John Paulson Joined by 15 Investors in Council to Oversee Gold Miners (Bloomberg)
After almost a year of behind-the-scenes work, billionaire hedge-fund manager John Paulson has formed a coalition with 15 other investors aimed at curbing years of what his fund has called value destruction in the gold sector. John Hathaway — who is a general partner at Tocqueville Asset Management LP — and activist fund Livermore Partners are among those who have agreed to join the group, according to an emailed statement from the newly formed Shareholders’ Gold Council. Egyptian billionaire Naguib Sawiris’ La Mancha Group is also on the council. In April, Sawiris told Bloomberg he put half his $5.7 billion net worth into gold.
Hedge Fund and PE Manager EJF Capital Hires Senior MD & Head of Real Estate (PropertyFundsWorld.com)
Hedge fund and private equity fund manager EJF Capital (EJF) has appointed Asheel Shah as a Senior Managing Director and Head of Real Estate, effective 1 October 2018. Shah will direct all commercial real estate investment activities including ground up development. Shah brings with him over 20 years of experience in the real estate industry. Most recently, he was President and Chief Investment Officer of the Multifamily division at Kettler Inc, a diversified real estate development company. Shah oversaw acquisitions, asset management, development, construction and equity capital sourcing in the Multifamily division.
Ex-GLG Manager Shuts Hedge Fund After Struggling to Raise Money (Bloomberg)
(Bloomberg) — Karim Abdel-Motaal is closing his macro hedge fund after just over a year because he couldn’t raise enough money, underscoring how difficult the market has become for startups. The London-based money manager, who previously led emerging-market hedge funds at Man Group Plc’s GLG Partners unit, started the fund in June last year, investing globally with a focus on developing markets. The fund, part of his firm KAM Portfolio Management, returned about 5 percent before fees this year, outperforming peers which suffered losses. Still, he’s shutting the money pool down.