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Oregon Fund of Hedge Funds

Marc Lorin Joins Portland, Oregon Fund of Hedge Funds as President

Marc Lorin has been appointed by Common Sense, a Portland, Oregon-based fund of hedge funds, as its new president, according to firm’s announcement.
Lorin was a senior director at SocGen derivatives brokerage unit Newedge, where he worked from 1994 until earlier this month (the French bank finalized the acquisition of Chicago-based Newedge in May).
"Common Sense—our brand and product suite—is evolving, leveraging from our 23 years of history and simultaneously looking to the future of alternative investments. The management team has been structured to underline new governance; we are hiring, and will continue to hire, industry veterans," new Common Sense CEO Jonathan Gane, another Newedge veteran, said in an email addressing Lorin's new role.
"Our newly formed advisory board will provide guidance as we expand our product offer and build bespoke solutions for institutional clients. We look forward to announcing more news in the coming months."
Source: CNBC

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Link to This Resource: Oregon Fund of Hedge Funds

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Blackstone Group "Big Bet" Hedge Fund

Blackstone Group to Launch New "Big Bet" Hedge Fund

The New York-based private equity firm The Blackstone Group L.P., weeks away from the start of a new "big bet" hedge fund, is close to landing its first traders who will scour the world for concentrated investments, people familiar with the matter told WSJ.
The initial traders come from brand name hedge-fund firms such as Ziff Brothers Investments and Serengeti Asset Management LP and will be supervised by new Blackstone employees, including the former head of risk management for Chicago hedge-fund giant Citadel LLC.
The start next month for the new Blackstone venture, after five years of planning, indicates the publicly traded private-equity titan, with $279 billion under management, is having some success luring talent for its unconventional new operation.
As The Wall Street Journal reported in June, Blackstone plans to fund clusters of traders with hundreds of millions of dollars, aiming to form a multistrategy hedge fund to rival some of the largest in the business.
Source: Wall Street Journal

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http://richard-wilson.blogspot.com/2014/08/blackstone-group-big-bet-hedge-fund.html

Hedge Funds Investing in India

India-Focused Hedge Funds Become World’s Best Performers in 2014

The world’s best performers in 2014 are the India-focused hedge funds on expectations that Prime Minister Narendra Modi will revive Asia’s third-largest economy.

The funds investing in the South Asian nation have returned 26 percent this year through July, according to Eurekahedge Pte. That compares with an average 3.5 percent gain for those investing in Asia, 1.9 percent for Greater China, 1.2 percent for Japan, 3.8 percent for North America and 1.1 percent for Europe, the Singapore-based data provider said.
India-focused hedge funds, with a sixth of the $16.5 billion in assets of those investing in Japan, are set for the strongest return in five years after Modi secured the nation’s largest election victory since 1984 in May. The prime minister has pledged to restore economic growth, rein in inflation and the budget deficit, as well as revive stalled projects to boost investor confidence.
Source: Businessweek

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Stock in APPL

Hedge Funds Pouring into APPL

Hedge funds are piling onto the stock in APPL, a stock analysis for Apple Inc., an American multinational corporation headquartered in Cupertino, California.
Over the second quarter of 2014 hedge funds have purchased $855 million in new positions in Apple, giving AAPL the second highest level of new buying activity among S&P 500 stocks.
During the first three months of the year, hedge funds were buying and selling shares of AAPL at a rapid pace, ranking Apple as both the second biggest buy, and second-biggest sell among hedge funds in the first quarter. In the rankings for the second quarter of 2014 though, Apple didn’t even make the list of top 10 stocks most sold by hedge funds.
Taking the number one spot of most purchased stock was Allergan Inc which saw hedge funds buy $1.42 billion in new positions, after Valeant Pharmaceuticals attempted a $53 million hostile takeover of the Botox maker. Also seeing heavy buying activity last quarter Netflix, MasterCard, and Comcast, while Verizon and Time Warner were two of the most sold stocks.
Source: Cult of Mac

