Hedge Fund Manager Walks After Fraud Charges Dropped (Law360)
The formerly incarcerated founder of New York-based asset management firm ThinkStrategy Capital Management LLC walked away a free man Wednesday, following the collapse of the U.S. Department of Justice’s securities fraud case against him. U.S. District Judge John Keenan sentenced Chetan Kapur to time served after he pled guilty to one count of failure to preserve books and records. He ordered no fine, according to Kapur’s attorney Daniel Arshack of Arshack Hajek & Lehrman PLLC.
Hamptons Scene: Hedge Fund Men Join Scallop Pond’s Party (Bloomberg)
At Peconic Baykeeper’s fourth annual Celebration of Our Bays, guests congregated in the backyard of the Port of Missing Men, a private estate in Southampton overlooking Scallop Pond and Cow Neck. Admiring the setting was just as appealing as helping yourself to the raw bar of oysters and clams, served on ice in a canoe, donated by local fishermen. The pheasant in pastry cups was worth a try too. Kevin McAllister, the organization’s president and Baykeeper, took shade under a tree.
Govt’s policies a disaster, rating downgrade likely: Marc Faber (ET)
Swiss investor and editor of the ‘Gloom Boom & Doom’ report Marc Faber says the policies adopted by the Indian government to tackle the current economic crisis have taken a toll on both equity and bond markets. Faber, who is the managing director at Marc Faber Limited, says the economic polices of the government have been a “disaster” by and large. “Over the long term, I am negative about the rupee. The rupee is weak because India has higher inflation than other countries, and the problem is that a weak rupee can lead to even higher inflation and India’s ratings downgrade is quite likely,” he said in an interview to ET in an exclusive interview.
Why Hedge Fund Managers Aren’t Playing the Detroit Bankruptcy — Yet (InstitutionalInvestorsAlpha)
When Detroit’s financial woes sent the city into bankruptcy court this summer, distressed hedge fund managers perked up, sensing a potential opportunity in a field where new distressed corporate debt has been notably scarce. Natalie Cohen, head of municipal research at Wells Fargo Securities, says every development in the Detroit case causes her phone to ring, with 10 or more hedge funds calling to ask what the latest twist means. “The game is to try to figure out if pricing is low enough,” Cohen says. But so far the opportunity “is not transparently there,” she adds.
Texas Employees sets tactical plans for alternative investments of $2.4 billion in FY2014 (PIOnline)
Texas Employees Retirement System, Austin, approved tactical investment plans for the 2014 fiscal year that would invest or commit a total of $2.4 billion to the private equity, hedge fund and infrastructure portfolios of the $24.2 billion pension fund. At a board meeting on Tuesday, trustees approved a staff recommendation to commit a target of $700 million to between six and 10 private equity funds and co-investments in the fiscal year ending Aug. 31, 2014, confirmed Mary Jane Wardlow, an ERS spokeswoman, by e-mail. The private equity target allocation was raised to 10% of plan assets from 8% for the pension fund’s 2014 fiscal year. Texas ERS’ private equity portfolio totaled a net $1.5 billion as of June 30.
