Investors Cut Hedge Fund Holdings (Finalternatives)
Investors redeemed from hedge funds in October as part of standard quarterly rebalancing of their portfolios, according to SS&C Technologies. The SS&C GlobeOp Capital Movement Index, which represents the net subscriptions and redemptions of hedge funds administered by SS&C’s GlobeOp platform, fell 1% this month. The measure had grown by 0.6% in September. “Net flows were negative for the month, representing typical quarter-end rebalancing,” SS&C CEO Bill Stone said.
Hedge Fund Divorce Couple Get Personal Over Charity (BreitBart)
After months of arguing over who gets what from a family fortune a judge has put at $1.3 billion, the couple appeared before Judge James Holman to argue about documents Hohn said supported his allegations. Hohn’s estranged wife, Jamie Cooper-Hohn, 49, rejects the allegations. She, in turn said Hohn, 47, had been in contempt of court by releasing some of the documents to lawyers representing the trustees of the charity, a position the couple both also shared. The court heard no details about Hohn’s allegations, with much of the hearing concerned with which documents had already been sent to the trustees’ lawyers and what should happen with both them and other documents still to be handed over.
British Chancellor’s Adviser Mulls Hedge Fund Post (Finalternatives)
Rupert Harrison, chief of staff to British Chancellor George Osborne, is said to be mulling a move to a hedge fund. Harrison, whose name has been mentioned as a possible future Conservative Party leader, in spite of the fact that he does not sit in the House of Commons, is reported by CNBC as having had a conversation with Lansdowne Partners co-head Peter Davies—a personal friend of Osborne’s—about a high-paying post with in the private sector. Lansdowne’s relationship to the UK’s Conservative government raised eyebrows after the fund was awarded shares in the Royal Mail’s initial public offering before pension funds were given a look-in.
Janus acquires VelocityShares (Opalesque)
Denver-based Janus Capital Group, the new home of Bill Gross, is out with news of its second major acquisition – VS Holdings the parent company of VelocityShares. VelocityShares is a provider of institutional ETPs and ETFs that manage volatility. Opalesque has previously reported on a number of VelocityShares products and sub-advisory relationships. The products allow investors to go both long and short volatility and offer daily rebalancing. The transaction includes an initial upfront cash consideration of $30 million and is expected to close in the fourth quarter of 2014. The deal will add to Janus’ hedge fund and pension fund books.
Climate Change–Denying Candidates Targeted by Green Billionaire Change Tune (TakePart)
Billionaire former hedge fund manager Tom Steyer is spending $50 million of his own money to make climate change a defining issue in the 2014 midterm elections. That, according to New York Times columnist David Brooks, is just “stupid.” The superrich San Francisco environmental activist could have spent the money “paying for kids to go to college,” wrote Brooks on Oct. 10. “Instead he has spent that much money this year further enriching the people who own TV stations. What a waste.” Except maybe Steyer isn’t as dumb as Brooks thinks. Because a funny thing happened earlier the same week that Brooks lashed out.