Hedge Fund News: Phil Falcone’s Ban, The Fall of FX Concepts & David Shaw’s Big Move

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Fund manager Falcone banned from insurance unit -NY officials (Reuters)
Hedge fund manager Philip Falcone, banned from the securities industry for five years by U.S. regulators, is also being banned for seven years from decision-making roles at Fidelity & Guaranty Life Insurance, a unit of his firm, New York officials said on Monday. Falcone is “banned during that period from serving as an officer or director of Fidelity & Guaranty Life and its subsidiaries or any New York-licensed insurer, as well as participating in the selection of any such officers or directors,” the New York State Department of Financial Services said.

HARBINGER

Investors allocate USD26bn to securitised credit strategies (HedgeWeek)
Investors have allocated nearly USD26bn to securitised credit strategies since the financial crisis, including USD3.9bn in 2013, according to an eVestment report on hedge fund investment in securitised credit markets. The universe, which includes ABS, MBS, and CDOs, has produced average annual returns in excess of 25 per cent making it one of the greatest runs for both investors and managers the hedge fund industry has produced in its history.

FX Concepts may shut down following pension fund’s redemption (Opalesque)
FX Concepts, John Taylor’s currency-focused hedge fund firm, which once managed more than $14 billion, may soon shut. One of the 32-year-old firm’s last remaining large institutional investors, the San Francisco Employees’ Retirement System, voted to redeem its money Sept. 11, according to Jay Huish, the pension plan’s executive director. “The Board approved reducing its currency overlay program target to zero percent,” Huish said in an email to CNBC.com. “There is no intention at this time to redeploy the currency overlay mandate to any new cur..

How Hedge-Fund Advertising Will Backfire on Hedge Funds (WSJ)
Ironically, I think lifting the ban on hedge-fund advertising is good for investors. As someone who thinks it’s the rare average individual who should even consider investing in a hedge fund that may sound odd. The reason I support advertising is that it lifts the veil of secrecy and exclusivity that has so long surrounded the hedge-fund world. Let’s face it, it’s just plain old human nature to want what we can’t have. By peering behind the screen, the discerning potential individual investor can see for themselves the generally hefty fee structures and often surprisingly lackluster returns relative to overall market indexes.

Hedge fund D.E. Shaw to close funds for new clients (Reuters)
D.E. Shaw is closing its doors to new clients, joining other large hedge funds that have stopped accepting cash into their flagship funds, the Financial Times reported on Monday. Oculus, D.E. Shaw’s flagship fund, generated a return of 20 percent in 2012, compared to 18 percent in 2011, according to the FT, while performance this year at the hedge fund has been more modest, an investor told the paper. Shaw’s Oculus and Heliant funds were closed earlier this year and its flagship multi-strategy fund, Composite, was closed at the end of the summer, the FT reported, citing people familiar with the matter.

Former hedge fund giant on verge of collapse (CNBC)

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