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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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Link to This Resource: Pershing Square’s Bill Ackman

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Anil Prasad's Hedge Fund

Citi Foreign Exchange Veteran is Launching own Hedge Fund in April

According to three sources familiar with the matter, Anil Prasad, a former global head of foreign exchange at Citigroup, is launching his own macro hedge fund in early April entitled Silver Ridge Asset Management with initial start-up capital of at least $500 million.
Prasad could not be reached for comment.
Silver Ridge Asset Management, which will have offices in London and New York, will have a multi-manager approach to trading led by Prasad, who left Citi in early 2014. Farhang Mehregani, also a former Citi executive, is joining Prasad in launching Silver Ridge Asset Management.
The hedge fund aims to accumulate $1 billion and will thereafter accept money more sporadically, mainly from existing investors, said the sources, who declined to be named as the information was private.
The start-up comes as macro hedge funds face an improved trading environment after nearly four years of mediocre returns as divergent economic policies across the globe raise volatility and create investment opportunities.
Source: Reuters

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Link to This Resource: Anil Prasad's Hedge Fund

http://richard-wilson.blogspot.com/2015/01/anil-prasads-hedge-fund.html

Activist Hedge Fund Launch

J.P. Morgan’s Former CFO, and James Woolery are Starting an Activist Hedge Fund

An activist hedge fund is being launched by Douglas Braunstein, J.P. Morgan Chase & Co.’s former chief financial officer, and James Woolery, chairman-elect at law firm Cadwalader, Wickersham & Taft LLP, the pair are planning to formally launch the fund Tuesday, said people familiar with the matter.
In some ways the pair are unlikely candidates to remake themselves as activists. Such investors, which typically take stakes in companies and agitate for strategic, financial or personnel changes, have been criticized by many lawyers and bankers that advise companies. They and their corporate clients say activists can distract management and push for short-term bumps at the expense of future growth.
Messrs. Braunstein and Woolery’s fund, called Hudson Executive Capital LP, doesn’t plan on launching proxy fights or releasing shareholder letters, said one of the people.
Mr. Braunstein, 54 years old, and Mr. Woolery, 45, have about $250 million in founder capital from a group of 14 current and former CEOs, along with their own investments, the people said. The fund is expected to do outside fundraising among other more traditional investor groups such as pension funds later.
Active CEOs that are investing in the fund include Marc Casper of Thermo Fisher Scientific Inc. and Stephen Hemsley of UnitedHealth Group Inc. Other investors include Ivan Seidenberg, former CEO of Verizon Communications Inc. and William Harrison, former chairman and CEO of J.P. Morgan, they said.
Source: Wall Street Journal

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Link to This Resource: Activist Hedge Fund Launch

http://richard-wilson.blogspot.com/2015/01/activist-hedge-fund-launch.html

Hedge Funds' iPad App

Hedge Funds are Now Able to Manage Sophisticated Risk Analysis on iPad App

Investors, consultants and hedge fund managers are now able to manage sophisticated risk analysis via a native iOS Risk-AI Fusion® app.
Risk-AI Fusion® is the first ever, practical software for risk analysis of hedge funds for iPad®. The application provides users with a rich set of tools previously available only on desktop or web-based platforms.
"This version of Fusion App brings Portfolio Analysis and Construction features to iPad®, making Fusion the first fully functional risk management App on iPad®. Investors can now analyze their current portfolios and potential changes to allocations. In fact, Risk-AI Fusion® is not really an App, but a full blown Risk Management Application” said Aleksey Matiychenko, Senior Partner & CEO of Risk-AI, LLC.
Risk-AI Fusion® is available free of charge to all users, however, certain premium features require nominal monthly subscription fees.
Source: PR Web

