Funds Hub
Money managers under the microscope
Short-sellers move in on the banks
The short-sellers are targeting bank stocks again.
Ok, it certainly isn’t on the scale seen in 2008, when hedge funds made small fortunes from the demise of Northern Rock and the like.
But it is interesting to note that after what could be termed a wave of good news — most banks passing the stress tests, a bumper earnings season and the easing of Basel III rules — some managers remain sceptical.
The European banks sector has come off 4-month highs seen earlier this month, meaning this could already be paying off for some funds.
However, hedge funds are cautious at the moment and are careful not to take on positions that are too large. Choppy markets have already whipsawed a number of long-short equity funds and many will be hoping simply to see out the summer and put on bigger bets when they feel more confident.
Morning Line-Up: Lehman rumours, CalPERS names naming, Scandinavia
News and views on the asset management industry from Reuters and elsewhere:
Hedge fund Och-Ziff accused of Lehman rumours in court papers – WSJ
CalPERS should name 100 largest Californian politicians’ pays – Reuters
Private equity investments in Scandinavia on track to pre-2007 levels- Bloomberg
Morning Line-Up: AIG targets Chinese investors, nuns sue Morgan Stanley, Davies’ new career
News and views on the asset management industry from Reuters and elsewhere:
AIG eyes Chinese investors for AIA stake- FT
Nuns sue Morgan Stanley over bond – WSJ
Ex minister, Stan Chart chairman joins private equity firm – Reuters
Morning Line-Up: buy-out top up ruling, Pru’s AIA deal discount, F&C in “bully” case
News and views on the asset management industry from Reuters and elsewhere:
Private equity chief “in breach” for refusing fund’s top-up – FT
Pru to soothe scalp-hunters with discount of AIA deal costs - Times
CQS upbeat on credit
It’s not often that the bigger hedge fund firms share their market positioning, especially at a time when funds are struggling to find decent investment ideas.
So it’s interesting to see CQS, which runs $7.5 bln, offering its views on credit markets.
Morning Line-Up: BBC pension move, Skype’s IPO plans, Energy investment frenzy
News and views on the asset management industry from Reuters and elsewhere:
BBC cuts senior management pension top up- FT
Morning Line-Up: Wall St info, Jimmy Choo’s IPO chance, hedge funds’ returns
News and views on the asset management industry from Reuters and elsewhere:
US regulator to pay for Wall St. information - FT
IPO part of Jimmy Choo’s strategic review – Independent
Morning Line-Up: Surpassing expectations, finding the new life tough and dissent on fees
News and views on the asset management industry from Reuters and elsewhere:
Fortress earnings beat forecasts – Reuters
Proprietary traders may find hedge fund life harder – Reuters
Key Paulson funds gain but gold fund drops in July – Reuters
Asset management activity growing in Guernsey – Hedge Week
Hargreaves warns on performance fees - Daily Telegraph
Morning Line-Up: Longer living, reprieve on hedgie tax and bumper profits
News and views on the asset management industry from Reuters and elsewhere:
Pension funds add seven months to retirement lifespan – Guardian
Oaktree ends fight with Dubai for Almatis - Reuters
New York rejects tax on hedge managers - New York Times
Och-Ziff Capital quadruples profits – Financial Times
Something mushy this way comes…
Predictions for the next wrinkle in a positively rutted few years for markets tend to have us either skipping merrily into a bold new future or slumping into the despondency of another punishing economic winter.
Blame the journalists if you like. There are some whose blood is decidedly up when more excitable commentators offer views which send economies (and/or house prices for that matter) hurtling thrillingly to one extremity or the other.
