40 Under 40 Rising Stars of Hedge Funds

HedgeCo News - Financial News has announced it's first listing of the 40 under 40 Rising Stars of Hedge Funds, acknowledging the talent of men and women from all corners of the hedge fund industry.

"The list, which was whittled down from a longer list of 100, was drawn up by a panel of four over three months." Financial News said, Their roles vary, but the 40 names on the list all have in common fierce determination, dedication, dynamism and, of course, youth."

The list, in alphabetical order, includes:

Shamez Alibhai, partner and head of real estate debt management team at Cheyne Capital (38)
Jamie Allsopp, portfolio manager, Insparo Asset Management (33)
Reza Amiri, founder of Susa Fund Management (36)
Geoff Bamber, chief investment officer, Skyline Capital (29)
Daniele Benatoff, co-founder, Benros Capital (31)
Jeff Blumberg, chief executive, Egerton Capital (35)
Charlotte Burkeman, co-head of European prime brokerage, Bank of America Merrill Lynch (32)
Leonard Charlton, portfolio manager, Dalton Strategic Partnership (34)
Jean-François Comte, co-president, Lutetia Capital (36)
Frederic Couderc, founder, Toro Capital at Chenavari Financial Group (36)
Anne-Sophie d’Andlau, co-founder and deputy chief executive, CIAM (38)
Django Davidson, partner, Algebris Investments (31)
Frederic Denjoy, founder, Denjoy Capital Partners (33)
Pedro de Noronha, founder, Noster Capital (34)
Dominic Freemantle, head of European prime brokerage sales and capital introductions, Morgan Stanley (35)
Lisa Fridman, head of European manager research, Paamco (31)
James Hanbury, portfolio manager, Odey Asset Management (31)
Ali Hedayat, partner, Edoma Partners (36)
Jeff Holland, founder, Liongate Capital Management (36)
Alexander Ivanovitch, managing partner, The Environmental Investment Partnership (34)
Mark Jones, chief operating officer, GLG (31)
Andre Konstantinow, head of manager selection, Barclays UK Retirement Fund (34)
Damien Loveday, global head of hedge fund research, Towers Watson (34)
Simone Lowe, fund manager, Thames River (29)
Jerome Lussan, founder, Laven Partners (38)
Tommaso Mancuso, partner and head of research, Hermes BPK Partners (34)
Lionel Melka, founder and head of research, Bernheim, Dreyfus & Co (34)
Henrik Molin, head of development, Frey Quantitative Strategies (35)
Gideon Nieuwoudt, portfolio manager and member of the investment committee, Silver Creek (35)
Emily Porter, portfolio manager, absolute return strategies, Universities Superannuation Scheme (32)
Stephen Rosen, senior portfolio manager, Omni Partners (35)
Ariel Roskis, co-founder, Benros Capital (35)
Fabrice Seiman, co-president, Lutetia Capital (32)
Edgar Senior, global co-head of capital services, Credit Suisse (35)
Robert Sorrell, founder, Sorrell Capital (36)
Nick Stukas, managing partner, Nightscape Capital (32)
Ross Turner, founder, Pelham Capital (34);
Alex Vaskevitch, fund manager, BCM & Partners (31)
Tim West, partner, Herbert Smith (33)
Guy Wolf, partner, Oxburgh Partners (34)

The criteria for the award was achievement to date given their age, the stature of their mentors, firepower at their disposal and their potential to reach a position of great influence.

Hedge Funds in April: Net trade is up 500% since March

Stockholm (HedgeFonder.nu) - Investors are buying hedge funds while selling low risk mutual funds according to statistics from Nordic stock analyst company, Nordnet.

"Investors are still waiting for direction when it comes to investing, due to the recent debt crisis." Jan Dinkelspiel, Head of the Swedish arm at Nordnet, said, "Whatever happens next will determine how investors will invest in the future."

Net trade has grown by over 500% since March, showing that investors are venturing into the market again. Investors are choosing to invest in niche funds such as hedge funds, small caps, and emerging market funds.

