Hedge fund manager Man Group plc announced that is "Extremely well placed to see continued strong growth." In a statment regarding its close period for the year, Man said, "This is a very strong set of results, achieved through a period of significant market turmoil."
Funds under management have risen to around $75 billion, it is anticipated that profit for the year ending 31 March 2008 will be ahead of market expectations.
Man Group's most recent fund launch, which starts trading 1 April, raised $1 billion and has been included in FUM of $75 billion for the year to 31 March 2008.
Peter Clarke, CEO of Man Group, said, "Strong sales momentum has been maintained with sales of $15.8 billion in the year. Good performance has added $5.3 billion to investor assets during a period when global markets were exceptionally volatile."
28 Mar 2008
27 Mar 2008
Indian Market For Data Growing, With Hedge Fund Company In The Lead
New York Top 5 hedge fund Och-Ziff's firm Ctrl S. Data Centers, said it is planning to invest $250 million to open four data centres in the country in next 2-3 years.
"We are planning to open four data centres in Bangalore, Chennai, Delhi and Mumbai by 2010 which would entail an investment of 250 million dollars," Ctrl S Data Centers Chairman and Managing Director S. Reddy said.
The Asian Data Centre market is predicted to increase by a compound annual growth rate of 11.5% over the period from 2006 to 2010, with India becoming the fastest growing market.
He said the data centre industry in the country is expected to grow, with nearly 1,700 square feet data centre space expected to be created in India by 2010.
Hyderabad-based Ctrl S Data Centers is promoted by the Rs 500-crore Pioneer Group along with IDBI and hedge fund Och-Ziff.
"We are planning to open four data centres in Bangalore, Chennai, Delhi and Mumbai by 2010 which would entail an investment of 250 million dollars," Ctrl S Data Centers Chairman and Managing Director S. Reddy said.
The Asian Data Centre market is predicted to increase by a compound annual growth rate of 11.5% over the period from 2006 to 2010, with India becoming the fastest growing market.
He said the data centre industry in the country is expected to grow, with nearly 1,700 square feet data centre space expected to be created in India by 2010.
Hyderabad-based Ctrl S Data Centers is promoted by the Rs 500-crore Pioneer Group along with IDBI and hedge fund Och-Ziff.
26 Mar 2008
Hedge Fund Activsts Push Aerojet on 2,300 Acre Deal
Feeling the pressure from hedge fund shareholder Steel Partners, GenCorp Inc. announced an agreement with the state Department of Toxic Substances Control, saying it had obtained environmental clearance on 2,300 acres earmarked for a massive real estate project.
GenCorp's company, Aerojet, says it has passed a key milestone in its land-development effort, the agreement gives Aerojet the green light on 2,300 acres that are to become part of the Rio del Oro development on the edge of the company's Rancho Cordova complex.
GenCorp has been under pressure from hedge fund activists to accelerate its land-development program. Earlier this month, GenCorp president and chief executive Terry Hall resigned as the company lost a power struggle with its largest shareholder, New York hedge fund Steel Partners II.
The hedge fund now has effective control of the GenCorp board and is expected by Wall Street analysts to step up the land-development business.
Steel Partners II, L.P. is a long-term relationship/active value investor that works with the management of its portfolio companies to increase corporate value for stakeholders and shareholders.
GenCorp's company, Aerojet, says it has passed a key milestone in its land-development effort, the agreement gives Aerojet the green light on 2,300 acres that are to become part of the Rio del Oro development on the edge of the company's Rancho Cordova complex.
GenCorp has been under pressure from hedge fund activists to accelerate its land-development program. Earlier this month, GenCorp president and chief executive Terry Hall resigned as the company lost a power struggle with its largest shareholder, New York hedge fund Steel Partners II.
The hedge fund now has effective control of the GenCorp board and is expected by Wall Street analysts to step up the land-development business.
Steel Partners II, L.P. is a long-term relationship/active value investor that works with the management of its portfolio companies to increase corporate value for stakeholders and shareholders.
25 Mar 2008
Babylon Fund Does Well In Iraq
Godvig Capital Management's hedge fund, The Babylon Fund, reported a rebound in Febuary, reviving a long-term uptrend, according to the company.
All asset classes in the portfolio contributed to the rebound, Godvig said, Iraqi bond yields fell, equity prices of oil drilling companies rose, as did banking stocks on the Iraqi stock exchange.
No longer the lone foreigners on the trading floor in Baghdad, the hedge fund has been helped by the record high oil prices and the organic profit explosion in Iraq. Raised expectations of doubledigit growth with low inflation and signs of political progress are feeding the market sentiment.
The fund maintained their prime investment strategy to increase Babylon's exposure in a broad-based manner into undervalued blue chips on the Iraqi Stock Exchange. Babylon aims to provide long-term capital growth from an investment portfolio consisting of Iraqi and Iraqi dependant securities.
All asset classes in the portfolio contributed to the rebound, Godvig said, Iraqi bond yields fell, equity prices of oil drilling companies rose, as did banking stocks on the Iraqi stock exchange.
No longer the lone foreigners on the trading floor in Baghdad, the hedge fund has been helped by the record high oil prices and the organic profit explosion in Iraq. Raised expectations of doubledigit growth with low inflation and signs of political progress are feeding the market sentiment.
The fund maintained their prime investment strategy to increase Babylon's exposure in a broad-based manner into undervalued blue chips on the Iraqi Stock Exchange. Babylon aims to provide long-term capital growth from an investment portfolio consisting of Iraqi and Iraqi dependant securities.
24 Mar 2008
Hedge Funds for Habitat Raise $20,000
Hedge Funds for Habitat-NYC hosted an event on Friday that brought 30 volunteers from the hedge fund industry together, many with no prior construction experience, to drywall rooms, saw wood, measure and cut metal studs and help frame walls.