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Hedge Fund Boosts Man Utd

Hedge Fund Lansdowne Partners Buys Shares in Manchester United

Lansdowne Partners, a London-based hedge fund, is understood to have bought about 3 percent of the 5 percent shares in Manchester United, an English professional football club also known as Red Devils.
One of London’s top hedge funds has emerged as owner of most of the Manchester United shares recently sold by the football club’s owners, the Glazer family, writes Dominic O’Connell.
Lansdowne Partners, which manages about $18bn (£11bn) of clients’ funds, is understood to have bought about 3% of the 5% sold by the Glazers last month. Lansdowne, a long-term investor in the Premier League club, now owns almost 10% of the “A” shares listed on the New York Stock Exchange. A minority of the club’s shares are publicly traded; the Glazers retain control through a separate, unquoted class of “B” shares, which have greater voting rights.
The Glazers, a Florida-based family with interests in property, retailing and sports, took control of Manchester United in 2005.
Source: The Sunday Times

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Investing in E-Commerce

Investors Looking at Investing in E-Commerce Companies

Private equity, venture funds, hedge funds are currently evaluating a number of online companies, especially niche single-category retailers in segments, according to source.
"We are very aggressively looking at investing in ecommerce, especially something with local connect or an offline presence," said Manas Tandon, principal at TPG Growth India, which has not invested in a consumer Internet company in India so far. "We have seen some interesting businesses," said Tandon, whose fund has backed businesses such as accommodation listings provider Airbnb and messaging app Viber globally.
Tandon declined to reveal the names of the companies that his fund is in talks with. Recently, Hong Kong hedge fund Steadview Capital made its India entry by investing in music streaming service Saavn, furniture site Urban Ladder and taxi service OlaCabs, the back-to-back deals an indication of the seriousness with which it views the India market.
Source: Economic Times

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American Real Estate Investment Trusts

$5.6B Hedge Fund Sells Real Estate Investment Trusts

The $5.6 billion hedge-fund unit within Switzerland’s biggest bank UBS O’Connor LLC, had sold off more than $900 million of shares in American real estate investment trusts during the second quarter 2014 after the companies delivered some of the highest stock-market returns in the 2013.
O’Connor cut its holdings by more than $900 million, selling almost every type of REIT, including those backed by apartments, offices, mortgage bonds, campgrounds, cell-phone towers and hotels, according to a filing last week with the U.S. Securities and Exchange Commission. The biggest reductions were in Mid-America Apartment Communities Inc., AvalonBay Communities Inc. and Equity Lifestyle Properties Inc.
The selling took place from the firm’s $4.8 billion global multi-strategy fund as the firm switched into other industries, according to a person with knowledge of the matter, who asked not to be identified because the information is private. O’Connor increased investments in information technology and consumer staples, including Coca-Cola Enterprises Inc. and Mondelez International Inc., the filing shows.
Source: Bloomberg

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Link to This Resource: American Real Estate Investment Trusts

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US Hedge Funds in Europe

US Hedge Funds Target Success in Europe

A group hedge funds in the United States are now targeting European companies hoping the cultural divide will prove easier to bridge.
So-called activist investors, who have seen their celebrity soar in North America in recent years, are now arriving in force on European shores in search of opportunities. These hedge fund managers argue that European stock market valuations have lagged behind those back home and that companies, traumatised by the continent’s debt crisis, are more open to radical shake ups of their businesses than ever before.
Daniel Loeb, a surfing and yoga enthusiast prone to quoting lyrics from the late rapper Tupac in his updates to investors, recently bought a position in the Dutch nutrition company Royal DSM, arguing it is considerably undervalued. Other US activists making their presence felt in Europe include the hedge fund Elliott, which has taken positions in UK grocer Wm Morrison and several other companies recently, and SpringOwl, which spent several months publicly attacking the UK gambling company Bwin.party before reaching a truce in May. Bill Ackman, another famed US activist, is trying to raise $4bn by listing a closed-end investment vehicle in London this year.
Source: Financial Times

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Link to This Resource: US Hedge Funds in Europe

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Hedge Fund, Private Equity Assets

