Stories

  • Blackstone Names Distressed Debt CIO

    December 22, 2004

    The Blackstone Group has named John Dionne as senior managing director and chief investment officer of Blackstone Distressed Debt Advisors.

  • Capricorn, Deutsche Bank To Establish Prime Brokerage

    December 22, 2004

    Capricorn Advisory Management (Capricorn FX) has entered into an agreement with Deutsche Bank to establish a prime brokerage in London.

  • Days Of Hedging Against The Dollar May Be Numbered

    December 22, 2004

    This year was very good for hedge funds that made negative bets on the U.S. dollar, but they should not expect a repeat performance in 2005, according to Reuters.

  • Espirito Santo Adds $16.7M To SES Iberian Fund

    December 22, 2004

    Espirito Santo Capital, the private equity arm of Banco Espirito Santo Group, has added $16.7 million to its SES Iberian Fund I, bringing the total at second closing to nearly $37 million, and more than half way toward its goal of $67 million.

  • Former Bush Adviser To Debut Fund of Funds

    December 22, 2004

    A former campaign adviser to President Bush has formed a fund of funds through her father's firm, according to Hedgefund.net.

  • GTS Capital To Launch Long/Short Fund

    December 22, 2004

    GTS Capital Management, the firm founded by Michael Schantz after the closing of Web Capital Management, is set to roll out a new long/short directional fund Jan. 1.

  • Hedge Fund Execs Get More Than $2.7M Compensation

    December 22, 2004

    The chief investment officer and the chief executive officer at the biggest hedge funds receive average annual compensation of more than $2.7 million, according to Infovest21's third annual compensation survey.

  • Hedge Fund Strategies Up In Nov.

    December 22, 2004

    Equity markets gave global hedge funds a boost in November, as 12 of 13 strategies reported positive returns, according to Edhec Business School.

  • HVB Snags Hedge Fund Client

    December 22, 2004

    The HVB Group, parent of HypoVereinsbank, has taken on its first hedge fund depositor, Sascam Global I.

  • Morley Readies Polish Hedge Fund

    December 22, 2004

    On the strength of a robust Polish stock market, which has soared 49% this year, Morley Fund Management says it hopes to raise $160 million for a hedge fund that will invest in Polish equities, according to Bloomberg News.

  • Munich Firm Raises $114M For VC Fund

    December 22, 2004

    Wellington Partners, the Munich-based venture capital firm, has attracted $114 million in commitments for its latest offering, the Wellington Partners III Technology Fund.

  • Norwegian P.E. Firm Closes Debut Fund With $324M

    December 22, 2004

    Ferd Private Equity has raised $324 million at the close of its debut private equity fund, according to PrivateEquityOnline.

  • Saxo Launches Third Currency Fund

    December 22, 2004

    Saxo Bank has rolled out the Saxo Global Currency Fund, its third offering domiciled in the Cayman Islands, MAR/Hedge reports.

  • Trend-Following Adviser Opens Shop In L.A.

    December 22, 2004

    A new trading adviser that will invest based on trends in a wide variety of sectors has opened its doors in Los Angeles, according to MAR/hedge.

  • Arkansas Hires CSFB For Alternatives Transition

    December 21, 2004

    The $8.4 billion Arkansas Teachers Retirement Fund has hired Credit Suisse First Boston as its private equity fund of funds manager to transition the plan from its existing $500 million alternative investment portfolio into the future, as many of the plan's investments are nearing maturity in the next two to three years.

  • BluMont To Close Fund

    December 21, 2004

    BluMont Capital Corp. has announced plans to close its BluMont Hirsch Performance Fund when it reaches C$150 million or by March 31, whichever comes first.

  • Directional Strategies May Boost Hedge Funds

    December 21, 2004

    Following a year of directionless markets, hedge funds that use directional strategies are expected to do better next year, according to Jan Frogg, the head of alternative asset management at Union Bancaire Privee.

  • Fund of Funds Contracts May Violate ERISA

    December 21, 2004

    Fund of funds contracts could be in violation of ERISA standards, according to analyst at the Hennessee Hedge Fund Advisory Group.

  • Gartmore Aims To Make Hedge Funds 25% Of Its Assets

    December 21, 2004

    Gartmore hopes to expand its alternative investments business to account for up to 25% of its assets under management within three years, Financial Times reports.

  • ISDA Plans Prime Brokerage Document

    December 21, 2004

    The International Swaps and Derivatives Association plans to start working on an agreement allowing hedge funds to trade with multiple derivatives counterparties more easily.