They also raised $20,000 to help fund the construction costs. The hedgies worked side-by-side with some of the low-income families who will own these affordable condos.
The build day was sponsored by Damian Handzy, CEO of Investor Analytics. Handzy and six members of his staff also volunteered for the day doing construction work.
"It's great to see so many people from the alternative investment industry coming together to give something back to the city that has been so good to us," said Stuart Feffer, Chair of Hedge Funds for Habitat-NYC and Co-CEO of LaCrosse Global Fund Services. "The market has been tough this week, and it's terrific to get people away from their screens and behind some tools."
Susan DeMaio, Senior Vice President at Pequot Capital Management, had volunteered in the past with Habitat, building a single family home. She said she jumped at the invitation to join another Habitat build. "It is inspiring to work with people in the hedge fund industry and with Habitat-NYC," DeMaio added."
Hedge Funds for Habitat-NYC is an effort to provide hardworking New York City families with a homeownership opportunity through Habitat for Humanity.City. With the help of an average of 10,000 volunteers every year, Habitat-NYC has built more than 180 affordable homes in the five boroughs of New York City.
They also raised $20,000 to help fund the construction costs. The hedgies worked side-by-side with some of the low-income families who will own these affordable condos.
The build day was sponsored by Damian Handzy, CEO of Investor Analytics. Handzy and six members of his staff also volunteered for the day doing construction work.
"It's great to see so many people from the alternative investment industry coming together to give something back to the city that has been so good to us," said Stuart Feffer, Chair of Hedge Funds for Habitat-NYC and Co-CEO of LaCrosse Global Fund Services. "The market has been tough this week, and it's terrific to get people away from their screens and behind some tools."
Susan DeMaio, Senior Vice President at Pequot Capital Management, had volunteered in the past with Habitat, building a single family home. She said she jumped at the invitation to join another Habitat build. "It is inspiring to work with people in the hedge fund industry and with Habitat-NYC," DeMaio added."
Hedge Funds for Habitat-NYC is an effort to provide hardworking New York City families with a homeownership opportunity through Habitat for Humanity.City. With the help of an average of 10,000 volunteers every year, Habitat-NYC has built more than 180 affordable homes in the five boroughs of New York City.
Hedge Fund Asks Investors To Replace Bank Loans
Hedge Fund Carrington Capital Management LLC is asking investors to lend it as much as $200 million to replace bank loans, according to the Financial Times.
The $1 billion hedge fund has offered investors an 18% interest rate on new preferred shares they said in a letter to investors from Carrington.
The hedge fund, which specializes in mortgages, said that their relationship with financiers Citigroup Inc. and JPMorgan Chase & Co. remains "good," according to FT.
Carrington Capital Management, LLC ("CCM"), is a privately managed investment management company, it currently has over $1 billion in assets under management.
The $1 billion hedge fund has offered investors an 18% interest rate on new preferred shares they said in a letter to investors from Carrington.
The hedge fund, which specializes in mortgages, said that their relationship with financiers Citigroup Inc. and JPMorgan Chase & Co. remains "good," according to FT.
Carrington Capital Management, LLC ("CCM"), is a privately managed investment management company, it currently has over $1 billion in assets under management.
18 Mar 2008
Players and Coaches Participate to Raise Funds For Children
Hedge Funds Care is sponsoring yet another "Open Your Heart to the Children Benefit", this time including the San Francisco 49ers.
The Co-Owner, John York, will join current 49ers players and coaches including Head Coach Mike Nolan, 49ers center Eric Heitmann and linebacker Manny Lawson, and 600 people from the West Coast hedge fund industry at this year's dinner, which is well on its way to raising more than last year's event.
The event will feature silent and live auctions, along with wine tasting from premier Napa and Sonoma Valley vineyards. Funds raised by the event will be used to provide grants to existing organizations that address the prevention and treatment of child abuse in the Bay Area.
"We are excited to host this event in San Francisco and to partner with the 49ers Foundation for the seventh time," Jolly said. "Last year's event was a tremendous success, raising more than $1,000,000. We look forward to the continued support of the hedge fund industry for this very worthy cause."
Hedge Funds Care is an industry alliance formed in 1998 with the sole mission of raising funds to prevent and treat child abuse. To date, the group has raised more than $27 million nationally. In addition to the dinner in San Francisco, Hedge Funds Care also holds events in Atlanta, Boston, Chicago, Denver, London, Toronto, Cayman Islands and New York.
The San Francisco 49ers Foundation is the non-profit community funding arm of the San Francisco 49ers. Now in its 16th year, the San Francisco 49ers Foundation supports development programs for underserved youth that keep them safe, on track and in school. A significant portion of its funding goes towards family violence prevention programs and activities that teach youth leadership and respect. For more information, visit www.49ers.com.
The Co-Owner, John York, will join current 49ers players and coaches including Head Coach Mike Nolan, 49ers center Eric Heitmann and linebacker Manny Lawson, and 600 people from the West Coast hedge fund industry at this year's dinner, which is well on its way to raising more than last year's event.
The event will feature silent and live auctions, along with wine tasting from premier Napa and Sonoma Valley vineyards. Funds raised by the event will be used to provide grants to existing organizations that address the prevention and treatment of child abuse in the Bay Area.
"We are excited to host this event in San Francisco and to partner with the 49ers Foundation for the seventh time," Jolly said. "Last year's event was a tremendous success, raising more than $1,000,000. We look forward to the continued support of the hedge fund industry for this very worthy cause."
Hedge Funds Care is an industry alliance formed in 1998 with the sole mission of raising funds to prevent and treat child abuse. To date, the group has raised more than $27 million nationally. In addition to the dinner in San Francisco, Hedge Funds Care also holds events in Atlanta, Boston, Chicago, Denver, London, Toronto, Cayman Islands and New York.
