Stories

  • Donaldson Says Hedge Fund Registration Rule Underway

    March 05, 2004

    Securities and Exchange Commission Chairman William Donaldson said this morning that the investment management staff is preparing a rule proposal to register hedge fund managers as investment advisers.

  • Atlas Debuts Novel Leveraged Certificates

    March 04, 2004

    Atlas Capital, a London-based fund of funds that manages $3.7 billion, launched a novel version of its Optimum Alternative Fund through the issuance of leveraged notes linked to the fund.

  • Citi Creates Risk Arb Desk

    March 04, 2004

    Citigroup has created a sell-side desk to service its merger arbitrage hedge fund clients.

  • Hot Pockets Founder Seeks Hedge Funds

    March 04, 2004

    Falcon Investment Group, the family office of frozen food entrepreneur Paul Merage, has begun a single-manager hedge fund investment program.

  • J.P. Morgan Official Jumps To BofA

    March 04, 2004

    J.P. Morgan Alternative Asset Management’s co-head for long/short strategies, Mihir Meswani, has left the group to join Banc of America Securities in New York.

  • Hong Kong Family's Subsidiary Seeks Capital For Life Sciences Fund

    March 02, 2004

    The venture capital arm for a wealthy Hong Kong family is planning to close a life sciences fund before the summer.

  • Bermuda CAT Bond Shop Launches New Fund

    March 01, 2004

    Nephila Capital, a former unit of insurance broker Willis Group Holdings, has launched the Burnaby Catastrophe Fund.

  • Blackstone Readies Equity Hedge Fund; KKR To Follow?

    March 01, 2004

    Buyout firm The Blackstone Group will launch a proprietary long/short equity hedge fund some time in the second quarter.

  • Blackstone Readies Equity Hedge Fund; KKR To Follow?

    March 01, 2004

    Buyout firm The Blackstone Group will launch a proprietary long/short equity hedge fund some time in the second quarter.

  • BNP Sets Up Dedicated Credit Arbitrage Prop Group

    March 01, 2004

    BNP Paribas has set up a proprietary trading desk for credit arbitrage and transferred Stephane Delacote, Asian head of credit derivatives in Tokyo, to spearhead the effort.

  • Briggs & Stratton Considering Fund of Funds

    March 01, 2004

    The $950 million Briggs & Stratton Corp. defined benefit plan is considering searching for one or two long/short equity hedge fund of funds managers to add to its lineup.

  • Citadel Trader Reportedly Heads To Grad School

    March 01, 2004

    Rusty Smith, an energy trader at Citadel Investment Group in Chicago, recently left the hedge fund and is believed to have enrolled in graduate studies at the University of Chicago.

  • Cooper Funds To Move Into Institutional Space

    March 01, 2004

    Cooper Funds, the Chicago-based hedge fund firm headed by Dick Cooper, an early pioneer in hedge fund investing, reportedly is planning to open its doors to institutional clients for the first time, and is said to be searching for its first institutional marketer to help it with that effort.

  • London Manager To Launch Commodity Fund, Adds Partner

    March 01, 2004

    Titanium Capital, a London-based hedge fund with approximately $400 million under management, will launch a commodity fund next month.

  • NewSmith Takes Shape

    March 01, 2004

    NewSmith Capital Partners, the investment management and advisory shop launched last year by a team of senior Merrill Lynch alumni, is preparing to launch a range of hedge funds and is setting up the framework to offer derivatives to its clients.

  • No Ban On Jointly Managing Hedge and Mutual Funds

    March 01, 2004

    A bill now in the Senate that proposes banning individuals, not organizations, from overseeing both hedge funds and retail mutual funds is an ill-conceived idea that will hamper the hedge fund industry, according to one attorney.

  • NYC Start-Up Preps Fund For April Launch

    March 01, 2004

    Lions Gate Capital Management, a New York-based start-up manager, is preparing to launch the Lions Gate Capital fund next month.

  • Oaktree Bypasses Vanilla Distressed For Workout Candidates

    March 01, 2004

    Oaktree Capital Management has shifted from investing in vanilla distressed debt and instead is raising a $1.25 billion fund that will take control of distressed companies.

  • Oaktree Sells Stake To Institutional Investors

    March 01, 2004

    Oaktree Capital Management has sold a 5% equity stake to a group of six institutional investors, led by the $1.7 billion John S. & James L. Knight Foundation.

