Dec 17 (Reuters) – Man Group plans to buy U.S. fund
manager Silvermine Capital for up to $70 million, picking up
$3.8 billion of assets under management to further strengthen
its presence in the United States.
The world’s biggest listed hedge fund company’s fourth U.S.
deal this year comes days after it acquired a Merrill Lynch
fund-of-hedge funds portfolio worth $1.2 billion, continuing the
group’s diversification away from traditional computer-driven
funds and lifting its total assets close to their 2008 peak.
LONDON (Reuters) – Magnus Peterson, battling fraud charges after his $600 million Weavering hedge fund collapsed during the financial crisis, told a court on Friday he could not remember which investors he had warned about his fund’s use of complex financial instruments.
During a trial that has given a rare glimpse into the hedge fund industry before the credit crunch triggered greater regulation and supervision, Peterson said he told investors about the fund’s use of riskier derivatives “on occasions”, but said he could not recall which investors.
LONDON (Reuters) – A halving of Tesco’s (TSCO.L: Quote, Profile, Research, Stock Buzz) share price is luring only the boldest active fund managers back into Britain’s top supermarket group, with many still unpersuaded it can recover from a year of disasters.
While still Britain’s biggest grocer by far, Tesco’s days of achieving startling growth appear to be over. However, some fund managers tasked with hunting out cheap stocks ripe for a rebound are taking the plunge.
LONDON (Reuters) – Hedge fund manager Brevan Howard saw its main “macro” fund claw back gains in November after a torrid year for the strategy, an investor letter showed, but the $24 billion fund could yet end an 11-year winning run.
The macro fund, which like others in the sector bets on major economic trends across a range of asset classes including stocks, bonds and currencies, gained 0.86 percent in November, according to a letter to investors seen by Reuters.
LONDON, Dec 3 (Reuters) – Billionaire hedge fund manager
Chris Hohn’s firm nearly doubled its charitable donations in the
year to end-February 2014, filings with Britain’s Companies
House show, following the best return in his $8 billion-plus
fund since 2005.
However, Hohn, who has been ordered to pay his estranged
wife Jamie Cooper-Hohn 337 million pounds in the largest divorce
settlement in British legal history, has been less generous to
the charity he co-founded with his former wife.
LONDON (Reuters) – Fund manager Aberdeen Asset Management reported a “transformational” performance by its Scottish Widows Investment Partnership (SWIP) acquisition on Monday and raised hopes of a share buyback, sending its shares to a near 11-month high.
The money manager also said flows into equity funds had improved in the fourth quarter after a companywide net outflow of 20 billion pounds ($31.3 billion) in the year to Sept. 30.
LONDON, Dec 1 (Reuters) – Fund manager Aberdeen Asset
Management cited weakness in emerging markets for 20
billion pounds ($31.3 billion) of net outflows that cast a
shadow over slightly better than expected full-year profit on
Emerging market stocks have been flat this year,
with geopolitical risks from the Ukraine crisis and a drop in
oil prices weighing on shares. Emerging market sovereign bond
spreads have also widened sharply in recent months.
LONDON, Nov 26 (Reuters) – Aviva will shut its unit
that invests in external hedge funds, the British insurer said
on Wednesday, joining a growing number of so-called fund of
hedge funds to have closed shop or merged with rivals as clients
cut out the middleman.
The U.S.-based Hedge Fund Investment Team of Aviva manages
about $2 billion.
Aviva did not disclose the actual date of closure.
The retreat comes as Aviva targets a possible deal to buy
rival Friends Life for 5.6 billion pounds ($8.8 billion)
as British pension reforms put pressure on insurance companies
to find new business.
LONDON (Reuters) – BlueBay, one of Europe’s biggest asset managers, will shut a $1.4 billion hedge fund in an unexpected move as fund manager Neil Phillips is leaving.
The decision by the $66 billion money manager, a unit of Royal Bank of Canada, is the latest example of the “key man” risk investors face even at big investment firms when a fund manager leaves.
LONDON, Nov 20 (Reuters) – BlueBay, one of Europe’s biggest
asset managers, will shut a $1.4 billion hedge fund in an
unexpected move as fund manager Neil Phillips is leaving.
The decision by the $66 billion money manager, a unit of
Royal Bank of Canada, is the latest example of the “key
man” risk investors face even at big investment firms when a
fund manager leaves.