Funds Hub
Money managers under the microscope
Morning Line-Up: Picard strikes again; hedgie Einhorn sees market split
News and views on the asset management industry from Reuters and elsewhere:
Trading probe SAC client named - WSJ
Madoff trustee seeks an additional $555 mln from UBS - Reuters
Skandia removes Gartmore manager from fund – Fund Strategy
Jim Rogers bets the farm as he shuns Wall Street - Reuters
Einhorn says US stock prices failing to reflect true value - Reuters
Morning Line-Up: UBS looks East
News and views on the fund industry from Reuters and elsewhere:
UBS in talks about renminbi fund-FT
Asset growth in Ucits to fall-FT
Legg Mason’s Miller: healthcare stocks to outperform-Reuters
Morning Line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Swedes plan to scrap hedge fund leverage limits – WSJ
More than one witness in Galleon case - Reuters
Ex-UBS bankers plan Tufton tranport fund - Bloomberg
Touradji dismisses employee claims as lies – Reuters
Out for the count
A bit delayed this, but drawing your attention to Parvathy Ullatil’s entertaining look at hedge fund managers going at each other with fists and gumshields, rather than outlandish claims of stratospheric bonuses. Photos from Reuters pictures.
It was the kind of opportunity loss-stricken investors probably wished for in the worst months of the financial crisis: getting a bunch of hedge fund managers in a boxing ring and pummeling them.
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
Ex Goldman’s Carhart to launch his own firm – Reuters
EU rules may cost hedge funds, private equity over 3 bln euros – Reuters
Hedge fund start-ups approach UBS – Bloomberg
More hedge fund managers strike out on their own- Investment Week
from Summit Notebook:
Geneva is for wealth management
Even for an American who's not wealthy, Geneva has a reputation as a global centre for wealth management - the place the world's rich come to stash their money and (they hope) make it grow.
But you don't necessarily expect it to be so aggressive -- after all, the rich tend to be demure when it comes to their banking.
from Alexander Smith:
Is Jefferies right to be bullish on M&A in AM?
A bull(ish) note from growing investment banking group Jefferies Putnam Lovell predicting "a steady flow of M&A activity in the global asset management industry" for the second half of 2009.
Jefferies is basing its view on the following factors:
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divestitures by larger financial groups shoring up their capital base
pure-play asset managers looking to bulk up
private equity firms drawn not least by lower capital requirements
And the firm is putting its money where its mouth is. It has recently been hiring scores of senior bankers from rival firms as it seeks to build itself a major presence.
from DealZone:
UBS dodges bigger bullet in tax pact
Embattled Swiss bank UBS struck a deferred prosecution agreement with the U.S. Justice Department that will cost them $780 million. It could have been worse.
Though paying a hefty fine, the Swiss bank is paying ZERO punitive fines, despite conceding that they helped U.S. residents -- estimated to number 250 -- avoid paying income taxes over an eight year period.
Mutual funds gaining ground on hedge funds?
Hedge funds have gained a increasing share of the investment pie in recent years but the trend could could be reversing, judging by separate comments made by UBS and Deutsche Bank on Tuesday.
Timothy Bell, global head of hedge funds advisory at UBS Wealth Management, said hedge fund assets could fall further to $1.2 trillion this quarter from $1.4 trillion at the end of 2008 and $1.93 trillion at their peak in mid-2008.
