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Trusted Insight | Hedge Funds

February 7th, 2013


** Hello Hunter,
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Here's this week's top news in hedge funds, curated for you by Trusted Insight.

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Paulson hedge fund conspired with Goldman in Abacus (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=e66cb0fa92&e=563f3285d7)
John Paulson’s hedge fund will have to defend claims that his firm conspired with Goldman Sachs Group Inc to fraudulently induce a bond insurer to guarantee payments on risky debt, court papers show. Bond insurer ACA Financial on Thursday filed an amended complaint naming Paulson & Co and its hedge fund Paulson Credit Opportunities Master II Ltd as defendants in a $120 million lawsuit it brought against Goldman in 2011.
Asset-Backed Securities (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=6ab5f3d39a&e=563f3285d7) Credit (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=80ab382964&e=563f3285d7) Short Bias (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=64a3a263c9&e=563f3285d7) USA (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=36a8cfa22f&e=563f3285d7)
Bridgewater to launch new hedge fund (http://thetrustedinsight.us2.list-manage2.com/track/click?u=77a3cd097df7557022fbc4906&id=af4315f7f8&e=563f3285d7)
The world’s largest hedge fund, Bridgewater Associates, told investors it will launch a new hedge fund this year, and that it had sold a minor equity stake in the firm to an unidentified buyer, the Wall Street Journal reported on Monday. The new fund, All Weather Major Markets, will help prevent Bridgewater’s $65 billion All Weather Fund from growing too large, the Journal said citing a year-end report to investors the firm issued Jan. 24.
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Talpion’s Swieca Prepares for Protege’s Fund Opening (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=5efb594209&e=563f3285d7)
Henry Swieca is preparing to return to the hedge-fund world as a startup investor in a new fund managed by one of his proteges at Talpion Fund Management LP. Clearline Capital LLC, managed by Marc Majzner, was formed in January 2012 with $50 million of Talpion’s money and another $20 million from Mr. Swieca and his family. The “catalyst value” fund, which invests in cheap stocks of companies that are undergoing some kind of change or event, is set to open to outside investors on March 1.
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FRM Capital Advisors seeds Japan focused hedge fund (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=80259addcd&e=563f3285d7)
FRM Capital Advisors or “FCA”, the seeding division of FRM (Man Group plc‘s fund of hedge fund division) has entered into a strategic relationship with a Japan focused hedge fund. FCA will make a significant investment in a fund launched by Arena Capital Management Limited, a Hong Kong based investment advisor Arena, which was established in May 2012 by Toby Bartlett (CIO). The fund manages a Japanese Long-Short Equity strategy focusing on domestic demand sectors.
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Guggenheim to Hire as Many as 10 Managers for Multistrategy Fund (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=1cf5e21acc&e=563f3285d7)
Guggenheim Global Trading, a subsidiary of closely held financial-services firm Guggenheim Partners LLC, plans to hire as many as 10 portfolio managers this year to expand its multistrategy hedge fund. GGT, which employs 15 portfolio managers, may have as many as 25 by year-end, according to Loren Katzovitz and Patrick Hughes, partners at Guggenheim Partners. It’s in talks with several candidates, Katzovitz and Hughes said last week in an interview in New York.
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BTG Pactual shuts macro hedge fund to new money (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=7c27dce21e&e=563f3285d7)
The hedge fund arm of Brazilian bank BTG Pactual has shut its top-performing fund to new cash, in the latest sign managers believe markets may be too tough for trading huge amounts of money. BTG’s Global Emerging Markets and Macro (GEMM) Fund, based out of London and New York, has told investors it will no longer accept more money into its flagship fund, and has turned away about $500 million since late last year.
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The World’s Hottest Hedge Fund, Tiger Global, Has Quietly Sold Its Gun Stock (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=671fb65a54&e=563f3285d7)