SEC Says: Hedge Fund, Private Equity Assets Increase 22% YTD

Securities and Exchange Commission announced that the assets managed by private equity and hedge funds registered with U.S. regulators increased 22% from year-to-date.
Regulatory assets under management rose to $8.9 trillion from $7.3 trillion for the 12 months ended in May 2014, the agency said in an Aug. 15 report. Regulatory assets include borrowed money, or leverage.
Qualifying hedge funds, those with a net asset value of at least $500 million, oversaw about $4 trillion compared with $3.3 trillion last year, the SEC said. There were 1,326 hedge funds reported by 460 filers.
The SEC is required to submit an annual report to Congress under the Dodd-Frank regulatory reform legislation on how it uses data collected from private funds. Investment advisers that manage at least $150 million must file the form once a year, and those with more than $1.5 billion in gross hedge-fund assets must file quarterly. For each separate fund with more than $500 million in net assets, they must provide more detailed data on the amount of borrowing, risk and the rate at which they can sell investments quickly.
Source: Bloomberg

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Asian Hedge Fund AUM

AUM in the Asian Hedge Fund Industry Reach $116.7B Mark

At the end of the second quarter, Asian hedge fund industry hit a third consecutive quarterly record with its assets under management reaching a $116.7 billion mark.
Asian hedge fund capital increased by $2.6 billion during Q2, driven largely by performance-based gains as funds topped local Asian equity markets, according to the latest HFR Asian Hedge Fund Industry Report.
Net capital inflows in Q2 totaled $162 million—down from $2.0 billion in Q1 2014 and $3.0 billion in Q2 2013—as outflows in Asian equity hedge strategies and Emerging Asian regions offset inflows into Asian event-driven and relative-value arbitrage strategies.
Globally, hedge fund capital increased to a record $2.8 trillion through mid-year 2014.
During the first six months of 2014, Asian RVA funds received inflows of $972 million, while event-driven and equity hedge have received inflows of $667 million and $574 million, respectively.
Source: FINalternatives

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Technology Firms Sale

Some Tech Companies Exits Soros’ Hedge Fund

Holdings in several technology firms were sold by Soros Fund Management LLC, a privately owned hedge fund sponsor, in the second quarter, including Sina Corp., Brocade Communications and Marvell Technology Group Ltd.
The prominent fund also sold its stake in Emulex Corp. and Turquoise Hill Resources Ltd., while lowering its stake in Hologic Inc., Barrick Gold Corp. and RF Microdevices Inc. in the period ended June 30. The fund’s decision to exit several technology firms comes as the sector has broadly performed well this year. For the year to date, the tech-heavy Nasdaq Composite index has added 6.6%, while the Standard & Poor’s 500 is up 5.8%.
Also in the quarter, the hedge fund, founded by billionaire investor George Soros, added a new stake in Consol Energy Inc. and increased its stake in Ciena Corp.
Mr. Soros’s fund slightly lowered its stake in Herbalife Ltd., leaving it with 4.7 million shares as of June 30, down from 4.9 million a quarter ago.
The fund, which disclosed in 2011 it would return cash to outside investors, invests money for Mr. Soros and his family.
Source: Wall Street Journal

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Ryan Pedlow's Hedge Fund

$1.5B Hedge Fund to Be Launched by Ex-Ziff Brothers Investments

A new hedge fund with $1.5 billion will be launched by Ryan Pedlow, a former top executive at Ziff Brothers Investments, marking one of the biggest startups for the industry in 2014.
Ryan Pedlow's Two Creeks Capital Management LP raised $1.5 billion for its launch this summer, according to a marketing document sent to investors and a person familiar with the matter.
The New York firm's hefty debut likely makes it one of the two largest hedge funds to start this year, according to investors and bankers.
Mr. Pedlow, who invested in financial stocks at Ziff's shuttered U.S. hedge fund, was tipped by The Wall Street Journal earlier this year as one of a handful of young hedge fund managers expected to make 2014 the busiest year for launches since the crisis.
Source: Wall Street Journal