The San Francisco 49ers Foundation is the non-profit community funding arm of the San Francisco 49ers. Now in its 16th year, the San Francisco 49ers Foundation supports development programs for underserved youth that keep them safe, on track and in school. A significant portion of its funding goes towards family violence prevention programs and activities that teach youth leadership and respect. For more information, visit www.49ers.com.
Hedge Funds ‘Defend Vigorously’ Their Disclosure Rights
Hedge funds Children’s Investment Fund Management (TCI) and 3G Capital Partners reponded to a lawsuit yeasterday, saying the CSX filing was "without merit".
“It is unfortunate that CSX has chosen to manipulate the governance and Board election process by delaying the annual meeting and filing baseless claims," the hedge funds said in a joint statement, "These allegations are wholly without merit and we will defend ourselves vigorously.”
In the filing with the Federal Court in New York, railroad company CSX alleged the two hedge funds had not met U.S. regulatory requirements to disclose the size of their holding in the company.
TCI is a London-based asset manager founded in 2003 which manages The Children’s Investment Master Fund. The majority of TCI’s profits go to The Children’s Investment Fund Foundation, a non-profit organization focused on improving the lives of children living in poverty in developing countries.
3G manages a private investment fund that invests in global equities and special situations.
“It is unfortunate that CSX has chosen to manipulate the governance and Board election process by delaying the annual meeting and filing baseless claims," the hedge funds said in a joint statement, "These allegations are wholly without merit and we will defend ourselves vigorously.”
In the filing with the Federal Court in New York, railroad company CSX alleged the two hedge funds had not met U.S. regulatory requirements to disclose the size of their holding in the company.
TCI is a London-based asset manager founded in 2003 which manages The Children’s Investment Master Fund. The majority of TCI’s profits go to The Children’s Investment Fund Foundation, a non-profit organization focused on improving the lives of children living in poverty in developing countries.
3G manages a private investment fund that invests in global equities and special situations.
17 Mar 2008
Heller Joins Hedge Fund Association board of directors
Richard Heller, a partner with the law firm Thompson Hine LLP, has been appointed to serve on the Hedge Fund Association 2008 board of directors.
The Hedge Fund Association is an international not-for-profit association of hedge fund managers, service providers and investors formed to unite the hedge fund industry and increase awareness of the advantages and opportunities in hedge funds.
Heller was selected by industry peers to represent hedge fund service providers. In this role, he will contribute his time and experience to help connect, promote and grow the association.
As a member of Thompson Hine's Corporate Transactions & Securities practice group, Heller focuses his practice on securities matters. His experience includes formation of private offerings including hedge fund offering documents and exhibits and related securities filings and defending registered representatives before the FINRA.
Heller has served three times on the SEC's Business Forum on Small Capital Formation, which has published recommendations to the White House.
Established in 1911, Thompson Hine is a business law firm dedicated to providing superior client service. For the last several years, the firm has been named one of the Best Corporate Law Firms in America (in an annual survey of corporate directors conducted by Corporate Board Member magazine). With more than 400 lawyers, Thompson Hine serves premier businesses worldwide. The firm has offices in Atlanta, Brussels, Cincinnati, Cleveland, Columbus, Dayton, New York and Washington, D.C.
The Hedge Fund Association is an international not-for-profit association of hedge fund managers, service providers and investors formed to unite the hedge fund industry and increase awareness of the advantages and opportunities in hedge funds.
Heller was selected by industry peers to represent hedge fund service providers. In this role, he will contribute his time and experience to help connect, promote and grow the association.
As a member of Thompson Hine's Corporate Transactions & Securities practice group, Heller focuses his practice on securities matters. His experience includes formation of private offerings including hedge fund offering documents and exhibits and related securities filings and defending registered representatives before the FINRA.
Heller has served three times on the SEC's Business Forum on Small Capital Formation, which has published recommendations to the White House.
Established in 1911, Thompson Hine is a business law firm dedicated to providing superior client service. For the last several years, the firm has been named one of the Best Corporate Law Firms in America (in an annual survey of corporate directors conducted by Corporate Board Member magazine). With more than 400 lawyers, Thompson Hine serves premier businesses worldwide. The firm has offices in Atlanta, Brussels, Cincinnati, Cleveland, Columbus, Dayton, New York and Washington, D.C.
The $240 Million Acquisition Of Bear Stearns
JPMorgan Chase & Co. announced the acquisition of Bear Stearns Companies Inc. The Boards of Directors of both companies have unanimously approved the transaction.
Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share, a total of $240 million.
"JPMorgan Chase's management team has a strong track record of effective merger integration," said Heidi Miller, CEO of JPMorgan Treasury & Securities Services business. "We will work closely in the coming weeks with Bear Stearns' clients and management to execute the transaction quickly."
In addition to the financing the Federal Reserve ordinarily provides through its Discount Window, the Fed has agreed to fund up to $30 billion of Bear Stearns' less liquid assets.
"JPMorgan Chase stands behind Bear Stearns," said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. "Bear Stearns' clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns' counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner."
Dimon added, "This transaction will provide good long-term value for JPMorgan Chase shareholders. This acquisition meets our key criteria: we are taking reasonable risk, we have built in an appropriate margin for error, it strengthens our business, and we have a clear ability to execute."
"The past week has been an incredibly difficult time for Bear Stearns. This transaction represents the best outcome for all of our constituencies based upon the current circumstances," said Alan Schwartz, President and Chief Executive officer of Bear Stearns.
JPMorgan Chase & Co. is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries.
The Bear Stearns Companies Inc. serves governments, corporations, institutions and individuals worldwide. The company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services.
Based on the closing price of March 15, 2008, the transaction would have a value of approximately $2 per share, a total of $240 million.
