Stories

  • Citigroup Derivatives Heavy Resurfaces At Hedge Fund

    November 24, 2003

    Ken MacKenzie, former head of U.S. equity derivatives trading at Citigroup Global Markets, has jumped to hedge fund start up Archeus Capital Management in New York.

  • Concordia Reopens Convert Fund

    November 24, 2003

    Concordia Advisors, a multi-strategy manager with $1.3 billion under management, is reopening its $150 million volatility-focused convertible arbitrage fund.

  • Ex-Lehman Sales Pro Tees Off Hedge Fund

    November 24, 2003

    A hedge fund started by Bob Burke, formerly global head of sales of high-yield bonds, leveraged loans and distressed distribution at Lehman Brothers, is said to be looking for assets.

  • Ex-Moore/Agnos Analyst Starts New Fund

    November 24, 2003

    Alex Kotlyar, a former senior analyst at both Agnos Group and Moore Capital Management, has set up his own operation.

  • GoldenTree Preps Direct Lending Vehicle

    November 24, 2003

    GoldenTree Asset Management, a $5.5 billion New York-based money manager specializing in sub-investment-grade debt, will look to raise several hundred million dollars for a fund to be launched in January that will lend money to middle-market companies, according to a leveraged finance executive who has spoken with senior officials at the firm.

  • Mellon Reportedly On The Hunt For Fund Of Funds

    November 24, 2003

    Mellon Financial Corporation is seeking to acquire a hedge fund of funds manager with upwards of $1 billion in assets to round out its product lineup, said individuals familiar with the firm.

  • Missouri School System Readies Private Equity Search

    November 24, 2003

    The $22 billion Missouri Public School Retirement System will launch a search early next year for a private equity fund of funds manager to handle an as-yet undetermined amount for diversification.

  • Permal Reportedly Working On New Fund of Funds

    November 24, 2003

    The Permal Group is reportedly at work on a multi-strategy fund of funds that will include a secondary private equity fund as one of its underlying investments.

  • Spanish Manager Takes Over And Relaunches Fund

    November 24, 2003

    Fortune Management, a Palma de Mallorca, Spain-based hedge fund firm run by well-known money manager Florian Homm, has taken over and relaunched a small hedge fund.

  • Spitzer Warns Of Hedge Fund Valuation

    November 24, 2003

    New York Attorney General Eliot Spitzer warned lawyers about careful hedge fund valuation at a recent The Practising Law Institute forum in New York.

  • New York Firm Rolls Out Hybrid Hedge Fund, Seeks Marketer

    November 21, 2003

    The Actaeon Group has launched a hybrid hedge fund that is a cross between a multi-strategy fund and a fund of funds.

  • Citadel Taps SEC Regional Director For Compliance Post

    November 20, 2003

    Citadel Investment Group has hired the regional director of the Securities and Exchange Commission’s Midwest regional office, Mary Keefe, to fill a new compliance post.

  • City Of Zurich Seeks More From Hedge Fund Position

    November 20, 2003

    The CHF11 billion City of Zurich Pension Fund (Pensionskasse Stadt Zürich) invests CHF500 million in seven hedge funds of funds--and is looking to boost the returns of its portfolio.

  • Global Manager To Launch Special Situations Fund With Asian Twist

    November 20, 2003

    Fore Advisors, a global hedge fund manager with $1.2 billion in assets, is planning to launch a distressed and special situations credit fund on January 1.

  • GMAM Considering Offering Alts. Products To Nonprofits

    November 20, 2003

    General Motors Asset Management, the asset management subsidiary of General Motors Corp. that handles its $75 billion defined benefit plan, is considering making all of its alternatives products available to foundations and endowments for the first time.

  • Goldman Equity Honcho Sets Up Power-Focused Fund

    November 20, 2003

    Thomas “Terry” Fitzgerald, previously a managing director with Goldman Sachs’ equity capital markets group, has set up a new firm, Longbow Capital Partners.

