Money managers under the microscope
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
EU steered to strict hedge fund rules – Reuters
High fees, or no fees? – WSJ
Hedge funds, brokers turn to poker – Sox First
A fund investing in the works of Banksy and Damien Hirst is the sort of thing you might expect to be launched at the height of a bull market, but Castlestone Management has chosen the depths of the current bear market to debut its Collection of Modern Art fund.
The fund, an 8-year investment vehicle with a minimum investment of $10,000 or 10,000 pounds, will buy up art in genres such as impressionist, post-war, contemporary, sculpture, urban art and photography, while its managers will be supported by experts from auction houses, dealers and artists.
And in his latest letter to investors, Hendry has smartly rebuffed any attempt to ‘save’ him from his bond investments.