Archive for Hedge Funds
This Hedge Fund Trade Is Stirring Fresh Controversy in the CDS Market
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McClatchy’s loan deal with hedge fund roils CDS market
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Publisher’s deal comes as regulators step up scrutiny of CDS
It seemed like a sure-fire bet: short the debt of a highly leveraged newspaper company that’s losing money. And for a while, it worked as investors piled up almost $500 million of wagers by buying credit-default swaps on the publisher, McClatchy Co.
India’s $35 Billion Government Pension Fund Sees Stock Boost
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Government employees may get to invest 50% savings in stocks
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Regulator mulls raising cap to 75% for private-sector savers
India’s $2.3 trillion equity market has surged in recent years, and is about to get a new endorsement — from the nation’s pension regulator…
India’s $35 Billion Government Pension Fund Sees Stock Boost
Anthony Scaramucci To Announce Triumphant Return To The Hedge Fund Business
Posted by: | CommentsBelieve it or not, a Chinese conglomerate is reportedly no longer interested in pursuing a comically protracted and idiotically controversial deal to acquire a fund of funds owned by Anthony Scaramucci…
Anthony Scaramucci To Announce Triumphant Return To The Hedge Fund Business
Goldman, Hedge Funds Drawn Into Noble Group’s Legal Battles
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Goldilocks lists creditors as defendants in Singapore suit
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Dissident shareholder succeeds in bid to stop Monday’s AGM
Noble Group Ltd.’s dissident shareholder Goldilocks Investment Co. listed a raft of hedge funds and banks, including Goldman Sachs Group Inc. and Deutsche Bank AG, as defendants in its legal battle against the commodity trader, as the fund presses on with a bid to stop its debt-for-equity swap…
Goldman, Hedge Funds Drawn Into Noble Group’s Legal Battles
Hedge Funds Throw Record Bets on Rising Gasoline Prices
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Futures for the motor fuel are at their highest since August
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U.S. gasoline demand hit the highest level ever this month
Money managers are going all in on gasoline…
Steve Cohen Gets Kick From Scaring The Hell Out Of Cash-Strapped Entrepreneurs
Posted by: | CommentsYou’ve been honing your pitch. Practicing your answers to the likely questions in the mirror. Poring through your deck, making sure every little thing is perfect. You think you’ve got a billion-dollar idea. Maybe it’s a blockchain play. Or a way to trick poor young people into playing the stock market. Or a crowd-sourced algorithmic-trading venture. Or a way to have autonomous cars not kill people.
Digital-Banking Startup Revolut Is Worth $1.7 Billion With New Funding
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Digital banking startup raises $250 million from investors
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Plans global expansion; targets 100 million customers by 2023
In one of the biggest fundraising rounds for a European fintech this year, Revolut Ltd., a U.K. startup that provides digital banking, received $250 million…
Digital-Banking Startup Revolut Is Worth $1.7 Billion With New Funding
For Fintech to truly evolve, some have argued, the industry needs to mature quickly from a wild bunch of disruptors to a professional cabal of financiers who understand money and fetishize security as risk management.
In addition to the long-held bias against Fintech’s perceived lower asset and credit quality, there have been too many recent examples of hacking, laundering and a general sense of overconfidence leading to incompetence. These days, it would behoove any digital money platform to recruit trusted names from the old-school world of finance to invest and/or participate in their growth. If you’re pitching a model predicated on professionalism, security and basic trust, find a way to bring in some old dude known on The Street for possessing those qualities…
Aussie Funding Costs Start to Fall, Breathing Life Into Old Bets
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Strategists return to steepener trades, bets on shorter rates
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Front-end yields are near top of trading range, Citigroup says
Australian bank funding rates have started to turn lower, giving traders the confidence to return to long positions in the front-end of the local rates market.
Sohn 2018 Was A Wake For The Golden Era Of Hedge Funds
Posted by: | CommentsSo, the 2018 Sohn Investment Conference definitely happened yesterday.
In some respects, it was like Sohns of the past: The venue was packed with hedge fund types and their hangers-on, Avery Fisher Hall sparkled, CNBC still showed up to film the whole thing and a lot of money was raised for the vital fight against childhood cancer.