  • Illinois Fund Mulling Maiden Hedge Fund Allocation

    November 20, 2003

    The $90 million Westlake Health Foundation is considering carving out a maiden hedge fund of funds allocation as part of a broader move to educate itself on alternative investments.

  • Man Official Talks Survival

    November 20, 2003

    The fund of funds industry will continue to grow over the next few years, but independent managers will need to adapt or face extinction.

  • Big Apple Firm Launches First Distressed Fund

    November 19, 2003

    Catalyst Investment Management Co. (CIMCO), a New York-based event-driven and merger arbitrage fund manager, is rolling out its first distressed fund, the Catalyst Credit Opportunity Fund.

  • Boston Firm Plans To Raise $500 Million For Buyout Fund

    November 19, 2003

    Audax Group is planning to raise roughly $500 million for its second middle-market buyout fund next year.

  • Clinton Exec Skips MAR Conference

    November 19, 2003

    Clinton Group executive Richard Clarida has withdrawn as keynote speaker at the MAR/Hedge 10th International Conference on Hedge Fund Investments.

  • Firms Ready Large-Cap Options Fund

    November 19, 2003

    Wilson/Bennett Capital Management and Lighthouse Partners Ltd. are planning to roll out a large-cap fund with an options component.

  • GIMV Has First Closing For Middle-Market Fund

    November 19, 2003

    Belgian buyout firm GIMV had a first closing for a new fund that targets German middle-markets and raised EUR78 million.

  • Martin Currie Kicks Off Energy Fund

    November 19, 2003

    Martin Currie Investment Management has launched a long/short equity fund that invests in base materials and energy sectors.

  • Permal To Launch Sharia Fund

    November 19, 2003

    Permal is working with the Saudi Economic and Development Company to launch one of the world’s first Sharia compliant Islamic hedge funds.

  • Sprott To Launch Offshore Gold Fund

    November 19, 2003

    Sprott Asset Management is planning to launch a long/short gold and precious metals fund by November 30.

  • TT Rolls Out Japan Fund

    November 19, 2003

    TT International Investment Management, a London-based hedge fund firm that manages $8.8 billion, has launched a long/short Japan fund.

  • Paloma Kicks Off GAIM Conference, Discusses Seeding Model

    November 18, 2003

    Paloma Partners Management Co. seeded 16 trading groups last year.

  • Boutique Eyes Hires To Expand Investment Range

    November 17, 2003

    Titanium Capital, a London-based boutique that specializes in alternative asset management and has $112 million under management, may hire portfolio managers to expand its range of investment options.

  • Clinton Group Sells CDOs Amid Redemption Rumor

    November 17, 2003

    The Clinton Group last week sold more than $125 million in collateralized debt obligation securities, according to several CDO traders.

  • Former APS Manager To Start Up Hedge Fund

    November 17, 2003

    APS Asset Management's former Executive Director Jay Moghe is starting up a hedge fund firm in Singapore with Daniel Ammavuta, chairman of Stork Capital in Melbourne.

  • Former Barclays Manager To Start Hedge Fund

    November 17, 2003

    Gregg Mattner, who resigned last year from Barclays Global Investors where he oversaw $60 billion in fixed-income assets, plans to launch a hedge fund next month. He has already raised a substantial amount of capital, according to a buy-sider familiar with the plan.

  • Funds Of Funds Register, Outsource To Suit Institutional Clients

    November 17, 2003

    In order to increase their appeal to institutional investors, funds of funds are registering as investment advisers and outsourcing asset valuation to prove their efforts at managing risk.

  • Italian Fund May Increase Hedge Fund Exposure

    November 17, 2003

    Seeking to boost returns by shifting assets to active management and alternatives, Inarcassa, a Rome-based pension fund for engineers and architects, could invest a minimum of EUR5 million into hedge funds.