"JPMorgan Chase's management team has a strong track record of effective merger integration," said Heidi Miller, CEO of JPMorgan Treasury & Securities Services business. "We will work closely in the coming weeks with Bear Stearns' clients and management to execute the transaction quickly."
In addition to the financing the Federal Reserve ordinarily provides through its Discount Window, the Fed has agreed to fund up to $30 billion of Bear Stearns' less liquid assets.
"JPMorgan Chase stands behind Bear Stearns," said Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase. "Bear Stearns' clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns' counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner."
Dimon added, "This transaction will provide good long-term value for JPMorgan Chase shareholders. This acquisition meets our key criteria: we are taking reasonable risk, we have built in an appropriate margin for error, it strengthens our business, and we have a clear ability to execute."
"The past week has been an incredibly difficult time for Bear Stearns. This transaction represents the best outcome for all of our constituencies based upon the current circumstances," said Alan Schwartz, President and Chief Executive officer of Bear Stearns.
JPMorgan Chase & Co. is a leading global financial services firm with assets of $1.6 trillion and operations in more than 60 countries.
The Bear Stearns Companies Inc. serves governments, corporations, institutions and individuals worldwide. The company's core business lines include institutional equities, fixed income, investment banking, global clearing services, asset management, and private client services.
14 Mar 2008
SIV To Pay Creditors In Full
Justice Etherton has ruled that structured investment vehicle (SIV), Whistlejacket, must pay off creditors that were due to be paid on the day it declared insolvency.
A statement on the ruling was issued, detailing how different holders of debt issued by Whistlejacket would be paid. The court ruled that holders of Whistlejacket U.S. medium-term notes, due to be redeemed on February 15 on the same date as the insolvency notice, should be paid the amount due in full.
The obligation to repay them "occurred prior to the occurrence of the Insolvency Redemption Event and therefore did not fall to be redeemed on the Insolvency Redemption Date," the statement said.
The decision may have some impact on how creditors of other troubled vehicles, such as Cheyne Finance, set up by hedge fund Cheyne Capital Management, and Rhinebridge Plc, set up by German bank IKB will be paid.
Deloitte & Touche was appointed as receiver of Whistlejacket on February 12 after a drop in the value of the SIVs assets led its sponsor, Standard Chartered, to shelve a plan to rescue it by providing liquidity. The SIV was declared insolvent on February 15.
A statement on the ruling was issued, detailing how different holders of debt issued by Whistlejacket would be paid. The court ruled that holders of Whistlejacket U.S. medium-term notes, due to be redeemed on February 15 on the same date as the insolvency notice, should be paid the amount due in full.
The obligation to repay them "occurred prior to the occurrence of the Insolvency Redemption Event and therefore did not fall to be redeemed on the Insolvency Redemption Date," the statement said.
The decision may have some impact on how creditors of other troubled vehicles, such as Cheyne Finance, set up by hedge fund Cheyne Capital Management, and Rhinebridge Plc, set up by German bank IKB will be paid.
Deloitte & Touche was appointed as receiver of Whistlejacket on February 12 after a drop in the value of the SIVs assets led its sponsor, Standard Chartered, to shelve a plan to rescue it by providing liquidity. The SIV was declared insolvent on February 15.
12 Mar 2008
Hedge Funds Rebound In Febuary
The Greenwich Global Hedge Fund Index (GGHFI), which currently includes 1091 hedge funds, returned 2.21% in February, rebounding from January’s poor returns.
The S&P 500 and MSCI World Equity posted negative returns, while the FTSE 100 gained. All hedge fund strategy groups ended the month with gains.
"February’s rebound in the midst of market uncertainty continues to highlight the diversification benefits of hedge funds," notes Margaret Gilbert, Greenwich Managing Director.
Directional Trading Group’s return was the strongest, driven largely by futures managers who capitalized on volatile commodities markets. Long-Short Equity Group strategies also benefited from choppy equity markets and for the second month in a row, dedicated short sellers were the top performers in this group.
Greenwich Alternative Investments currently manages one of the world’s largest hedge fund databases.
The S&P 500 and MSCI World Equity posted negative returns, while the FTSE 100 gained. All hedge fund strategy groups ended the month with gains.
"February’s rebound in the midst of market uncertainty continues to highlight the diversification benefits of hedge funds," notes Margaret Gilbert, Greenwich Managing Director.
Directional Trading Group’s return was the strongest, driven largely by futures managers who capitalized on volatile commodities markets. Long-Short Equity Group strategies also benefited from choppy equity markets and for the second month in a row, dedicated short sellers were the top performers in this group.
Greenwich Alternative Investments currently manages one of the world’s largest hedge fund databases.
11 Mar 2008
Hedge Fund Manager Under Record Attack For Discrimination
Gill Switalski, a city lawyer and head of legal affairs at F&C Asset Management is talking to lawyers about a record compensation payout of £13.4 million ($27 million).
The mother of 2 special needs children had to leave her career after being subjected to 18 months of sexual discrimination and harassment, according to an employment tribunal.
Switalski was previously named as one of the legal world’s "Hot 100" and must be paid compensation over her claims that she was undermined, undervalued, bullied and marginalised by the company, the tribunal said. Switalski sold her family’s £3.4million ($6.8 million) home to help pay for her legal battle against the hedge fund manager.
Switalski complained she was overlooked for management positions and sidelined in favour of her deputy on a project to buy a hedge fund. At the same time a male employee at the firm who also had children with special needs was allowed to take time off and work from home, her lawyers said.
After Switalski’s mother died suddenly she was sent an email demanding her mother’s death certificate for the firm’s travel insurance claim, the tribunal in central London was told.
A severe illness and 3 surgeries later, Switalski went on sick leave and never returned to the company, lodging formal complaints about bullying, harassment, intimidation, sex discrimination and victimisation.
Her lawyers have put the cost of her psychiatric damage and loss of earnings, pension and career prospects at £13.4 million ($27 million), which would be the biggest sex discrimination payout in Britain.