  • Ohio Police&Fire Preps Search For Hedge Fund Of Funds

    March 01, 2004

    The $9 billion Ohio Police & Fire Pension Fund has carved out a 3.3% allocation to hedge funds and will issue an RFP for one or two hedge fund of funds managers in late March to handle $300 million.

  • Putnam High-Yield Pro Moves To Equity Hedge Fund

    March 01, 2004

    Charlie McCarthy, a senior v.p. at Putnam Investments, has resigned and plans to join an equity hedge fund.

  • Putnam Lovell Execs Leave To Launch Private Equity Firm

    March 01, 2004

    Jeffrey Lovell and James Minnick, executives at investment bank Putnam Lovell NBF, have left to start their own private equity firm, Lovell Minnick Partners.

  • Denver Manager Launches First Hedge Fund

    February 27, 2004

    Cambiar Investors, a Denver-based large-cap manager, has launched its first hedge fund.

  • Equalt Promotes Share Class Arb Strategy

    February 27, 2004

    Equalt Alternative Asset Management is actively pitching its share class arbitrage strategy to investors.

  • KBC To Go On Hiring Spree, Preps Fund

    February 27, 2004

    KBC Alternative Investment Management, a hedge fund unit of Belgian bank KBC Bank & Insurance Group, is planning on hiring 15 new staffers before the middle of the year.

  • Argent To Roll Out Junk Fund

    February 26, 2004

    Multi-billion dollar convertible arbitrage manager Argent Funds Group is planning to launch a new high-yield fund in March.

  • Auburn Mulling Hedge Funds

    February 26, 2004

    Auburn University will most likely conduct searches for managers to handle hedge funds, private equity, real estate, international equity and fixed-income mandates as a result of an ongoing asset allocation study that is expected to be wrapped up in April.

  • Ball State Researching Hedge Funds

    February 26, 2004

    The Ball State University Foundation is researching hedge fund, private equity and real estate strategies as it considers ways to fully fund--and possibly increase--its16% target allocation to alternative investments.

  • Copper Beech To Close Funds

    February 26, 2004

    Copper Beech Capital Management will close its funds to outside investments in April because it has surpassed the $300 million threshold.

  • Morgan Stanley Weighs Future Of Private Equity Unit

    February 26, 2004

    Morgan Stanley is considering a range of options regarding the future of its over $3 billion private equity unit, Morgan Stanley Capital Partners, according to people who have spoken to senior officials at the firm.

  • New York Start-Up Launches Market Neutral Fund

    February 26, 2004

    Akul Group, a start-up equity manager based in New York, has launched a market neutral fund.

  • Presbyterian Fund Mulling Hedge Funds

    February 26, 2004

    The Texas Presbyterian Foundation is considering hiring hedge fund and real estate managers--a move that would represent its first foray into alternative investments--as part of an ongoing asset allocation study.

  • Vanderbilt Hires New Investment Officer

    February 26, 2004

    Vanderbilt University has hired Greg Dyra, a former executive at the now-defunct hedge fund of funds firm Mistral International, as assistant treasurer of the school's $2 billion endowment.

  • French Insurer To Boost Private Equity

    February 25, 2004

    French insurer La Mondiale will increase its allocation to private equity buyout investments this year by EUR10 million.

  • Charlotte CTA Taps Scientist, Plans First Fund

    February 24, 2004

    First Southeastern Capital Management, a Charlotte-based commodity trading advisor, has hired its first director of research and is planning to launch its first fund.

  • Highland Adds Structured Finance Pro

    February 24, 2004

    Highland Financial Holdings, a New York-based hedge fund firm that manages $560 million, has added Richard Sauerwein as v.p. responsible for credit risk products and risk management in a newly created slot designed to boost the overall structured product capability of the firm.

  • Angelo Gordon Taps Goldman Junk Analyst

    February 23, 2004

    Angelo Gordon, the mammoth multi-strategy hedge fund firm, has hired Tim Hutfilz, a former Goldman Sachs high-yield analyst.

  • Aspect To Bulk Up Staff

    February 23, 2004

    Aspect Capital, the $3.2 billion quantitative hedge fund manager based in London, is beefing up its team.

  • AvSuper Considers Third Hedge Fund Manager

    February 23, 2004

    Canberra-based AvSuper, the AUD640 million hybrid superannuation fund for air traffic controllers, is considering hiring another long/short equity hedge fund manager.

  • Citi Rebuilds Fixed Income Arbitrage Desk

    February 23, 2004

    Citigroup Global Markets looks to be re-creating a proprietary trading operation mirroring the legendary arbitrage unit disbanded by Salomon Brothers in the late 1990s, as part of a move to pump up profits.

