The AquaTerra Hedge Fund Launch

HedgeCo News - Global Fund Exchange has announced the launch of the AquaTerra Fund, a new investment vehicle which invests in global opportunities in agriculture, water and natural resources.

The AquaTerra Fund is a carve-out of the existing agriculture, water and natural resources strategies of the asset manager’s flagship portfolio, the Earth Wind & Fire hedge fund.

"The sustainability and efficiency needs for our water and food resources are the most critical ‘must outcome’ for Planet Earth." Global Fund Exchange CEO Lauralouise Duffy said, "The AquaTerra Fund is a focused investment on these vital assets."

The global population is growing at a rate of 80+ million people per year and is predicted to top 9 billion by 2050. As a result, the Food and Agriculture Organization of the United Nations (FAO) predicts that global agricultural output will need to increase by 70% to meet new demand.

Demand for freshwater is rising steeply as well. By 2025 it is estimated that global demand will exceed current available freshwater reserves by 25%. Unpredictable weather patterns causing severe droughts and major flooding have exasperated the food supply stability. In addition, rapid economic growth in developing nations continues to escalate resource supply and demand disparities, resulting in an exciting opportunity set for forward-looking investors who have identified these areas of growth.

"The best investments are when necessity creates opportunity," Chairman Anric Blatt said. "We are launching the AquaTerra Fund to offer our clients a focused, disciplined investment opportunity that capitalizes on these major global trends."

200 Gather For HedgeCo's Hedge Fund Networking Event

HedgeCo News - Over 200 guests attended the 2011 HedgeCo Spring Networking Event on the evening of the 22nd. Celebrating the end of winter, there was food, drink and networking with other members of the alternative investment community.

"I enjoyed everything about the HedgeCo spring networking event." Craig S. Aronoff, Managing Member at Victor Securities said, "You chose the perfect location, and had a very impressive turn out! The attendee list had a perfect mix of funds, allocators and service providers."

A mix of investors, hedge fund managers, and other industry professionals came together at the Aspen Social Club in New York to enjoy a night of sharing ideas and meeting new contacts.

Recognized as having the largest attendance for any type of event in the hedge fund industry, the HedgeCo Networking Events have quickly become the top destination for generating new business and meeting new industry contacts.

The 2011 HedgeCo Spring Networking Event event was sponsored by American Airlines.

Alex Akesson
Editor for HedgeCo.net
alex@hedgeco.net
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Roundup: Rajaratnam's Hedge Fund Trial Updates

HedgeCo News - As the Sri Lankan born-American hedge fund manager charged with 14 counts of conspiracy and securities fraud awaits trial, speculation is mounting about who will be testifying against him.

MarketWatch - U.S. federal prosecutors plan to call Lloyd Blankfein, the chief executive of Goldman Sachs Group Inc,, to testify in the insider-trading trial of Galleon Group hedge-fund manager Raj Rajaratnam.

Bloomberg - In calling Blankfein as a witness, prosecutors in the office of U.S. Attorney Preet Bharara in Manhattan said they don’t want Blankfein to be questioned about “whether Goldman Sachs is presently the subject of any pending investigations by either the Department of Justice or the U.S. Securities and Exchange Commission” or whether the bank bears any responsibility for the 2008 financial crisis.

BBC - So far more than two dozen people have been criminally or civilly charged in the case. 19 have pleaded guilty

Hindustani Times - Rajat Gupta, former chief executive of consulting major McKinsey and accused by the US Securities and Exchange Commission of conspiring with Galleon hedge fund executive Raj Rajaratnam in an insider trading scam, has resigned as the chairman of Indian School of Business (ISB), Hyderabad. “Gupta has requested the ISB executive board to relieve him of his board responsibilities till his pending matter with the US SEC is resolved,” an ISB spokesperson said.

Rajat Gupta is also suing the SEC, claiming an administrative action it filed for insider trading bars him from a jury trial.

Editing by Alex Akesson

Cayman Islands Secures Tax Agreement with India

HedgeCo News - The Cayman Islands signed its twenty-second Tax Information Exchange Agreement (TIEA) with India yesterday.

