Hedge Fund News: Larry Robbins, Alan Howard & Ken Griffin’s Bold Statement

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Larry Robbins’ Obamacare Bet Makes Him Hedge Fund Manager Of The Year (Forbes)
Two major and controversial stories have dominated America in the last two years. One of them is Obamacare, President Barack Obama’s signature legislative achievement that is currently facing mounting problems and criticism as it gets implemented. Another important development in America has been the roaring comeback of the U.S. stock market, which has soared to new all-time highs. One man has harnessed these two trends to make a fortune like no one else. Larry Robbins, who runs hedge fund firm Glenview Capital Management, made a huge bet on Obamacare and the U.S. stock market that is paying off in a big way.

GLENVIEW CAPITAL

Hedge Fund Industry on the Road to Recovery (DigitalJournal)
Extreme market volatility, adverse global macroeconomic conditions, underperforming markets and low consumer confidence all colluded to create an extremely hostile environment for hedge funds last year. But in many ways, 2012 was rock bottom, and the hedge fund industry inevitably became stronger in the face of that challenge. That is why 2013, despite a growing regulatory burden, is shaping up to be a better year, paving the way for sustained growth in the near future. The World Finance Hedge Fund Awards represent the best players in the industry and offer an insight into the many success stories amid an ever-volatile marketplace.

Hedge funds added to this year’s gains in October (Reuters)
Hedge funds added to their performance gains in October as stock markets continued to rally, boosted by the United States avoiding a default on its debt and further signs the world’s largest economies are growing, new data showed on Tuesday. According to the SS&C GlobeOp Hedge Fund Performance Index, the average fund returned 1.06 percent last month, bringing year-to-date gains to 9.93 percent. The index rose 0.1 percent in October 2012 and was up 7.78 percent in the 10 months to end October last year. Hedge funds are enjoying a strong 2013, with most of the main strategies making their clients money and leaving managers to collect the lucrative performance fees they charge…

Hedgies have built a sector on an aura of exclusivity (FT)
You are a discerning member of the elite. So please read on. We have to be selective, obviously. Just as Goldman Sachs Group, Inc. (NYSE:GS) will doubtless be in inviting investors to participate in Petershill II, a private equity fund that will buy stakes in hedge fund partnerships. One can’t give any old Tom, Dick or Harriet access to such an exclusive investment. Or the go-ahead to peruse this incredibly classy column. An aura of privileged access has been a key marketing tool for hedge funds, privately owned asset management businesses that took off in earnest in the UK over a decade ago.

SEC Makes Deferred Prosecution Agreement With Hedge Fund Administrator (HedgeCo)
For the first time in SEC history the agency has deferred prosecution against a former hedge fund administrator who helped the SEC take action against a hedge fund manager who stole investor assets. The SEC agreed to a deferred prosecution agreement (DPA)* with Scott Herckis when he helped them secure an emergency enforcement action against Berton M. Hochfeld, the founder of Connecticut-based hedge fund Heppelwhite Fund LP. Hochfeld is accused of misappropriating more than $1.5 million from the hedge fund and overstating its performance to investors.

Ex-GoldenTree’s Wagner Joins Trilogy as President of Merged Firm (BusinessWeek)
Leon Wagner, the retired chairman of GoldenTree Asset Management LP, joined Greenwich, Connecticut-based credit hedge-fund firm Trilogy Capital LLC, according to a letter to investors. Wagner’s credit-focused investment firm LWPartners LP will merge with Trilogy and become a partner in the hedge-fund manager, according to the Nov. 8 letter, a copy of which was obtained by Bloomberg News. Wagner will be president of the combined firm, which is being renamed TrilogyLWP LLC.

Asian currencies out of favor again? (CNBC)

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