F&C, which currently manages £102 billion ($205.8 billion), has lodged an appeal denying Switalski’s claims.
The mother of 2 special needs children had to leave her career after being subjected to 18 months of sexual discrimination and harassment, according to an employment tribunal.
Switalski was previously named as one of the legal world’s "Hot 100" and must be paid compensation over her claims that she was undermined, undervalued, bullied and marginalised by the company, the tribunal said. Switalski sold her family’s £3.4million ($6.8 million) home to help pay for her legal battle against the hedge fund manager.
Switalski complained she was overlooked for management positions and sidelined in favour of her deputy on a project to buy a hedge fund. At the same time a male employee at the firm who also had children with special needs was allowed to take time off and work from home, her lawyers said.
After Switalski’s mother died suddenly she was sent an email demanding her mother’s death certificate for the firm’s travel insurance claim, the tribunal in central London was told.
A severe illness and 3 surgeries later, Switalski went on sick leave and never returned to the company, lodging formal complaints about bullying, harassment, intimidation, sex discrimination and victimisation.
Her lawyers have put the cost of her psychiatric damage and loss of earnings, pension and career prospects at £13.4 million ($27 million), which would be the biggest sex discrimination payout in Britain.
F&C, which currently manages £102 billion ($205.8 billion), has lodged an appeal denying Switalski’s claims.
6 Mar 2008
Investcorp Wins Awards For Best Hedge Fund Manager
Investcorp was declared the Best Institutional Hedge Fund Manager at the second Hedge Funds World Awards, also winning the Special Merit Award.
The awards, sponsored by Man Investments, are designed to recognise and celebrate companies and individuals who have demonstrated an unparalleled ability to succeed, continually set standards of excellence, and who will be the future stars of the industry.
CEO of Man Investments Middle East Ltd Antoine Massad said, “All the winners and nominees deserve hearty congratulations, for their achievements over the past year.”
The other winners being; Best Fund of Fund Provider - Harris Alternatives; Most Innovative Project - Frontier Capital Management; Best Newcomer - EFG Hermes; Best Hedge Fund Administrator - Apex Fund Services; Best New Fund – Rasmala and Best Retail Product Provider - Dawnay Day Milroy.
The awards event also raised funds for PlaNet Finance, an international non-profit organisation dedicated to alleviating world poverty through the promotion of microfinance initiatives around the world.
In 2005, PlaNet Finance launched an initiative to promote micro-lending in the Middle East and North Africa and today it has offices in UAE, Morocco, Egypt, Jordan, Lebanon and Palestine.
The winners were announced at a gala dinner for 400 guests at the Madinat Jumeirah hotel in Dubai which took place in concert with the Hedge Funds World Middle East Conference 2008, the largest event of its kind in the region.
The awards, sponsored by Man Investments, are designed to recognise and celebrate companies and individuals who have demonstrated an unparalleled ability to succeed, continually set standards of excellence, and who will be the future stars of the industry.
CEO of Man Investments Middle East Ltd Antoine Massad said, “All the winners and nominees deserve hearty congratulations, for their achievements over the past year.”
The other winners being; Best Fund of Fund Provider - Harris Alternatives; Most Innovative Project - Frontier Capital Management; Best Newcomer - EFG Hermes; Best Hedge Fund Administrator - Apex Fund Services; Best New Fund – Rasmala and Best Retail Product Provider - Dawnay Day Milroy.
The awards event also raised funds for PlaNet Finance, an international non-profit organisation dedicated to alleviating world poverty through the promotion of microfinance initiatives around the world.
In 2005, PlaNet Finance launched an initiative to promote micro-lending in the Middle East and North Africa and today it has offices in UAE, Morocco, Egypt, Jordan, Lebanon and Palestine.
The winners were announced at a gala dinner for 400 guests at the Madinat Jumeirah hotel in Dubai which took place in concert with the Hedge Funds World Middle East Conference 2008, the largest event of its kind in the region.
Client of Hedge Fund Company To Lead Sales Efforts
A client of Cutler Capital Management liked the investment style of the hedge fund company so much, he came out of retirement to join the investment advisory firm as Director of Business Development.
Allan M. Kline recently retired from his position as Vice President and Chief Financial Officer for Skyworks Solutions, but the opportunity to work with Cutler Capital motivated him to return to work.
Cutler Capital's hedge funds follow a growth and income strategy, investing in convertible securities, real estate investment trusts (REITs) and dividend-paying stocks. Kline has first-hand knowledge of convertible securities, having used them to raise capital successfully while at Skyworks.
"The key to success is to believe in what you're selling," Kline said. "As a long-time client, I believe in Cutler Capital and its investment style, so I welcomed the opportunity to join the company."
"It is a great validation of our investment style to have a financial professional of Allan's caliber join Cutler Capital Management," said President David Grenier. "His addition is both a first-hand endorsement of what we're doing and a tremendous opportunity that we believe will lead to significant growth for us."
Cutler, which has total assets exceeding $245 million, currently manages two hedge funds, the Cutler Investment Fund, LP and the Cutler Income and Growth Fund I, LP, as well as individual portfolios.
Allan M. Kline recently retired from his position as Vice President and Chief Financial Officer for Skyworks Solutions, but the opportunity to work with Cutler Capital motivated him to return to work.
Cutler Capital's hedge funds follow a growth and income strategy, investing in convertible securities, real estate investment trusts (REITs) and dividend-paying stocks. Kline has first-hand knowledge of convertible securities, having used them to raise capital successfully while at Skyworks.
"The key to success is to believe in what you're selling," Kline said. "As a long-time client, I believe in Cutler Capital and its investment style, so I welcomed the opportunity to join the company.""It is a great validation of our investment style to have a financial professional of Allan's caliber join Cutler Capital Management," said President David Grenier. "His addition is both a first-hand endorsement of what we're doing and a tremendous opportunity that we believe will lead to significant growth for us."
