Money managers under the microscope
News and views on the asset management industry from Reuters and elsewhere:
China’s first gold fund to boost demand for gold – Gold Prices
Turcan Connell launches absolute return fund – Hedgeweek
News and views on the hedge fund industry from Reuters and elsewhere:
GLG pay day – FT
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
EU move to curb hedge, private equity manager pay - Financial Times
Ex-head of Santander Swiss hedge arm on Madoff charges - Financial Times
BlueCrest to shift staff to Geneva - Financial Times
Spare a thought for quant-heavy hedge fund firm BlueCrest.
The company’s systematic trading funds rely on the supercooled servers that crunch the numbers to run their, hopefully money-making, algorithms, so it must have come as quite a shock when their Japanese hardware was put under lock and key when Lehman bit the dust.
One year on and the firm is still waiting for a postcard. BlueCrest traders have even started calling the imprisoned server ‘ET’, after the castaway alien in Steven Speilberg’s teary blockbuster.