And yet, in many more respects, Sohn 2018 was very different from previous versions: the troika of hedgie legends that made Sohn “Sohn” was visibly missing a member, the ideas overall felt tamer, the program as a whole felt looser, limper and considerably less “star-studded.”…
Sears C.E.O. Seeks to Buy the Retailer’s More Valuable Parts
Posted by: | CommentsThe chief executive of Sears is its largest shareholder and a major lender to the company. Now, he wants to be its savior, after the retailer tried — unsuccessfully — to find buyers for some of its more valuable brands.
The chief executive, Edward S. Lampert, said the hedge fund he controls would be willing to buy Sears’s real estate holdings, its appliance-parts business and the Kenmore appliances brand, among other assets. The proposed deal, outlined by Mr. Lampert to the Sears board in a letter released Monday, would infuse the company with new funds as it tries to pay down billions in debt…
Why BlackRock’s Move to Disarm Some Funds Is Good Business
Posted by: | CommentsBlackRock may have found a simple solution to its gun dilemma. The fund manager, led by Laurence D. Fink, will offer new products allowing individuals and institutions to invest in market indexes without putting money into manufacturers and retailers of firearms. Coupled with a plan to engage public gunmakers and sellers directly, the decision moves Mr. Fink closer to fulfilling a promise that BlackRock’s business benefit society alongside the bottom line.
Colorado Group Pushes to Buy Embattled Denver Post From New York Hedge Fund
Posted by: | CommentsA Colorado civic group is spearheading an effort to buy The Denver Post, which on Sunday excoriated its owner, a New York hedge fund, in its opinion section by saying, “Denver deserves a newspaper owner who supports its newsroom.”
The group, Together for Colorado Springs, said it had begun contacting potential investors in the state, who have so far pledged $10 million to the effort…
Colorado Group Pushes to Buy Embattled Denver Post From New York Hedge Fund
Hedging Costs at ’09 High Drive Korea Insurers to Local Debt
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‘Difficult’ to invest in dollar debt due to cost: DB Financial
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Insurer demand for longer local bonds pressures long yields
South Korean insurers are increasingly looking at long-dated bonds at home as rising hedging costs hurt their appetite for foreign assets, putting downward pressure on lengthier won debt yields.
Alan Fournier Shuts Hedge Fund Pennant Capital After 17 Years
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Manager cites recent poor performance for returning capital
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Billionaire David Tepper seeded Pennant with $12 million
Hedge fund manager Alan Fournier is returning client capital at his $1.5 billion Pennant Capital Management after almost two decades, citing poor returns…
Alan Fournier Shuts Hedge Fund Pennant Capital After 17 Years
Hedge-Fund Billionaire Buying Bitcoin Is Cautionary Tale
Posted by: | CommentsAlan Howard can dabble where mortals should fear to tread.
Bitcoin continues to redefine the word volatility. The cryptocurrency is down more than 50 percent from its December peak; but that still leaves it up more than 600 percent from its value a year ago…
Hedge-Fund Billionaire Buying Bitcoin Is Cautionary Tale
John Paulson Pushes Investors Out of Some Hedge Funds
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Credit Opportunities is among funds that may see money leave
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Hedge fund firm lets go of some senior traders and partners
Billionaire John Paulson, whose hedge fund’s assets have plunged, is opening the door for more money to leave.
Fly Charts: Rexit’s Oil Impact and Hedge-Fund Failure
Posted by: | CommentsHedge Funds Finally Got Some Volatility. It Didn’t Help.
Posted by: | CommentsNigeria’s Own Fannie Mae Sets Out to Double Mortgage Loans
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Nigeria Mortgage Refinance Co. to tap debt market this year
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Company is busy preparing its first Islamic bonds issuance
After suffering through an economic contraction that restrained demand for housing loans in Africa’s most-populous country, Nigeria’s state-backed mortgage guarantor is anticipating that a return to growth will help double its nascent asset base…
Nigeria’s Own Fannie Mae Sets Out to Double Mortgage Loans
Hedge Funds That Use AI Just Had Their Worst Month Ever
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Machine-learning funds ‘played big role’ in correction: JPM
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Correlation between AI funds, CTAs has risen in past year
Chalk one up for the humans.
Hedge Funds Are Raising U.K. Homebuilder Short Bets Again
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Barratt, Crest Nicholson subject to bets market about to turn
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Rate outlook, shortcomings of government schemes among reasons
Once bitten, twice shy? Not in the case of the hedge funds that are shorting U.K. homebuilders, even after the strategy burned some of their peers in the wake of the Brexit vote.
