Billionaire Michael Hintze’s CQS Hedge Fund Is Down 42.5% (Bloomberg)
Billionaire Michael Hintze’s hedge fund is down 42.5% this year, with recent gains failing to make up for a slump during the market turmoil in March. The CQS Directional Opportunities Fund, which manages about $1.8 billion, was up 1.3% in August for a third straight month of gains, according to letters to investors seen by Bloomberg. But that wasn’t enough to make much of a dent in the fund’s 48% loss it suffered in the four months through May.
Formue Nord Boosts Dry Powder (Hedge Nordic)
Stockholm (HedgeNordic) – Hedge funds have faced a challenging asset-raising environment in recent years, which was only exacerbated by lockdown restrictions and social distancing efforts. Some hedge funds, however, have been successful at raising funds despite mounting challenges. Formue Nord Fokus, a niche hedge fund offering debt and other financing solutions to smaller companies in the Nordics, has seen its assets under management increase fivefold after raising DKK 200 million in less than three weeks. Formue Nord Fokus opened to fresh capital in August for the first time since launching in September 2018 in preparation for higher company demand for capital over the autumn.
Fulcrum Asset Management Appoints Japan Head (Hedge Week)
Fulcrum Asset Management (Fulcrum) has appointed Tetsuaki Take as Head of Fulcrum Japan, working closely with Fulcrum’s senior adviser in Japan, Akio Ohtsuka. Take will be responsible for enhancing Fulcrum’s presence in the Japanese market and building on the company’s strong relationship with Sumitomo Mitsui Trust Bank Ltd (SuMi), Japan’s largest trust bank, with whom Fulcrum recently partnered to launch the Real Assets Optimal Fund.
Second Top Female Executive at Bridgewater Says Firm Paid Her Less Than Men (The Wall Street Journal)
Karen Karniol-Tambour, the top-ranked woman at hedge fund Bridgewater Associates, is sparring with the firm over her pay after learning that she has earned less than some male counterparts, according to people familiar with the matter. Ms. Karniol-Tambour, 35 years old, is director of investment research, a role that makes her essentially the fourth-most-senior investor at the firm. She made a formal complaint to top Bridgewater brass, including founder Ray Dalio and Chief Executive David McCormick.
Echo Street to Return Hedge Fund Cash, Focus on Other Strategies (Bloomberg)
Echo Street Capital Management is giving back investor money in its $2 billion market-neutral hedge fund. The firm will continue its long-only fund, which holds about $6 billion and is likely to close to new investors in the coming months, said a person briefed on the matter, who asked not to be named as the information is private.