Dyal buys 20% of hedge fund Capstone (PIOnline)
Capstone Investment Advisors, a hedge fund firm with $2.4 billion in assets, sold a minority stake to a private equity fund run by Neuberger Berman Group, according to a letter sent to Capstone’s clients on Monday. Dyal Capital Partners paid $60 million for 20% of Capstone, according to two people with knowledge of the transaction, who asked not to be identified because the deal is private. Dyal will be a passive investor and will have no day-to-day control of the fund, according to the letter from Paul Britton, Capstone’s CEO.
One Hedge Fund Manager’s Crazy Story Of His First Time In Macao Back In The 90s (BusinessInsider)
Bloomberg via YouTubeBefore Macao was a glamorous gambling centre, it was the “Wild Wild West” according to Jason Ader, the CEO of hedge fund Ader Investments. He started off on Wall Street as a gaming analyst, so checking out Macao before it was opened up to gaming companies in the early 2000s was part of the job. He also currently serves as Director of Las Vegas Sands Corp. (NYSE:LVS) In short — Ader made it Macao in the 90s to prepare the way for the insane boom we’ve seen over the past decade. Today, at Bloomberg’s Hedge Funds Summit, he told the story of his first time.
South Carolina To Shrink, Restructure Hedge Fund Portfolio (Finalternatives)
South Carolina’s public pension manager plans to cut its hedge fund portfolio while increasing its direct hedge-fund investments. The South Carolina Retirement System Investment Commission has cut its hedge fund target to 15%, from 20%, Pensions & Investments reports. The commission, which runs the $27.3 billion South Carolina Retirement Systems, will also restructure the hedge fund portfolio, re-categorizing the hedge funds included in it. South Carolina currently invests $5.5 billion in hedge funds and $3.9 billion in a separate portable alpha program, which has a 15% target…
Gold: Is Nouriel Roubini right the ‘barbarous relic’ will sink to $1,000 by 2015? (TheGlobeAndMail)
Is Roubini right? Nouriel Roubini is, of course, famous for having forecast the meltdown. Will he now be right on gold prices? Over the weekend, Mr. Roubini penned a piece that warns the bubble has popped and gold is headed for $1,000 (U.S.) an ounce by 2015. “Gold remains John Maynard Keynes’s ‘barbarous relic,’ with no intrinsic value and used mainly as a hedge against mostly irrational fear and panic,” writes Mr. Roubini, a New York University professor and head of Roubini Global Economics.
Hedge Funds in Japan Ride Small-Cap Rally on Abenomics Boost (Bloomberg)
Japanese hedge funds investing in smaller companies are outperforming as trading in small-cap stocks more than doubled this year amid Prime Minister Shinzo Abe’s efforts to revive the world’s third-largest economy. Monterey Japan Equity Fund, which manages about $100 million, returned 39 percent this year through April as it shifted to small caps, such as property company Raysum Co., from larger stocks. Hayate Japan Equity Long-Short Fund gained 71 percent by focusing on companies that aren’t followed by analysts, while J-Flag Investment Co.’s long-short hedge fund surged 51 percent. The Eurekahedge Japan Hedge Fund Index (EHFI133) gained 18 percent in the period.
