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Hedge Fund News – Bill Ackman Invests, LD Capital Up, Threadneedle Launches

Odey Launches Hedge Fund for Tim Bond (CityWire)

Odey Asset Management has launched the Odyssey fund for Tim Bond, although the manager has conceded ‘it is the worst point for starting a macro hedge fund in the last few years.’ The Ucits IV, Dublin-domiciled fund, which came to market yesterday, can take long and short positions across asset classes including equities, fixed income ranging from credit to junk bonds, as well as foreign exchange and commodities.


Singapore Asks 3 Degrees Capital to Close (Bloomberg)

3 Degrees Asset Management, a hedge fund which helps manage $215 million, was asked by Singapore’s central bank to shutter its operations following allegations that founder Moe Ibrahim diverted assets. 3 Degrees is trying to overturn a decision by the Monetary Authority of Singapore and the finance minister to withdraw its exempt fund manager status effective Nov. 9 and ask it to wind down, according to a lawsuit filed with the Singapore High Court this month. A closed hearing is scheduled for Oct. 20.

Monarch Alternative Capital Sues Dubai’s Drydocks (FT)

A US-based hedge fund has launched legal action against Dubai’s Drydocks World for repayment of about $45.5m after the unit of troubled conglomerate Dubai World defaulted on loans in August, threatening to reignite debt fears in the Gulf emirate. Monarch Alternative Capital is suing the ship-repair company in the High Court of London, according to a filing, after more than a year of talks between Drydocks and its creditors have so far failed to reach agreement on restructuring debts of $2.2bn.

Bill Ackman Invests Pershing Square Fund in $FBHS.N (Reuters)

Hedge fund manager William Ackman‘s Pershing Square Capital Management is betting on Fortune Brands Home & Security (FBHS.N) as he expects the housing market to rebound. The company, which makes faucets, locks, windows and doors and cabinets, was spun out of Fortune Brands in recent weeks. Now Pershing Square considers the stock to be “very cheap.”

LD Capital Up 15.30% (Opalesque)

The lingering financial crisis has not stopped London-based boutique hedge fund manager LD Capital from realizing double-digit returns in its first fund, Marlon Fund 1, which gained 15.30% as at end-September 2011 since its inception in August 2010. YTD, this fund which invests in US mid cap equities with a macro overlay, is up 3.90%. It offers a 1.5%/15% fee set and USD, Euro and GBP share classes. The fund, which is registered and regulated in Malta, achieved the strong performance investing in a portfolio of around 20 stocks of companies with high growth potential. These companies are all listed on US stock exchanges and can include ADRs of emerging market companies.

Threadneedle Launches US Fund (FINAlternatives)

UK-based asset manager Threadneedle has launched its US Contrarian Core Equities Fund, a Luxembourg SICAV vehicle managed by Guy W. Pope, managing director and senior portfolio manager at Columbia Management. The fund will employ the same strategy as the US$1.6 billion Columbia Management Contrarian Core Fund, which focuses on out-of-favor income and growth stocks. Pope and associate portfolio manager Harvey Liu use a proprietary screening method to find large cap US stocks in the bottom third of their 52-week price range. They then research these stocks, identifying situations where price undervalues the company.

SYZ & Co Appoints Alessia Toricelli Dolfi to Lead Its Asset Management Division in Business Development (FINAlternatives)

The Swiss banking group SYZ & CO has appointed Alessia Toricelli Dolfi to lead the business development team for its institutional management division, SYZ Asset Management. In her new role, Toricelli Dolfi will focus on advising French-speaking and Ticino-based institutional investors. SYZ Asset Management comprises all the Group’s institutional management activities, both conventional and alternative.

Barclay Hedge Fund Index Down Almost 4% in September (Opalesque)

Most hedge fund strategies had losses in September, evidenced by a 3.92% drop in the Barclay Hedge Fund Index compiled by BarclayHedge. The Index has lost 7.45% in the 3rd quarter and is now down 6.53% in 2011. “For the second straight month we’re seeing the largest hedge fund losses since the 2008 meltdown,” says Sol Waksman, founder and president of BarclayHedge.

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