The top ten funds selling in Sweden at the moment include:

Brummer & Partners Nektar
Key Management
Robur Eastern Europe Fund
Ohman High Yield Fund
Fidelity Korea Fund
Nordnet Stock Index Sweden
Skagen Kon-Tiki
Excalibur Fund
Skagen Global
Atlantic Stability

The statistics come from a database of over 215 000 Swedish Nordnet accounts during the month of April 2011.

Alexis Åkesson
Editor at HedgeFonder.nu
Tel: +46 76 212 0523
www.hedgefonder.nu

New Catella Hedge Funds Show 100% Positive Months Since Launch

Stockholm (HedgeFonder.nu)- Nordic hedge fund manager Catella Capital recently launched two hedge funds, the Nordic Fixed Income Opportunity fund and the Nordic Long Short Equity fund. The funds were timed to launch at the start of 2011.

"The Nordic market offers attractive fundamentals and the investable universe is well diversified over sectors and in terms of regional exposure. Nordic companies represent investor-friendly equities and are traded on secure and mature venues under transparent and well-regulated markets."

Catella's Nordic Fixed Income Opportunity Fund has already raised 220 million SEK primarily from foundations, private banking, wealth management and smaller institutions. It stands at +2.8%

Catella's Nordic Long Short Equity Fund raised 80 million SEK since launch. It's long holdings include Golar, Trelleborg, Statoil and the short holdings include Northland Resources, Sca, and Talvivaara.

Catella manages nearly €1.7 billion (15.21 billion SEK) distributed over 19 funds in more than 150 managed accounts. All together, Catella has brought to the market four new Nordic UCITS III hedge funds,two Newcits, one long only and one mixed fund.

The new funds are authorized to be marketed and sold in Sweden to private investors and already have 15 distributors. The investable universe primarily consists of equities listed on the Nordic exchanges. Catella Capital is owned by Catella AB.

Alexis Åkesson
Editor at HedgeFonder.nu
Tel: +46 76 212 0523
www.hedgefonder.nu

Best Fund of Hedge Funds Newcomer: Merrant Alpha Select Fund

HedgeFonder.nu - The Merrant Alpha Select Fund, a fund of hedge funds run by Independent Swedish investment management firm Merrant, has been nominated for a HFMWeek 2011 award as "Best Fund of Hedge Funds Newcomer".

"It’s very satisfying to see that it’s the third time within the last six months that Merrant’s market neutral strategy is validated as one of the leaders in the hedge fund Industry." Co-founders Ulf Sedig & Rolf Hagekrans said of the nomination.

Merrant Alpha Select was in 2010 named "Best New Fund of Hedge Funds in Europe" by Hedge Fund Review and nominated for the "Best New Fund of Hedge Funds" by InvestHedge.

Merrant Alpha Select's USD-class returned +0.61% and it's SEK-class was up 1.01% during March 2011. The HFRI Fund of Fund index returned -0.11%.

The fifth annual HFMWeek Awards will be held in London on May 26, 2011. The event celebrates hedge funds and funds of hedge funds that outperformed their peers through the volatility of the last year. Award categories covered a wide range of strategies. The full shortlist can be accessed here.

Alexis Åkesson
Editor for Nordic Business Media AB
www.hedgefonder.nu
·

Hedge Fund Event Keynote Speakers: George W Bush, Gordon Brown, Collin Powell

HedgeCo News - The SkyBridge Alternatives (SALT) Conference, which will convene 1,500 participants including global leaders, capital allocators and hedge fund managers at the Bellagio Resort & Casino in Las Vegas May 11 to 13, 2011, has sold out, according to the $7.78 billion global alternative investment firm, SkyBridge.

Keynote speakers for the conference include former President George W. Bush, Colin Powell and former Prime Minister of Great Britain and Northern Ireland, Gordon Brown.

Among other notable additions to the agenda are Steven A. Cohen, Founder, Chairman & Chief Executive Officer, S.A.C. Capital Advisors, L.P.; Jon S. Corzine, Chairman & Chief Executive Officer, MF Global Holdings Ltd.; David Axelrod, Senior Adviser to President Barack Obama (2009-2011); Michael Milken, Co-Founder, Milken Family Foundation & Chairman, The Milken Institute; and Rex Ryan, Head Coach, New York Jets.

