Christmas Eve Linkfest
Christmas Eve Hedge Fund Linkfest
For those of you like me who always want to stay on the ball but can't work 10 hours/day over the holidays, here is a concise run down on recent hedge fund events and stories in the industry:
- A former stockbroker who was fined $350,000 in 2006 for his role in a Ponzi scheme allegedly conspired with New York lawyer Marc Dreier to defraud hedge funds out of more than $100 million, according to a criminal complaint unsealed Tuesday. source
- Rene-Thierry Magon de la Villehuchet, a founder of the hedge fund Access International Advisors, was found dead Tuesday in his office in Manhattan. His fund reportedly lost as much as $1.4 billion that had been invested with Bernard L. Madoff, the money manager accused of running a $50 billion Ponzi scheme. source
- The property market collapse still has two years to run and will not bottom out until prices are 35% below their peak, a leading City forecaster warned today. source
- Blackstone Group LP (BX.N) said on Tuesday it plans to liquidate two hedge funds as a lack of outside investing amid tight credit markets will prevent them from getting big enough to be meaningful to the company.
The private equity firm plans to consolidate its distressed securities fund with GSO Capital Partners, a hedge fund manager it acquired in March for $10 billion. source