryza Capital LP, an Asian hedge fund set up by Goldman Sachs Investment Partners, told investors in June that it would stop taking additional money after capital committed had reached its $1 billion mark.
The Asia-focused equity long-short fund started in September 2013 with an initial capital of $80 million, according to a document sent to potential investors.
Oryza hit the $1 billion mark within a year at a time when banks are hamstrung by regulations to risk their own capital with hedge funds. Asia hedge funds started in the first seven months of 2014 raised $19.5 million on average, according to Singapore-based data provider Eurekahedge Pte.
The fund may appeal to investors who do not have the time and resources to research hundreds of Asia-based hedge-fund managers, said Ed Rogers, chief executive officer of Tokyo-based Rogers Investment Advisors.
“There is still tremendous brand equity in the Goldman Sachs name,” said Rogers. “So many investors may well choose to put money into an untested fund managed by Goldman Sachs Investment Partners-pedigreed individuals rather than spend time and money on due diligence to invest in a less pedigreed fund that has a two- to three-year track record.”
Source: Bloomberg

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Making Money like George Soros

Tips for Making Money from Hedge Funds like George Soros

The article below is an overview on how to make money from hedge funds like George Soros, a Hungarian-born American business magnate, investor, and philanthropist.
Hedge fund managers retain an almost mythic status in the investment world. They can move markets, break central banks and make billions of dollars in the process.
Who wouldn’t want to invest like a hedge fund manager? Like every myth, however, this is only partly based in reality.
Even stars such as George Soros and John Paulson do not always get it right. We tend to remember their successes and ignore their failures.
And for every stellar success, there are plenty of failures. In 2008, during the global crisis, many funds banned withdrawals as panicky investors headed for the exits.
Wealthy investors have forgiven them. Money continues to pour in – about US$38 billion in the first quarter of this year alone. Global hedge funds now boast more than $2 trillion of assets under management.
Hedge funds still have a slightly sinister reputation, says Tom Elliott, the international investment strategist at deVere Group in Dubai. “They stand accused of triggering the credit crunch of 2008, through excessive use of derivatives linked to the US mortgage market. Recent performance has disappointed, as they have failed to repeat the stellar returns of the late 1990s and early 2000s.”
Source: The National

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NY Pension Fund Merges Goldman

NY Pension Fund Enters $2B Partnership with Goldman Sachs

New York State’s main public pension is benefiting an American multinational investment banking firm Goldman Sachs Asset Management $2 billion to invest in global stocks.
The New York State Common Retirement Fund has charged the bank with hiring seven or eight outside hedge funds focused on markets outside of the U.S. It is Goldman’s largest-ever such asset-allocation deal.
Goldman and the $181 billion pension had been in talks about the arrangement for a year-and-a-half. And New York State Comptroller Thomas DiNapoli said the system is in discussions with other firms about similar deals, as well as with Goldman about sustainable investment options.
Source: FINalternatives

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Maples Fund Services in Boston

Maples Fund Services Strengths Its North American Presence

Maples Fund Services, a leading independent global fund services provider operating in key onshore and offshore financial centers, has strengthened its North American presence with the open of a Boston office.
Boston will be a full-service office catering to both U.S. domestic and offshore funds looking to be serviced by a Maples Fund Services team physically present in the United States.
MaplesFS said the office will give the firm access to a tight-knit community of hedge fund, fund of hedge fund and private equity managers in Boston, and it also improves its ability to be closer and more accessible to clients and their investors across the U.S. market.
In addition, the team will bring the firm’s experience in servicing family offices, pension plans, endowments and foundations and institutional investors to the Boston market.
“On the back of our recent strategic acquisition in Asia, we are extremely positive about the continued global expansion of our fund administration business through the opening of the Boston office, ”Scott Somerville, CEO of MaplesFS, said.
Source: Cayman Compass

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