Hedge Fund Manager Kyle Bass Supports Bill to Curb World Bank Lending to China (CNBC)
Hedge fund manager Kyle Bass, the often-bearish investor and outspoken China critic, told CNBC on Wednesday that he supports an effort by a U.S. lawmaker to terminate China’s candidacy for select World Bank loans. He explained in an interview that U.S. Republican Anthony Gonzalez’s bill would curb World Bank funding to China by graduating the country from its International Bank for Reconstruction and Development (IBRD) program, designed to offer financial aid to “middle-income and creditworthy low-income countries.”
Ray Dalio Is More Famous Than Ever and Delivering Subpar Returns (Bloomberg)
The biggest hedge fund in the macro game, a $40 billion beast, is looking a lot like an also-ran. It’s lagged behind peers over the past eight years, and a roughly 2% decline in 2019 is shaping up to be one of its worst years on record, according to people familiar with its performance. Yet the behemoth, Pure Alpha II, is the flagship of none other than billionaire investor Ray Dalio.
Hedge Fund Manager Makes Bet On Ken Griffin’s Real Estate Rapacity (Deal Breaker)
We still don’t know whether Ken Griffin is the proud owner of the 4½ acres just south of the 20-plus acres he already owned in Palm Beach. What we do know is that the 13-bedroom house that sits on them (a teardown, if the owner is indeed Griffin) is no longer the most expensive real-estate deal in Florida history, thanks to a fellow hedge fund manager.
Hedge Fund Boss Pays Himself £200m Despite Fund’s Profits Falling (The Guardian)
The billionaire hedge fund manager Sir Chris Hohn paid himself £200m last year, slightly more than his Children’s Investment (TCI) fund made in profit. Hohn, the son of a Jamaican car mechanic who emigrated to Britain in the 1960s, collected $261m (£200m) in dividend payments in 2018 from the activist hedge fund he set up in 2003, according to filings at Companies House on Wednesday. Hohn is the sole shareholder.
GAM Accused of Accounting Misstatements Connected to Hedge Fund Acquisition (The Wall Street Journal)
The Swiss stock exchange on Wednesday accused beleaguered money manager GAM Holding AG of accounting misstatements connected to its 2016 acquisition of a U.K. hedge fund. Zurich’s SIX exchange said it is seeking a sanction against GAM for understating financial liabilities in its 2017 financial statements, a result of failing to recognize a liability stemming from the acquisition.
Alternative thinking – A conversation with SkyBridge Co-CIO Troy Gayeski (HedgeWeek.com)
With 2020 on the horizon and fears of a recession looming, SkyBridge Capital Co-CIO Troy Gayeski explains why he believes the economy tied to the US consumer is still in good shape and what investors can do to maximise returns while protecting against a potentially more volatile market in the year ahead. SkyBridge Capital – the 2019 winner of Hedgeweek’s best fund of hedge funds – serves a diverse pool of investors spanning institutions, accredited investors and sovereign wealth funds and for nearly 15 years, has used “alternative thinking” to generate long-term value and returns.
Paloma-Backed Manager Starts Marketing (HFAlert.com)
Credit-product investor John Aylward, who runs money exclusively for Paloma Partners, is moving ahead with plans to recruit other limited partners. Aylward has set a $500 million capital-raising target. He plans to park the commitments in a yet-to-be-named hedge fund that would launch in February via his London-based Sona Asset Management. The first $100 million would go into a founders share class with discounted fees. Sona employs fundamental analysis to take long and short positons in liquid bonds in Europe. Its fund would trade side-by-side with a separate account that Aylward has been managing for Paloma since March 2016. Including leverage, that portfolio totaled $1.7 billion at yearend 2018.