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Link to This Resource: Hedge Funds' iPad App

http://richard-wilson.blogspot.com/2015/01/hedge-funds-ipad-app.html

New PwC Hedge Fund Leader

Lachlan Roos Joins PwC as Its New UK Hedge Fund Leader

Lachlan Roos has been appointed by PricewaterhouseCoopers, the world's second largest professional services network, as measured by 2014 revenues, as its new UK hedge fund leader.
Roos will take over from Rob Mellor, who is stepping down after leading the hedge fund practice for five years.
A partner in the firm's financial services tax division, Roos has been with PwC since 2005.
He has worked with hedge fund managers in London, New York and Asia, on topics ranging from assisting the start-up industry through to mature corporate operational issues. He has also played a role in global deal activity across all hedge fund strategies.
Mark Pugh, UK asset management leader at PwC, says the appointment of Roos will bring momentum and growth to the hedge fund practice.
Roos says: "It's an extremely exciting time to be leading the team, with hedge funds' global stakeholders - from regulators to tax authorities to investors - demanding complete transparency.
"As such, we are in an environment where the complete hedge fund operating model needs to be assessed..."
Hedge funds have performed well so far in 2015 despite wide market fluctuations, according to research by French asset management firm Lyxor.
Source: Funds Europe Magazine

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Link to This Resource: New PwC Hedge Fund Leader

http://richard-wilson.blogspot.com/2015/01/new-pwc-hedge-fund-leader.html

Intel Corporation Shares

Jim Chanos Bets Against the Shares of Intel Corporation

Kynikos Associates’ founder, a hedge fund manager Jim Chanos, reported that is betting against the shares of Intel Corporation, one of the world's largest and highest valued semiconductor chip makers, based on revenue.
"We're short Intel," Chanos told cable television network CNBC. Chanos said he has been shorting, or betting against the company's shares, for the past six months.
Chanos, who has been critical of the personal computer sector and has bet against companies such as International Business Machines Corp and Hewlett-Packard Co, said Intel has "the same challenges."
Intel said Thursday that revenues from its mainstay PC business fell about 3 percent in the fourth quarter from the prior quarter to $8.9 billion. That raised doubts about a long-anticipated recovery of the PC business.
The company also forecast first-quarter revenues of $13.76 billion, plus or minus $500 million, and gross margins of about 60 percent, below the 65.4 percent reported in the fourth quarter. Analysts, on average, expecting revenue of $13.77 billion in the first quarter, according to Thomson Reuters I/B/E/S.
Source: KFGO

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Link to This Resource: Intel Corporation Shares

http://richard-wilson.blogspot.com/2015/01/ntel-corporation-shares.html

Deutsche Bank’s Hedge Fund Advisory Business

Deutsche Asset & Wealth Boosts its Hedge Fund Advisory Business

Mihir Meswani and Nicolas Laporte were appointed by Deutsche Asset & Wealth Management (Deutsche AWM), which is part of the Deutsche Bank Group, one of the world's leading financial services companies, as portfolio managers to strengthen the firm’s hedge fund advisory business.
Both appointments will focus on advising clients on custom portfolio solutions and employing liquid alternatives such as managed accounts, UCITS and ’40 Act funds.
Meswani was most recently a consultant to Mount Yale Capital Group.
Prior to that, he served as chief investment strategist at Sandalwood Securities, where he was a member of the investment committee with direct responsibility for the portfolio management of Sandalwood’s fund of hedge funds and alternative mutual fund portfolios.
Laporte was most recently a senior portfolio manager of alternative investments for the British Airways Pension Fund.
Previously, he held positions at Novartis’s pension fund, where he managed alternative investments, emerging markets and commodities, and HSBC Private Bank, where he was responsible for the management and performance of a large number of discretionary and tailor-made hedge fund mandates.
Martin Fothergill, global head of hedge funds for Deutsche Asset & Wealth Management, said: “With this strengthening of the team, we are perfectly positioned to offer our institutional and private clients the benefits of our hedge fund platform, risk oversight and portfolio advisory in one package.”
Source: Asset Servicing Times

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Link to This Resource: Deutsche Bank’s Hedge Fund Advisory Business

http://richard-wilson.blogspot.com/2015/01/deutsche-banks-hedge-fund-advisory.html

