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Fundana Seeks ‘Another Eight’ Hedge Funds by Year-End

Bloomberg Brief — Thu, 23 May 2013 18:13:31 +0000

Fundana S.A., the $850 million Geneva-based fund of hedge funds, intends to hire about eight managers by the end of the year, according to senior analyst Bruno Guillemin.

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Credit Suisse Seeks UCITS Hedge Funds for Multi-Manager Programs

Bloomberg Brief — Thu, 29 Nov 2012 22:02:43 +0000

Credit Suisse AG is searching for equity long/short and fixed incomerelated absolute return strategies to add to its pair of UCITS-only multi-manager programs, according to Oliver Wiedemeijer, portfolio manager of the programs.

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Alegra to Relocate Senior Management to Liechtenstein in AIFM Move

Bloomberg Brief — Wed, 21 Nov 2012 21:20:12 +0000

Senior management of Alegra Capital Ltd. will relocate from Pfaeffikon, Switzerland to Vaduz, Liechtenstein as the firm shifts management of its Alegra ABS Fund to a newly formed subsidiary.

The changes were sparked by the Alternative Investment Fund Managers, or AIFM, rules that are set to take effect next
summer, according to Alegra chief executive officer Daniel Riediker.

Flamand’s Edoma Partners to Close After Investment Losses

Bloomberg Brief — Fri, 02 Nov 2012 15:04:56 +0000

Edoma Partners LLP, the hedge fund started by former Goldman Sachs Group Inc. proprietary trader Pierre-Henri Flamand, plans to close after it lost money and assets shrank.

“This is very disappointing for everyone concerned,” Flamand, 42, said in an emailed statement yesterday. “Considering the unprecedented market conditions, we felt the most responsible course of action was to return money to investors and cease investment activity.”

FRM Changes Focus to Statistical Arbitrage, Moves Away From Global Macro

Bloomberg Brief — Fri, 28 Sep 2012 17:27:55 +0000

FRM Holdings Ltd., the fund of hedge funds group that was acquired by Man Group Plc earlier this year, has turned bearish on long/short equity strategies and global macro managers.

FRM, which has $19.5 billion under management, is currently “very underweight macro, and we’re very underweight equity long/short,” favoring statistical arbitrage, commodity trading advisers and structured credit, according to Luke Ellis, the London-based firm’s chief executive officer and chief investment officer.

Today is “the worst environment to invest in macro,” Ellis said at a press briefing in London on Sept. 25. Macro funds performed better when they had an informational edge based on close ties to central banks and there was more disparity on monetary policy, Ellis said.

Pessimism Will Return Once QE Effects Wear Off: Saemor Capital

Bloomberg Brief — Fri, 21 Sep 2012 13:44:27 +0000

Saemor Capital BV, which runs the long/short Europe Alpha Fund, is pessimistic about the global markets in the coming months, chief investment officer Sven Bakker said.

“We can see that people are optimistic about all the quantitative easing around the world,” Bakker said in a telephone interview. Now that “all of the QE announcements are behind us, I don’t see a lot of good news coming out, other than maybe some U.S. housing rebound,” he said. “And there are not a lot of ways to play that in Europe.”

The markets “continue to be driven more by politicians than fundamentals,” the firm said in its August performance report. “Macro events are also expected to dominate the headlines in September and October.”

Soros, Dalio Say Germany May Be Likeliest to Leave Euro Zone

ekrutoholow — Fri, 14 Sep 2012 13:23:14 +0000

Ray Dalio, the billionaire investor who runs the world’s largest hedge fund, and billionaire George Soros this week said Germany could leave the euro zone.

“If anyone is going to be forced out, it’s more likely that the Germans will be forced out,” Dalio, founder of Bridgewater Associates LP, said during a talk at the Council on Foreign Relations in New York this week. “Southern Europeans have the votes that control the monetary policy. You let them vote, they will vote to print money.”

In Germany, the region’s largest economy, the highest court cleared the way for a permanent European bailout fund to start operating. Yields on Spanish and Italian government bonds have fallen from their July highs as European leaders took steps to contain the debt crisis and European Central Bank President Mario Draghi this month announced unlimited debt purchases.

Dalio, whose Bridgewater Associates manages about $130 billion, said that the fiscal transfer of wealth from Germany is “going to fall short.” He also said there will be 2 trillion euros ($2.5 trillion) worth of losses on current European debt.

Pension Obligations Pile Up for Pennsylvania

Bloomberg Brief — Fri, 24 Aug 2012 15:51:27 +0000

Pennsylvania, home to a quarter of all U.S. public pensions, has spent at least $2 billion since 1985 to help pay for managing the plans, including thousands that cover no more than 10 workers each.

The subsidy has prompted towns such as Halfmoon and Elk Lick to set up even smaller plans, with fewer than five members. Some don’t monitor administrative costs, including those paid to firms such as PNC Financial Services Group Inc.

“There’s no incentive to reduce your municipal expenses if the state’s paying,’ said James McAneny, executive director of the state’s Public Employee Retirement Commission. He calls the pensions “snowflakes’’ because each is different.

Pamplona Says Certain Northern European RMBS ‘Very Attractively Priced’

Bloomberg Brief — Fri, 17 Aug 2012 15:16:08 +0000

Pamplona Capital Management LLP, the $6 billion London-based manager of hedge funds and funds of funds, says certain structured credit assets in the U.K. and Northern Europe present buying opportunities, according to a letter to investors.

“We believe that the structured credit assets that we hold in the U.K. and Northern Europe are very attractively priced,” Yves Leysen, the 296 million euros ($365 million) fund’s portfolio manager, said in the letter, which was obtained by Bloomberg. “For instance, current prices of mezzanine non-conforming RMBS imply default rates of three to four times current default rates.”

The Pamplona Credit Opportunities Fund rose 0.5 percent in July and 6.6 percent this year. It has returned 49 percent cumulatively and 11 percent annualized since inception in January 2008 …

Ex-RBS Trader Boyle to Launch Fund Backed by Stanley Fink’s ISAM

Bloomberg Brief — Fri, 27 Jul 2012 18:21:55 +0000

Patrick Boyle, a former trader at Nomura Holdings Inc. and Royal Bank of Scotland Group Plc, is starting a hedge fund with backing from Stanley Fink’s International Standard Asset Management Ltd.

Boyle, 36, plans to begin trading at London-based Palomar Capital LLP in August with $50 million, he said in an interview this month. Fink’s ISAM, which manages about $1 billion, has agreed to be an initial investor, according to a person with direct knowledge of the situation.