  • Event-Driven Shop Reels In SocGen Prop Trader

    February 23, 2004

    Havens Advisors, a New York-based event-driven manager, has hired an additional portfolio manager.

  • FTI Marketer Joins Swiss Private Bank

    February 23, 2004

    Maxwell Chen, marketing director at FTI Institutional in Hong Kong, has joined EFG Private Bank as senior v.p.

  • Lehman Trader Jumps To Hedge Fund

    February 23, 2004

    Mark Quinn, formerly a senior v.p. and distressed loan trader at Lehman Brothers, has left the firm to join Troob Capital Management.

  • MAPS Selects UBS For Hedge Funds

    February 23, 2004

    MAPS Investment Trust Co. rolled out its first two hedge funds of funds this month and selected UBS Global Asset Management and GAM, a subsidiary of UBS, to manage the assets.

  • Merrill Trader Jumps To Millennium

    February 23, 2004

    Rick Thomson, the former head of the pass-through trading desk at Merrill Lynch, has joined Millennium Partners as a portfolio manager.

  • New Georgia Fund Considers OTC Equity Trades

    February 23, 2004

    Liberty Street Fund Management will consider buying and selling over-the-counter equity options as its recently launched hedge fund's assets grow.

  • RCM Pro Eyes Hedge Fund

    February 23, 2004

    Jonathan Bolton, a Japanese equity manager at RCM in San Francisco, has resigned to return to the U.K. and set up a hedge fund with a former colleague, according to officials.

  • U.K. Local Authority Plots Private Equity Push

    February 23, 2004

    The Royal County of Berkshire Pension Fund plans to invest 5% of assets in private equity and to hire a global equity manager for a GBP50-80 million mandate during the second quarter.

  • Amex Taps Two For New York Office

    February 20, 2004

    American Express' fund of funds business has hired its first New York-based senior analysts.

  • Brazilian Fund Adds Marketer

    February 20, 2004

    Klig Capital, a $11.8 million hedge fund based in São Paulo, Brazil, has hired Dara Chapman as investor relations manager to head marketing, capital raising and client services in a newly created slot.

  • Equalt To Kick Off Leveraged Fixed-Income Arb Fund

    February 20, 2004

    Equalt Alternative Asset Management, the Paris-based EUR900 million hedge fund subsidiary of Crédit Agricole Indosuez, will launch a leveraged version of its EUR200 million fixed-income arbitrage fund in April.

  • Gottex Rolls Out Funds of Funds

    February 20, 2004

    Gottex Fund Management, a $1.85 billion global fund of funds firm, recently rolled out three funds and is prepping two new long/short equity funds for April launches.

  • Greenlight Proposes Gate, Fee Changes

    February 20, 2004

    Greenlight Capital, the long/short equity firm run by David Einhorn, is looking to introduce a gate provision and change its fee structure.

  • Equalt Revamps Macro Fund With Currency Twist

    February 19, 2004

    Equalt Alternative Asset Management, the Paris-based EUR900 million alternative arm of Crédit Agricole Indosuez, has reformatted its global macro Equalt Core Macro Fund into a foreign exchange fund.

  • Florida Fund Pondering Hedge Funds

    February 19, 2004

    The Edyth Bush Charitable Foundation will revisit whether to increase the fund's allocation to long/short hedge funds during the study--a move that had been under consideration since last spring.

  • Incubator Taps Former Fitch Chief For Advisory Role

    February 19, 2004

    The Actaeon Group, a New York-based hedge fund incubator and fund of funds, has appointed Russell Fraser, former ceo of Fitch Investor Services, to its advisory board.

  • Jack Kent Cooke Foundation Searching for Hedge Funds

    February 19, 2004

    The Jack Kent Cooke Foundation is in the preliminary stages of funding its maiden 10% allocation to hedge funds of funds and private real estate funds of funds, and will be seeking managers in both asset classes over the next year.

  • New York CTA Preps Lower Leverage Fund

    February 19, 2004

    Alternative Asset Management, a New York-based commodity trading advisor, is launching a lower leverage and lower volatility version of its flagship Trendoscil program.

  • Sagamore To Re-Open Funds

    February 19, 2004

    Multi-strategy hedge fund firm Sagamore Hill Capital Management is planning to reopen its funds on March 1.

  • Amex Looks At Registered Hedge Fund

    February 18, 2004

    American Express Financial is considering adding a registered hedge fund offering to its recently consolidated global hedge fund of funds platform.

