Most Paulson Funds Rise In May (FINalternatives)
May proved a highly mixed bag for Paulson & Co. Most of the $21 billion New York-based firm’s funds posted gains last month, with its merger-arbitrage Partners Enhanced Fund returning 1.9% and its Credit Opportunities Fund 1%. The latter is now up 7.4% on the year and the former 4.8%. But Paulson’s Advantage Plus Fund fell 3.7% to wipe out its year-to-date gains; it is now down 2% in 2013.
Ex-Goldman, Noble execs target July launch for Asia hedge fund (Reuters)
Guard Capital Management, a hedge fund start-up by two top traders formerly with Goldman Sachs Group Inc (NYSE:GS) and Noble Group, is aiming to launch next month and has hired at least four executives, one person with knowledge of the matter said. The hedge fund is being led by Leland Lim, who was the co-head of macro trading for Asia Pacific ex-Japan at Goldman Sachs Group Inc, and Allan Bedwick, the former head of macro trading in Asia for Noble Group.
Britain’s Man Group to Acquire Pine Grove Asset Management (New York Times)
The British hedge fund manager Man Group said on Monday that it has agreed to acquire Pine Grove Asset Management, a hedge fund manager based in the United States. The deal is expected to increase Man Group’s presence in the United States and to boost its fund of funds business, FRM, through new product offerings. Pine Grove, an employee-owned fund with offices in New York and Summit, N.J., has about $1 billion in assets under management. About two-thirds of its assets under management are from institutional investors, primarily based in America.
TPG-Axon Partner Wesley Wong Retires After Nine Years With Firm (Bloomberg)
Wesley Wong, a Hong Kong-based partner of TPG-Axon Capital Management LP, left his employer of almost nine years as the more than $3 billion New York-based hedge-fund manager consolidates its Asia business. Keita Arisawa, formerly the company’s “point person” for Japan investments, is moving to Hong Kong from Tokyo to lead the entire Asia business, according to an excerpt from a June 3 newsletter to investors seen by Bloomberg News. Dan Gagnier, a spokesman for the hedge fund at Sard Verbinnen & Co. in New York, declined to comment on the departure.
Billionaire seeks to help climate-change victims (CNBC.com)
An environmentalist billionaire who has pledged to spend tens of millions of dollars targeting Republicans who reject climate change announced Friday that he is now creating a fund to help victims of extreme weather disasters, starting with wildfires in the American West. Tom Steyer and his wife, Kat Taylor, launched the Climate Disaster Relief Fund that will draw on the couple’s personal profits from investments in Kinder Morgan, one of the largest energy companies in North America.