"We are excited to gather some of the world's most influential public policy makers with top thought leaders of the investment community to share experiences, ideas and takeaway solutions for navigating the ever-evolving regulatory and economic environment," said Victor Oviedo, partner of SkyBridge and director of SALT.

CNBC, the exclusive broadcast media partner, will broadcast live from the Conference, which will also feature Christopher J. Dodd Chairman of the Senate Committee on Banking, Housing and Urban Affairs (2007-2010); Ken Griffin, Founder & CEO of Citadel; Jane Buchan, CEO, Pacific Alternative Asset Management Company (PAAMCO); John Burbank, Founder, Passport Capital LLC; Jamie Dinan, Founder, Chairman, & CEO, York Capital Management; Izzy Englander, Founder, Millennium Partners; Dan Loeb , Founder, Third Point LLC; and Marc Lasry, Chairman, CEO & Co Founder, Avenue Capital Group.

9th Annual Midwest Benefit for Hedge Funds Care

HedgeCo News - Midwestern hedge fund managers and other alternative investment industry members will be meeting for the 9th Annual Midwest Open Your Heart to the Children Benefit on May 19th in Chicago, Illinois.

In support of Hedge Funds Care, a global non-profit organization that works to prevent and treat child abuse, the gala will be held at the new JW Marriot in Chicago (151 West Adams St., Chicago, IL) from 5:30pm until 10:00pm CST.

In addition to this year’s reception, there will be a ceremony held at 7:00pm followed by a high profile live auction featuring items such as the privilege of throwing a ceremonial pitch at Wrigley Field along with 4 box seats to the game and a once-in-a-lifetime trip to Paris in a luxurious Gulfstream 450 and a private apartment.

Additionally, The Kelly Lively Memorial Award, given in recognition of outstanding commitment to Hedge Funds Care and the prevention of child abuse and neglect, will be presented to Mesirow Advanced Strategies, Inc. The Co-chairs for the event are Amy Rosenow, Chief Operating Officer of Sheffield Asset Management, LLCand Jennifer Edgcomb, Vice President GEM Realty Capital, Inc. Attendees will include hedge fund investors, service providers and senior professionals, including some of the most recognized and respected investment managers in the industry.

“Thanks to the plentiful help and support of the Midwest alternative investment industry, the Chicago benefit is in its 9th and what we hope to be its most successful year. We call on our colleagues in the financial services industry to help us set a new annual fundraising record as every little bit can make a difference in the lives of these children,” said Jennifer Edgcomb, Vice President GEM Realty Capital, Inc.

“Hedge Funds Care has been steadfast in pursuing our vital mission since the charity was founded: working to raise and invest funds for best-of-breed programs to prevent and treat child abuse and neglect.” stated Amy Rosenow, Chief Operating Officer of Sheffield Asset Management, LLC. “It is wonderful that the hedge fund industry can work together to show the world the power of targeted philanthropy in helping these children who are so much in need.”

Since its inaugural grant-making cycle in 2003, the Midwest Chapter has made 121 grants totaling in excess of $4,200,000. The ongoing commitment of hedge fund industry professionals and investors, Hedge Funds Care looks forward to continuing to support existing grantees while also expanding support to new programs.

The Midwest Committee of Hearts is co-chaired by Ron Suber, Senior Partner of Merlin Securities, and Benji Wolken, Partner at Ernst & Young LLP.

Activist Hedge Fund Challenges Board At Fisher Communications

HedgeCo News - FrontFour Master Fund, Ltd., an affiliate of hedge fund investor FrontFour Capital Group LLC., has written a letter to the stockholders of Fisher Communications, Inc., criticizing the current board of directors and nominating new candidates. Fisher's stock has recently declined by 48%, representing a total stockholder loss of $173 million.