  • JPMorgan Eyes Registered Hedge Funds

    November 17, 2003

    JPMorgan Fleming Asset Management is discussing launching a series of registered hedge funds with low investment minimums of $25,000.

  • Local Authority Mulls First Private Equity Investment

    November 17, 2003

    The GBP1.35 billion Bath & North East Somerset Council Avon Pension Fund in Bristol, U.K., may consider its first foray into private equity with a potential investment of 5% of its total assets by the first half of next year.

  • Norwegian Insurer Weighs Hedge Funds

    November 17, 2003

    Oslo Pensjonsforsikring, a Norwegian life insurer with NOK26 billion (EUR3.16 billion) in assets, is considering making a maiden foray into single-manager hedge funds in the second half of next year.

  • Richly Priced NUI Corp Deal Draws In Hedge Funds

    November 17, 2003

    Hedge funds and relative value high-yield investors have jumped into a $355 million financing for NUI Corp. and subsidiary NUI Utilities that will pay between 7-8%.

  • SEB Outsources Funds Of Funds

    November 17, 2003

    SEB Asset Management has outsourced the management of its first white-labeled hedge funds of funds to EIM and Key Asset Management.

  • SEC May Not Relax Hedge Fund Ad Controls

    November 17, 2003

    A loosening of the general solicitation controls for hedge funds appealing to very wealthy investors, as recommended in the Securities and Exchange Commission staff's report on hedge funds, may not be as likely as the industry has perceived.

  • SEC Staff Seen Building Case For Hedge Fund Regulation

    November 17, 2003

    The Securities and Exchange Commission staff could be gathering ammunition for hedge fund regulation by getting tougher with enforcement and increasing cooperation with criminal authorities in its cases.

  • Soros, TPG Ready Bid For AEP's U.K.Plants

    November 17, 2003

    A heavyweight combo of Soros Private Equity Partners and Texas Pacific Group are reportedly set to make a bid this week for two U.K. merchant coal-fired power plants owned by American Electric Power.

  • Venture Capital Firms Fear Suits

    November 17, 2003

    Venture capital firms are looking into director and officer (D&O) liability protection to decrease liability in lawsuits.

  • Highbridge To Roll Out First Event-Driven Fund

    November 14, 2003

    Highbridge Capital Management, the $5.5 billion New York-based hedge fund firm run by Glenn Dubinand Henry Swieca, is prepping its first event-driven fund.

  • JANA Tinkers With High-Water Mark

    November 14, 2003

    JANA Partners, an event-driven hedge fund firm with $800 million under management, has changed its high-water mark provisions.

  • New Mexico Utility Makes First Hedge Fund Play

    November 14, 2003

    PNM Resources' $400 million defined benefit plan has made its first investments in hedge funds.

  • British Event-Driven Firm Adds Two Analysts

    November 14, 2003

    Trafalgar Asset Managers, a London-based event-driven hedge fund firm, has hired two senior analysts.

  • Germany Looks To Make Further Hedge Fund Modifications

    November 14, 2003

    Germany is hoping to make further modifications to its proposed law allowing hedge funds to be marketed to retail investors.

  • Is AMEX Consolidating Fund Of Funds Groups?

    November 14, 2003

    American Express may merge its two fund of funds units, based in Geneva and Minneapolis.

  • More Institutions Expected To Make Maiden Hedge Fund Forays

    November 14, 2003

    The number of hedge fund investors globally is expected to increase significantly over the next three years.

  • Noble Foundation To Study; Searches Possible

    November 14, 2003

    The Samuel Roberts Noble Foundation is conducting an asset allocation study with an eye towards adding hedge funds, international equity and real estate to its portfolio.

  • Amaranth Moves Away From Paloma

    November 13, 2003

    Amaranth Advisors, the multi-strategy hedge fund firm that spun out of Paloma Partners Management Co. in September 2000, is in the process of cutting its ties with Donald Sussman's firm.