Rothschild Asset Management Business

Shakil Riaz, and Anthony Marzigliano Join Rothschild Asset Management

Shakil Riaz, and Anthony Marzigliano were appointed by Rothschild Asset Management Inc., the US asset management business of the Rothschild Group, to help the company to further strength its alternative investment business, following to Rothschild’s announcement.
Rothschild Asset Management Inc., the US asset management business of the Rothschild Group ("Rothschild"), today announced that it is further strengthening its alternative investment business with the appointment of Shakil Riaz as Head of US Alternative Portfolio Management and Global CIO. In addition, Anthony Marzigliano, who has worked with Mr. Riaz since 1995, when they were responsible for managing JP Morgan's proprietary hedge fund investments, will also join as a Managing Director. Both appointments will be effective in early April 2015.
Messrs. Riaz and Marzigliano's combined decades-long experience in customizing hedge fund solutions for the proprietary portfolio of JP Morgan, as well as for institutional clients, will further enhance Rothschild's global reach and long-standing track record in alternative investment. They will be instrumental in the continued development of Rothschild's capabilities in the full spectrum of alternative products for both retail and institutional clients.
Mr. Riaz joined Arden Asset Management in 2009 where as a Managing Director and Member of the Investment Committee he led the creation and management of customized portfolios for several state, corporate and union pension plans, banks and insurance company clients. Prior to joining Arden, he spent 33 years at JP Morgan, the majority of that time as Chief Investment Officer for JP Morgan's internal hedge fund investment program.
Source: PR Newswire

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Link to This Resource: Rothschild Asset Management Business

http://richard-wilson.blogspot.com/2015/01/rothschild-asset-management-business.html

Morgan Creek Capital Management

Fund of Hedge Funds Morgan Creek Adds Michael Forstl as Managing Director

Fund of hedge funds Morgan Creek Capital Management is pleased to announce the appointment of Michael Forstl as a managing director and head of intermediary distribution.
Forstl brings over 25 years of experience in the sale and distribution of a wide array of investment solutions. Most recently, he consulted for financial institutions on the development, launch and distribution of new and existing products.
Prior to his private consultative services, Forstl was senior vice president, head of independent and regional broker dealer distribution at ING Investment Management. Before that, he spent 20 years at Nuveen Investments in a number of leadership positions. Most recently he was responsible for the sales and distribution activity of Nuveen's Structured Products offerings. Forstl oversaw the joint venture between Nuveen and Merrill Lynch in the creation and distribution of the ELEMENTS ETN platform.
"When it comes to relationships and distribution, Michael is one of the best in the industry. We're excited to have him on board to help expand and enhance the Morgan Creek family of offerings, with a particular emphasis on liquid alternatives," said Mark W. Yusko, founder, CEO and chief investment officer of Morgan Creek, in a statement.
In his new role, Forstl will lead the firm's wealth management distribution efforts as well as designing new products that leverage Morgan Creek's unique approach to investing and asset management.
Source: FINalternatives

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Link to This Resource: Morgan Creek Capital Management

http://richard-wilson.blogspot.com/2015/01/morgan-creek-capital-management.html

Seth Klarman’s Hedge Fund

Seth Klarman’s Hedge Fund Increases Its Shares in Cheniere Energy, Inc.

Seth Klarman’s hedge fund founded in 1982 Baupost Group has increased its shares in Cheniere Energy, Inc., a provider of information on liquefied natural gas, US energy demand, and how LNG can help to safely diversify and expand our energy supply, by 24,807,230 share, or more than double the 11,199,030 share valued at $775+ million USD they owned as per their Q3 2014 13F filing.
This stock holding is worth at today’s prices $1.7+ billion USD which is about 6% of the whole Baupost Group fund’s AUM ($28+ billion)! This is a pretty focused and enormous bet and probably indicates that Seth Klarman is still bullish on the company and its future.
Cheniere Energy is in a monster trend, as it has increased more than 15 times in the last few years. Even though the trend has cooled a little, probably due to the oil crash fiasco, Seth Klarman is probably using the correction to add to the fund’s position in the company at better prices. The $16 billion dollars Cheniere Energy now has Baupost Group as shareholder of 10%+ of the shares outstanding.
The company is active also in the debt market as it completed a planned debt increase of $11.5 billion to finish its Corpus Christi export facility with a production capacity of 13.5 million tons per year. A total of 18 financial institutions were approached for the debt raising and it was completed successfully. This also shows trust in the company from many leading banks.
Source: OctaFinance.com