"FrontFour is compelled to run this election contest because after having one representative on the Board for two years, we were unable to get the Board to take the necessary steps to improve stockholder value." the activist hedge fund investor, who is also a long-term stockholder of Fisher, said in the letter, "We are seeking your support to elect highly qualified candidates to the Board of Directors of Fisher at its 2011 Annual Meeting of Stockholders."

FrontFour has nominated John F. Powers, Joseph J. Troy, Matthew Goldfarb and Stephen Loukas as qualified director candidates.

"If elected, our nominees will seek to have the Board carry out an operational and strategic analysis of all alternatives to maximize stockholder value, including ways to monetize Fisher Plaza." FrontFour concluded.

The Long Odds of an Acquittal for Raj Rajaratnam

HedgeCo News - After nearly seven weeks of testimony, the high-stakes insider trading trial of hedge fund manager Raj Rajaratnam has been handed to a federal jury in New York's Southern District.

Although there was no conclusion on the first day of deliberation, some are quick to tally the long odds of an acquittal for Rajaratnam, who faces serious prison time for the 14 criminal counts against him.

"This case has been an exceptionally strong prosecution - with wiretap evidence, including straightforward evidence of a defendant discussing trades based on insider information - and it has presented no technical elements that are beyond the grasp of a jury," former federal prosecutor and Congressman Artur Davis said. "A failure to convict or a muddled verdict like the one coming out the recent Barry Bonds steroids trial, would be a devastating blow to the prosecution."

Davis is now a partner in the white collar and government investigations practice at SNR Denton and a one-time member of the House Judiciary Committee.

A clear conviction, Davis believes, "will galvanize the government to duplicate the aggressive tactics used in the Galleon investigation. Investigations of high-dollar insider trading and other financial crimes will more and more resemble those in narcotics or public corruption cases, with wiretaps, extensive use of informants and even daring sting operations."

Davis acknowledges that the government's aggressive use of wiretap recordings - a tactic that is showing up in other Wall Street cases - may invite appellate scrutiny of electronic surveillance in insider trading cases. "In the Galleon example," he notes, "prosecutors got around the problem that the wiretap statute does not explicitly spell out securities fraud as a predicate crime by relying on case law that does allow wiretaps for general wire fraud cases. Still, the maneuver may draw closer attention from judges in future cases."

In broader context, Davis sounds a note of caution. "The Galleon investigation arguably tells us little about how judges and prosecutors are interpreting insider trading laws themselves," he notes. "For all the drama and publicity surrounding the trial, the legal basis of the Rajaratnam case is a garden variety claim that does not test novel or unlitigated theories of insider trading liability. That's a big contrast with, for instance, the Martha Stewart case, or other cases involving spousal sources of information and the definition of what constitutes confidential relationships under securities fraud laws."

Among the jurors are a former Israeli Defense Forces volunteer, a food services employee with the NY board of education, a city transportation agency worker, a graphic designer, an instructor for the blind, a retired bookkeeper and a nurse.

Manager Interview: Adrigo Hedge

Nordic Business Media - Adrigo Hedge, managed by Adrigo Asset Management AB, is a so called “Specialfond” according to the Swedish Act (2004:46) of Investment Funds and the Swedish Financial Supervisory Authority.

Interviewees: Göran Tornée och Håkan Filipson, Adrigo Asset Management

Introduction:
Adrigo Hedge started in December 2006 based on own money and investments from ‘friends and family’ with the idea to build a record to prove that its low risk stock picking strategy would work. After a successful start, Swedish industrialists Melker Schörling and Carl-Henric Svanberg, joined by investing into both the Fund Management company, Adrigo Asset Management (51% ownership) and the Fund.

The investment team and management, Göran Tornée (CIO and Fund Manager), Håkan Filipson (Man Director and Analyst) and Karl-Johan Bonnevier (Analyst) have all worked in the Nordic financial markets for leading banks and brokers for more than 20 years prior to setting up Adrigo Asset Management. The Fund, Adrigo Hedge, has returned 34% since its inception which compares with 11% for its benchmark, STIBOR, and -5% for the Nordic OMXN40 index.

Adrigo Hedge was recently nominated to Hedgefund of the Year 2010 by Swedish business magazine Privata Affärer.