The Cayman Islands is on the Organisation for Economic Cooperation and Development's (OECD) 'white list' of jurisdictions that implement international tax standards for investors such as hedge funds and other alternative investors.

"Our Government has a strong working relationship with our Indian counterparts, and we look forward to implementing the terms of this TIEA", Premier W. McKeeva Bush said.

Signing the agreement on behalf of India was India’s High Commissioner to The Bahamas, the Cayman Islands and Jamaica, Mohinder S. Grover.

"Both countries are members of the OECD Global Forum Global Forum on Transparency and Exchange of Information for Tax Purposes, and are involved in the Peer Review Process; therefore ensuring the effective implementation of the international standards of transparency and exchange of information for tax purposes," the Premier added.

Speaking on behalf of the Cayman Islands International Tax Cooperation Team, George McCarthy commented, "It is further anticipated that this Agreement will continue to pave the way in enhancing the business relationship between our two countries. The TIEA will provide a common ground upon which the Cayman Islands and India can exercise mutual cooperation and focus on increasing investment funds business in the Cayman Islands."

Man Group Donates $1 Million to Japan Relief

HedgeCo News - Hedge fund giant Man Group has made an immediate $1 million commitment via its Charitable Trust to relief efforts in Japan.

“We have all witnessed through TV coverage the scenes of devastation in Japan after the earthquake and tsunami." Peter Clarke, Chief Executive of Man, said, "It is hard to imagine how this feels to those affected. Our long established and close relationship with Japan means that we are naturally very anxious to play our part in joining with local and international efforts to alleviate the huge suffering that has been caused."

In a response coordinated with its Tokyo office, the hedge fund will focus this charitable donation on children impacted by the crisis and has pledged $900,000 to Save the Children's Japan Emergency Appeal and $100,000 to local children's charities.

“We are extremely fortunate that all of our employees and their families are safe but we are acutely aware that hundreds of thousands of people have been left devastated by last week’s events." Hidehiko Hayashi, Head of Man’s Regional Office in Japan, said, "We will continue to ensure that we are doing all we can to provide support and assistance to Japan as the nation works together to address this massive natural disaster.”

HFA Symposium on Government Impact on the Markets and Hedge Funds

HedgeCo News - The Hedge Fund Association (HFA) has appointed Edward Foreman, a Tax Partner at Price Waterhouse Coopers, as Director of its Midwest Chapter.

“It’s an honor to serve as the Director of HFA’s Midwest Chapter. I have watched the hedge fund industry evolve and become an important participant in the global financial markets. I look forward to advancing the HFA’s many initiatives in Chicago and the greater Midwest area,” Foreman said.

The Midwest Chapter’s new leadership will be introduced on March 22nd at the HFA Symposium on Government Impact on the Markets and Hedge Funds. This event, followed by a cocktail reception, will be held at 4:30pm CST at the Chicago offices of law firm K&L Gates LLP, 70 West Madison Street, Second Floor Conference Room Chicago, IL 60640.

Fresh Air Fund Seeks Hedge Fund Hosts

The Fresh Air Fund is again in need of host families for this summer. If you or someone you know is able to host, please sign up now.

In 2010, The Fresh Air Fund's Volunteer Host Family program, called Friendly Town, gave close to 5,000 New York City boys and girls, ages six to 18, free summer experiences in the country and the suburbs. Volunteer host families shared their friendship and homes up to two weeks or more in 13 Northeastern states from Virginia to Maine and Canada.

Many thanks to previous host families who have opened up their homes for a few weeks each summer, helping children growing up in New York City’s toughest neighborhoods to experience the joys of Fresh Air experiences.

As Hedge Fund Jury Selected, Speculations Of Misplaced Trust Continue

HedgeCo news - As the Sri Lankan born-American hedge fund manager charged with 14 counts of conspiracy and securities fraud awaits trial, speculation is mounting about who will be testifying against him, close friends and colleagues, among others.

A jury of seven women and five men has been chosen for the trial, which is expected to last more than two months. Rajaratnam could face over 100 years in jail if convicted.

Former Goldman Sachs director Rajat Gupta hass already been charged with allegedly tipping Rajaratnam off to a $5 billion investment by Warren Buffett in Goldman Sachs before the information became public.