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Link to This Resource: Seth Klarman’s Hedge Fund

http://richard-wilson.blogspot.com/2015/01/seth-klarmans-hedge-fund.html

2014 Hedge Fund Performance Report

eVestment Reports a Hedge Fund Increase of 2.48% during 2014

Following to a report released by eVestment, a provider of institutional investment data intelligence and analytic solutions Hedge funds ended a tumultuous and volatile 2014 with an aggregate performance of +2.48 percent.
That’s according to according to eVestment’s December, Q4 and Year End 2014 Hedge Fund Performance Report, which reveals that by comparison, in 2013 aggregate hedge fund performance was +10.19%.
Managed futures funds ended 2014 as the best performing major hedge fund strategy, returning +8.63% in 2014. The last year managed futures produced industry leading performance was 2008. The largest managed futures funds performed far better than their peers in 2014, returning an average of nearly 14%.
Credit focused strategies have not enjoyed the recent global volatility and apparent risk-reduction which have favoured managed futures funds. With further declines in December of this year, -1.69%, the universe’s fifth drop in the last six months, credit funds ended 2014 +0.55%, their worst year since 2008 and second worse since 1998.
December capped a difficult quarter for strategies focused on equity markets and across the corporate capital structure. In December, long/short equity funds were -0.71% (+1.46% for the year); event driven funds declined -0.24% in December (hitting +2.97% for the year); and convertible arbitrage managers returned -0.07% (+1.56% for the year).
Source: HedgeWeek

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Link to This Resource: 2014 Hedge Fund Performance Report

http://richard-wilson.blogspot.com/2015/01/2014-hedge-fund-performance-report.html

BlueCrest's Leda Braga

Leda Braga, the Number One Woman in Hedge Funds

BlueCrest Capital Management’s president Leda Braga is the most powerful woman in hedge funds, according to an article released by CNBC, an American basic cable and satellite business news television channel.
The hedge fund industry has two new massive independent money managers to start 2015.
Leda Braga formally started Systematica Investments this month after years under prominent European hedge fund firm BlueCrest Capital Management. Geneva-based Braga manages the same amount she ran at BlueCrest, $8.5 billion, easily making her the most powerful female hedge fund manager in the world in charge of her own shop.
David Warren also completed his transition out of Brevan Howard Asset Management, another European hedge fund giant. Warren's newly independent firm, New York-based DW Partners, starts with more than $6 billion in assets.
As stand-alone firms, Systematica and DW instantly rank among the top 100 hedge fund managers by assets. By comparison, Bill Ackman's Pershing Square Capital Management runs $18.3 billion, Dan Loeb's Third Point manages $16.5 billion and Larry Robbins' Glenview Capital Management controlled about $10 billion as of late last year.
Source: CNBC

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Link to This Resource: BlueCrest's Leda Braga

http://richard-wilson.blogspot.com/2015/01/bluecrests-leda-braga.html

Alternative Investments on the Rise

Alternative Investments on the Rise Since 2005

While more investors and financial advisors search for investment options outside of traditional stocks and bonds, alternative investments have been on the rise since 2005.
Alternative investments vary and take the form of hedge funds, private equity, real estate, commodities, managed futures, commodities, venture capital, and financial derivatives. Recent reports and studies from McKinsey & Company, Preqin, and Deloitte indicate that the appetite for alternatives is on the rise and will continue through 2015.
Taking a look back at alternative and traditional investments, here are the three main takeaways.
1. The global AUM of alternative investments has risen by 119% over the last 8 years from 2005 to 2013. In 2013 the total global AUM of alternative asset classes was $8.1 trillion versus $3.7 trillion in 2005. Taking a closer look, the largest growth in alternatives was in hedge funds and real assets. From 2005 to 2013, real assets had a compound annual growth rate (CAGR) of 11.6% while hedge funds had a CAGR of 11.4%.
2. The CAGR for alternative investments was nearly double that of traditional investments in the public market from 2005 to 2013. Given that the alternative investment market has been rising, how does this compare to traditional investments? As the infographic shows, alternative investments had a CAGR of 10.7% versus traditional investments’ CAGR of 5.4% from 2005 to 2013. It’s interesting to note that during the financial crisis, the global AUM of traditional investments significantly decreased by 18% while the global AUM of alternative investments did not experience a dip and remained stagnant.
Source: FINalternatives

