Funds Hub
Money managers under the microscope
Morning Line-Up: Galleon nears port as Hedgies exit Europe
News and views on the hedge fund industry from Reuters and elsewhere:
Hedge funds exit from Europe bets - The Wall Street Journal
South African government to clamp down on hedge fund oversight - Business Report
Hedge funds buy financials, signalling industry recovery - City AM
from Summit Notebook:
Tax evaders on the run
By Neil Chatterjee
The U.S. has promised it will hunt down tax evaders.
And it seems tax evaders are on the run.
DBS bank, based in the growing offshore financial centre of
Singapore, told Reuters it had been approached by U.S. citizens
asking for its private banking services. But when told they would
have to sign U.S. tax declaration forms, the potential clients
disappeared.
Swiss banks also approached DBS on the hope they could
offload troublesome U.S. clients to a location that so far has
not been reached by the strong arms of Washington or Brussels.
DBS said no thanks. In fact many private banks and boutique
advisors now seem to be avoiding U.S. clients.
Will this spread to other nationalities, as governments
invest in tax spies and tax havens invest in white paint?
Is this the end of offshore private private banking?
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
EU directive could be softened, says Lib Dem chair - Guardian
US targets offshore approved loans – Reuters
Fears grow for hedge fund on US financials losses - FT
Slumping energy demand over, says fund manager Melis – Bloomberg
from From Reuters.com:
Following the smart money
At least 20 of the 30 biggest hedge funds boosted their positions in financial institutions in the last quarter, a sign that Wall Street is ready to bet on more risky sectors in the hope of longer-term rewards.
The push into financials indicates fund managers including Steven Cohen and John Paulson -- closely watched as barometers of risk -- have shifted from routine merger arbitrage plays to directional bets with more reward potential.
