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Oct 25, 2012

BlackRock’s Fink puts U.S. fiscal cliff at top of his worry list

NEW YORK (Reuters) – The so-called fiscal cliff of automatic spending cuts and tax rises set to occur on January 1 if Congress fails to act before then will be the most important issue facing the next U.S. president after the election, BlackRock Chief Executive Laurence Fink said on Thursday, saying there is a “very strong risk” of another U.S. ratings downgrade.

Fink, addressing a conference hosted by The Economist magazine, lamented that President Barack Obama and Republican challenger Mitt Romney did not address the cliff in their pre-election debates. Nonetheless, Fink sounded a more positive tone on U.S. economic prospects relative to Europe, particularly France, which he said is the most likely reason the euro zone would collapse.

Oct 25, 2012

Summers says ECB, policymakers ‘will do what is necessary’

NEW YORK, Oct 25 (Reuters) – European central bankers and
policymakers will choose European unity over any alternatives,
even if it involves high levels of inflation, said Former
Treasury Secretary Lawrence Summers in New York on Thursday.

“At end of the day, central banks will do what is necessary”
to maintain the European project, even if it means years of high
inflation or taking action beyond the latest program of
bond-buying by the European Central Bank, Summers said.

Oct 25, 2012

Einhorn warns U.S. policies creating enormous risks

NEW YORK (Reuters) – The monetary and fiscal policies in the United States are creating enormous risks and the Federal Reserve’s actions in particular are now harming the economy, influential hedge fund manager David Einhorn said on Thursday.

The founder of Greenlight Capital, which manages $7.7 billion, repeated his criticism of the Fed’s very easy monetary policy, arguing at a conference that it now has “negative returns.”

Oct 24, 2012

PIMCO’s El-Erian sees more stimulus from ECB and Fed

NEW YORK, Oct 24 (Reuters) – The European Central Bank and
the U.S. Federal Reserve will very likely provide even more
stimulus to their economies, the chief executive of PIMCO, the
world’s largest bond fund, said on Wednesday.

The two powerful central banks are “all in” as they act to
give lawmakers more time to heal their respective problems in
Europe and the United States, Mohamed El-Erian, who is also
co-chief investment officer of Pacific Investment Management Co,
said in speech at a conference hosted by The Economist magazine.

Oct 24, 2012

Greenlight’s Einhorn questions Fed “spending spree”

NEW YORK (Reuters) – Hedge fund manager David Einhorn raised concerns about the U.S. central bank’s latest round of stimulus, saying Federal Reserve Chairman Ben Bernanke “announced desperate measures in non-desperate times.”

“What once looked like a purchasing spree of unimaginable proportions is now just the monthly budget,” Einhorn said in a quarterly letter to investors dated Tuesday. He runs the $7.7 billion Greenlight Capital hedge fund firm and is one of the industry’s best-known managers.

Oct 24, 2012

Greenlight’s Einhorn questions U.S. Fed ‘spending spree’

NEW YORK, Oct 24 (Reuters) – Hedge fund manager David
Einhorn raised concerns about the U.S central bank’s latest
round of stimulus, saying Federal Reserve Chairman Ben Bernanke
“announced desperate measures in non-desperate times.”

“What once looked like a purchasing spree of unimaginable
proportions is now just the monthly budget,” Einhorn said in a
quarterly letter to investors dated Tuesday. He runs the $7.7
billion Greenlight Capital hedge fund firm and is one of the
industry’s best-known managers.

Oct 24, 2012

Blackstone targets stakes in hedge fund managers

NEW YORK (Reuters) – Blackstone Group is preparing to launch a multibillion-dollar fund that will buy stakes in hedge fund managers in the secondary market, as traditional buyers such as banks pull back amid disappointing fund performance and regulation.

Blackstone (BX.N: Quote, Profile, Research, Stock Buzz), whose hedge-fund solutions business has $46.2 billion in assets under management, sees an opportunity to provide an exit for banks, insurers and other financial institutions that need buyers willing to take on what are particularly illiquid investments, a source familiar with the firm’s plans said.

Oct 24, 2012

Exclusive: Blackstone targets stakes in hedge fund managers

NEW YORK (Reuters) – Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) is preparing to launch a multibillion-dollar fund that will buy stakes in hedge fund managers in the secondary market, as traditional buyers such as banks pull back amid disappointing fund performance and regulation.

Blackstone, whose hedge-fund solutions business has $46.2 billion in assets under management, sees an opportunity to provide an exit for banks, insurers and other financial institutions that need buyers willing to take on what are particularly illiquid investments, a source familiar with the firm’s plans said.

Oct 16, 2012

One-year-old ETF beats hedge funds, stock market in first year

NEW YORK, Oct 16 (Reuters) – A one-year-old actively managed
exchange-traded stock fund has beaten a number of market
benchmarks in its first year, including most hedge funds, the
ETF sponsor AdvisorShares said on T u e sday.

Through September 30, the TrimTabs Float Shrink ETF
gained 35.14 percent since it launched on October 4 last year,
beating the benchmark Russell 3000 Index, which rose 32.85
percent over the same period, as well as the S&P 500 index.

Oct 15, 2012

Emerging market hedge funds stand out in mediocre year

NEW YORK, Oct 15 (Reuters) – Fund managers that specialize
in investing in emerging markets have achieved standout gains of
nearly 8 percent in a year when the typical hedge fund has eked
out returns of about 5 percent, recent data showed.

Emerging market-focused hedge funds gained 4.5 percent in
the third quarter, adding about 2.6 percent in September,
according to industry tracker eVestment|HFN.

    • About Katya

      "Katya Wachtel is a hedge fund and big money reporter for Reuters. She hails from Melbourne. Australia, not Florida. You can contact her at katya.wachtel@thomsonreuters.com"
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