Hedge Fund Closing as South Korean Firm Retreats From Singapore
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Truston exits about a decade after setting up Singapore office
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Truston Falcon Asia Fund had bet on rising, falling stocks
Truston Asset Management Co., a South Korean investment firm that managed $8.5 billion as of August, is closing its office in Singapore and a hedge fund based in the city…
Hedge Fund Closing as South Korean Firm Retreats From Singapore
Morgan Stanley Warns on U.S. Trade Risk and Suggests Hedges
Posted by: | CommentsTrade risk in U.S. markets is no longer hypothetical, and investors would do well to pay attention, according to Morgan Stanley strategists…
Morgan Stanley Warns on U.S. Trade Risk and Suggests Hedges
Hedge Fund Startups in Asia See Signs of Revival
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Industry looks to rebound after record-low openings in 2017
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Former Tybourne, Moore, Owl Creek employees plan own funds
A slew of hedge funds are setting up shop in Asia, pointing to early signs of a revival after new starts slumped in 2017…
This Singapore Hedge Fund Unit Is Raising Money for a Crypto Arbitrage Fund
Posted by: | CommentsAs Bitcoin continues its wild ride, a Singapore hedge fund unit is raising $10 million for a cryptocurrency arbitrage fund to trade off price movements…
This Singapore Hedge Fund Unit Is Raising Money for a Crypto Arbitrage Fund
This Monopoly Is Holding Back the Mortgage Market
Posted by: | CommentsIf you apply for a mortgage in the U.S., chances are your credit score will be generated by an algorithm better suited to the economy of the 1990s — part of an ossified system that could be denying millions of otherwise qualified Americans the opportunity to buy a home.
Cuomo Proposes Ending Carried Interest Loophole for Hedge Funds
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Measure depends on nearby states adopting similar provisions
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Governor’s statement has scant detail on ‘Fairness Fix’ plan
New York Governor Andrew Cuomo announced plans Thursday to target a tax break for investment fund managers in his state…
Cuomo Proposes Ending Carried Interest Loophole for Hedge Funds
Oil Trades Near Three-Year High as Hedge Funds Increase Bullish Bets
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Wagers on net-long WTI positions climb to highest since 2006
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Brent in London closes above $70 for first time in three years
Oil traded near the highest close in three years as hedge funds increased their bullish bets on crude to the highest in more than a decade…
Oil Trades Near Three-Year High as Hedge Funds Increase Bullish Bets
Hedge Funds Are Making Money From Exotic Bets
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AHL Evolution, Systematica’s fund beat other trend followers
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Florin Court up after switching focus; Aspect, GAM join fray
Cheese, sunflower seeds and rough rice sounds like an unappetizing mix — unless you happen to be a hedge-fund manager.
Rising Yields Put a Popular Hedging Strategy to the Test
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Hedging stocks with long-dated bonds won’t work if both dive
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Strategy surged in popularity as assets rose in tandem
A trade that mimics a strategy first popularized by Ray Dalio two decades ago is starting to look a bit precarious…
Rising Yields Put a Popular Hedging Strategy to the Test
One of John Paulson’s Hedge Funds Crashed 70% Over the Last Four Years
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Billionaire’s other arbitrage fund is said to drop 42%
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Paulson & Co.’s assets under management falls to $9 billion
One of John Paulson’s hedge funds has plunged about 70 percent over the past four years, marking a dire stretch for the billionaire plagued with investor redemptions.
The Paulson Partners Enhanced fund, which uses borrowed money to double down on its trades, sank 35 percent last year and about 49 percent in 2016, according to a person familiar with the matter. That caps a four-year money-losing run for the fund, which follows a merger arbitrage strategy on which Paulson founded his firm…
The World’s Best Female Poker Player Joins the World’s Biggest Hedge Fund
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Vanessa Selbst, changing careers at 33, now at Dalio’s firm
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Like gambling, investing is ‘also really freaking difficult’
Vanessa Selbst, the most successful woman ever in tournament poker, is working at Bridgewater Associates to learn another big-money grind: hedge funds.
