Fir Tree’s New Launch, Einhorn Replaces CDS With Shorts, Boyer Allan Shuts Hedge Funds

Fir Tree Partners Launched A New Hedge Fund. (HFN)

The fund, offered by Fir Tree affiliate Camellia Advisors, raised $96 million starting Dec. 1, according to a Securities and Exchange Commission filing made public on Wednesday. Also in the filing, the fund will be open to investors for less than a year. The money was raised from 10 investors who put in a minimum investment of $1,513,800.

Jeffrey Tannenbaum

Hedge Fund Buys Rare Gold Coin (FINalternatives)

A hedge fund has acquired one of the rarest coins in the world for more than $7 million.The unidentified Wall Street firm bought the 1787 Brasher gold doubloon last month for $7.4 million through a New Orleans-based intermediary, the seller, Steven Contursi, said. Contursi’s Rare Coin Wholesalers bought the coin six years ago for less than $3 million.

‘Greedy’ Insider Trader Jailed For Using Hedge-Fund Tips (Bloomberg)

A London management consultant was sentenced to two years in prison after being convicted of making about 500,000 pounds ($774,000) using confidential tips from a hedge-fund trader. Jurors found Rupinder Sidhu guilty on 22 of 23 insider- dealing charges yesterday, said Chris Hamilton, a spokesman for the U.K. Financial Services Authority, which filed the case. A separate charge of money laundering wasn’t considered. Sidhu, 40, used information from AKO Capital LLP trader Anjam Ahmad about the hedge fund’s trading plans to spread bet on companies including Julius Baer Group Ltd. (BAER), Swatch Group (UHR) AG and Michael Page International Plc (MPI) between June and August 2009, prosecutors said. He is the eighth person sentenced to prison for insider trading in a case brought by the FSA.

Einhorn Replaces Credit Swaps With Shorts When Betting On Sovereign Debt (Bloomberg)

David Einhorn, the hedge-fund manager who compared the Greek bailout to a surrealist painting, recast a bet against sovereign debt in a way that reduces risks posed by government regulators and big banks. Greenlight Capital Re Ltd. (GLRE), a publicly traded insurer controlled by Einhorn, held credit default swaps on $667 million of sovereign debt as of June 30. During the third quarter, the company exited about half of those swaps, designed to pay off should a government default, and entered into short sales on non-U.S. sovereign bonds, according to a regulatory filing.

Investors Falling Out Of Love With Hedge Funds (Reuters)

Deep cracks are starting to show in the love affair between hedge funds and their investors, after another year of paltry returns on expensive investments leaves many feeling cheated and close to bailing out. An asset class once feted for its ability to make money in all markets is back under the spotlight after the average fund lost 4.4 percent in the first 11 months of the year, data from Hedge Fund Research shows. Hedge funds, which made money both in 2001′s tumbling markets and 2003′s rally, have been caught out this year by whipsawing markets and high volatility amid the euro zone’s prolonged and deepening debt crisis.

JCAM Shuts Flagship Fund, Plans New Liquid Credit Trading Strategy (Hedgefund Intelligence)

James Caird Asset Management, the $1.9 billion London and New York-based hedge fund led by former Moore credit managers Tim Leslie and Robert Miller that span out from Moore in 2008, is liquidating its flagship JCAM Global Fund and returning capital to investors in a reorganisation aimed at adapting to long-term structural changes in the global credit markets.

Boyer Allan To Shutter Two Hedge Funds (Reuters)

Boyer Allan Investment Management is shutting two of its hedge funds after losses and a fall in assets this year, four sources familiar with the matter said, lengthening the list of Asia focused funds that have closed this year. The company, which managed about $1.8 billion in three products before the financial crisis, was shutting its pan-Asia Boyer Allan Pacific fund after an 18.7 percent loss up to the end of November, two of the sources said. It is also shutting the Boyer Allan Greater China fund, which has lost 7.8 percent this year. The firm will continue to run its Boyer Allan Pacific Opportunities fund.

Northill Capital Acquires Majority In Wellfield Partners (FINalternatives)

London-based asset manager Northill Capital has acquired a majority interest in Wellfield Partners, a systematic global investment manager. Under the terms of the detail, Northill will provide dedicated seed and equity capital to support and accelerate Wellfield Partners’ growth in target European and international markets. Northill has committed seed capital of $30 million for a minimum of three years.

Hedge Fund Manager Pleads Guilty To Fraud (FINalternatives)

Ward Onsa yesterday admitted to running a Ponzi scheme at his New Century Hedge Fund Partners. According to prosecutors, Onsa raised more than $5 million for the vehicle, mostly from investors’ individual retirement accounts. Onsa now faces up to 20 years in prison.

Hedge Fund Lobby Group Spent $1M (HFN)

The hedge fund industry’s lobbying group spent more than $1 million in the third quarter of this year to petition federal officials voting on financial regulations affecting the industry. The Washington D.C.-based Managed Funds Association spent $1.02 million, according to an Associated Press article citing the group’s quarterly filing with the House of Representatives office.

NorthPoint, CurAlea Offer New Hedge Fund Solution (HFN)

Technology consultant NorthPoint has partnered with hedge fund risk advisor CurAlea Associates to offer a new hedge fund solution. RiskSuite provides an automated and fully customizable solution for risk measurement, assessment, and decomposition at the portfolio and position level, according to a statement by NorthPoint.

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 44 percentage points in 21 months Learn how!

Lists

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Top 30 Most Influential Women in the World

Top 20 Most Expensive New Year Eve Shows

Top 5 Best Vocational Careers

Top 10 Jobs for 2014 by Salary Gain (Predictions)

Top 5 Digital Trends for 2014

Top 6 Things You Can Do To Increase Your Productivity

Top 9 Trending Smartphones in 2013

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!