Funds Hub
Money managers under the microscope
from DealZone:
Schwarzman gaffe exposes DC-Wall Street rift
Blackstone founder and CEO Steve Schwarzman has long expressed concern that Washington was deaf to the concerns of Wall Street.
Now he's making headlines for a little tone deafness of his own after Newsweek reported that he recently told an audience that the government's private taxation proposals reminded him of "when Hitler invaded Poland in 1939".
More diplomatically, Schwarzman told analysts on a recent earnings call that consumer and business confidence has been hit by "harsh anti-capitalist and anti-wealth-creation rhetoric and policy initiatives in the political area."
On the same call, the firm's COO Tony James said the Obama administration and Congress have "made a lot of people ... just feel they're being villainized."
1st UK sukuk to herald new phase? Inshallah…
If it was not the holy month of Ramadan, I would confidently predict plenty of Halal cork-popping in UK Islamic finance circles today, following news of the first company in Europe — International Innovative Technologies (ITT) – to raise $10 million through a sukuk deal.
This has been a labour of love… rumours and counter-rumours about which company, government or institution would do the honours have abounded since the UK shelved its plans for a 2 billion pound short-note sukuk programme at the end of 2008. The UK may not be the only theatre of action in Europe – Luxembourg’s sukuk is rumoured to be on its way and France is equally open about its ambitions.
Morning Line-Up: ‘Cruz missile’, Marshall Wace, USS
News and views on the asset management industry from Reuters and elsewhere:
‘Cruz Missile’ takes off with new fund – WSJ
Marshall Wace investors poised to wind up listed fund – FT
Cautious on equity hedge funds – WSJ
USS pension fund expands its internal investment team – Financial News
80 pct of FoHF managers considering Ucits wrapper, says KDK – Hedgeweek
JPMorgan launches Ucits fund of absolute return hedge funds – Hedgeweek
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.
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
