Tiger Global Posts Big Drop in September (InstitutionalInvestorsAlpha)
Tiger Global Management, the New York-based hedge fund firm founded by Tiger Cub Charles (Chase) Coleman III, is the latest hedge fund firm to post disappointing results for September. The firm’s hedge funds, which are managed by Feroz Dewan, fell 7.1 percent for the month, slashing their big gains for the year down to 13 percent. This is still roughly double the 6.70 percent gain for the S&P 500 through three quarters. And Tiger Global remains well ahead of most hedge funds, and fellow Tiger Cubs, for the year.
Hedge fund boss faces £19MILLION legal bill after losing High Court battle over firm he founded with estranged wife (DailyMail)
A hedge fund boss is facing a legal bill of up to £19million – thought to be one of the largest of its kind – after losing a fierce High Court battle against his estranged wife. Dr Martin Coward has been landed with the bill after the latest in a string of disputes with 55-year-old fellow tycoon Elena Ambrosiadou, with whom he founded the Ikos investment firm. The 56-year-old Cambridge mathematics graduate had insisted software which was the ‘bedrock’ of the company, which at its height handled funds worth a reported £2.3billion, belonged to him. But in May last year London’s High Court ruled the software belonged to Ikos, which is now controlled by his wife after they split.
South African Hedge Fund Industry Grows By 27% (Finalternatives)
Assets managed by South African hedge funds rose more than 27% in the year ending June 2014. The South African hedge fund industry now manages R53.6 billion (US$4.8 billion), according to the Novare Investments South African Hedge Fund Survey 2014. According to the survey, equity long/short hedge funds received net cash inflows of R3.5 billion, while equity market neutral funds were net receivers of approximately R900 million in capital, the first time in six years that the strategy has had net inflows. The strategy that lost the most capital during the 12-month period was fixed income with total net outflows exceeding R1.4 billion.
September Proves Tough for Daniel Benton’s Topsy-Turvy Andor (InstitutionalInvestorsAlpha)
Daniel Benton‘s Andor Opportunity Fund, the long-short equity fund managed by his Rye Brook, New York-based firm, Andor Capital Management, lost 5 percent in September. This slashes its gains for the year to between 4 percent and 5 percent. Benton’s investors, however, are used to these kinds of sharp monthly moves. For example, in August the volatile technology and Internet-focused fund surged about 14 percent. And it gained 19.5 percent in June alone. Yet at that time, the fund was still negative for the year because it was…
Hedge Fund Startups in London Revive With New Managers (BusinessWeek)
Former managers at Millennium Management LLC, Ziff Brothers Investments LLC, Carlyle Group LP (NASDAQ:CG) and TPG-Axon Capital Management LP are starting hedge funds, leading a recovery in capital raising in London. Several funds each already have more than $100 million in assets lined up, five people with knowledge of the matter said. While fundraising still trails the pre-crisis boom, the pickup shows growing confidence in Europe, where firms were losing top traders to U.S. funds as recently as last year.