  • Marsh Considers Closing Hedge Fund Unit, CEO Leaves

    December 21, 2004

    Marsh & McLennan Companies is reportedly considering closing down its fledgling hedge funds business, 2100 Capital Group, following a civil suit filed in October by New York Attorney General Eliot Spitzer, which accused Marsh of steering clients to favored insurers, receiving contingent commissions and bid-rigging.

  • Ohio Fund To Hire Alternatives Firms, Review Traditional Managers

    December 21, 2004

    The $700 million Ohio Highway Patrol Retirement System intends to hire hedge fund and private equity managers next year.

  • Soros CEO Resigns To Become Philanthropist

    December 21, 2004

    Mark Schwartz, ceo of Soros Fund Management, says in a company memo that he is resigning to spend more time on philanthropy, Bloomberg News reports.

  • Two GAM Stars to Manage New Hedge Funds

    December 21, 2004

    Global Asset Management says two managers with strong track records will manage its two latest funds, Bloomberg News reports.

  • U.K. Tax Body To About Turn On Hedge Fund Tax

    December 21, 2004

    The Inland Revenue, the U.K. tax authority, will publish a favorable tax regime for onshore hedge funds, a move which surprised many officials because the Revenue published a harsh technical paper on this issue earlier this year.

  • Advent Raises GBP128M At First Close Of P.E. Fund

    December 20, 2004

    Advent Raises GBP128M At First Close Of P.E. Fund London-based venture capital firm Advent Venture Partners has announced the first closing of its latest fund, Advent Private Equity Fund IV, with total commitments of GBP128 million, according to AltAssets.

  • AIMA Makes Another Bid To Exempt Hedge Fund Managers

    December 20, 2004

    The Alternative Investment Management Association (AIMA) once again is asking the U.K.'s Financial Services Authority to exempt hedge fund managers from stricter requirements for disclosure of commission arrangements.

  • Boston Fund Shuts Down

    December 20, 2004

    Poor performance is being blamed for the shuttering of Boston-based High-Rock Capital, Bloomberg News reports.

  • Figures Don't Accurately Reflect Hedge FX Activity

    December 20, 2004

    The growing use of banks' prime brokerages in the U.K. to complete trades of hedge funds in the foreign exchange market is giving an inaccurate view of hedge fund activity, says the Bank of England, according to Reuters.

  • Second-Largest Spanish Bank Launches Hedge Fund

    December 20, 2004

    Banco Bilbao Vizcaya Argentaria (BBVA), the second largest bank in Spain, has hooked up with U.K. fund manager New Finance Capital Partners, to form a new hedge fund firm, Altitude, according to Expansion.com.

  • "Being long-only in high-yield is not a winning hand to play."

    December 16, 2004

    -- Roger Gordon, former high-yield research chief at Goldman Sachs, on why a long/short strategy makes sense.

  • BNY Prime Brokerage Lands Merrill Trader

    December 16, 2004

    BNY Brokerage, the prime brokerage subsidiary of The Bank of New York, recently hired Anthony Conroy from Merrill Lynch Investment Management as a managing director and head trader.

  • CMA Launches Fund of Funds

    December 16, 2004

    Capital Management Advisors, which manages $1.4 billion, has launched a new fund of funds, which has been started with E60 million in the form of a five-year structured product.

  • Completed Searches Table

    December 16, 2004

    The following directory includes search and hire activity for the week. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Mark Faro at (212) 224-3287, Emma Trincal at (212) 224-3648, Jennifer McCandless at (212) 224-3615 and Robert Murray at 44 (0)207 303 1705 or fax (212) 224-3939.

  • DB Advisors Appoints New Head

    December 16, 2004

    Ralph Reynolds, Deutsche Bank's global head of cash equities and program trading, as well as finance and prime services, is now wearing yet another hat as the new head of DB Advisors.

  • Ex-Moore Official Closes Fund

    December 16, 2004

    Sthenos Capital, a London-based European long/short firm run by Alan Lewis, a Moore Capital Management alumnus, will close its fund.

  • Firm Touts Enhanced Portfolio Financing

    December 16, 2004

    S3 Asset Management, a firm that specializes in providing balance sheet management for $5 billion in hedge fund assets, is touting its service that would help hedge funds enhance returns by improving portfolio financing.

  • Former DeAM Heavyweight Readies Quant Fund

    December 16, 2004

    Jim Creighton, the former global cio of index and quantitative strategies at Deutsche Asset Management, has started his own firm, Creighton Asset Management, and is planning to launch a fund in February.