  • Another Private Equity Blowout By The Bay

    February 18, 2004

    Golden Gate Capital, a San Francisco private equity firm, is receiving clamorous interest from investors for its second fund, and will bypass the marketing stage, according to one of those investors.

  • Firms Oppose Hedge/ Mutual Fund Manager Proposal

    February 18, 2004

    J. & W. Seligman, Fischer Francis Trees & Watts and New York Life Investment Management oppose the proposal to ban individuals from managing both a hedge fund and mutual fund.

  • Hedge Funds Eye Celanese Bridge Loans

    February 18, 2004

    The financing backing The Blackstone Group's EUR3.1 billion acquisition of German chemical company Celanese will include a term loan as well as a three-tranche bridge facility, attracting hedge funds in addition to traditional loan investors.

  • Hedge Funds Forgo CDO Manager Role

    February 18, 2004

    Hedge funds are starting to forgo managing collateralized debt obligations of structured finance securities, according to market officials.

  • HSBC Preps Asian Prop Desk

    February 18, 2004

    HSBC plans to set up an equity derivatives proprietary trading desk in Asia as part of its expansion in equity derivatives.

  • JPMorgan Hedge Fund Sales Pro Heads Home

    February 18, 2004

    JPMorgan's John Moore, v.p. in equity derivative sales in Hong Kong, has left the industry to return to his native Australia.

  • MassPRIM To Ponder Private Equity Roster Boost

    February 18, 2004

    The $29 billion Massachusetts Pension Reserve Investment Management Board is considering adding new private equity managers to its 82-firm roster following the board's widely reported decision late last year to increase its alternative investment portfolio by up to $800 million over the next few years.

  • Thames River Preps Fund With Seeding Bucket

    February 18, 2004

    Thames River Capital, the $3.7 billion hedge fund giant based in London, is readying a London Stock Exchange-listed closed-end fund of funds.

  • Asset Alliance Preps Two CTA Index Funds

    February 13, 2004

    Asset Alliance, a $4 billion fund of funds based in New York, is planning to launch two CTA index funds sometime this year.

  • INVESCO Launches U.S. Market Neutral Fund

    February 13, 2004

    INVESCO, which manages $1.7 billion in hedge fund assets, has launched a U.S. equity market neutral fund.

  • Warren Buffett-Linked Bermuda Firm Taps First Marketer

    February 13, 2004

    West End Capital Management, a fixed-income arbitrage hedge fund manager that counts Warren Buffett's Berkshire Hathaway amongst its investors, has hired its first director of marketing.

  • CSFB Taps New Hedge Fund Marketer

    February 12, 2004

    Credit Suisse First Boston's private fund group, which markets private equity and hedge funds, has hired Pat Daly, formerly a managing director with Norfolk Markets, a third-party marketing firm.

  • FrontPoint Preps Financial Services Fund, Eyes Prime Broker

    February 12, 2004

    FrontPoint Partners has made a raft of new hires as it prepares to launch a long/short financial services sector fund in mid-March.

  • Funds Of Funds To Favor Long/Short Equity

    February 12, 2004

    Funds of funds will continue to deploy capital into long/short equity strategies over the next three months, according to a recent survey of 47 firms conducted by Paris-based advisory firm Seeds Finance.

  • Leveraged Funds Of Funds On The Rise

    February 12, 2004

    The number of leveraged funds of funds is on the increase.

  • Optima Research Head To Join BofA

    February 12, 2004

    Allen Cheng, head of research at fund of funds and third-party marketing firm Optima Fund Management, will join Banc of America Capital Management.

  • PlusFunds Launches First Leveraged Index Fund

    February 12, 2004

    PlusFunds Group launched its first leveraged fund of funds designed to replicate the S&P Hedge Fund Index.

  • Aerospace Corp. To Consider Hedge Funds

    February 10, 2004

    The $1.5 billion pension plan of The Aerospace Corporation, in El Segundo, Calif., is contemplating its first foray into hedge funds.

  • Big Apple Converts Firm To Make Long/Short Push

    February 10, 2004

    Convertible arbitrage hedge fund firm AM Investment Partners is broadening its strategy menu by adding a long/short equity fund.

  • Former Vega Partner’s Firm Rolls Out Fund

    February 10, 2004

    PV Capital, a firm founded by Pankaj Vaish, formerly a junior partner at billion-dollar hedge fund manager Vega Asset Management, has rolled out a new fund.

  • Investors Bullish On Long/Short Equity For '04

    February 10, 2004

    Hedge fund investors are expecting good things from long/short equity strategies this year.