Selbst, who won $11.9 million in prizes over 12 years in the card game, joined the world’s largest hedge fund, according to a person with knowledge of the matter, who asked not to be identified because the information isn’t public. In a Dec. 31 Facebook post announcing a career change, Selbst said she started at an unspecified hedge fund firm four months ago to focus on trading research and strategy. Selbst didn’t respond to messages seeking comment…
Hedge Funds’ Indian Revenge, by Way of Singapore
Posted by: | CommentsThe city-state may soon offer dollar-denominated derivatives on Indian stocks tracked by MSCI.
Six months ago, India’s regulator had the brilliant idea of destroying a market it believed existed only for “naked speculation.” Now’s the time for hedge funds in Singapore to put on some clothes and plot their revenge…
Hedge Funds’ Indian Revenge, by Way of Singapore
Crypto, Taxes & Volatility: A Hedge Fund Watch List For 2018
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Paul Tudor Jones says low volatility is becoming ‘dangerous’
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CQS’s Hintze calls North Korean tensions a ‘potential pothole’
Even a new U.S. president and rising geopolitical tensions couldn’t stop stock markets from marching higher. But that’s about to change, money managers say…
Crypto, Taxes & Volatility: A Hedge Fund Watch List For 2018
China’s New Tax May Hit Hedge Funds More Than Investment Rivals
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Value-added levy means 3% charge on some returns from Jan. 1
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Change is the latest blow to country’s hedge fund sector
Hedge funds may be the biggest losers from a new 3 percent tax on some investment returns in China…
China’s New Tax May Hit Hedge Funds More Than Investment Rivals
Distressed-Debt Hedge Fund Archview Is Shutting Down
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Founder Jeff Jacob expected to join Bruce Richards’ Marathon
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Archview rooted in Citi team that invested in troubled firms
Archview Investment Group LP became the latest distressed-debt hedge fund to close its doors, according to people with knowledge of the matter.
The firm founded by former heads of Citigroup Inc.’s distressed-debt team will start returning money to investors after the end of the year, the people said, asking not to be identified because the information isn’t public. Archview, which counts Blackstone Group LP among its bigger investors, posted gains of 5.3 percent this year with assets of about $650 million, one of the people said…
Why Struggling Hedge Fund Managers Give to Charity
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Charitable gifts boost firms’ net inflows by 9% on average
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Underperforming managers are the most likely to give
A donation to a worthy cause during the holidays gets you a warm feeling, a tax deduction and maybe a better world for the kids. Some hedge fund managers give for an additional reason — to get money-making assets.
A check to the right charity buys access to cocktail parties and galas where they make lucrative connections and raise money, according to a recent study by university researchers…
Why Struggling Hedge Fund Managers Give to Charity
Nasdaq Surges Past 7,000 Thanks to Brokerage Cash, Hedge Fund Leverage and Euphoria
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Money in equity accounts is dwindling as investors go all in
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Still, gains over the last nine years are not like the 1990s
For a bull market whose hallmark emotion for nine years has been nagging doubt, this one is starting to breed believers.
Little by little, resistance is falling, as milestones such as 7,000 on the Nasdaq Composite Index are passed and new ones like 2,700 on the S&P 500 and 25,000 on the Dow Jones Industrial Average come into view…
Nasdaq Surges Past 7,000 Thanks to Brokerage Cash, Hedge Fund Leverage and Euphoria
Hedge Fund Managers Expect a 39% Bonus Bump
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Odyssey Search Partners surveyed 500 buy-side investors
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Private equity professionals looking for 14% increase
Hedge fund professionals are expecting year-end bonuses to climb 39 percent at the end of this year, according to a survey of 500 buy-side investors. That view may be too optimistic, said a partner at the firm that did the polling…
Hedge Funds Are Pulling Out of Gold and Seeking Thrills Elsewhere
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Traders dump net-bullish bets at fastest pace in five months
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Bullion’s 60-day historical volatility near lowest since 2001
Hedge funds are pulling out of gold bets as more exciting moves in equities and cryptocurrencies make safe-haven investments look boring…
Hedge Funds Are Pulling Out of Gold and Seeking Thrills Elsewhere
Why the World’s Top Equity Hedge Funds Are Trailing the Market
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China equity long-short is best-performing strategy in 2017
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Such funds still trailed MSCI China by widest margin on record
It was a good year for hedge funds betting on rising and falling stocks in Greater China. Just not good enough to beat a spectacular market rally…
Why the World’s Top Equity Hedge Funds Are Trailing the Market
This Hedge Fund Is Preparing for Swedish Real Estate Turmoil
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Peak Core has returned 8.1% on average since start in 2014
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Fund holds long positions in S&P 500, commodities and gold
The potential for a housing crash in Sweden has Peak Asset Management surveying for opportunities…
This Hedge Fund Is Preparing for Swedish Real Estate Turmoil
What Hedge Funds Will Do After the Hedge Fund Model Dies
Posted by: | CommentsAs long-short strategies take a beating, managers see niches like private debt as fuel for future returns.
