European Hedge Funds Correspondent
Laurence's Feed
Mar 27, 2012

Hedge funds take profits after bumper Q1

LONDON, March 27 (Reuters) – Hedge funds are cashing in some
of their chips after enjoying a bumper first quarter, wary that
a sudden change in market sentiment could see them take the sort
of losses suffered in last year’s volatile markets.

Hedge funds returned 5 percent in the first two months of
the year, the best start to a calendar year since 2000 according
to Hedge Fund Research, as the European Central Bank’s 1
trillion euro ($1.3 trillion) ca s h injection boosted assets
across the board.

Mar 23, 2012

BAML wins prime broker mandate for Paris hedge fund

LONDON, March 23 (Reuters) – Paris-based hedge fund manager
Bernheim, Dreyfus & Co appointed Bank of America Merrill Lynch
(BAML) as its second prime broker, the latest win in a
sector where many banks are struggling to break into the
lucrative top tier.

Bernheim, Dreyfus, which manages $200 million in assets and
which tries to make money by betting on M&A (mergers and
acquisitions) deals, said on Friday it would split its
activities between BAML and existing broker Newedge.

Mar 22, 2012

Polar Capital CEO cashes in 1 million pounds of shares

LONDON (Reuters) – The chief executive and co-founder of Polar Capital has cashed in 1 million pounds worth of his shares, profiting from a surge in the share price of the London-based fund manager on the back of recent client wins.

Tim Woolley, who was appointed chief executive in 2009 after his predecessor Mark Kary resigned, sold 500,000 shares on Wednesday at 200 pence each, the firm said in a statement.

Mar 20, 2012

Ex-banker Halestrap joins BlueCrest in hedge fund return

LONDON, March 20 (Reuters) – Hedge fund manager Luke
Halestrap has joined BlueCrest Capital, one of Europe’s biggest
hedge fund firms, marking a return to the industry for the
former bank executive and reflecting an exodus from banking into
the buoyant hedge fund sector.

Halestrap, who co-founded London-based hedge fund firm
Northbay Investment Management in 2002 but later saw the firm
shut down, had been working as head of EMEA rates at Bank of
America Merrill Lynch before leaving last year.

Mar 20, 2012

Man Group CEO misses out on $23 million

LONDON (Reuters) – Man Group’s chief executive has missed out on incentive payments of around $23 million (14 million pounds), the company’ accounts showed, as clients pulled their cash out of the world’s largest listed hedge fund firm during the financial crisis.

Peter Clarke, who took over as CEO from industry ‘godfather’ Stanley Fink in 2007, was granted a shares and options package in 2008 worth around $14 million, dependent on performance, as part of a three-year incentive plan, Man’s report and accounts showed.

Mar 19, 2012

Hedge fund firm Man Group CEO misses out on $23 mln

LONDON, March 19 (Reuters) – Man Group’s chief
executive has missed out on incentive payments of around $23
million, the company’ accounts showed, as clients pulled their
cash out of the world’s largest listed hedge fund firm during
the financial crisis.

Peter Clarke, who took over as CEO from industry ‘godfather’
Stanley Fink in 2007, was granted a shares and options package
in 2008 worth around $14 million, dependent on performance, as
part of a three-year incentive plan, Man’s report and accounts
showed.

Mar 14, 2012

SS&C agrees 572 mln stg takeover of GlobeOp

LONDON, March 14 (Reuters) – U.S. financial software
provider SS&C Technologies agreed to buy hedge fund
administrator GlobeOp, trumping an offer from buyout group TPG
and raising expectations of a bidding war.

The 485-pence-a-share cash deal, well above TPG’s 435p cash
offer agreed last month, values GlobeOp at 572 million pounds
($900 million) and has been recommended by GlobeOp’s independent
directors.

Mar 11, 2012

Investors back hedge funds as performance rebounds

LONDON, March 11 (Reuters) – Investors ploughed more
money into hedge funds over the past month, data from hedge fund
administrator GlobeOp shows, as hopes of a resolution to the
euro zone debt crisis and a rebound in markets boosted
confidence after last year’s losses.

Net inflows into hedge funds, as measured by the GlobeOp
Capital Movement Index, which tracks monthly net
subscriptions to and redemptions from hedge funds managing
around $174 billion, were 2.1 percent of total assets over the
month to March 1.

Mar 8, 2012

SS&C proposes higher bid for GlobeOp, trumps TPG

LONDON, March 8 (Reuters) – U.S. financial software
provider SS&C Technologies has proposed making a 485
pence-a-share cash offer for hedge fund administrator GlobeOp
, in a move that would trump an agreed bid from rival
suitor TPG.

SS&C’s proposal, which GlobeOp’s independent directors have
said they would be willing to recommend, is well above the 435
pence cash offer made by U.S. buyout firm TPG and agreed last
month, and values the company at about 566 million pounds ($889
million).

Mar 7, 2012

European distressed hedge funds thwarted by LTRO

LONDON (Reuters) – Hedge funds stalking distressed assets in Europe may be left with slim pickings after a trillion-euro cash injection from the European Central Bank eased the pressure on banks to dump some of their weaker holdings.

Many fund managers, who have been scenting prey since the credit crisis began, had been hoping European banks would sell off assets such as corporate loans and project finance debt to comply with Basel III global capital adequacy rules, the thrust of which comes into force next year.