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Revenues to Hedge Fund

40% of Revenues to Hedge Fund and Private Equity by 2020

Hedge funds, private equity funds and other alternative investments would grab up to 40% of asset management revenues by 2020, according to McKinsey & Co forecast.
A survey by Cerulli Associates found that alternative mutual funds will hit 14% of total industry assets by 2023; Northern Trust expects the global economic expansion to continue at slow and steady pace over the next five years and Jeffery Gundlach foresees the return of quantitative easing in 2020.
Gerber Taylor raised $19m for the launch of its latest fund of funds; ADM Capital aims to raise about $1bn in fresh funds this year to launch a distressed debt hedge fund; former Bridgewater analyst Howard Wang said he would start a no-fee hedge fund; Whitebox said it plans to remain a mid-sized hedge fund but wants to launch liquid alternatives; Rothschild Larch Lane announced the launch of the Rothschild Larch Lane Alternatives Fund; Ledbury announced the launch of its maiden equity and special situations hedge fund; Mathew Welch said he would start a hedge fund that invests in small and midcap firms in Asia’s developing markets; and Insparo Asset has rolled out the Insparo Africa Fixed Income Fund.
Source: Opalesque

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Kleinberg Kaplan's New Partner

Joseph Iskowitz Joins Hedge Fund Law Firm as Partner

Joseph Iskowitz has been appointed by a hedge fund law firm Kleinberg, Kaplan, Wolff & Cohen as its new partner in the hedge fund practice.
He previously was a partner in the New York office of Katten Muchin Rosenman.
Iskowitz focuses his practice on the formation and structuring of domestic and offshore investment funds, including hedge funds and private equity funds, and advises funds on operational, securities, corporate and compliance issues. He also represents fund managers, investors and third-party marketers of private investment pools.
On behalf of his clients, Iskowitz structures and negotiates seed arrangements and joint ventures between multiple investment managers. He counsels investment managers on a range of regulatory and compliance matters including registration with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC); continuing compliance with SEC, CFTC and other regulatory agencies; and the creation and implementation of codes of ethics and compliance manuals.
Source: HedgeWeek

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Brazil's BTG Pactual

Brazilian BTG Pactual Jumps to the Highest in More than Two Years

BTG Pactual, a Brazilian multinational investment banking firm that engages in Latin-American investment banking, wealth management and global asset management, jumped to the highest in more than two years in the second quarter.
São Paulo-based BTG Pactual earned 962 million reais ($424 million) in the quarter, compared with 909 million reais in a Reuters poll of four analysts. The number was the highest since the last quarter of 2011.
Under the stewardship of controlling shareholder André Esteves, the bank is expanding in global reinsurance, commodities trading and wealth management.
Source: Hedgeworld

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Gameface Media Inc.

Hedge Fund Manager Lead a $2.5m in Series B Funding for Gameface Media

A group of prominent individual investors including successful entrepreneurs, hedge fund managers and venture capitalists from Boston, New York and the San Francisco Bay Area provided a $2.5 million in series B funding for Gameface Media Inc., the largest provider of free amateur sporting event photos in the world.
Gameface Media plans to make strategic investments in product development, sales, marketing and client services with this round of funding.
Gameface Media delivers unique branded images of participants looking their best whether that be ripping down a mountainside, running through a wall of fire or finishing a marathon. Rather than charging as much as $60 for these images, Gameface Media provides all photos for free to participants thereby creating authentic social content that generates millions of impressions for brand marketers and event organizers. The Company has received positive feedback from event directors and participants alike at top race events including the San Francisco Marathon, Warrior Dash, Shamrock Run Portland and Rugged Maniac.
Source: VentureFizz

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Palladian Partners VIII

Memphis Fund of Hedge Fund to Raise for Its New Fund

Following to SEC filings, Gerber Taylor Management, a Memphis-based fund of hedge funds investment manager, has raised the amount of $19 million for its eight fund (Palladian Partners VIII).
The fund has a $250 million target.
Gerber Taylor Management has approximately $4.9 billion in assets under management in addition to this fund.
The firm invests across all alternative asset classes through its fund of fund vehicles. The fund of hedge fund vehicle will look at strategies such as convertible bond arbitrage, merger arbitrage, distressed securities, global long/short, and private equity/real estate.
Previous Palladian Partners funds were slightly smaller in size, hovering around $200 million.
The fundraise is notable as fund of funds reemerge after a longstanding narrative that the vehicles were too expensive. The data bears this out, HFR data for the month of July shows that fund of funds saw their first inflows in three years, with total invested capital exceeding $670 billion.
Source: Opalesque