  • ABN Sub To Launch Convertible Arbitrage Fund

    November 12, 2003

    Neuflize Arbitrage, the alternative affiliate of Banque de Neuflize, Schlumberger, Mallet, Demachy (NSMD Bank), a subsidiary of ABN AMRO, will launch an offshore convertible arbitrage hedge fund early next year.

  • Crédit Agricole Sub Taps New Chief, Plans Hiring Spree

    November 12, 2003

    Crédit Agricole Alternative Investment Products Group (AIPG), the $4.7 billion fund of funds arm of Crédit Agricole, has named a new chief executive ahead of a planned hiring and investment push.

  • Funds Of Funds Welcome Back Merger Arb. In Q3

    November 12, 2003

    Funds of funds re-allocated to merger arbitrage strategies in the third quarter for the first time in months, according to a recent survey of 42 funds of funds by Paris-based advisory firm Seeds Finance.

  • Gartmore Preps Currency Fund

    November 12, 2003

    Gartmore Investment Management is incubating a currency hedge fund that it hopes to roll out in the near future.

  • Hedge Fund Boutique Launched

    November 12, 2003

    Former senior officials at investment banking boutique Goldsmith Agio Helms have bought out the firm's hedge fund unit and created their own firm, Contego Capital Partners, in Chicago.

  • Kingdon Taps Japanese Analyst

    November 12, 2003

    Kingdon Capital Management has hired an additional analyst to work for its Japan portfolio manager.

  • Martin Currie Closes China Fund

    November 12, 2003

    Edinburgh-based asset manager Martin Currie closed its China hedge fund to new investors last week.

  • Watchpoint Manager Goes Solo, Preps Two Funds

    November 12, 2003

    Lloyd Sems, a portfolio manager and director of research at small- and micro-cap specialist Watchpoint Asset Management, is leaving the firm to set up his own operation, Sems Capital.

  • Citco's French Sub Seeking Senior Analyst

    November 11, 2003

    Citco Fund Advisors, the EUR350 million French fund of funds unit of giant hedge fund administrator Citco Group, is seeking a senior analyst.

  • Iowa Firm To Use First Credit Default Swaps

    November 11, 2003

    BlackHawk Capital Management will start using credit default swaps (CDS) for its $40.7 million investment-grade corporate bond long/short fund.

  • Athens Capital Seeks Way To Create Insurance Wrap

    November 10, 2003

    Athens Capital, a Santa Barbara, Calif.-based single family office, is seeking a way to wrap its fund of funds within an insurance policy.

  • Auda Second Fundraising Begun

    November 10, 2003

    The Auda Group, the New York City-based alternative investments shop and family office for some descendants of the BMW car fortune, is in the second round of fundraising for its first-ever secondary private equity fund.

  • Evaluation Associates Reportedly Close To Selling Itself

    November 10, 2003

    Evaluation Associates is reportedly close to announcing a deal to sell its consulting practice to Milliman USA, and its fund of funds business to an unidentified buyer.

  • Ex-SunAmerica Honcho Starts Hedge Fund

    November 10, 2003

    Peter McMillan, the former cio of AIG SunAmerica, has opened Willow Brook Hedge Fund I.

  • Fund Of Funds Group Taps Smith Barney Official For Marketing Spot

    November 10, 2003

    Fund of funds firm Trail Ridge Capital has hired Joel Schiffman, formerly a senior v.p. with Smith Barney's consulting group, as its first director of marketing.

  • Gartmore Cools On Alternatives

    November 10, 2003

    Gartmore Global Advisors is cooling off from its push of alternative investments and focusing its efforts on equities.

  • Gartmore Raises $130 Million For U.K. Long/Short Fund

    November 10, 2003

    Gartmore Investment Management reopened its AlphaGen Avior fund last week for one day and raised $130 million in new capital.