Cutler, which has total assets exceeding $245 million, currently manages two hedge funds, the Cutler Investment Fund, LP and the Cutler Income and Growth Fund I, LP, as well as individual portfolios.
5 Mar 2008
Lipper's First Hedge Fund Awards
Lipper's first Hedge Fund Award winners were announced yesterday, over 3,600 funds were eligible for the eighteen awards across the European and Offshore fund domiciles.
A total of fifteen portfolio managers were rewarded, with Thalia SA, Gems Management and UG Investment Advisers each winning in two categories. The calculation period for the awards extended over twelve consecutive months ending 31 December 2007.
"Lipper Hedge Fund Awards, based on our quantitative fund rating methodology, recognise the combined return and risk achievements of hedge fund managers," Dr Gabriel Burstein, Lipper's Global Head of Research, said, "Congratulations to Lipper's award winners in what was a very difficult year across all markets. Despite this fact, hedge fund assets under management continued to grow significantly last year".
A second Lipper Hedge Fund Award event will recognise the leading hedge funds domiciled in North America and take place in New York on 9th April. In line with Lipper's existing mutual fund award methodology, the winning hedge funds were those with the highest Effective Return value within each eligible Lipper Global Classification for hedge fund strategies.
Lipper is a wholly-owned subsidiary of Reuters. Covering over 172,000 share classes and over 95,000 funds in 53 registered for sale (RFS) universes. For a list of the winners, see; www.lipperweb.com
A total of fifteen portfolio managers were rewarded, with Thalia SA, Gems Management and UG Investment Advisers each winning in two categories. The calculation period for the awards extended over twelve consecutive months ending 31 December 2007.
"Lipper Hedge Fund Awards, based on our quantitative fund rating methodology, recognise the combined return and risk achievements of hedge fund managers," Dr Gabriel Burstein, Lipper's Global Head of Research, said, "Congratulations to Lipper's award winners in what was a very difficult year across all markets. Despite this fact, hedge fund assets under management continued to grow significantly last year".
A second Lipper Hedge Fund Award event will recognise the leading hedge funds domiciled in North America and take place in New York on 9th April. In line with Lipper's existing mutual fund award methodology, the winning hedge funds were those with the highest Effective Return value within each eligible Lipper Global Classification for hedge fund strategies.
Lipper is a wholly-owned subsidiary of Reuters. Covering over 172,000 share classes and over 95,000 funds in 53 registered for sale (RFS) universes. For a list of the winners, see; www.lipperweb.com
Millennium Buys Ex-JPMorgan Hedge Fund
Hedge fund manager Millennium Capital Management announced the acquisition of Castlegrove Capital, a London based multi-strategy hedge fund active in global equity markets.
Castlegrove was set up by three ex-managing directors of JPMorgan's Global Equity derivatives group. The terms were not disclosed, but some of Castlegrove’s portfolio managers and support personnel will join Catapult Capital Partners, the London-based affiliate of parent Millennium Group, according to a news release.
"With this acquisition, we obtain a broader base in Europe and continue to participate actively in the consolidation of the hedge fund industry." Israel Englander, Chairman of Millennium, said. "We believe that we offer an attractive platform to talented portfolio managers who want to be freed of the administrative, legal, compliance and fund-raising burdens that attend the business of managing a hedge fund."
With $13 billion in assets under management, Millennium Capital Management is based in New York with affiliated offices in London, Beijing, Paris, Luxembourg, Singapore, Dallas, Texas and Greenwich, Connecticut.
Castlegrove was set up by three ex-managing directors of JPMorgan's Global Equity derivatives group. The terms were not disclosed, but some of Castlegrove’s portfolio managers and support personnel will join Catapult Capital Partners, the London-based affiliate of parent Millennium Group, according to a news release.
"With this acquisition, we obtain a broader base in Europe and continue to participate actively in the consolidation of the hedge fund industry." Israel Englander, Chairman of Millennium, said. "We believe that we offer an attractive platform to talented portfolio managers who want to be freed of the administrative, legal, compliance and fund-raising burdens that attend the business of managing a hedge fund."
With $13 billion in assets under management, Millennium Capital Management is based in New York with affiliated offices in London, Beijing, Paris, Luxembourg, Singapore, Dallas, Texas and Greenwich, Connecticut.
4 Mar 2008
Introduction to Carbon Markets and Emissions Trading
NYMEX Global Change Associates and the Environmental Markets Association is sponsoring a 5.5 hour class on carbon and emissions trading on April 1, in New York City at the New York Mercantile Exchange, 12:30 pm to 6:00 pm.
The half day seminar on US carbon markets will be taught by Peter Fusaro, Thaddeus Huetteman and Gary Payne. This training will be followed by an emissions trading electronic simulation and then mock trading on the NYMEX trading floor. The afternoon ends with a cocktail party.
According to the Environmental Markets Association, it is highly likely that within two years the US Federal Government will mandate economy wide greenhouse gas emissions reductions that will focus on reducing the US carbon footprint of over 6 billion tons. This new financial market will accelerate the rapid deployment of cleantech investment and requires understanding of how the cap and trade program will impact Fortune 1000 companies as well as create new investment opportunities.
The seminar is intended for busy people who in one afternoon can learn what carbon trading and finance, the state of the markets, and what are the investment opportunities.
This 4 hour class incorporates the following elements:
What are Environmental Financial Markets?
What are "Cap and Trade" programs and how did they emerge in the U.S.
What is Carbon Trading and Finance?
What risks and opportunities arise for companies under trading programs?
What lessons can be drawn from existing U.S. trading programs for carbon?
What will the California market look like?
What will impact the Northeast's Regional Greenhouse Gas Initiatives?