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Link to This Resource: Alternative Investments on the Rise

http://richard-wilson.blogspot.com/2015/01/alternative-investments-on-rise.html

Startup Cash

Ex-DB Trader Gets $50M in Startup Cash from Grosvenor Capital Management

One of the world's largest independent alternative asset management firms Grosvenor Capital Management has backed the amount of $50 million for Deutsche Bank veteran Troy Dixon's fledging hedge fund.
Troy Dixon, who managed a group of 70 at Deutsche Bank until resigning in 2013, got off the ground with his new structured-credit-focused Hollis Park Partners LP last month, people familiar with the firm said.
Mr. Dixon is among hedge fund managers looking to take advantage of anticipated volatility in the fixed-income market after years of relatively placid trading encouraged by low interest rates. The vast majority of its portfolio comprises so-called agency bonds backed by a government entity.
Mr. Dixon, 43, named the firm after his childhood neighborhood in Queens. He now lives in Manhattan.
Hollis Park started with roughly $200 million, including $50 million from the Chicago-based Grosvenor, one of the world’s largest investors in hedge funds. There is an arrangement for the firm to buy out Grosvenor’s interest after seven years, making it an unusually long deal for startup hedge funds.
A spokesman for Grosvenor confirmed the existence of the new deal.
Source: Wall Street Journal

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Link to This Resource: Startup Cash

http://richard-wilson.blogspot.com/2015/01/startup-cash.html

Tele Columbus IPO

German Hedge Fund-Backed Tele Columbus Plans to Raise €300M over IPO

Tele Columbus, a German hedge fund-backed cable company, is planning to raise the amount of €300 million or $360 million over its initial public offering in the first half of 2015.
Berlin-based Tele Columbus, Germany's third-largest cable TV operator, is looking to raise at least $362 million (€300 million) in its IPO, which will include new shares as well as stock from existing owners through a holding company. The estimate does not include a potential 10 percent additional new shares, which Tele Columbus can issue as part of an option it has.
The company plans to use the bulk of proceeds from the IPO to pay off existing debt and provide "more financial flexibility" as Tele Columbus aims to expand its footprint. Currently, the company serves around 1.7 million homes, most of them in Eastern Germany.
Tele Columbus is under pressure from rivals, including John Malone's Liberty Global and mobile carrier Vodafone, which are aggressively expanding in Germany in a bid to link up fixed-line and mobile networks. Tele Columbus had tried to sell itself off to Kabel Deutschland, Germany's leading cable group, but the deal was blocked in 2013 by German regulators.
Source: The Hollywood Reporter

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Link to This Resource: Tele Columbus IPO

http://richard-wilson.blogspot.com/2015/01/tele-columbus-ipo.html

Hedge Fund Industry Boost

Hedge Fund Industry is Poised to Grow Even More in 2015

With an increase of capital being managed by hedge fund, the industry is poised to grow even more in 2015, according to an article released by CNBC.
"Barring a large and unexpected global or financial event, hedge funds are positioned for another year of solid growth," industry data tracker eVestment wrote in a new report.
The company predicts that investors will add about $100 billion or more to hedge funds in 2015, about the same as the $112 billion they added in 2014 to push assets to a record of about $3 trillion.
The new money is mostly coming from big institutions, such as public pensions, university endowments and charitable foundations. Such investors are looking to so-called alternative investments like hedge and private equity funds to diversify their exposure away from already soaring stocks and low-yielding bonds.
While there are about 10,000 hedge funds, the main beneficiaries will likely be large firms that already dominate, like Ray Dalio's Bridgewater Associates, Dan Och's Och-Ziff Capital Management Group and Cliff Asness' AQR Capital Management.
Source: CNBC