  • New Midwest LBO Firm Hiring

    November 10, 2003

    Stone Arch Capital, a Minneapolis, Minn.-based leveraged buyout firm, has opened its doors for business and is looking to beef up its rosters with junior and senior-level staffers.

  • Pay Structures May Not Benefit Investors

    November 10, 2003

    A recent study revealing that the compensation of senior partners at private equity firms increases dramatically at firms with more capital under management suggests partners may be encouraged to raise larger pools of capital, whether or not a larger fund benefits its shareholders, according to Robert Dunn, associate editor of The Private Equity Analyst and co-author of the second edition of the Private Equity Analyst-Holt Compensation Study.

  • Private Advisors Taps Two Analysts

    November 10, 2003

    Private Advisors, the fund of funds firm co-founded by University of Richmond endowment chief Lou Moelchert that manages $1.4 billion, has hired two additional analysts.

  • Credit Agricole Sub Loses Marketing Chief; Replacement Made

    November 06, 2003

    The chief of international marketing and sales at Credit Agricole Indosuez-Alternative Investments Product Group (CAI-AIPG), Jean-Jacques Joulié, has left the fund of funds giant.

  • Deephaven Eyes January Launch For Long/Short Fund

    November 06, 2003

    Deephaven Capital Management, the multi-strategy hedge fund manager, is planning to spin-off a long/short fund from its flagship $1.5 billion Deephaven Market Neutral Master Fund.

  • Dexia Launches Index Arb Fund

    November 06, 2003

    Dexia Asset Management, a Paris-based alternative group with EUR 3.6 billion of hedge fund assets under management, has launched Dexia Index Arbitrage, a fund that takes advantage of arbitrage opportunities that arise from readjustments or weighting changes within stock indexes.

  • Harcourt Adds Italian Institutional Sales Chief

    November 06, 2003

    Harcourt Investment Consulting, a $1.2 billion Zurich-based fund of funds, has added Catherine Henry to head up the Italian institutional marketing effort.

  • Irish Firm & Refco Prep New Fund Of Funds

    November 06, 2003

    Dublin-based fund of funds manager Abbey Capital and Refco Alternative Investments (RAI) have teamed up to launch a new managed futures and foreign exchange fund of funds.

  • Lehman Fund Of Funds Chief Leaves Post

    November 06, 2003

    Randy Yanker, ceo of Lehman Brothers Alternative Investment Management, has left his post, which he held since early 2002, AIN has learned.

  • Macro Manager Preps Launch, Seeks Prime Broker

    November 06, 2003

    Trident Capital Partners, a start-up macro manager based in Fairfield, Conn., is preparing its first fund and is seeking a prime broker.

  • Philly To Pick Hedge Fund Consultant This Month

    November 06, 2003

    The $4 billion Philadelphia Board of Pensions & Retirement expects to select its hedge fund consultant during its November 24 board meeting.

  • Russell Appoints Alternative Business Development Chief In London

    November 06, 2003

    Russell Investment Group, formerly known as Frank Russell, has appointed Anna Nye as senior product manager for alternative investments in London, a newly created position.

  • Santa Barbara Foundation Seeking Private Equity

    November 06, 2003

    The Santa Barbara (Calif.) Foundation is seeking a private equity fund of funds manager to handle $9 million, which will be funded over the next three- to four-years.

  • BAREP Picks Man From Pru To Target Japanese Mart

    November 04, 2003

    BAREP Asset Management has hired Nagase Shinichi, v.p. for marketing and business development at Prudential Investment Management, as a sales representative in Japan.

  • Ex-Tiger Fund Foresees Electricity Trading Push

    November 04, 2003

    Catequil Asset Management, a New York-based multi-commodity hedge fund founded by alumni from Julian Robertson's Tiger Management, expects to become more active in trading electricity derivatives and will hire opportunistically if it finds a suitable candidate.