Adrigo Hedge is a Nordic long/short equity fund – how do you go about the selection of your investments? Do you have fixed criteria?
We invest mainly into Nordic big and mid cap equities, both long and short positions. Our methodology is focussed on key elements like change (we need to see the trigger which should change the stock’s mispricing), alternative information (we search for additional information in unusual places, not just in management meetings) and we make a careful risk/reward calculation ahead of each investment. For example, we do not invest into biotech companies or exploration stocks where we cannot estimate the potential, or the risks. We meet or interact (conference calls, conferences, etc) with 150-200 companies each year.

Is the selection purely down to manager discretion or do you also use systematic elements?
The approach is very systematic but in the end our Fund Manager Göran Tornée decides which ideas go into the Fund, and when. Importantly, he handles the portfolio construction process which includes risk management by spreading bets over several sectors/themes and matching long and short exposures.

How do you decide when to enter and leave a winning/losing position?
We try to look at the portfolio every day with a fresh and open attitude, and not be influenced by whether it is a ‘winner’ or ‘loser’. Our investment decisions are always based on our stock picking methodology. This means that we need to see the value in a stock as well as the change factor which will unlock the value. In addition, we need to have done our homework by meeting the management and to have found some alternative information, for example; by interviewing unlisted competitors to the companies we invest into.

Can you give some examples of profitable and losing trades in the past.
We were early investors into Danish brewer Carlsberg which we bought in January 2009 after the shares had fallen by some 70% following the company’s ill timed purchase of Scottish & Newcastle. The acquisition left Carlsberg with too much Euro denominated debt at a time when its earnings power collapsed due to a dive in the Russian Rouble, which in turn was caused by the oil price crash. Our first purchases were made around DKK 180 and we have held the shares for much of the time, but not all, and seen the bulk of the appreciation to today’s DKK 580 level.

We see mistakes as a natural part of the investment business and we have plenty of losing trades each year. In percentage terms we held only a small position in Swedish directory company Eniro, but it turned out ill timed, with the stock losing 30% in a matter of days, albeit with only a minimal impact on the Fund.

Your chart would suggest a long bias. What was your typical and historic maximum of short exposure to the market?
Our net exposure to equity markets, measured as long exposure minus short exposure, in normal market conditions is around 20-50% and we have been mostly within those levels.

During the difficult time in the latter half of 2008, benchmarking to the equity index, you did relatively well. How did you get through that period – how were you positioned?
We are an absolute return fund, so we do not benchmark against a stock market index but rather against the Swedish interbank rate, STIBOR. In 2008 we saw a disappointing decline of 3,5% when our benchmark rose slightly. However, to place the decline in context, our Nordic markets fell by close to 50% in 2008 which was the worst stock market downturn in some 40 years. We think the 2008 experience proved that our investment philosophy worked well, both on stock picking and risk handling. At the time, our net exposure was lower, the long holdings were mainly in defensive companies (health care, telcos etc.) and the shorts were concentrated on high beta stocks, like industrials and financials.

Nonetheless your fund gave up almost 10% of its value from its 2007 peak. You do not claim to be totally unaffected by the stock markets, but how do you handle situations like that?
We know, and we can show, that there are always opportunities in stock picking, regardless of how the markets develop. While the market conditions were extreme in 2008, we remained confident in our methodology to select stocks, and we took the appropriate actions to reduce the market risks. At the worst point since the Fund was started it was down 0.9% for an original investor. However, the stock market’s worst point showed a decline of over 50%.

As a smaller manager, one could argue you are more exposed to manager risk, ie one of your key asset managers not being able or willing to continue work. How do you handle that?
All three members of our investment team are shareholders in Adrigo Asset Management and all have made substantial investments into the Fund. We work with something we love to work with, ie stock picking. Together with our main shareholders we have every intention of growing Adrigo to a leading player on a European scale. Our structure is set up to handle big money which we will do within a few years. As we grow, the manager risk will decline.

