GEORGE SOROS: Europe’s Nightmare Is Getting Worse, And Only Germany Can Make It Stop (Yahoo)
Billionaire financier and legendary speculator George Soros gave a speech today at the Global Economic Symposium in Kiel, Germany, titled “The Future of Europe.” In the speech, Soros declared the euro crisis over: The euro crisis is now over. This became official in the German elections where the rules governing the euro were not even discussed. Yet the system that emerged from the crisis is far from satisfactory. Mainstream economists would call it an inferior equilibrium; I call it a far-from equilibrium situation.
California hedge fund Miami dreamin’ (MiamiTodayNews)
A California hedge fund using the secretive alias Confidential Project: Ludwig is looking at moving its base to Coconut Grove, bringing 25 jobs averaging $100,000 salary. But the company is also considering Houston and Austin, TX, and seeks state and local incentives that it says could tip the balance in Coconut Grove’s favor. If the company moves here, it says, it will lease and renovate 5,500 square feet of Grove offices.
GM pays to end lawsuit over hedge fund deal (InAutoNews)
General Motors Company (NYSE:GM) agreed to pay $50 million to end long-running litigation over a secretive deal that was struck on the eve of the automaker’s 2009 bankruptcy. The agreement ends complex litigation in which hedge funds affiliated with John Paulson and Paul Singer’s Elliott Management agreed to reduce the amount they said they were owed in the bankruptcy of “Old GM.” The agreement was reached on Friday. The trust sued GM and the hedge funds in 2012, attacking a deal that was struck as the automaker was filing for bankruptcy…
Coffers of collective schemes swell to R1.33-trillion (BDLive)
THOUGH local hedge fund assets are at a record high of R42.2bn, they account for only a small share of the assets managed by collective investment schemes, according to a survey released this week. Local collective investment schemes have R1.33-trillion in assets under management, according to the Novare Investments South African Hedge Fund Survey for 2013. Globally, the hedge fund industry reached R23.78-trillion in size in the second quarter of this year. Flows into local hedge funds over the past five years have been tepid in comparison, even though changes to regulation 28 of the Pension Funds Act allow up to 10% of pension assets to be invested in this asset class.
Meet The 32-Year-Old Hedge Fund Manager Trying To Be The Next Dan Loeb One Tweet At A Time (BusinessInsider)
New York Magazine’s Kevin Roose has a great profile of Sahm Adrangi, the 32-year-old hedge fund up-and-comer. Adrangi made “a couple million” in 2011 shorting U.S.-listed Chinese companies, and now his fund has $US250 million in assets under management. That’s not a monster figure, but considering Adrangi’s age it’s pretty impressive. It’s also reminiscent of Adrangi’s idol, Dan Loeb, another hedge funder who started off young. Adrangi’s distinguishing characteristics may be his Twitter presence.
Hedge Fund Compliance Can Miss the Point, but FBI Won’t (WSJ)
Hedge funds may have swung too far in their efforts to prevent insider trading, an FBI supervisory agent said Tuesday—but funds should remain prepared for consequences if they run afoul of the law. Speaking at a conference for in-house lawyers at hedge-funds, the FBI’s David Chaves said he’d seen some hedge fund firms expand their compliance teams from two people to 40 during the past several years, a period when the U.S. government has cracked down on insider trading.