Funds Hub
Money managers under the microscope
Morning line-up: BT battered shares, Madoff alarm ignored, McKinsey’s bill
News and views on the hedge fund industry from Reuters and elsewhere:
Market watches battered BP shares – Reuters
Santander’s Optimal overlooked Madoff concerns - Reuters
McKinsey emerges as beneficiary of Pru/AIA failed deal- Daily Telegraph
Reuters reporters head for the engine room
Reuters will be holding a European funds summit in Luxembourg this week, piggy-backing on the ALFI spring conference. It’s a useful opportunity to take stock of a startling couple of years for the industry, as well as looking ahead to the shape of the sector for the years to come.
We’ll be speaking to a host of senior industry players from both sides of the fence, from the top performing fund managers to the people that make the industry tick; Luxembourg got a jump on the rest of the fund market by being the first to leap on the UCITS train back in 1988 and now houses much of the sector’s administrative machinery as it becomes truly cross-border.
Morning Line-Up: Hedgies attack euro, cling to fees
News and views on the hedge fund industry from Reuters and elsewhere:
Big hedge funds shorting the euro - Wall Street Journal
Hedgies seek clarity on new Singapore regulations - BusinessWeek
Ex-director of ops for Madoff charged - Reuters
Hedge funds resist cutting fees - Financial Times
IOSCO publishes systemic risk data requirements - Hedgeweek
RAB on the way back up
A positive trading update and finally a rise in assets from RAB Capital this morning shows that even hedge fund firms badly hit by the credit crisis are on the way back up.
The firm, whose assets stood at more than $7 bln two years ago - but later saw them slump due to outflows and performance losses - saw a recovery in H2 of $100 mln to $1.37 bln.
Citadel stronger in ’09
2009 has proved so far to be a bumper year for hedge funds — not least due to a huge rebound in the price of most assets — helping eradicate at least some of the bad memories of last year.
Citadel’s Kenneth Griffin has been a case in point.
An article in today’s Wall Street Journal (which dubs him a ‘titan’ and a ‘hedge fund king’), says Citadel made $5 billion in trading profits in the first nine months of this year as markets recovered.
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Will hedgies switch to Bahrain? – Seeking Alpha
Event driven revival – FT
EU assault on hedge fund pay – Reuters
Blochet quits Brevan – Telegraph
Madoff yard sale: Baseball Jackets, coolers and fishing tackle – Reuters
SFO probes Dynamic Decisions
Most investigations into hedge fund fraud or other wrongdoing during the credit crisis have been based in the U.S., but there are signs that, despite its well-regarded framework of hedge fund managers regulation, London is seeing some activity too.
Today the Serious Fraud Office announced it had opened a criminal investigation into Dynamic Decisions’ Growth Premium Master fund after a referral by the FSA and a number of complaints about the fund management firm.
Morning line up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
EU move to curb hedge, private equity manager pay - Financial Times
Hedge fund strategies post positive returns in October - Hedgeweek
Ex-head of Santander Swiss hedge arm on Madoff charges - Financial Times
BlueCrest to shift staff to Geneva - Financial Times
Looking ‘Bleak’ for Madoff investors
In Charles Dickens’ novel, Bleak House, a long-running dispute over a legacy only ends when the estate’s assets have been completely devoured to pay the army of lawyers involved in the litigation. Delighted, the lawyers move on to the next case, while one heir of the estate ends up a nervous wreck, his assets all gone.
Madoff investors may feel they are in a similar predicament, watching on helplessly as the scant assets so far recovered dwindle while liquidators and trustees wrangle over how to apportion them.
Morning Line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Hedge funds face investor war on fees – Reuters
Och-Ziff third quarter income falls – Reuters
Mark Kary to resign from Polar Capital - FT Adviser
Hedge fund adviser to lead SEC policing body – WSJ
Asian hedge fund asset on the rise – Bloomberg
