Funds Hub
Money managers under the microscope
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: Distressed assets in vogue
Hedge funds eye more distressed debt, equity this year- Reuters
Greenwich offers new hedge funds regional indices - Hedge Funds Review
Aisling plans commodities, natural resources long/short fund- Bloomberg
Moore, Maverick, Viking and Stark eye Asia offices – Reuters
Morning line-up
Clear thinking in an opaque industry
News and views on the hedge fund sector from Reuters and elsewhere:
Alternative energy hedge funds outperform commodity ones in 2009 - Reuters
Funds of hedge funds trailed recovery - Bloomberg
Fund whose founders are witnesses in Galleon investigation sees outflows – Reuters
Jacob Rothschild moves back into hedge funds - Citywire
Morning line-up
News and views on the hedge fund sector from Reuters and elsewhere:
Tudor and SAC managers to launch new hedge fund - Wealth Bulletin
Hedge funds to grab slice of institutional market - Hedge Funds Review
Mt. Kellet downsizes Hong Kong office, ditches China office plans – Reuters
Former Gandhara analyst and Ludgate Hill manager to start fund - Bloomberg
Morning Line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Blackstone backs Asia-focused hedge fund – FT
Galleon managers in Asia eye fund buyout - Reuters
ECB warns EU plans could prompt exodus – Reuters
Morning Line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
High frequency traders harm conventional players- Reuters
Asian hedge funds recovering from record losses- Reuters
Brazilian hedge funds attract more money than any other investments- Bloomberg
US authorities to bring high profile hedge funds to book - FT
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Ex Goldman’s Carhart to launch his own firm – Reuters
EU rules may cost hedge funds, private equity over 3 bln euros – Reuters
Hedge fund start-ups approach UBS – Bloomberg
More hedge fund managers strike out on their own- Investment Week
Guard dog shows teeth
You’ve got to hand it to Cerberus.
While we dutifully write stories about a new beginning for the hedge fund industry, marked by transparency at levels never seen before and fund structures designed to satisfy those burned by the credit crisis, the firm named after the guard dog at the gates of Hades comes up with its own tactic — lock up investor money for three years.
You might think that this is the last thing investors want, but it has a curious logic.
The biggest complaint about the widespread lock-ups in the hedge fund industry over the last 12 months was the arbitrary nature of them. Just when clients thought ‘phew, at least I can pull my money out of XX fund’, they found the gate slammed shut on them.
With Cerberus’s new model though, investors will have comforting certainty about the status of their money at the firm’s hedge funds, and know that they’ll need to plunder other sources for cash should the need arise again. We’ll have to wait and see if others follow suit, but a widespread adoption of three-year lock-ups could give investors pause for thought and slow the recovery of the industry’s asset building.
As an aside, I’ve just glanced at tonight’s copy of the doomed London Paper and spotted some heartwarming fixed-income news to lighten anyone’s mood. In the ‘Lovestruck’ column designed to allow the resurrection of brief encounters in the streets we find the following tortured appeal:
“You work at Bloomberg. Fancy discussing things other than bonds?” – Investment Banker.