  • Former Goldman Exec Readies Fund

    December 16, 2004

    Roger Gordon, who was formerly head of global high-yield research at Goldman Sachs, is readying a fund at his new firm, Quarry Point Partners.

  • Former Prop Star Preps Fund

    December 16, 2004

    Dinakar Singh, former head of the proprietary trading desk at Goldman Sachs who left last summer to launch a long/short global equities fund, will roll it out in February.

  • Martin Currie Seeks To Grow Fund

    December 16, 2004

    Martin Currie, the Edinburgh-based firm with $1.1 billion in hedge fund assets, is making a concerted push to grow its global resources fund.

  • Merrill Investment Arm Readies Long/Short UCITS Fund

    December 16, 2004

    Merrill Lynch Investment Managers is preparing to launch the first long/short equity fund structured as a regulated onshore fund.

  • New Searches Table

    December 16, 2004

    The following directory includes search and hire activity for the week. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Mark Faro at (212) 224-3287, Emma Trincal at (212) 224-3648, Jennifer McCandless at (212) 224-3615 and Robert Murray at 44 (0)207 303 1705 or fax (212) 224-3939.

  • Oklahoma Fund To Consider Alts. Foray

    December 16, 2004

    The Integris System, a health care system in Oklahoma City, will begin educating its board next year about alternative investments for its $475 million investment pool.

  • Potential Searches Table

    December 16, 2004

    The following directory includes search and hire activity for the week. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Mark Faro at (212) 224-3287, Emma Trincal at (212) 224-3648, Jennifer McCandless at (212) 224-3615 and Robert Murray at 44 (0)207 303 1705 or fax (212) 224-3939.

  • PSAM Looks To Asia, Europe

    December 16, 2004

    Event-driven New York- and London-based hedge fund firm P. Schoenfeld Asset Management is planning a move into Asia and is seeking an individual or team to focus on this market.

  • Purdue Seeks Private Equity

    December 16, 2004

    Purdue University's $1.2 billion endowment is looking for five to seven venture capital managers annually over the next few years.

  • SAC Bulks Up New Bond Fund

    December 16, 2004

    Sigma Capital Management, a New York subsidiary of hedge fund giant SAC Capital Advisors, has made four additional hires for its new global fixed-income fund.

  • Schonfeld To Launch Fund Of Funds

    December 16, 2004

    Schonfeld Group Holdings, the proprietary-trading firm run by Steven Schonfeld, is launching a fund of funds Jan. 1.

  • Texas Teachers To Complete Hedge Fund Allocation By Q1

    December 16, 2004

    The $86 billion Teacher Retirement System of Texas will allocate an additional $172 million to hedge funds by the end of the first quarter.

  • Threadneedle Preps Global Long/Short Fund

    December 16, 2004

    U.K.-based Threadneedle Asset Management, which has $1.8 billion in hedge fund assets under management, is planning to launch a global long/short fund toward the end of the first quarter.

  • Tobacco Heir Pulls Back From Hedge Funds

    December 16, 2004

    Eno Farms, the single-family office run by Clay Bradley, whose family traces its original wealth to George Washington Watts, co-founder of the American Tobacco Company, is pulling back from absolute return hedge fund strategies.

  • Top Merrill Prime Brokerage Official Departs

    December 16, 2004

    Howard Blechman, chief operating officer of global equity financing and services at Merrill Lynch's prime brokerage, has left the bank.

  • U.K. Firm Sheds Light On Event-Driven Trades

    December 16, 2004

    In a recent letter to investors, U.K. hedge fund firm Titanium Capital provided a look behind the scenes at some the plays undertaken by its global event-driven arbitrage fund in November.

  • UBP Taps Due Diligence Head From Morgan Stanley

    December 16, 2004

    UBP Asset Management, the U.S. subsidiary of fund of funds giant Union Bancaire Privée, recently hired Paul Olin as head of structured risk and operational due diligence.

  • Updated Searches Table

    December 16, 2004

    The following directory includes search and hire activity for the week. The accuracy of the information, which is derived from many sources, is deemed reliable but cannot be guaranteed. All amounts are in US$ millions unless otherwise stated. To report manager hires and new searches, please call Mark Faro at (212) 224-3287, Emma Trincal at (212) 224-3648, Jennifer McCandless at (212) 224-3615 and Robert Murray at 44 (0)207 303 1705 or fax (212) 224-3939.

  • Vega To Close Fund Following Bounce-Back

    December 16, 2004

    Hedge fund behemoth Vega Asset Management will close its $2.2 billion Vega Select Opportunities Fund to new investors in the near future.


 

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