Money managers under the microscope
Goldman’s “fabulous Fab” Tourre is off - Reuters
Bear Stearns rejected deal with Paulson – Guardian
By Chris Clair
On Nov 10, Reuters HedgeWorld will present a 90-minute web seminar all about prime brokerage.
It’s been a little more than a year since the prime broking industry changed forever with the demise of Lehman Brothers and Bear Stearns … or did it change forever? Certainly there are more small and mid-size players in the space, but what has that actually meant for the hedge fund industry? Moreover, how can hedge fund managers ensure they’re choosing the right prime broker to suit their needs and get the most out of the relationship?
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Hedge funds set for record returns- Money Management
from Summit Notebook:
It's hard to imagine that a banker who represents multimillionaires would be anything but professional - but a top executive at a leading global bank thinks that's precisely the wealth management industry's problem.
"There is so much mediocrity in the industry we have to raise the bar here," said Gerard Aquilina, vice chairman of Barclays Wealth, at the Reuters Global Wealth Management Summit in Geneva.
How, just over half a year after some market observers pronounced prop trading perpetually and eternally dead, did the prop desk at these banks bounce back to life in a fashion that would have turned Lazarus green with envy?
David Einhorn again sent markets scurrying last week when he told investors he was shorting Moody’s Corp, but the Greenlight Capital manager’s latest thumbs down packed a weaker punch than his past, celebrated broadsides.
To be fair, Einhorn had a tough act to follow. A year ago, he boldly said Lehman Brothers was in much worse shape than its management would admit. Four months later — the bank went bankrupt and the shares were wiped out. It took more than six years, but his warnings about business lender Allied Capital also proved accurate and ultimately very profitable.