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As long-short withers, firms turn to niches like private debt
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This story is part of a series on the future of investing
The long and short on hedge funds is that long and short isn’t working so well anymore.
That’s the rather simple strategy that built the $3.2 trillion industry — the once-durable buying long when you figure an equity will go up and selling short when you reckon the opposite — and that basically put the “hedge” in hedge fund. These days it’s unreliable, at best.
Hedge Funds Love Tech Again
Posted by: | CommentsWell that didn’t last long.
Just a few short days after market observers declared the end of momentum and technology stocks’ reign atop the best performers, hedge funds’ appetite for the shares is picking up again. After cutting their exposure by 7 percent in November, leveraged buyers have already added back on a quarter of that reduction, according to data from Credit Suisse Group AG…
Goldman Traders Are Caught Up in a Bizarre, Tense Hedge Fund Battle
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Firm is said to have $200 million position in Hovnanian battle
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Bank said to have sold CDS on builder that GSO wants triggered
In a year of missteps across its trading business, Goldman Sachs finds itself in a dicey situation again…
Goldman Traders Are Caught Up in a Bizarre, Tense Hedge Fund Battle
Hedge Fund Performance Slipped in November
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Firms lost about 0.1% last month in biggest drop since June
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S&P 500 rallied more than 20% for the year through November
Hedge funds slipped in November, losing about 0.1 percent on average, even as the broader stock market rose, according to a report Thursday by Hedge Fund Research...
Hedge Funds Try a Quant Approach to Tackling Cryptocurrencies
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Portfolio to hold mostly digital tokens from secondary market
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Of more than 100 crypto funds, only a few use quant strategies
A daring few hedge funds are attempting to apply rules and models to the wildest market out there — cryptocurrencies…
Hedge Funds Try a Quant Approach to Tackling Cryptocurrencies
SEC Probes If Banks Helped Hedge Funds Inflate Returns
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Regulator asking whether brokers gave funds sham bond quotes
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Banks facing questions from agency include JPMorgan and Citi
Wall Street banks are known to fiercely compete for hedge-fund clients because of the lucrative trading profits they provide.
The U.S. Securities and Exchange Commission is now investigating whether some banks crossed the line to win business by offering hedge funds bogus price quotes on hard-to-value bonds, said two people familiar with the matter. The SEC’s concern: As a reward for helping hedge funds make money — by submitting quotes at requested levels — banks got trades steered their way…
Hedge Funds Prepare to Trade Against Bitcoin
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New bitcoin futures contracts will draw in more investors
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Seen as one of greatest short opportunities, investor says
A bitcoin big short is building.
The planned introduction of bitcoin futures contracts at CME Group Inc., Cboe Global Markets Inc. and Nasdaq Inc. will make it much easier to bet on a decline. Hedge funds, which have largely stayed on the sidelines, are waiting for the Chicago Mercantile Exchange’s futures market to open for a fresh opportunity to bet against the cryptocurrency, according to more than a half dozen people trading the assets…
JPMorgan Sees Pain for Growth Stocks and Their Hedge Fund Fans
Posted by: | CommentsIt’s not the end of the carried interest loophole, but JPMorgan Chase & Co. believes there’s another way U.S. tax reform could end up hurting hedge funds.
“We think the market is underestimating the probability of tax reform passage; the potential performance risk to active managers with high exposure to growth/momentum could be significant in the near term,” writes equity derivatives strategist Shawn Quigg…
JPMorgan Sees Pain for Growth Stocks and Their Hedge Fund Fans
Hedge Fund Manager Who Bet on Botox Turns to Rival
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Daewoong Pharmaceutical stock has almost doubled in 2017
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Crossover expects company to win approval to sell in the U.S.