What is Congress now considering on climate change?
What is the EU Emissions Trading Scheme?
What alternative instruments are available in pre-compliance to lay-off risk?
Examples:
International offsets; What is the Clean Development Mechanism under the Kyoto Protocol
Voluntary programs;
What is the role of the Chicago Climate Exhange
Derivatives (Either exchange traded or over the counter)
What technology solutions are available? Other physical compliance options?
How does the cost of compliance influence carbon prices?
Practical aspects of Emissions trading Emissions Trading Simulation (EMA Trading Group Exercise)
Hedging positions using Exchange Traded Options (NYMEX Floor Exercise)
The Environmental Markets Association (EMA) is the premiere trade association for environmental industry professionals who are active or interested in the market-based solutions to combat pollution and create a sustainable environment.
The half day seminar on US carbon markets will be taught by Peter Fusaro, Thaddeus Huetteman and Gary Payne. This training will be followed by an emissions trading electronic simulation and then mock trading on the NYMEX trading floor. The afternoon ends with a cocktail party.
According to the Environmental Markets Association, it is highly likely that within two years the US Federal Government will mandate economy wide greenhouse gas emissions reductions that will focus on reducing the US carbon footprint of over 6 billion tons. This new financial market will accelerate the rapid deployment of cleantech investment and requires understanding of how the cap and trade program will impact Fortune 1000 companies as well as create new investment opportunities.
The seminar is intended for busy people who in one afternoon can learn what carbon trading and finance, the state of the markets, and what are the investment opportunities.
This 4 hour class incorporates the following elements:
What are Environmental Financial Markets?
What are "Cap and Trade" programs and how did they emerge in the U.S.
What is Carbon Trading and Finance?
What risks and opportunities arise for companies under trading programs?
What lessons can be drawn from existing U.S. trading programs for carbon?
What will the California market look like?
What will impact the Northeast's Regional Greenhouse Gas Initiatives?
What is Congress now considering on climate change?
What is the EU Emissions Trading Scheme?
What alternative instruments are available in pre-compliance to lay-off risk?
Examples:
International offsets; What is the Clean Development Mechanism under the Kyoto Protocol
Voluntary programs;
What is the role of the Chicago Climate Exhange
Derivatives (Either exchange traded or over the counter)
What technology solutions are available? Other physical compliance options?
How does the cost of compliance influence carbon prices?
Practical aspects of Emissions trading Emissions Trading Simulation (EMA Trading Group Exercise)
Hedging positions using Exchange Traded Options (NYMEX Floor Exercise)
The Environmental Markets Association (EMA) is the premiere trade association for environmental industry professionals who are active or interested in the market-based solutions to combat pollution and create a sustainable environment.
Christian Hedge Fund Founder Arrested For Fraud
Hedge fund founder, Steve K. Wilson, was arrested last week on charges related to fraudulent hedge funds operating under the names; Christians in Crisis Investment Fund, Shake the Nations and Opus Capital Holdings. He is being held without bail.
According to FBI allegations, Wilson solicited individuals to invest in what he described as a high risk hedge fund which, based on the investment agreement, promised investors a 2% monthly return (24% annual return) on their investment. The agreement also gave the investors the ability to withdraw earnings, or after one year, the investor could ask for the return of their principal.
Investigators determined that Wilson maintained two financial accounts associated with Christians in Crisis (CIC). Investor contributions were deposited into a Washington Mutual (WaMu) account in the name of CIC Investment Fund. A portion of the money was then transferred into an Ameritrade brokerage account in the name of CIC International. An analysis of these two accounts demonstrates that the CIC Investment Fund operated as a Ponzi scheme.
During the period of March 2006 through July 2007, approximately $9 million was deposited into the WaMu account. Wilson withdrew at least $1.1 million for personal expenses such as a 2007 Porsche Cayman and a 2006 Sea Ray yacht.
He disbursed approximately $2.06 million to investors as capital appreciation or earnings. These payments were not the result of earnings and appear to be lulling the investors into a false sense of security. The money came from new investors.
Authorities say Wilson, a.k.a. Stefan Andre Wilson, changed his name to hide a fraud conviction and bankruptcy filing, and convinced some of his investors to refinance their homes in order to invest in his fund.
According to FBI allegations, Wilson solicited individuals to invest in what he described as a high risk hedge fund which, based on the investment agreement, promised investors a 2% monthly return (24% annual return) on their investment. The agreement also gave the investors the ability to withdraw earnings, or after one year, the investor could ask for the return of their principal.
Investigators determined that Wilson maintained two financial accounts associated with Christians in Crisis (CIC). Investor contributions were deposited into a Washington Mutual (WaMu) account in the name of CIC Investment Fund. A portion of the money was then transferred into an Ameritrade brokerage account in the name of CIC International. An analysis of these two accounts demonstrates that the CIC Investment Fund operated as a Ponzi scheme.
During the period of March 2006 through July 2007, approximately $9 million was deposited into the WaMu account. Wilson withdrew at least $1.1 million for personal expenses such as a 2007 Porsche Cayman and a 2006 Sea Ray yacht.
He disbursed approximately $2.06 million to investors as capital appreciation or earnings. These payments were not the result of earnings and appear to be lulling the investors into a false sense of security. The money came from new investors.
Authorities say Wilson, a.k.a. Stefan Andre Wilson, changed his name to hide a fraud conviction and bankruptcy filing, and convinced some of his investors to refinance their homes in order to invest in his fund.
Hedge Fund Aramid Launches Into TV and Digital Entertainment
Hedge fund Aramid Entertainment is looking to raise a further $200 million to fund their diversification into television and other digital financing projects.
Simon Fawcett, chief executive of Aramid Capital Partners, said, "We have proved our ability to generate uncorrelated returns through the application of an asset-backed lending strategy to entertainment and digital content finance,... we are confident that the Aramid Entertainment Fund will continue to offer investors the opportunity to access genuine alpha returns outside the traditional markets in a low beta sector."