Any plans for the future, new products, new strategies?
We will continue to grow the company profitably in the coming years whilst adding shadow funds on Adrigo Hedge aimed at both domestic insurance platforms and more substantial international institutions. Our plans go beyond that, but we will not disclose the next steps just yet…

Interview by Kamran Ghalitschi
CEO of Nordic Business Media AB.

Hedge Fund Launches Up 34%

HedgeCo News - According to a new hedge fund industry study, Sizing The 2010 Hedge Fund Universe: A PerTrac Study, the single-manager hedge fund industry recovered in 2010 with assets under management (AUM) increasing 11% over 2009 to $1.6 trillion.

“As we look across the fund universe, one clear area of growth has been in the number of single-manager hedge funds, and we see that momentum continuing in the future,” Lisa Corvese, Managing Director at PerTrac said. “Overall, the study demonstrates a rebound — with the industry as a whole getting closer to prior peaks.”

1,184 new funds were launched, representing a 34% increase over the prior year. Total AUM for single-manager hedge funds and fund of funds was $2.1 trillion in 2010.

Fund of funds continue to see AUM decline. The 3,196 fund of funds in the study – approximately the same number as in 2008 – had $518 billion under management in 2010. This represents a 10.5% decrease from 2009 and a steep 31% decline from 2008 when $750 billion was reported.

Commodity Trading Advisors (CTAs), the third category measured in the study, attracted investors in 2009 as a haven from stocks and bonds as their numbers peaked that year at 2,425. In 2010, the number of CTAs dropped to 1,997 which is approximately the same level as in 2008.

GAM Star Dynamic Global Bond Launch

HedgeCo News: The Star Dynamic Global Bond was launched on the 11th April 2011. The new fixed income – developed markets UCITS hedge fund aims to produce consistent total returns and outperform an index of developed global bond markets over a market cycle.

The UCITS hedge fund has daily redemptions and trades in USD, GBP, EUR, CHF, JPY and SEK. Minimum subscriptions start at USD 20,000,000 or currency equivalent (institutional class) and USD 10,000 or currency equivalent (ordinary class). Manager fees are 0.65% and 0.90, respectively.

The co-managers, Tim Haywood and Daniel Sheard each have over 20 years’ experience. They look to capture both alpha and beta using credit, FX, interest rate and inflation hedges to diversify risk. Their dedicated expertise in non-core sectors and their unconstrained ‘go-anywhere’ approach means the fund is able to access the most interesting opportunities globally, through tactical and dynamic sector rotation.

"Risk management should be integrated philosophically and systematically at each stage of the decision making process." Tim Haywood said, "By assessing the key risks – defaults, inflation, duration, currency (and hedging, as appropriate), we aim to produce an attractive risk/return profile."

Key Facts Include:

• Specialist expertise spanning the global fixed income and currency universes
• Tactical and dynamic rotation of sectors and diversification across a wide range of alpha sources
• Harnessing alpha by understanding what drives markets

"Qualitative and quantitative tools are used on an ongoing basis; modifying positions to limit risk and capture the upside as investment themes evolve." Daniel Sheard explains in the launch release, "In parallel, the independent GAM Market Risk team conducts ongoing monitoring to identify risk ‘hot spots’ and ensure the focus remains clearly on achieving the fund’s long term objectives."

Tim Haywood joined GAM following its acquisition of the fixed income and foreign exchange specialist, Augustus, in May 2009. Tim joined Augustus (then Julius Baer Investments Limited) in 1998 from Orient Overseas International Limited in Hong Kong, where he was CIO. He has worked as both CIO and CEO of Augustus, established the hedge fund business, as well as being the founder and original investment manager of an emerging market bond fund.

Daniel Sheard joined GAM following its acquisition of the fixed income and foreign exchange specialist, Augustus, in May 2009. He joined Augustus (then Julius Baer Investments Limited) in 2006 as deputy chief investment officer and became chief investment officer in 2008. Daniel previously worked at Prudential M&G, where he was a director of the Institutional Fixed Income group. Prior to that he was a principal within the Advanced Strategies group at Barclays Global Investors, and before that was an associate director within the Fixed Income unit at Schroders.