Navroze Alphonse bet on Botox before the wrinkle treatment became a blockbuster drug for Allergan Plc. Now, the hedge-fund manager is bullish on a potential competitor.
The wager is on Daewoong Pharmaceutical Co. entering the lucrative U.S. market, for which the company and a partner filed an application in May after completingclinical trials. Daewoong’s Botox rival, Nabota, was first sold at home in South Korea in 2014 and is now available in about 60 countries. Daewoong expects it will take at least a year to win U.S. approval and a symbolic step came last month, when Nabota was assigned a formal name in the U.S…
Million-Barrel Oil Hedging Surge Signals Shale Boom Here to Stay
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Protection grew most since Wood MacKenzie started tracking
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New contracts cover annualized 897,000 barrels a day of output
Oil explorers took advantage of a market rally to lock in prices for almost 1 million barrels a day’s worth of future output, signaling the shale boom’s staying power as OPEC ponders the extension of its supply curbs…
Million-Barrel Oil Hedging Surge Signals Shale Boom Here to Stay
Hedge Funds Too Busy Surviving to Hire Robots
Posted by: | CommentsSmall firms aren’t investing in AI. They may live to regret it.
Rumors of the death of hedge funds have been, as the saying goes, greatly exaggerated. The industry nevertheless faces a battle to remain relevant amid the inexorable rise of low-cost passive strategies. And the smaller players are missing a trick that may cost them in the years ahead…
Hedge Funds Too Busy Surviving to Hire Robots
How Gandhi Inspired One Woman’s Rise to $3 Billion Fund Manager
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I want to do better in a rising market, SBI MF’s Andani says
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Andani is one of top 10 fund managers in India: Morningstar
In June 1995, a young Sohini Andani showed up uninvited at the Mumbai office of K.R. Choksey, the famous broker and investor, and told him she wanted a job. She’d read about his investment process in a magazine…
How Gandhi Inspired One Woman’s Rise to $3 Billion Fund Manager
Why Hedge Funds Should Think About Paying Bonuses Before Tax Overhaul
Posted by: | CommentsHedge fund firms should consider paying out bonuses before the end of the year so employees can take advantage of current tax breaks before they potentially change, according to Nicholas Tsafos, partner at accounting firm EisnerAmper.
Tsafos, whose firm advises 1,400 hedge fund firms, is encouraging clients to consider doling out bonuses early, instead of the typical February payout, to ensure that workers benefit from existing deductions for state and local levies. The push by Congress to overhaul the tax code for 2018 could scrap or crimp those regulations that allow some residents to decrease their federal taxable income…
Hedge Funds Haven’t Been This Leveraged to Buy Stocks Since the Bull Market Began
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Increasing use of borrowed money is a sign of confidence
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Managers raising longs while cutting back on short positions
Hedge funds are borrowing more to buy equities, a sign of growing confidence in the economy and their favorite stocks…
Hedge Funds Haven’t Been This Leveraged to Buy Stocks Since the Bull Market Began
Mike Novogratz Says Bitcoin Will End the Year at $10,000
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Former Fortress Investment Group manager starting crypto fund
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Hedge fund manager says bitcoin should be compared to gold
Hedge fund manager Mike Novogratz, who is starting a $500 million fund to invest in cryptocurrencies, says the bitcoin rally still has some serious legs…
Mike Novogratz Says Bitcoin Will End the Year at $10,000
A Boring Week in U.S. Stocks Masks a Roaring Appetite for Hedges
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Options open interest in SPY ETF jumps to highest since 2011
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Investors take on wagers amid persistent dip-buying mentality
The main U.S. equity gauge moved just a 10th of a percent last week, but investor hedging has jumped to a six-year high…
A Boring Week in U.S. Stocks Masks a Roaring Appetite for Hedges
A Hedge Fund Manager Committed Fraud. Would the U.S. Let Him Go?
Posted by: | CommentsTORONTO — Forty inmates lined up for the daily mail call at the Fort Dix Federal Correctional Institution, a complex of low-slung brick buildings in the middle of New Jersey.
It was July 2012, and one of the inmates was Philip Baker. A former hedge fund manager, he was serving a 20-year sentence for fraud. He had used bogus performance data to lure hundreds of people and institutions into his fund. His investors had lost hundreds of millions of dollars…
A Hedge Fund Manager Committed Fraud. Would the U.S. Let Him Go?