Aramid, a hedge fund specializing in the provision of mainly motion picture entertainment finance, has already invested $210 million and earned in excess of 20% in 2007. It provided financing to 20 independent film projects, invested in two studio finance deals in the United States, as well as in a live national U.S. theater portfolio.
The fund has sought steady risk-adjusted and non-correlating returns through providing financing solutions for producers, including tax credits and bridge and mezzanine financing to underwrite short- and medium-term liquidity on a low to medium risk level to producers and distributors of film, television and other entertainment.
Some of the projects Aramid is involved in are: "How to Lose Friends and Alienate People" based on the memoir of a struggling British writer trying to fit in at Vanity Fair magazine in New York. The film, which stars Simon Pegg, Kirsten Dunst and Jeff Bridges, is due for release in October. Other films to which Aramid has given financial backing include "Good," "The Secret of Moonacre," "Choke" and "Black Water Transit."
The Aramid Entertainment Fund is an open-ended investment company incorporated in the Cayman Islands. Aramid Capital charges a 2% annual management fee to institutional investors and a 3% fee to high-net-worth investors. The performance fee for institutions is 20% and either 25% or 30% for private investors. The fund administrator is Maples Finance and the minimum investment is $50,000.
Simon Fawcett, chief executive of Aramid Capital Partners, said, "We have proved our ability to generate uncorrelated returns through the application of an asset-backed lending strategy to entertainment and digital content finance,... we are confident that the Aramid Entertainment Fund will continue to offer investors the opportunity to access genuine alpha returns outside the traditional markets in a low beta sector."
Aramid, a hedge fund specializing in the provision of mainly motion picture entertainment finance, has already invested $210 million and earned in excess of 20% in 2007. It provided financing to 20 independent film projects, invested in two studio finance deals in the United States, as well as in a live national U.S. theater portfolio.
The fund has sought steady risk-adjusted and non-correlating returns through providing financing solutions for producers, including tax credits and bridge and mezzanine financing to underwrite short- and medium-term liquidity on a low to medium risk level to producers and distributors of film, television and other entertainment.
Some of the projects Aramid is involved in are: "How to Lose Friends and Alienate People" based on the memoir of a struggling British writer trying to fit in at Vanity Fair magazine in New York. The film, which stars Simon Pegg, Kirsten Dunst and Jeff Bridges, is due for release in October. Other films to which Aramid has given financial backing include "Good," "The Secret of Moonacre," "Choke" and "Black Water Transit."
The Aramid Entertainment Fund is an open-ended investment company incorporated in the Cayman Islands. Aramid Capital charges a 2% annual management fee to institutional investors and a 3% fee to high-net-worth investors. The performance fee for institutions is 20% and either 25% or 30% for private investors. The fund administrator is Maples Finance and the minimum investment is $50,000.
3 Mar 2008
Hedge Fund Road Show Launch
Oxford Funding Corporation announced that the company launched the road show this week for its hedge fund, the Oxford Opportunistic Mortgage Fund.
The hedge fund’s strategy is to hold, modify if necessary, and liquidate the mortgage assets at significant gains. The hedge fund and its investors will participate in the yields generated during the holding period, and from gains on the sale/liquidation of the mortgage assets.
Robert Dunn and Ron Redd, President and CEO of Oxford Funding, will begin the road show this week in New York. “We are making money for our current investors,” noted CEO, Ron Redd. “We expect investors to continue to seek the type of returns we have proven to our current investors,” he added. “Our strategy protects investors from the down market. We are the right answer at the right time,” he concluded.
The hedge fund has already received its first group of investors and has purchased its first mortgage loan portfolio at a steep discount to current appraised value.
“Our fund is the way for investors to protect themselves from the news we hear every day in this industry. Freddie Mac and Fannie Mae reported a total of $6.2 billion in losses for the fourth quarter of 2007 and predict multibillion-dollar losses for 2008. Even companies like American International Group and Ambac Financial Group who insure mortgage debt are getting hit hard,” concluded Mr. Redd.
Oxford Funding Corporation is a publicly traded asset resolution company specializing in the purchase and management of bulk mortgage loan portfolios. Senior management at Oxford has facilitated rehabilitated loan sales in excess of One Billion Dollars, traded billions of dollars of financial assets as principal and agent, and has established relationships with hundreds of financial institutions and loan investors nationwide.
The hedge fund’s strategy is to hold, modify if necessary, and liquidate the mortgage assets at significant gains. The hedge fund and its investors will participate in the yields generated during the holding period, and from gains on the sale/liquidation of the mortgage assets.
Robert Dunn and Ron Redd, President and CEO of Oxford Funding, will begin the road show this week in New York. “We are making money for our current investors,” noted CEO, Ron Redd. “We expect investors to continue to seek the type of returns we have proven to our current investors,” he added. “Our strategy protects investors from the down market. We are the right answer at the right time,” he concluded.
The hedge fund has already received its first group of investors and has purchased its first mortgage loan portfolio at a steep discount to current appraised value.
“Our fund is the way for investors to protect themselves from the news we hear every day in this industry. Freddie Mac and Fannie Mae reported a total of $6.2 billion in losses for the fourth quarter of 2007 and predict multibillion-dollar losses for 2008. Even companies like American International Group and Ambac Financial Group who insure mortgage debt are getting hit hard,” concluded Mr. Redd.
Oxford Funding Corporation is a publicly traded asset resolution company specializing in the purchase and management of bulk mortgage loan portfolios. Senior management at Oxford has facilitated rehabilitated loan sales in excess of One Billion Dollars, traded billions of dollars of financial assets as principal and agent, and has established relationships with hundreds of financial institutions and loan investors nationwide.
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