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Link to This Resource: Palladian Partners VIII

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Japanese Hedge Fund

Tokyo Hedge Fund Teams Up with Nomura Asset Management

Tokyo-based hedge fund incubation firm Bridge Capital Asset Management Co. signed partnership agreement with Nomura Asset Management, according to asset management firm announcement.
Under an agreement reached by the two firms, Nomura Asset Management will invest up to 3 billion yen (US$29.3 million) in Bridge Capital's incubation fund for hedge fund managers focused on Japanese equities, with an option to take an equity stake in the firm in the future.
A Nomura spokesman said his firm's capital commitment will be drawn down as and when Bridge Capital identifies new incubation candidates.
The spokesman declined to provide specific details regarding when Nomura can exercise its option to acquire a stake in Bridge Capital, or how big that stake might be.
In a separate interview, Takashi Yabuuchi, the CEO of Bridge Capital, said the option would allow Nomura to take a minority stake in the company.
Source: Pensions & Investments

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Link to This Resource: Japanese Hedge Fund

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Man Buys Pine Grove

UK's Man Group Reveals Successful Completion of Pine Grove

British alternative investment management business Man Group plc is pleased to announce the successful completion of Pine Grove Asset Management LLC, a US-based fund of hedge fund manager specializing in the management of credit-focused hedge fund portfolios with approximately $1.0 billion of assets under management.
The close of the transaction further enhances Man Group's presence in the US and adds to Man Group's fund of hedge funds business, FRM. Pine Grove will also reinforce FRM's efforts to offer clients a wide variety of investment opportunities including SEC-registered US 40 Act funds and complementary fund of hedge fund products.
Pine Grove is a credit-focused fund of hedge fund manager, founded in 1994. Since inception, the firm's hedge fund selections and portfolio management have delivered attractive risk-adjusted returns across market cycles. Approximately two thirds of Pine Grove's assets are from institutional investors, primarily US-based, with the remaining third from US high net worth individuals and family offices.
Source: The Wall Street Transcript

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BNP Paribas Buys Credit Suisse

Credit Suisse’s Hedge Fund Unit Bought by BNP Paribas

Credit Suisse Prime Fund Services, a fund administration business for hedge funds and hedge funds of funds, announced that BNP Paribas Securities Services has acquired its hedge fund unit.
Neither BNP Paribas nor Credit Suisse officials would disclose terms of the deal.
Prime Fund Services has $150 billion in assets under administration, while BNP Paribas has a combined $81 billion administered for hedge funds and hedge funds of funds.
Credit Suisse spokeswoman Nicole Sharp referred all questions to BNP Paribas.
The sale is the second major move out of asset servicing by Credit Suisse since early 2013, when the company announced it was closing its transition management business.
Source: Pensions & Investments

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Link to This Resource: BNP Paribas Buys Credit Suisse

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Fortress Q2 Earnings Jump

Fortress Investment Group Q2 Earnings Jump 16%

The first publicly traded private equity and hedge fund manager in the United States Fortress Investment Group LLC, reported second-quarter profit jump 16 percent as the firm earned more money from selling holdings.
Pretax distributable earnings, which exclude some compensation costs and other items, increased to $172 million, or 39 cents a share, from $148 million, or 30 cents a share, a year earlier, New York-based Fortress said today in a statement. The results beat the 37-cent average estimate by five analysts in a Bloomberg survey.
Fortress is benefiting as rising stock markets lift the value of holdings, offsetting the impact of losses at some of the firm’s hedge funds. The firm took advantage of the rising markets to sell stakes in German homeowner Gagfah SA and Brookdale Senior Living Inc., adding $91 million to distributable earnings in the quarter.
Source: Businessweek

