Funds Hub
Money managers under the microscope
Morning Line-up: Glencore, gold rush, Galleon
News and views on the asset management industry from Reuters and elsewhere:
Glencore convertibles nearly double with IPO – FT
from Jeremy Gaunt:
Don’t invest in gold?
Bit of fun, this -- and might raise some issues about returning to the Gold Standard. The S&P 500 stock index priced in gold (thanks to Reuters graphics whiz Scott Barber):
Morning line-up: Eton, sovereigns and sport stars
News and views on the fund industry from Reuters and elsewhere:
Sovereign funds get merger mania – Reuters
…and tout for sport star biz – WSJ
Fees row in infrastructure – Reuters
Eton Park goes for gold – Bloomberg
from Global Investing:
What fund managers think
Bank of America-Merrill Lynch's monthly poll of around 200 fund managers had a few nuggets in the June version, aside from the usual mood-taking.
Gold is too expensive. A net 27 percent of respondent thought it overvalued, up from 13 percent in May. Then again, the respondents to this poll have reckoned gold is too pricey since September 2009.
Noster stays cautious
Equities continue to steam ahead but at least one hedge fund manager is wary.
Noster Capital’s Pedro de Noronha is currently short the S&P 500, believing valuations are too high.
In addition, he sees a longer-term threat in the form of demographics: ‘baby boomers’ are now hitting retirement and will be selling equities to fund their annuity purchases, he argues.
Gold – “the most dangerous asset”
A controversial call from hedge fund veteran Alan Miller.
The ex-New Star CIO, now a partner at Spencer-Churchill Miller Private, warns that the most dangerous asset to buy is gold, which is near a 3-week high of $1,128 an ounce.
“I realise that I will be burned at the stake for being a heretic but the most dangerous asset must be gold,” he writes.
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
SEC war on hedge’s derivatives – NY Post
Hedge funds could nab $11 bln from Lehman – Alphaville
Galleon brought down by beauty queen – Huffington Post
Hedgies pump up stock exposure – Reuters
Morning Line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Citadel’s Griffin rebounds from $8 bln losses - Reuters
Convertible arbitrage rode out poor stock market – Hedge Funds Review
Competition for hedge fund support shakes prime broker ranks - Reuters
Moonraker finds hedgies have a Goldfinger
With a headline like that, you’d think this would be a story about investing in Bonds.
But in fact a survey by boutique fund firm Moonraker Fund Management shows U.S. hedge fund managers are buying physical gold to protect their wealth against high levels of inflation.
ML note – hedgies sell equities
Bank of America-Merrill Lynch’s latest “Hedge Fund Monitor” note shows managers are aggressively selling equities and building a record net long position in 2-year Treasuries.
According to the note, hedge funds last week continued to decrease aggressively their net long position in S&P 500 futures and added to net shorts in the Russell 2000.
