European Hedge Funds Correspondent
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Jun 12, 2013

Madoff’s UK unit was “warehouse for stolen money” -liquidators’ representative

LONDON, June 12 (Reuters) – U.S. fraudster Bernard Madoff
used his London-based company to “warehouse” huge amounts of
money stolen from the Ponzi scheme and buy luxury items for
himself, a court heard on Wednesday.

The liquidators of UK-based Madoff Securities International
Limited (MSIL) began a civil case in London’s High Court on
Monday against defendants including Madoff’s brother Peter and
his son Andrew, as well as Stephen Raven, chief executive of the
UK unit, and Bank Medici founder Sonja Kohn.

Jun 5, 2013

Man Group’s shares tumble after flagship fund loss

LONDON (Reuters) – Man Group’s shares fell more than 11 percent on Wednesday after it said its flagship hedge fund AHL had suffered one of its biggest weekly losses, wiping out its profits so far this year.

The $14.1 billion computer-driven fund, which has been running since 1987 but whose performance has lagged in recent years, fell 8.9 percent over the week to June 3.

Jun 5, 2013

Hedge fund Man Group’s shares tumble after flagship fund loss

LONDON, June 5 (Reuters) – Man Group’s shares fell
more than 11 percent on Wednesday after it said its flagship
hedge fund AHL had suffered one of its biggest weekly losses,
wiping out its profits so far this year.

The $14.1 billion computer-driven fund, which has been
running since 1987 but whose performance has lagged in recent
years, fell 8.9 percent over the week to June 3.

May 30, 2013

Credit crunch casualty Eckert plots hedge fund reincarnation

LONDON (Reuters) – As comebacks go, it’s one of the more ambitious.

Fred Eckert – the hedge fund manager who lost $250 million of his own money, saw his firm go bankrupt in the credit crisis, went through a divorce and spent two months in a coma – is back with the launch of his new firm.

The 65-year-old former Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) executive, who once lived in one of the most expensive houses in New Jersey, has launched a new firm called Phoenix Star Capital.

May 28, 2013
via Global Investing

Hedge fund boss Baha sees gold at $3,000-$5,000

Christian Baha, the head of Austrian fund firm Superfund and representative of the hedge fund industry in Oliver Stone movie Wall Street 2: Money Never Sleeps, is predicting that the gold price could rise to between $3,000 and $5,000 over the next five to 10 years.

Baha, who says he has more than half his personal wealth in gold and silver, either physically or in units in Superfund funds denominated in the precious metals, believes that an unprecedented phase of quantitative easing by central banks is driving a bubble in government bonds, but that gold offers real value.

May 24, 2013

Hedge funds bet on Aussie dollar slide

LONDON, May 24 (Reuters) – Hedge funds hungry for trade
ideas after the success of their bets on Japan’s recovery have
been turning their attention to the Australian dollar, betting
the end of the commodities boom will drive down the currency.

Funds have been watching for signs of weakness in the Aussie
dollar, which was one of the most in-demand developed world
currencies after the credit crisis due to Australia’s rapid
economic growth, attractive yields and healthy financial system.

May 17, 2013

Toscafund bullish on UK economy and stock market

LONDON (Reuters) – A booming population, fuelled by immigration, will help Britain’s economy to grow more strongly than Germany’s later this decade and could drive its stock market much higher, according to one of the UK’s biggest equity hedge funds.

Toscafund, with $1.3 billion of funds open to investment, made its bullish predictions amid signs the UK economy is starting to recover from five years of torpor brought on by the financial crisis, while the euro zone is mired in recession.

May 3, 2013

Man Group shares surge on debt buyback

LONDON (Reuters) – Hedge fund firm Man Group cheered investors with plans to use surplus cash to buy back all its debt securities, overshadowing a surge in client outflows to the highest level since the onset of the credit crisis.

Man, which recently unlocked $550 million (354 million pounds) in capital when its regulatory status was changed, will use up to $470 million of cash to buy back the debt, saving up to $78 million a year in interest and coupons from next year, it said on Friday.

May 3, 2013

Hedge fund firm Man Group shares surge on debt buyback

LONDON, May 3 (Reuters) – Hedge fund firm Man Group
cheered investors with plans to use surplus cash to buy back all
its debt securities, overshadowing a surge in client outflows to
the highest level since the onset of the credit crisis.

Man, which recently unlocked $550 million in capital when
its regulatory status was changed, will use up to $470 million
of cash to buy back the debt, saving up to $78 million a year in
interest and coupons from next year, it said on Friday.

May 2, 2013

Man Group’s new CEO faces surge in client outflows

LONDON (Reuters) – Man Group (EMG.L: Quote, Profile, Research, Stock Buzz) is set to post an increase in client outflows on Friday, showing that new chief executive Many Roman still has much work to do to turn around the hedge fund manager’s fortunes.

The former FTSE-100 firm, whose shares are down by almost two-thirds since the start of 2011, could post its highest level of net outflows since the credit crisis and above levels seen under ex-CEO Peter Clarke when it updates investors on first-quarter trading.