Survey: Old Wine in New Bottles

HedgeCo News - Retirement plans, endowments, foundations and other large investors are looking for hedge funds, funds of hedge funds and investment managers with strong capabilities in global and emerging markets, according to the 2011 Consultant Search Forecast.

This year’s survey, “Old Wine in New Bottles,” polled 55 leading investment consulting firms in the U.S. and Canada responsible for $10.4 trillion in assets under advisement. This was the fifth annual poll conducted jointly by eVestment Alliance (eVestment) and Casey, Quirk & Associates.

Three key trends include:
- Ongoing portfolio globalization
- The increasing role of “alternative” investments—hedge funds, private equity and real estate
- A greater emphasis on outcome-oriented portfolios constructed by risk budgeting and return attribution

Additional significant findings of this year’s survey include:
- More than one-third of consultants expect more emerging markets equity and less international developed markets activity for the remainder of the year
- More than half of U.S. equity, U.S. bond and EAFE searches will involve manager replacements in 2011
- Half of those surveyed expect an increase in institutional interest in inflation hedging strategies this year
- More than one-third of investment consultants surveyed anticipate a boost in liability driven investing (LDI) mandates in 2011
- Three-fifths of consultants expect moderate or strong bond search activity this year
- Consultants expect significant increases in private equity and real estate mandates in 2011

“A sluggish growth in search activity is to be expected, as many in the institutional investment industry emerge from the policy rebalancing many conducted during late 2009 and 2010, following the global financial crisis,” Heath Wilson, eVestment Principal and Founder, said. “eVestment and Casey Quirk hope that the latest search expectations provide a clear picture on how North American institutional investors should adapt to the changing investment frameworks and increasingly competitive environment.”

"One of the more interesting findings in this year's consultant survey is the rising interest in private equity and real assets," Yariv Itah, Casey Quirk Partner, added. "Institutional investors increasingly manage toward outcomes rather than just excess return, and they want asset managers who can use illiquid investments to mitigate inflation risk and manage liabilities."

Coeli Acquires Plenum Power Surge Hedge Fund

Nordic Business Media (HedgeFonder.nu) - Entrepreneurial banking specialist, Coeli AB, has acquired the 43 million-euro ($61 million) Plenum Power Surge hedge fund. Coeli takes over the management of the hedge fund from Plenum Investments.

One of the hedge fund´s co-founders, Henrik Wennberg, will take over as head trader starting May 1st 2010. The fund will be re-named the Coeli Power Surge Fund and will retain it's strategy of investing in Nordic electricity contracts, according to a letter from the Swedish banking specialist.

“Considering the very specialized knowledge and commitment it takes to be successful in this market, It is necessary to be able to focus my solely on managing the portfolio.” Wennberg said of the acquisition, ”By working with Coeli, I will have the opportunity to do so. Coeli has the strong infrastructure with licenses, administration, risk management and distribution that international investors are looking for.”

Wennberg has been a senior fund adviser for the Plenum Power Surge fund and an electricity trader for more than 12 years, Wennberg joined Plenum in 2005 from Norweigan energy fund, Markedskraft ASA.

Coeli is also aquiring a majority stake in Wennberg International Advisory AB. Coeli now offers a new single manager hedge fund with focus exclusively on the Nordic power market.

Alex Åkesson
Editor for Nordic Business Media AB

Hedge Fund Acquisitions: Medley/Viathon

HedgeCo News - NY-based Medley Capital LLC has announced the acquisition of credit hedge fund manager Viathon Capital LP and all its related entities.

"This transaction combines the analytical and credit strengths of the two organizations." Brook Taube, Managing Partner at Medley said.

"Having known the Medley team for some time, I am excited about the opportunity to leverage our combined resources and to grow the firm's investment management and advisory franchise," Robert Comizio, Viathon founder, added.

Medley is a U.S. registered investment adviser with $1.4 billion of assets under management in private investment funds and hedge funds

Predominantly focused on companies in North America and Europe, Viathon invests in fundamental and event driven opportunities across the credit spectrum.

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
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership in HedgeCo.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!

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.