Funds Hub
Money managers under the microscope
What it looked like before it was over: Level Global and Shumway Capital 13-F analysis
Hedge funds Level Global Investors and Shumway Capital have recently announced plans to shut their doors and liquidate their portfolios by March 31. Of course each fund is shutting for very different reasons: After its offices were raided last year, David Ganek’s $3 billion fund Level Global found the insider trading investigation too distracting, and Chris Shumway’s plan to transfer the chief investment role of his $9 billion fund to a colleague didn’t exactly work out. They do have something in common though. Goldman Sachs’ Petershill fund, which takes stakes in hedge funds, was an equity investor in both funds and it is unclear what the value of those equity stakes will be at the end each fund’s liquidation.
If you have ever wondered what Rome was like before it fell, here’s your chance to see what Ganek and Shumway were trading at the end of last year. The charts below are based on Thomson Reuters’ analysis of their Dec. 31, 2010 13-F filings, which were filed with the U.S. Securities and Exchange Commission yesterday. Their positions are probably insanely different right now, but it was nice while it lasted….
Morning Line-Up: Muni-bonds, Justice, Berkshire Hathaway’s latest
News and views on the asset management industry from Reuters and elsewhere:
SEC eyes US municipal bond disclosure – FT
Berggruen’s Justice raises more than planned in fund listing – Reuters
Morning Line-Up: ‘Pay complexity’, New Media fund, CD&R deal
News and views on the asset management industry from Reuters and elsewhere:
City urges end of ‘pay complexity’- FT
JP Morgan eye new-media fund – WSJ
Morning Line-Up: euro losses, Tories, Ucits
News and views on the asset management industry from Reuters and elsewhere:
Hedge funds hurt by bets against euro – WSJ
The $1.8 mln apartment and Ivy League fiancee of hedge fund manager accused of insider trading – Daily Mail
Are hedge fund managers the Tories’ trade unionists? – BBC blog
Ucits hedge funds struggle to raise assets under management over 100 mln euros – Hedge Funds Review
Morning Line-Up: trading probe, euro, Diamondback
News and views on the asset management industry from Reuters and elsewhere:
Ex-SAC Capital employees charged in trading probe – Reuters
Euro’s volatility catches bearish hedge funds 0ff guard – WSJ
Diamondback investors ask for $534 mln back – Reuters
Charter Hall plays down rift with hedge fund – Sydney Morning Herald
Morning Line-Up: January performance, Laxey, Mentor
News and views on the asset management industry from Reuters and elsewhere:
Hedge funds rose in January – WSJ
Hedge fund Laxey seeks change at Alliance Trust – Reuters
Value of global pension funds hits record high at 16 trn stg – Guardian
Activist fund threatens proxy fight at Mentor Graphics – New York Times DealBook
Review of hedge fund launches, closures, trends – Opalesque
Hedge fund’s wine-stained explorer’s diary tries to make investor letters less boring
Secretive hedge fund managers have been water-marking their investor letters for years as a way to prevent people from distributing their words of wisdom too broadly. But Nicolas Clavel of the near $100 million London and Geneva-based hedge fund Scipion Capital is taking it to new levels by sharing his wine-stained diary with investors.
Fed up with the tedium of monthly investor letters, Clavel started adding a little more pizazz to the communications of his African and commodity focused hedge funds this summer by publishing an “African Explorer’s Diary.”
Morning Line-Up: JP Morgan/Madoff, Axa unit fined, Britain’s NEST
News and views on the asset management industry from Reuters and elsewhere:
JP Morgan Chase overlooked Madoff-alarm bells – WSJ
Morning Line-up: Money flowing back to funds
News and views on the asset management industry from Reuters and elsewhere
Henderson merges five equity funds – Reuters
Liontrust revival continues – Reuters
EU short selling rules could reduce market liquidity – Financial Times
from Global Investing:
Inside the Reuters investment polls
The headline news from our Reuters asset allocation polls this month was that not much has changed from December in terms of overall investment positioning, but that there was a decided shift from emerging markets and European stocks to North America.
But buried in the numbers were a couple of other things:
-- Bonds are decidedly unpopular among fund managers. The overall global allocation was the lowest since February.
