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  • alexandrafordts 21:38 on July 17, 2012 Permalink | Reply  

    Top Hedge Fund News: July 9th – 13th 

    1. Hedge Funds Trail Stocks in June

    • This past week, Reuters reported that, “June hedge fund performance once again trailed the stock market, with the average hedge fund posting a gain of 0.05%.” This is a continuation of this year’s trend, and this information was obtained using the broadest industry index maintained by Hedge Fund Research.

    2. Citigroup Said to Seek Money for a Hedge Fund

    • Citigroup is testing investors’ willingness to buy into a fund when the bank is not sharing any risk, as Citigroup is not planning on putting its own cash in the fund. The bank is seeking to comply with the Volcker Rule, Bloomberg News reports.

    3. Investors Pull Money From Hedge Funds in June

    • Reuters has reported that, “Hedge fund flows surged to their highest level in almost three years this month.”  The data, collected from fund administrator GlobeOp, shows that investors may be losing faith in the sector after mixed performance amid current markets.

    4. China Said to Grant Access to Foreign Hedge Funds

    • “China has given foreign hedge funds permission to tap its wealthy citizens inside the country for funds to invest overseas,” reports The Financial Times.

    5. European Hedge Fund Sees Limited Risk in Bank Stocks

    • Bloomberg News reports, “Traders at Lansdowne Partners, the biggest European hedge fund that invests in stocks, said banks will hold their value amid Barclays’s attempted rigging of interest rates as shares already reflect bad news.”

    Information obtained from New York Times.

     
  • alexandrafordts 16:34 on June 29, 2012 Permalink | Reply  

    Top Hedge Fund News: June 25th – 29th 

    1. Hedge Funds Exit Trade Against JPMorgan

    • Hutchin Hill Capital, a hedge fund founded by a former Goldman Sachs trader, was among the firms on the other side of JPMorgan Chase’s huge trading loss. Like Saba Capital Management, they have both exited the trading position that helped bring about JPMorgan Chase’s multibillion-dollar loss.

    2. New Hedge Fund to Focus on Mortgage Securities

    • A new fund at Tandem Global Management, run by former proprietary traders at the Royal Bank of Canada and Bank of America, joins several other investors in betting that securities related to mortgages will become more valuable.

    3. Supreme Court Declines to Hear Funds’ Appeal

    • EM, a fund controlled by the billionaire Kenneth Dart, and NML, an affiliate of Elliott Associates, had tried to collect at least $2 billion from the government of Argentina. But the United States Supreme Count decline to hear their appeal.

    4. Wealth Managers Affirm Commitment to Hedge Funds

    • Even as the hedge fund industry has posted disappointing results, wealth management firms like ABN Amro Private Banking and HSBC Private Bank recently expressed confidence in the sector.

    5. Hedge Fund Expects a Profit on Greek Bonds

    • London-based hedge fund firm Adelante Asset Management has bought a position in the cut-price bonds of debt-laden Greece, betting that efforts by European politicians to restructure its debt mountain will provide a short-term boost to bond prices. Adelante believes it could make a return of roughly 35 percent after selling Greek bonds.

    6. Investors Largely Stick With Hedge Funds in June

    • Request by clients to pull money from hedge funds have totaled 3.71 percent this June, lower than the tally of any June of the last four years, according to GlobeOp.
     
  • alexandrafordts 12:25 on June 25, 2012 Permalink | Reply  

    June’s Top Business Stories 

    Hi everybody!

    I’m Alexandra Ford, the new Sales intern based in New York. Next week, I am going to begin blogging every week about hedge fund news, and every month with top business stories. I’ve written five quick summaries of business news as well as a bullet point compilation of this month’s mergers and acquisitions. The topics I chose to update you all with came up in the news again and again, and I know these events will have far-reaching consequences. In our world today we tend to think in 140 characters or less, so I’ve tried my best to consolidate each story.

    Collapse of MF Global

    The Oct. collapse of MF Global resulted in a loss of $1.6 billion, and the investigation has revealed that the firm broke many regulatory rules. This matter will affect the current debate about financial regulation.

    http://dealbook.nytimes.com/2012/06/05/mf-global-dodged-capital-requirements-study-says/

    JPMorgan Chase’s Loss

    JPMorgan Chase’s chief investment office lost $3 billion due to a bet that soured after taking larger positions. Dimon has been questioned by Congress, and this case will also affect upcoming potential financial regulation (the Volker Rule specifically).

    http://dealbook.nytimes.com/2012/06/18/regulators-join-dimon-at-house-panel-hearing/

    NASDAQ & Facebook’s IPO

    Multiple system errors led to a delay in the opening price of Facebook stock during its May IPO. NASDAQ has pledged $40 million to cover losses, but that is only a fraction of the $100 million that was said to be lost. This matter shapes other tech IPOs originally planned for later this year.

    http://dealbook.nytimes.com/2012/06/06/nasdaq-sets-aside-40-million-to-settle-facebook-trading-claims/

    Trial of Rajat Gupta

    Rajat K. Gupta was convicted of conspiracy and security fraud this June. Prosecution used circumstantial evidence to prove that Gupta told Rajaratnam (manager of Galleon Group) insider secrets. This case will obviously affect insider trading cases as well as how people conduct themselves on Wall Street.

    http://dealbook.nytimes.com/2012/06/15/rajat-gupta-convicted-of-insider-trading/

    Spanish Bank Bail Out

    The Euro zone bailed out Spanish banks with $125 billion, but due to the subsequent increase in bond yield the bailout seems to be ineffective. Due to the interconnectedness of our world today, the failure of the European Union could mean the failure of our own economy.

    http://www.nytimes.com/2012/06/10/business/global/spain-moves-closer-to-bailout-of-banks.html?pagewanted=all

    http://dealbook.nytimes.com/2012/06/11/why-the-bailout-in-spain-wont-work/

    Mergers and Acquisitions in June 2012:

    • Verizon to buy Hughes Telematics for $612 million
    • Salesforce.com to buy Buddy Media for $689 million
    • Starbucks buys San Francisco based Bay Bread for $100 million
    • Barclays Unit to buy South African retail credit business for $1.2 billion
    • Kenneth Cole takes his company private for $279 million
    • Sherbank of Russia to buy DenizBank for $3.5 billion
    • Telefonica to sell shares back to China Unicom for $1.4 billion
    • Apax and JMI Equity to buy paradigm for $1 billion
    • Asian consortium buy Saab to create an electric vehicle car company
    • Hong Kong Exchange to buy London Metal Exchange for $2.1 billion
    • Walgreen to take stake in Alliance Boots for $6.7 billion
     
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