European Hedge Funds Correspondent
Laurence's Feed
Jul 30, 2012

Big banks act tough with hedge fund clients

LONDON, July 30 (Reuters) – Major banks face growing
pressure to extract more money from, or even sever ties with,
unprofitable hedge fund clients as they cut costs in the face of
tough trading conditions and try to refocus on the biggest
managers.

Industry insiders say prime brokers – which provide services
such as stock lending and financing for hedge funds – are
sifting through their client lists, in some cases demanding
higher fees on trading or a greater share of a fund’s business,
and sometimes telling funds to look elsewhere.

Jul 24, 2012

Man Group cuts 64.4 million pounds of costs as assets tumble

LONDON (Reuters) – Beleaguered hedge fund manager Man Group is staging a fresh assault on its costs in the first moves under new finance director Jonathan Sorrell to stem sliding sales and margins and an exodus by clients.

The fund firm, whose share price has slumped by more than three-quarters since the start of 2011 on the back of outflows, said on Tuesday it would make $100 million (64.4 million pounds) of annual savings over the next 18 months, after calls from some analysts to cut deeper or faster.

Jul 24, 2012

Man Group cuts $100 mln of costs as assets tumble

LONDON, July 24 (Reuters) – Hedge fund manager Man Group
unveiled another round of cost cuts aimed at propping up
its weakened revenues on Tuesday, as its fight to staunch rising
client outflows and falling assets continued.

The fund firm, whose share price has slumped by more than
three-quarters since the start of 2011, announced plans to make
another $100 million of cost savings over the next 18 months,
following calls from some analysts for deeper cuts to offset
falling fee income.

Jul 23, 2012

“Black box” fund may not be enough to revive Man

LONDON, July 24 (Reuters) – A recent uptick in the
performance of its flagship AHL fund may not be enough of a cure
for hedge fund manager Man Group after a sharp fall in
assets, analysts said.

The firm, whose shares have lost more than three quarters of
their value since the start of last year as clients withdraw
funds, is set to report interim results for the six months to
the end of June on Tuesday.

Jul 16, 2012

Nervy hedge funds fearful of summer volatility

LONDON, July 16 (Reuters) – With politicians struggling to
shore up plans to tackle Europe’s debt crisis, hedge fund
managers are finding it hard to come up with moneymaking ideas
to suit markets focused on the latest announcement by euro zone
or U.S. leaders.

Once seen as able to make money in all conditions, many
hedge funds have opted to keep their bets small and their
exposure to movements low as quieter summer trading looms,
mindful of last August’s stock market meltdown.

Jul 13, 2012

Gougenheim eyes $250 mln for Glasnost hedge fund

LONDON, July 13 (Reuters) – Hedge fund veteran Philippe
Gougenheim has raised $80 million for a new fund launch and says
investors are poised to commit more money if initial returns are
good, in a sign some start-up managers can still attract cash in
a nervy market.

The former head of hedge funds at Swiss fund firm Unigestion
told Reuters the fund could roughly triple in size within six
months if performance gets off to a strong start after its
planned September launch.

Jul 12, 2012

Polar Capital posts inflows, hedge fund clients return

LONDON, July 12 (Reuters) – Investment manager Polar Capital
enjoyed further inflows into its funds in the second
quarter on the back of strong recent performance and said it has
finally begun to see clients return to its hedge funds.

The firm, which attracted more than $1 billion of net new
money into its funds in the year to March, said it saw $374
million of net subscriptions in the three months to end-June,
principally into its long-only funds.

Jul 11, 2012

Hedge fund withdrawals jump to highest since ’09

LONDON (Reuters) – Hedge fund outflows surged to their highest level in almost three years this month, data from hedge fund administrator GlobeOp shows, in a sign investors may be losing faith in the sector after mixed performance amid choppy markets.

Net outflows from hedge funds, as measured by the GlobeOp GO.L Capital Movement Index, which tracks monthly net subscriptions to and redemptions from funds managing around $187 billion in assets, were 1.17 percent of that total during the month to July 1.

Jul 10, 2012

Hedge fund withdrawals jump to highest since ’09: data

LONDON (Reuters) – Hedge fund outflows surged to their highest level in almost three years this month, data from hedge fund administrator GlobeOp shows, in a sign investors may be losing faith in the sector after mixed performance amid choppy markets.

Net outflows from hedge funds, as measured by the GlobeOp Capital Movement Index, which tracks monthly net subscriptions to and redemptions from funds managing around $187 billion in assets, were 1.17 percent of that total during the month to July 1.

Jul 9, 2012

UK’s SFO reopens probe into Weavering hedge fund

LONDON, July 9 (Reuters) – Britain’s Serious Fraud Office
(SFO) has reopened its investigation into collapsed hedge fund
Weavering Capital, just weeks after damages of $450 million were
awarded against the fund’s manager in a civil case in the High
Court.

The decision marks a U-turn by the fraud agency after it
ended a 2-1/2 year probe into Weavering last September, saying
there was no reasonable prospect of conviction.