Hedge Fund News: Alan Howard, Ray Dalio & John Paulson

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Brevan Howard Said to Shut Emerging Market Fund After Loss in 2013 (NYTimes)
Brevan Howard Asset Management, one of the world’s largest hedge funds, with more than $40 billion in assets under management, is closing down its emerging markets fund, according to a person briefed on the fund’s activities. The $2 billion fund, founded in 2007, lost 15 percent last year as emerging markets like Brazil and Turkey were rattled by tightening United States monetary policy… But its 2013 returns were lackluster. In his year-end letter, Alan Howard, co-founder the firm, called Brevan Howard’s 2.6 percent return “somewhat disappointing.”

Alan Howard

Owings Mills hedge fund raises nearly $20M (BizJournals)
LG Capital Fund LP has raised another $19.7 million, according to its most recent Securities and Exchange Commission filing. The Owings Mills hedge fund has raised a total of $59.9 million from investors as of Jan. 29, according the filing. That is up from $40.2 million listed on a federal filing in August 2013. Andrew Grossman, the fund’s managing partner, declined to comment.

Large Shareholders Join Forces With Corporate Directors to Defeat Hedge Fund Locusts (HuffingtonPost)
Sam Levenson once observed, “The reason grandparents and grandchildren get along so well is that they have a common enemy.” The same could be said for a new alliance between groups who have often been at odds and more often had no communication at all: large institutional shareholders and corporate directors. A new initiative called SDX is prompted in part by a mutual interest in combating “activist shareholders” whose short-term pressure for performance is detrimental to both corporations and long-term investors…

Meet The Hedge Funder Whose Finance Roots Date Back To The Shanghai Stock Exchange During WWII (BusinessInsider)
Hedge fund manager Christopher Tsai got hooked on investing when he was only 11 years old. “I purchased five shares of a re-insurance company, which I really did not know much about it, but it looked good to me at age 11. I used gardening money. Ever since, the $US25 profit on that trade, I was hooked.” Tsai, who is now 39, runs long/short equity hedge fund Tsai Capital.

Michael Zimmermans Hedge Fund Says Mcommerce Must Be Retailers Top Priority (EINNews)
Optimizing for mcommerce is a must for retailers of all sizes, Zimmerman believes, or they will miss a huge revenue opportunity from smartphone shoppers. A recent poll found poorly optimized sites lost nearly $15.9 billion in abandoned mobile sales this 2013 holiday season. Michael Zimmerman’s hedge fund Prentice Capital notes that during 2013, retailers smartphone revenue increased 113% and tablet revenue by 85% over the previous year, according to a survey conducted by Shop.org and Forrester Research. (1) The survey additionally found that 21% of retailers’ entire online revenue derived from either a smartphone or tablet during 2013.

Petters Ponzi Scheme Suit Against Hedge Fund Goes To Jury (Finalternatives)
The Securities and Exchange Commission’s lawsuit against a Thomas Petters-linked hedge fund and its manager is in the hands of a Minneapolis federal jury. The panel began deliberations yesterday to determine whether Marlon Quan and his Acorn Capital Group and Stewardship Investment Advisors are liable for their alleged role in Petters’ $3.5 billion Ponzi scheme, which collapsed more than five years ago. The case against Quan and his firm is the first civil matter to go before a jury; to date, 13 people have pleaded guilty or been convicted in the case—the latter group including Petters himself and James Fry, the founder of hedge fund Arrowhawk Capital Management.

Hedge Fund Manager Pays $27M for Chelsea Building After Cashing Out of His Home (CommercialObserver)
Hedge fund manager Mark Sonnino has reportedly purchased an office building at 555 West 25th Street in West Chelsea from Sharone Ben-Harosh of FlatRate Moving for $27 million just months after selling his home for $43 million. The 40,856-square-foot building, between Tenth and Eleventh avenues, is occupied by creative tenants, including the Dillon Gallery, a showcase of works by international contemporary artists; and an American furniture showroom by design firm Khouri Guzman Bunce. Rents in the building, built in 1891, are far below market rate, according to a statement from Massey Knakal, first reported on by The Real Deal.

Re Hedge Funds 2-11-14 (YouTube)

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