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10 Aug 2011

Nordic hedge fund managers on the U.S. downgrade

Here’s a excerpt from an article we did with some top Nordic hedge fund managers, asking them to comment on Standard & Poor’s downgrade of U.S. government bonds from AAA to AA+.
André Havas, Head of Investor Relations Optimized Portfolio Management Stockholm AB: “The world has not recovered fully from the financial crisis that started in 2007. Many of the risks that existed in the various markets are beginning to materialize, the consequences are apparent.
“What began with a banking crisis has now rubbed off on to individual countries. Both the credit crisis and the subsequent state debt crisis is by no means a new phenomenon. PIGS countries’ high budget deficits and high debt, combined with a disconnected economic credit expansion, has been under discussion since the mid 1990′s.”
Daniel Broby, Chief Investment Officer at Silk Invest Ltd: “Sadly, the downgrading of the US sovereign credit rating should have taken no-one by surprise, other than the Congressional Budget Office and a few wrong footed politicians. Whether net public debt is 79% or 81% by 2015 is neither here nor there. It is too much and it is fiscally irresponsible not to have a long term plan to bring it under control.
“The recent debt ceiling spat took saw politicians bring the US to the brink of a selective default on a technicality. That is not what one expects from a risk free rate. The US no longer deserves a AAA rating. In that respect, I note that the AA+ rating is still on negative watch.”
The full article is available at: Nordiska Hedgefondforvaltare Kommenterar
Most hedge fund managers chose not to respond.

Indie Film Financing at Annual Film Finance Summit in New York

HedgeCo News - The 11th annual New York International Film & TV Finance Summit, presented by BNA / CITE will convene September 22nd -23rd, 2011, to explore ways in which independents can find financing to make, distribute, and market films – even in a challenging economic environment.

The conference is sponsored by Deloitte LLP, Sheppard Mullin Richter & Hampton LLP, Film Pro Finance, Goodmans LLP, Entertainment Partners, Greater Philadelphia Film Office and Ontario Media Development Corp. ProductionHub is the media sponsor.

"Now more than ever, independent film companies and specialty divisions of major studios need to be creative when mining the money and tax incentive seam," says program director Robert Ross. "Our panelists, including film producers, bankers, film commissioners, talent agents, tax specialists, film finance lawyers and accountants, know the strategies that work and will share them in a host of case studies and panels across the two days."
More than 40 speakers will share their expertise, insights, ideas, and contact information throughout the sessions, networking meals and cocktail receptions.
  • Learn how to tap into state film tax credits and incentives in the U.S. and locate funds in international market
  • Get the latest developments in the use of Federal tax incentives, ETI exclusion, R&D credits in relation to film finance
  • Understand the roles played by specialized banks, finance companies, hedge funds and equity providers in film financing
  • Know how to properly utilize brand integration and execute product placement strategies to generate additional funds
  • Find out how to attach the right talent to a motion picture to make financing happen
  • Understand how to deal with labor issues in regard to producing an independent or studio feature film
  • Learn about the latest developments in digital distribution platforms and technologies in securing film financing
  • Hear in a case study how an independent feature film was financed, marketed and distributed
The 11th Annual International Film & TV Finance Summit will take place at the Marriott Marquis Hotel, on 1535 Broadway, New York, NY 10036, Tel 212 398 1900. To register, go to or call (800) 207.4432 for further information on special rates for independent producers, and sponsorship opportunities.