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GLG Ore Hill, Stone Milliner Asset Management, 10 Top Hedge Funds

Gartmore’s Rambourg Expected to Launch New Hedge Fund (FT)

“Guillaume Rambourg, the star trader whose run-in with UK market regulators led to the fall of asset management group Gartmore as an independent company, is poised to launch his own hedge fund venture in Paris….the fund, Verrazzano Capital, is set to be one of the biggest hedge fund launches in years.”

HazelTree Fund Services Expanding US Operations (MarketWatch)

“HazelTree Fund Services, Inc., a leading New York-based provider of Treasury management services for Hedge Funds, will be expanding its operations westward with the opening of its newest office in San Francisco, California headed by Daniel Osborne, former Partner, COO and CTO of Conifer Securities, LLC.”

GLG Ore Hill Raises $200 Million to Meet Mandate (HedgeCo)

“GLG Ore Hill LLC, a credit-focused, event-driven hedge fund and structured product manager based in New York, announced that it has raised $200 million for a large institutional client’s credit mandate.”


Ray Dalio Outsources Bridgewater’s Back Office to Bank of New York Mellon (NYT Dealbook)

“Bridgewater Associates, the Connecticut hedge fund juggernaut founded by Ray Dalio, announced in a filing this week that it was outsourcing its back-office operations to Bank of New York Mellon.”

Team of Traders at Moore Capital Vacate to Start Own Fund (FT)

“A team of top traders at US hedge fund Moore Capital is poised to launch a new hedge fund venture, Stone Milliner Asset Management, in what is likely to be one of the highest profile start-ups since 2008.Moore Capital’s Jens-Peter Stein and Kornelius Klobucar – two senior Switzerland-based portfolio managers at Moore – and a team in London they oversee, are awaiting approval for their new London-based fund manager from the UK’s Financial Services Authority.”

HP Has “Brain Damage” According to Pershing Square’s Bill Ackman (SFGate)

“Bill Ackman, founder of activist hedge-fund manager Pershing Square Capital Management LP, said he would avoid investing in Hewlett-Packard Co. because the cost of evaluating the company would outweigh the benefits… “It looks cheap, but the future of the PC is a very, very difficult business to handicap,” said Ackman, 45. “It’s a big, complicated mess.”

AR Magazine Announces 10 Top Hedge Funds (BusinessInsider)

“Renaissance Technologies climbed its way into the top ten list of AR Magazine’s biannual survey of America’s top hedge funds.”

Morgan Stanley CEO Issues Statement in Bid to Allay Rumors (WSJ)

“consider the action taken by Morgan Stanley’s CEO James Gorman this week.  The  investment bank’s share price had spent the better part of the month in utter free-fall, down 50% this year and 25% since mid-September.  European exposure rumors had begun bounding back and forth across the Atlantic like the Concorde in its 80′s heyday.  By this Monday, it had become clear that it was time for a statement from the man in charge. After all, Morgan Stanley is in the business of projecting financial savvy and confidence — a very hard thing for the rank-and-file to convey while they feel like the walls are falling down around them…. so Mr. Gorman sent the below memo to his 60,000 or so employees (via our sister blog WSJ Deal Journal)”

BNY Mellon Reports Rise of Custodian Banks (MarketWatch)

“In a new opinion piece, BNY Mellon CEO of Alternative and Broker-Dealer Services Brian Ruane argues that recent industry and economic events will see custody banks continue to play a larger role providing services to hedge funds that previously were the sole domain of prime brokers.The paper, ‘Filling the Void: Transparency and the Rise of Custodian Banks,’ was presented to more than 150 client and industry attendees at recent events in Dublin and London. “

GlobeOp Expands Operations in Dublin (FINAlternatives)

“Hedge fund administrator GlobeOp Financial Services is expanding its Dublin office in response to increased demand from funds based in or looking to expand to Europe.”

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