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Link to This Resource: Hedge Fund Industry Boost

http://richard-wilson.blogspot.com/2015/01/hedge-fund-industry-boost.html

Keith Meister Buys REIT

Keith Meister’s Hedge Fund Firm Takes 7.1% Stake in American Realty Capital

Corvex Management LP, a hedge fund firm owned by Keith Meister, is pleased to announce that it has accumulated a 7.1 percent stake in beleaguered real-estate investment trust American Realty Capital Properties Inc.
Activist investor Keith Meister, who won a high profile takeover battle in the property industry earlier this year, has set his sights on a new target: beleaguered real-estate investment trust American Realty Capital Properties Inc.
Mr. Meister’s hedge fund firm, Corvex Management LP, disclosed late Monday that it had accumulated 64.7 million shares, or a 7.1% stake, in real-estate investment trust American Realty Capital Properties Inc., which owns thousands of properties.
Corvex said in a filing that it was in discussions with American Realty Capital Properties’ board, and that it would seek to have its own representatives as a director. Mr. Meister and Corvex declined to comment through a spokesman.
In a statement released late Monday, ARCP’s board of directors said it “is pleased that Corvex shares its belief that ARCP is an attractive investment,” and confirmed that the company is in dialogue with Corvex.
Source: Wall Street Journal

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Link to This Resource: Keith Meister Buys REIT

http://richard-wilson.blogspot.com/2014/12/keith-meister-buys-reit.html

Investcorp Hedge Funds Group

Gregory LaFiura Joins Investcorp Hedge Funds Group’s Manager Research Team

Gregory LaFiura has been appointed by Investcorp, a leading provider and manager of alternative investment products with more than $11 billion in assets under management, as a Principal in the Manager Research Team with a focus on long/short equity strategies.
In this role, Mr. LaFiura will have primary responsibility on sourcing and conducting due diligence on equity managers for its fund of hedge funds and seeding platforms. He will also be responsible for evaluating equity co-investment opportunities for its Special Opportunity Portfolios. Mr. LaFiura will be a member of the Hedge Funds Manager Recommendation and Investment Universe Committees.
Commenting on the hire, Lionel Erdely, Head and Chief Investment Officer of Hedge Funds said, “We continue to enhance our investment universe across strategies and regions for our clients. Greg will further extend our capabilities in conducting deep analysis of manager portfolios before they are recommended to our investment universe. He will make important contributions to each of our product lines.”
Before joining Investcorp, Mr. LaFiura spent nine years at Permal Group where he most recently served as a Portfolio Manager for its equity focused fund of funds portfolios. Prior to that, he held roles as an Equity Research Analyst at Douglas C. Lane & Associates and a Financial Analyst at Goldman Sachs Group. Mr. LaFiura holds a MBA from University of Michigan, Stephen M. Ross School of Business and a Bachelor’s degree in Economics and English from Lehigh University.
Source: HedgeCo.net

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Hedge Fund Boosts Avis Budget

Hedge Fund Makes Avis Budget to Increase 8%

A $9.2 billion hedge fund founded in 2000 Glenview Capital Management boosted Avis Budget Group Inc. by over 8 percent after news broke that hedge fund.
They had purchased 5.12% stake, or 5.4 million shares, in the rental car company. Avis Budget also saw a bump due to another announcement from rival rental car company, Hertz Global Holdings (NYSE:HTZ), which said they will be looking to raise their prices.
The rental car industry has been attracting a lot of activist attention lately, particularly at Hertz Global Holdings, Inc. Jana Partners announced 7% stake in the company in the months prior and even Carl Icahn has made an impact by getting Hertz CEO to step down, in favor of a candidate that could implement his action plan. Hertz is down -14.5% year to date, showing that there still is more time needed to implement and achieve results from Jana Partners and Icahn's activism.
Source: Seeking Alpha

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Starting Hong Kong Hedge Fund

BlackRock, Macquarie, and Millennium Capital Former Employees Eye Hong Kong Hedge Fund Launch

Former employees from BlackRock Inc., Macquarie Group Ltd. and Millennium Capital Management are planning to set up a Hong Kong-based hedge fund which will use computer models to spot trading opportunities in 13 Asian stock markets.
Zentific Investment Management, led by Chief Investment Officer Christopher Lee, will start the market-neutral fund early next year, said HS Group, a Hong Kong-based provider of long-term capital to newer hedge funds, which will be one of its first investors, in an e-mailed statement. The other investors are Zentific partners and unidentified institutions, according to the statement.
Lee, who headed BlackRock’s scientific active equity department in Hong Kong, will be joined by head of research Burke Lau, who led Asia and Japan quantitative research at Macquarie Securities. Michael Friedlander, Zentific’s chief operating officer, used to work for billionaire investor Israel Englander’s hedge-fund firm Millennium, heading a regional team whose responsibilities included risk, operations and technology matters, according to the statement.
Asia’s hedge fund industry was until recently dominated by long-biased funds, which rely on market rallies for returns and can’t generate profits in downturns. Funds that use computer models to process large volumes of information and promise to make money in both market conditions are rare in the region.
Source: Bloomberg

