Richard Gere Replaces Al Pacino As Hedge Fund Honcho

Hedge Fund Lounge - Al Pacino is reported to have quit the role as big time hedge fund manager in the new financial thriller “Arbitrage” opposite Susan Sarandon.

However, Pacino is to be replaced by Richard Gere, according to Hollywood sources. Gere is said to be in talks regarding the role.

The movie depicts a hedge fund magnate under investigation, desperate to complete the sale of his trading empire to a major bank before his double-dealings are revealed.

The film is written and directed by Nicholas Jarecki, shooting is set to begin in New York mid-spring. Eva Green, from Casino Royale, will also be starring in the film, according to Hollywood Reporter. The film is to be produced by Infinity Media.

Hennessee Hedge Fund Index advanced +0.80% in January

HedgeCo News - The Hennessee Hedge Fund Index advanced +0.80% in January (+0.80% YTD), while the S&P 500 advanced +2.26% (+2.26% YTD), the Dow Jones Industrial Average increased +2.72% (+2.72% YTD), and the NASDAQ Composite Index climbed +1.78% (+1.78% YTD). Bonds advanced, as the Barclays Aggregate Bond Index increased +0.12% (+0.12% YTD) and the Barclays High Yield Credit Bond Index advanced +2.21% (+2.21% YTD).

“Hedge funds had a decent start to the year as the environment for stock picking improved. Some managers struggled to produce profits as short portfolios detracted from performance,” Charles Gradante , co-founder of Hennessee Group, said. “The general consensus among hedge fund managers is that the economy is improving and markets should continue to advance in the short term. That said, managers are aware of several key macro risks, such as the European Sovereign debt crisis, emerging market inflation, and fiscal imbalances in the U.S. , that have the potential to cause volatility throughout the year.”