  • SSgA's Traub Launches Hedge Fund

    February 10, 2004

    Heydon Traub, the former head of international equity at money management behemoth State Street Global Advisors, has opened his own hedge fund firm, Traub Capital Management.

  • Tiger Cub Taps Gartmore Honcho In London

    February 10, 2004

    Tiger Cub Big Sky Capital has hired Jeremy Hale as its head European strategist.

  • Aussie Manager To Launch Hedge Funds, Emerging Markets Search

    February 09, 2004

    Victoria Funds Management Corp. (VFMC) in Melbourne will start searching for its first global hedge funds of funds managers and one additional emerging markets equity manager in the next three months.

  • European Commission To Handle Hedge Fund Regulation

    February 09, 2004

    Within the next few months, European Commission Internal Market Commissioner, Frits Bolkestein, is going to consider proposals from the European Parliament on the need for pan-European regulation of hedge funds.

  • Invesco Launches Capital Protected Single-Strategy Fund

    February 09, 2004

    South African fund manager Invesco has launched a capital protected hedge fund that uses listed and over-the-counter derivatives.

  • KBC Equity Pro Launches Startup

    February 09, 2004

    Brian Grover, executive v.p. in equity derivatives sales at KBC Financial Products in New York, has quit the firm to launch an executive search and capital raising startup.

  • MFA Winter Confab Kicks Off

    February 09, 2004

    Roughly 500 hedge funds, CTAs, vendors and investors turned up in Florida this week for the Managed Funds Association's Network 2004 conference.

  • Permal Launches Natural Resource Fund

    February 09, 2004

    The Permal Group, the Italian alternatives giant that manages $14 billion, launched its first natural resource hedge fund of funds last month.

  • "We made mistakes in 2003."

    February 08, 2004

    --Dan Benton and Chris James of Andor Capital Management, describing their fund's poor performance in a recent letter to investors.

  • Andor Fund Drops Nearly 16% In '03

    February 08, 2004

    Hedge fund behemoth Andor Capital Management suffered net losses of roughly 16% across all share classes on its main fund last year.

  • Completed Searches Table

    February 08, 2004

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

  • Elm Ridge Proposes Gate

    February 08, 2004

    Value manager Elm Ridge Capital Management is looking to slap its investors with a gate that would limit redemptions to 10% of the net asset value of the fund per quarter.

  • French Insurer To Step Up Hedge Fund Investments

    February 08, 2004

    Groupe MAAF Assurances will boost its allocation to hedge funds by 3%, or E240 million, over the next two years.

  • FTSE Readies Investable Hedge Fund Index

    February 08, 2004

    FTSE Group plans to launch its first investable hedge fund index in April.

  • Hedge Fund Managers Place Election Bets

    February 08, 2004

    As the race for the White House heats up, a number of high-profile hedge fund officials are backing candidates.

  • Illinois Teachers Eye Hedge Funds

    February 08, 2004

    The $31 billion Illinois State Teachers Retirement System will discuss at its board meeting on Feb. 19-20 whether to carve out a 1% allocation to hedge funds of funds.

  • New Searches Table

    February 08, 2004

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

  • Och Ziff Carves Out Equity Stakes

    February 08, 2004

    Och Ziff Capital Management Group, the $8 billion New York-based hedge fund, has almost doubled the number of employees who receive equity ownership in the privately held firm.

  • Potential Searches Table

    February 08, 2004

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

  • Shropshire County Pension Fund

    February 08, 2004

    The £620 million Shrewsbury-based Shropshire County Pension Fund kicked off an ambitious first foray into hedge funds of funds last year with a 10% allocation.

  • Symphony Rolling Out Loan Funds That Short

    February 08, 2004

    Symphony Asset Management is entering largely uncharted waters with two senior bank loan funds that play the downside of bank debt as part of their strategies.

  • Top Citi Prop Manager Exits, Seen Preparing Fund

    February 08, 2004

    Allan Teh has left Tribeca Investments, a proprietary trading unit of Citigroup, where he was the lead portfolio manager and may be launching his own fund.

  • U.K. Airport Scheme Considers Alternatives

    February 08, 2004

    The £1.5 billion pension scheme for the airport manager BAA is considering investing up to £150 million in alternatives in the next three-to-six months, to diversify its portfolio.

  • Updated Searches Table

    February 08, 2004

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

  • Wilbur Ross Enters Funds of Funds Biz

    February 08, 2004

    Well-known bankruptcy giant Wilbur Ross is making a foray into the hedge fund of funds world.


 

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