"The Galleon hedge fund managed to buy nearly 300,000 shares of Goldman stock just before the markets closed. The shares soared when news of Buffett's investment was disclosed." Bloomberg reports. Rajaratnam is said to have sold the stock for a $900,000 profit.

Two ex-Galleon hedge fund managers also pleaded guilty in January of this year to insider trading. Adam Smith agreed to testify against Rajaratnam in exchange for protection from prosecution for other crimes. Michael Cardillo also pleaded guilty to the same charges. The ex-hedge fund managers agreed to give up any money they made, and Cardillo also agreed to testify against Rajaratnam next month. Smith and Cardillo could face up to 20 years in prison on the securities fraud counts.

Rajaratnam's co defendant Danielle Chiesi also pleaded guilty in court. She was accused of receiving insider information from Robert Moffat, Jr., who also pleaded guilty in the Galleon hedge fund fraud scheme.

Robert Moffat, Jr., in January also pleaded guilty to trading on insider information relating to IBM, Advanced Micro Devices, Inc. (AMD) and Lenovo Group Ltd. (Lenovo), providing the insider information to to Chiesi, hedge fund founder Raj Rajaratnam’s co-defendant. She worked for New Castle Partners, an equity hedge fund group affiliated with JPMorgan Chase & Co.

Rajaratnam was taken into custody in New York on Oct. 16, 2009 in what is being called the USA’s largest hedge fund insider-trading scheme. He is being accused of insider trading and securities fraud, generating as much as $49 million in profit. The majority of the stocks involved are in technology, including, IBM, Intel, Akamai Technologies Inc, Polycom Inc, Hilton Hotels Corp, Google Inc, Sun Microsystems Inc SUNW.TI, Clearwire Corp, Advanced Micro Devices, ATI Technologies Inc and eBay Inc.

Alex Akesson
Editor for HedgeCo.net

DeLillo’s “Cosmopolis” To Be Directed By David Cronenberg

HedgeCo News: Horror master David Cronenberg has taken on Don DeLillo’s #1 bestseller “Cosmopolis” and has signed Robert Pattinson to star in the thriller.

Like James Joyce’s Ulysses, “Cosmopolis” covers roughly one day of time and includes highly sexed women and the theme of father-son separation.

The plot involves a young hedge fund billionaire (Pattinson) who hops in his limo to get a haircut but in a course of traveling across Manhattan, loses his fortune, cheats on his wife, and is threatened by two mysterious folks.

The film also stars Juliette Binoche as the the wife, Paul Giamatti as the stalker and Mathieu Amalric’s part is yet unknown. Colin Farrell and Marion Cotillard were originally cast as the lead.

Goldman Director Charged In Galleon Case

HedgeCo News - Former Goldman Sachs director Rajat Gupta has been charged with allegedly tipping Raj Rajaratnam off to insider information in the giant SEC vs. Galleon case.

Gupta is alleged to have told Rajaratnam of a $5 billion investment by Warren Buffett in Goldman Sachs before the information became public.

"The Galleon hedge fund managed to buy nearly 300,000 shares of Goldman stock just before the markets closed. The shares soared when news of Buffett's investment was disclosed." Bloomberg reports. Rajaratnam is said to have sold the stock for a $900,000 profit.

The charges are "totally baseless," Gary Naftalis, Gupta's lawyer said, noting that Gupta is not accused of trading in the stocks himself or sharing in any profits. Naftalis said Gupta did nothing wrong and stands by his 40-year record of ethical conduct, integrity and commitment to keeping clients’ confidence.

Rajaratnam was taken into custody in New York on Oct. 16, 2009 in what is being called the USA’s largest hedge fund insider-trading scheme. He is being accused of insider trading and securities fraud, generating as much as $49 million in profit. The majority of the stocks involved are in technology, including, IBM, Intel, Akamai Technologies Inc, Polycom Inc, Hilton Hotels Corp, Google Inc, Sun Microsystems Inc SUNW.TI, Clearwire Corp, Advanced Micro Devices, ATI Technologies Inc and eBay Inc.

Alex Akesson