Funds Hub
Money managers under the microscope
Morning Line-Up: Madoff, Northern Rock, Greencore/Northern Foods
News and views on the asset management industry from Reuters and elsewhere
The costs of Madoff clean-up operation - FT
Morning Line-Up: Buffett, JP Morgan in Brazil, EU hedge fund rules
News and views on the asset management industry from Reuters and elsewhere:
Warren Buffett’s latest pick – Reuters
Short-sellers move in on the banks
The short-sellers are targeting bank stocks again.
Ok, it certainly isn’t on the scale seen in 2008, when hedge funds made small fortunes from the demise of Northern Rock and the like.
But it is interesting to note that after what could be termed a wave of good news — most banks passing the stress tests, a bumper earnings season and the easing of Basel III rules — some managers remain sceptical.
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.
Improving situation at RAB Special Sits
Encouraging news today from RAB Special Situations after the listed fund (a feeder into the main hedge fund) reported a 10.5 percent NAV rise in May.
While this is behind the index return, it nevertheless marks a welcome boost for a fund that has reflected many of the hedge fund industry’s recent problems.
Great expectations
It was the outcome most commentators were expecting.
Even Roger Lawson of the UK Shareholders’ Association, which represented 150,000 small investors, admitted it was “not totally unexpected”.
But the defeat for hedge funds RAB Capital and SRM Global and other former shareholders claiming damages for the loss of their holdings in Northern Rock when it was nationalised last year is nevertheless a hard blow to bear.