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Women-Managed Hedge Funds

Women-Managed Hedge Funds Posting Returns through the Financial Crisis

Women-owned and women-managed hedge funds posted annualized returns through the financial crisis and recovery of +6.0 percent, according to recent Rothstein Kass study released.
Kyria firm composed solely of women managers, and managing partner Kristina Koutrakos says that she’s designed the fund to showcase the strength of female managers.
Research shows that while women don’t have a biological predisposition to financial outperformance, they do tend to have a common set of biases that make them manage money differently from men. These choices, over the long haul, typically outperform.
However, the overwhelming amount of investor assets make it to the top five percent of hedge funds, and those hedge funds are dominated by male money managers. The reasons for this range from bigger funds, simply attracting more assets because they are already the biggest, to an outright open bias against allocating to women who are perceived as weak or more emotional.
Source: Opalesque

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Bill Ackman's Pershing Square

Pershing Square Leads the Top of HSBC’s List

The top of HSBC’s list of hedge fund performers is being led by Pershing Square Capital Management, an activist hedge fund management company founded and run by Bill Ackman, year to date, according to ValueWalk.
Other well-known names on the top performer list include Chenavari, Greywolf and AHL. Well-known names among the worst performers include Odey European, Tudor Discretionary Fund and Graham’s Global Discretionary fund which is living up to its enhanced volatility moniker.
It has been one wild ride for Pershing Square’s Bill Ackman, who posted year to date returns of 23.97 percent as of July 15, making his firm the top performer among all hedge funds thus far in 2014. The fund is no doubt riding on the back of its controversial Allergan, Inc. acquisition.
Source: ValueWalk

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London Hedge Fund

Winton Reaches $1B Mark for the First Time

The London-based hedge fund Winton, has reached the $1 billion mark for the first time in a sign that traditional stock managers may come under increasing pressure from computer-driven rivals.
Winton, which manages about $25bn in total assets using secret computer codes that analyse patterns in markets, has seen large inflows into its long-only equities fund this year, which was launched in 2009 to enable the hedge fund to trade in stocks alongside the futures markets that make up the bulk of its investments.
The Winton Global Equities fund, which rose 29.8 per cent in 2013 and is up 7.5 per cent so far this year, has won a number of large investments from US public sector pension funds in the past three months, including $200m from the state of Colorado’s police and firefighter pension fund.
Source: Financial Times

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Big Investors into Hedge Funds

Large Investors to Keep Injecting Money into Hedge Funds

Despite earnings near or less than market benchmarks, large investors will keep injecting money into hedge funds.
No less than 97 percent of 284 institutional investors surveyed by Credit Suisse said they plan to be "highly active" in making hedge fund allocations during the second half of 2014. That's even more than the 85 percent who already made allocations in the first half of the year.
"The money is coming from institutions which are smart money that understand the risk inherent in both the stock and bond market right now," said Brad Alford, chief investment officer of Alpha Capital Management, a $200 million firm that invests in hedge fund-like mutual funds. "They are rebalancing back into the less risky asset classes like hedge funds that hedge."
The Credit Suisse report echoes a survey of wealthy families by eVestment that showed that hedge funds were the asset class with the greatest expected increase in allocations over the next two years, beating out private equity, traditional stocks and real estate.
Source: CNBC

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Hedge Fund Capital Record

The Hedge Fund Capital Rises to a Record in the 2Q of 2014

Following to Hedge Fund Research (HFR) survey, total hedge fund capital increased to a record in the second quarter of 2014, led by an increase in inflows to activist funds and arbitrage.
Capital increased to $2.8 tn, surpassing the record of $2.7 tn set in the previous quarter, as the allocation of new capital to hedge funds increased to $30.5 bn from $26.3 bn, the research firm says in a press release.
New investment into event-driven hedge funds ‒ those that promote activist strategies or focus on distressed companies ‒ jumped to $11.7 bn in the second quarter from $4 bn in the first quarter, HFR says.
New capital invested in funds with an activist focus rose to $5.9 bn in the second quarter from $3.5 bn in the first. The HFRI Activist Index, which measures the performance of activist funds, rose 2.8 percent in the first half. The second quarter saw a strengthening of the trend to more rapid growth in the larger, more established hedge funds with more sluggish increases in smaller, newer funds.
Source: IR Magazine