Tiger Global Management in past months discreetly sold a stake in the largest public U.S. gun company, as critics vilified the firearm industry following the Sandy Hook Elementary massacre. Tiger Global established a sizable position in Sturm, Ruger that placed it among the $991 million company’s largest shareholders. According to the investment firm’s most recent SEC filling, it owned 800,000 shares as of Sept. 30, a 4.2% stake in Ruger then worth $40 million. Tiger Global amassed the position in the third quarter when the stock traded between $40.15 and $49.49.
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Paulson ‘Exploring’ AngloGold Split to Increase Value (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=4a59b6998b&e=563f3285d7)
John Paulson, the billionaire whose hedge fund is the largest shareholder of AngloGold Ashanti Ltd., said Africa’s largest producer of the metal might increase in value if it were to split in two. “We are exploring ways for AngloGold to improve its valuation,” Paulson’s New York-based hedge fund said in a year- end report that was obtained by Bloomberg News. “Based on our analysis, AngloGold’s shares could increase in value by up to 68 percent if the company was to split its business into South African and non-South African businesses.”
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BNY Mellon’s Fund Of Hedge Fund Assets Rise By $20 Billion (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=74657bd578&e=563f3285d7)
BNY Mellon, the global leader in investment management and investment services, has been recognized as the world’s largest Fund of Hedge Fund (FoHF) administrator in HFMWeek’s bi-annual administrator survey. BNY Mellon saw its FoHF assets under administration rise by $20 billion to $130.6 billion in the six months to October 2012, demonstrating considerable growth in what has been a challenging period for the FoHF industry, with overall assets under management down by 2%, falling from $1.09 trillion to $1.07 trillion.
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Boston Scientific, St. Jude Medical get larger investments from BlackRock hedge fund (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=f4fa2b3210&e=563f3285d7)
Hedge fund giant BlackRock Inc. is stepping up its investment in medical-device companies, including St. Jude Medical and Boston Scientific. New York-based BlackRock reported in a regulatory filing on Wednesday that it owns 19.6 million shares of Little Canada-based St. Jude Medical (NYSE: STJ), amounting to a 6.37 percent stake in the company. That’s up from the 16.6 million shares and 5.21 percent stake the fund reported owning early last year.
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Star hedge fund manager slams exorbitant fees (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=2f6f889a31&e=563f3285d7)
Cliff Asness, a former Goldman Sachs star and now one of the leading quantitative hedge fund managers, has attacked his own industry for charging exorbitant rates for pedestrian performance. The co-founder of $70.7bn asset manager AQR Capital Management told Financial News: “Hedge funds generally offer a nice portfolio (gross of fees!) of passive beta, alpha, and a middle ground we call hedge fund beta or style premia. But, unfortunately, managers like to charge fees as if it’s all alpha.”
Quantitative (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=8e2891b6e4&e=563f3285d7) USA (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=cf3504ce47&e=563f3285d7)
Analysis: Commodity hedge funds find money more scarce, pedigree pays (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=73692d1999&e=563f3285d7)
Pierre Andurand, who managed $2 billion at his BlueGold oil hedge fund before it folded last year under heavy losses, is headlining a host of one-time commodity stars looking to make a comeback in a less merciful market. Andurand began trading on Friday at a new $200 million hedge fund that he plans to expand to $500 million by the end of the first quarter and $1 billion eventually. But the 36-year-old Frenchman who tripled his investors’ money in his first year at BlueGold will have to face more wary investors this time.
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Hedge Funds Moving To Florida (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=047afcd10c&e=563f3285d7)
Tired of New York’s high city and state tax rates, the New York Post reports that some hedge funds are moving to Florida’s Palm Beach County. “You weigh all of the benefits for being here to those in New York, and they outweigh them every time,” said Evan Rapoport, CEO of HedgeCo.net, which is expanding its presence in Palm Beach County.“This fiscal-cliff issue, with tax rates continuing to go up. We’re seeing where we’re going with taxes.”
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