  • Hedge Fund Biggie Hires MBS Duo

    November 04, 2003

    Caxton Associates, the giant New York-based hedge fund, has hired two mortgage-backed securities veterans, Mike Antilety and Jim Nimberg, to expand its desk, according to a Caxton official.

  • Italian Foundation Hires Alternatives Managers

    November 04, 2003

    The EUR8 billion Fondazione Monte dei Paschi di Siena has selected three fund of funds managers and one private equity manager to manage mandates in excess of EUR1 billion.

  • Swedish Insurer Reportedly Eyes Hedge Fund Move

    November 04, 2003

    Folksam Kapitalförvaltning is reportedly planning a USD60 million move into hedge funds.

  • "You already have to go through the whole alternative education process. If on top of that you have to worry about, should I hedge the currency or not, it becomes a tough sale."

    November 02, 2003

    --Alexandre Lengereau, ceo at Paris-based consultant Amadeis, commenting on how the weak dollar may be an impediment for institutions in Europe looking to invest in hedge funds.

  • CalPERS Board Ponders Hedge Funds

    November 02, 2003

    The California Pension Employees' Retirement System's board is grappling with its comfort level on hedge funds as it sifts through the rubble of the recent market timing scandal as well as risk issues.

  • Commodities Corp. Legend Marcus Is Back In The Business

    November 02, 2003

    Former Commodities Corp. star trader Michael Marcus is planning to launch a macro fund early next year--after a 15-year absence from the business.

  • Completed Searches Table

    November 02, 2003

    The following directory includes search and hire activity for the past month.

  • Euro Parliament To Debate Hedge Fund Access

    November 02, 2003

    The European Parliament will this week debate whether access to hedge funds should be limited to experienced investors or if they should be made available to all levels of retail investors.

  • Former ABP Junk Chief Readies Fund Launch

    November 02, 2003

    Former head of U.S. high-yield investments at ABP Investments, Jin Ho is getting set to come out with his own hedge fund through his new venture, Scottsdale, Ariz.-based Edge Asset Management.

  • Hedge Funds Combat Weak Dollar In Europe

    November 02, 2003

    Hedge fund managers seeking to gather European institutional assets are facing a new challenge with the weaker dollar.

  • High-Profile Start-Ups Drain High-Water Marks

    November 02, 2003

    Hot-shot hedge fund managers are lowering their hurdles to collecting performance fees by tinkering with what has traditionally been the sacrosanct concept of high-water marks.

  • Japanese Insurers Eye Additional Hedge Funds

    November 02, 2003

    Dai-Ichi Mutual Life Insurance is looking to increase its allocation to hedge funds by over $100 million in the coming months, and Tokio Marine And Fire Insurance will also increase its allocation by an unspecified amount.

  • Lyxor Seeks Hedge Funds For Platform

    November 02, 2003

    French powerhouse Lyxor Asset Management is seeking 40 single-manager hedge funds for its separately managed account platform.

  • Massachusetts Tobacco Fund To Search For Fund Of Funds

    November 02, 2003

    The $500 million Commonwealth of Massachusetts Health Care Security Trust fund (HCST) is set to conduct a $50 million fund of funds search--its second attempt to enter the hedge fund arena.

  • New Searches Table

    November 02, 2003

    The following directory includes search and hire activity for the past month.

  • Potential Searches Table

    November 02, 2003

    The following directory includes search and hire activity for the past month.

  • Swedish Insurer Eyes Billion-Dollar Fund Of Funds Play

    November 02, 2003

    Trygg Life Insurance Company, the life insurance subsidiary of Swedish banking giant Skandinaviska Enskilda Banken Group, might make its foray into hedge funds of funds next year for its $20 billion general account investment portfolio.

  • The University Of British Columbia

    November 02, 2003

    The University of British Columbia (UBC) is planning to set up its own investment management company next year to manage its endowment and staff pension funds.

  • Updated Searches Table

    November 02, 2003

    The following directory includes search and hire activity for the past month.


 

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