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Hedge Fund Boosts Engine Group

The Engine Group to Reveal Investment from Hedge Fund

An independent and integrated marketing communications agency The Engine Group, will announce that it has received major investment by US hedge fund Lake Capital.
The London-based company’s 13 agencies provide services including advertising, lobbying and marketing to major brands including Tesco, Coca Cola and Lloyds Banking Group.
MHP also advised Fat Face on its planned flotation, which was pulled in May.
Lake Capital’s investment comes after its current owner, the private equity group HIG, reportedly started talking to interested parties in April about selling down its stake in Engine.
A heads of terms is understood to have been signed by Lake Capital, however people with knowledge of the discussions cautioned that the final terms of the deal had yet to be signed. HIG first invested in Engine in 2010 in a deal that was seen at the time as a rare move by a private equity firm into the advertising agency world.
Source: CITY A.M.

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World's Leading Hedge Funds

World's Leading Hedge Funds Pour Rs 6,000 crore into Indian Stocks

An unusual interest in recent share sales by Indian companies were taken by some of the world's largest hedge fund.
Brevan Howard, Soros Fund Management and other marquee global hedge funds have latched onto share sales meant for institutional investors, pumping as much as Rs 6,000 crore into Indian stocks in the past month.
A sizeable chunk of investments in such qualified institutional placements (QIPs) by these asset managers is part of a trading strategy involving shares and futures contracts, according to sources in investment banks and broking firms. Seven companies, including JP Associates, GMR and Reliance Communications, have raised close to Rs 15,900 crore in less than a month.
Investment bankers said hedge funds had to be roped in to subscribe to these share sales — especially those which raised money more recently — with the traditional foreign institutional names remaining undecided. At least 18 large hedge funds have invested in the recent QIPs, said three investment banking sources.
Source: Economic Times

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Bill Ackman's Pershing Square

Pershing Square Jumps 25% during the First Half of 2014

Pershing Square, an activist hedge fund management company founded and run by Bill Ackman, reported the raise of 25% during the first half of 2014, ranking the billionaire as one of this year's top hedge fund industry performers.
Ackman told clients of his Pershing Square Capital Management hedge fund that its main portfolio rose 2.4 percent in June, putting the fund up 25 percent for the year, according to two investors.
The performance marks a huge comeback for Ackman from 2013, when big losses on Herbalife and J.C.Penney hurt the portfolio. In last year's first half, the fund was up roughly 6 percent.
Strong gains in its top holdings, including Canadian Pacific, Air Products & Chemicals and Burger King Worldwide helped fuel the rise. Ackman has spent much of June trying to convince pharmaceutical company Allergan, in which he is the biggest investor, to sell itself to rival Valeant Pharmaceuticals, with which he is working to negotiate a deal.
Source: Reuters

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Blackstone Buys Park Avenue Tower

Blackstone Buying Park Avenue Tower for $750M

An American multinational private equity Blackstone Group LP announced it has purchased the Park Avenue Tower in New York City from Shorenstein Co. for $750 million.
The seller is San Francisco-based Shorenstein Properties LLC. The office building at 65 E. 55th St. has about 615,850 square feet (57,200 square meters) and was built in 1986.
Law firm Paul Hastings LLP, which leases 16 of the building’s 35 floors, is vacating when its agreement is up in 2016, giving Blackstone the opportunity to raise rents when it finds a new tenant, said two of the people, who asked not to be identified because the deal is private. Another occupant, hedge fund Davidson Kempner Capital Management, also plans to move, creating a second potential source of higher rents, they said.
Peter Rose, a spokesman for New York-based Blackstone; Tim Gallen, a Shorenstein spokesman; and Arielle Lapiano, a Paul Hastings spokeswoman, declined to comment. A telephone message left at Davidson Kempner’s office wasn’t immediately returned. The deal was reported late yesterday by the New York Post.
Source: Bloomberg

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