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Brevan Howard's Argentina Fund

Brevan Howard Sets up Argentina Fund

Europe's biggest hedge fund managers Brevan Howard has created a fund to invest in Argentinean assets, a filing with the Securities and Exchange Commission showed.
The hedge fund firm, which managed more than $34 billion at the end of October, has started to market the fund to external investors. A Brevan Howard spokesman declined to comment on how much the fund aims to raise or who will manage the fund.
Argentinian debt is trading at 86 cents on the dollar, according to Thomson Reuters data, after the country defaulted on its debt in July following a legal battle with a small group of U.S. junk debt specialists.
Argentina has been battling with hedge funds who are seeking full payment of debts after its $100 billion default in 2002. Other creditors had previously settled for less.
Argentina says it cannot pay the holdouts until the Dec. 31 expiration of a clause that prevents it from paying them on better terms than it pays holders of restructured debt.
Source: Reuters

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Carlson's Energy Hedge Fund

Carlson Capital Eyes Three Energy Hedge Funds Launch

A Dallas, Texas-based multi-strategy, alternative asset management firm Carlson Capital, L.P., announced its plans for the launch of three hedge funds to invest in the debt and equity of energy companies after oil prices slumped to their lowest in five years.
“This is not an attempt to call the bottom in the price of crude -- in the short term the price can clearly head lower,” founder Clint Carlson wrote in a Dec. 15 letter to clients. “Regardless of the short-term direction of the commodity, there will be dislocations that can be profitably exploited.”
Oil has slumped about 45 percent this year to trade below $55 a barrel amid slowing growth in world demand, rising production in North America and as the Organization of Petroleum Exporting Countries resists calls to reduce output. High-yield bonds of energy companies have tumbled 18 percent since oil prices peaked amid concern that a sustained slump will trigger a rise in defaults.
Carlson, based in Dallas, said price swings and uncertainty in oil markets present opportunities to make long-term investments in energy “at distressed valuations well below those seen at the depths of the financial crisis.”
One of the funds that Carlson plans to start, Black Diamond Energy Sector, will seek to outperform an exchange-traded fund, SPDR S&P Oil & Gas (XOP) Exploration & Production, and will charge a management fee and an incentive fee on the amount that it beats the energy benchmark, according to the letter.
Source: Bloomberg

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Scoria Capital

Ted Orenstein Joins Hedge Fund Scoria Capital as Senior Partner

Ted Orenstein, a former top portfolio manager for Steven A. Cohen's hedge fund SAC Capital Advisors, has been appointed by Scoria Capital, a hedge fund founded by another SAC alumnus, as senior partner and head the industrials sector.
The firm's founder, Larry Sapanski, wrote to investors in a letter dated December 16 and seen by Reuters.
Orenstein oversaw as much as $1 billion at SAC, the $14 billion hedge fund that became Point72 Asset Management after it pleaded guilty to insider trading charges last year.
Earlier this year, Orenstein was one of several traders and other top executives to leave Cohen as his firm was forced to return money to outside clients as part of the plea. Cohen now runs a family office that invests his personal money.
While some of the other SAC alums who left Cohen this year announced plans to launch their own firms, Orenstein is joining an established fund, launched by Sapanski 15 months ago, that manages roughly $235 million.
Source: Reuters

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Largest British Hedge Fund

Largest British Hedge Fund Agrees to Buy Silvermine Capital

The largest British hedge fund manager Man Group Plc has signed agreement to acquire the American leveraged loan manager Silvermine Capital in a deal worth at $70 million.
The hedge fund will pay $23.5 million in cash, with $16.5 million and $30 million after one and five years, respectively, depending on management fees, the London-based firm said in a statement today. Connecticut, U.S.-based Silvermine, which has $3.8 billion of funds under management, will be integrated into GLG, operating under Man GLG Silvermine.
Chief Executive Officer Manny Roman has been expanding through acquisitions since he took over in February 2013. The firm, which managed $72.3 billion at the end of September, said last week it will buy fund-of-hedge fund assets from Merrill Lynch Alternative Investments, after previous acquisitions of U.S. fund-of-hedge-funds manager Pine Grove Asset Management and Numeric Holdings, a Boston-based quant manager.
The shares rose 1.5 percent to 146.90 pence at 8:54 a.m. in London. They have increased about 73 percent this year, giving the company a market value of about 2.6 billion pounds. The Bloomberg European 500 Index has decreased 0.5 percent.
Source: Bloomberg

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Smith College's Endowment Fund

Smith College's Endowment Fund Reaches $1.7B Mark in 2014

With an increase of 13.3 percent, the endowment fund of Smith College has reached a $1.7 billion mark during the fiscal year that ended June 30, which is keeping the prestigious women's college in the top tier of the wealthiest private schools in Massachusetts.
In its annual report, the Northampton women's college reported that its overall assets, which includes all its properties and various funds, jumped to $2.3 billion in the recent fiscal year, up from $2.17 billion in the previous year and up from $1.4 billion a decade ago.
Most of those assets are contained in Smith College's endowment fund, which last year was the seventh largest college fund in Massachusetts at $1.5 billion, behind only Harvard, MIT, Boston College, Williams College, Amherst College and Wellesley College. The fund's rise to $1.7 billion in fiscal 2014 should keep Smith's ranking roughly where it was a year ago, based on preliminary reviews of local college financial filings.
The bulk of Smith's investments were in equities ($611 million) and "multi-strategy" accounts ($435 million) falling under the category of hedge funds, according to a financial audit contained in Smith's annual report.
The school had about $540 million invested within private equity funds, with $9.8 million in venture capital, $5.8 million in buyout funds, and $525 million within another "multi-strategy" account.
Source: Boston Business Journal

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London Pension Funds Authority

London Pension Funds Authority is Hiring another 20 Investment Professionals

Edmund Truell, chairman of the London Pension Funds Authority, announced that the group is looking to hire another 20 investment professionals by 2019, specializing in equities and illiquid investments such as property, private equity and infrastructure.
Susan Martin, chief executive of the scheme, said: “The best way to reduce costs is to do as much as we can in-house.”
The LPFA’s move to bring more investment in-house reflects similar decisions by Australian Super, Australia’s largest pension fund, which plans to hire 50 in-house investment staff, and Railpen, the £20bn UK pension scheme.
One of the earliest casualties of the LPFA’s increased in-house drive was Brevan Howard, the hedge fund, which lost its LPFA mandate in June.
“They were very expensive, did not offer value for money net of fees and did not meet our transparency requirements,” said Mr Truell.
The potential for further contract losses or reduced fees looms for the remaining fund houses the LPFA currently outsources investment mandates to if the scheme continues to pool its assets with other local authority funds.
The LPFA teamed up with the Lancashire pension fund two weeks ago to create a commonly managed, jointly invested pool of assets in an attempt to reduce costs.
The combined schemes are in “advanced negotiations” with more than a dozen local authority pension funds also interested in joining the combined structure, according to Mr Truell.
Source: Financial Times

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Philip Hilal Launches Hedge Fund

Philip Hilal Introduces Hedge Fund Entitled Clearfield Capital Management

Following to person with knowledge of the matter, Clearfield Capital Management, a special-situation hedge fund that will focus on long/short equity and event-driven investments, is being launched by Philip Hilal, a former executive from Kingdon Capital.
Hilal left Kingdon earlier this year after eight years there as a generalist. So far, Hilal has raised more than $200 million and Mark Kingdon, his former boss, will be among the new fund's founding investors, the person said.
Hilal, who has kept a low profile in the hedge fund industry by rarely speaking at industry conferences, did not return a message seeking comment.
He is the latest in a string of seasoned investors to spin off from their old firms to start a next generation of hedge funds at a time pension funds and other big investors are looking to allocate more money to alternative strategies.
New York-based Clearfield will invest primarily in developed-market equities, in a multi-disciplinary approach, continuing the strategy Hilal implemented at Kingdon. The firm expects to focus on a limited number of ideas.
Source: Reuters

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