Hedge Funds: How They Invest Their $2.4 Trillion War Chest (Forbes)
A well-balanced investment portfolio might contain a mix of stocks, bonds, cash, real estate and what are known in financial circles as “alternative investments.” This last mysterious category includes (among other exotica) 10,000 hedge funds now wielding nearly $2.4 trillion in assets worldwide. Hedge funds have littered the financial pages and gossip rags for years. But how exactly do they put that massive mountain of capital to work? Those answers involve complex calculations larded with Greek letters, but you don’t need a Ph.D. from Harvard to grasp the basics.
James Ind joins GLG’s macro and relative value hedge fund team (Opalesque)
GLG, the discretionary investment manager business of Man Group plc (“Man”), announced the appointment of James Ind to its Macro and Relative Value team. James, who joins from Russell Investments, will assist in the management of a total return strategy which GLG will launch later in the summer. The new strategy will be managed by the Macro and Relative Value (MARV) team headed up by Jamil Baz and Sudi Mariappa and will leverage GLG’s dedicated expertise in fundamental, quantitative and market analysis. James joins GLG after five years with Russell and eight years with Merrill Lynch and Mercury Asset Management. At Russell, James was a managing director and portfolio manager heading the team responsible for the structuring and management of multi asset portfolios with AUM of $6bn, including the flagship Multi Asset Growth Strategy.
Convicted hedge fund manager losing $2M tax refund (Wtnh)
Federal prosecutors want to make sure a former hedge fund manager convicted of fraud and other charges does not receive a $2 million tax refund. A federal judge has been asked to hold the money in escrow pending the September sentencing of Venezuelan financier Francisco Illarramendi (ee-yah-rah-MEHN’-dee). The Hearst Connecticut Media Group reports that prosecutors say It would be prudent for the court to make sure there is no repeat of Illarramendi’s misuse of funds. They asked a federal judge to order Illarramendi and his wife to deposit the check with the court clerk’s office.
Mutual funds: Lessons from the hedge-fund greats (TheDay)
Entrepreneur Mark Cuban once noted that “the number-one job of the hedge-fund manager is not to make sure that you can retire with a smile on your face, it’s for him to retire with a smile on his face.” So you can imagine that everyone who made the Hedge Fund Hall of Fame when it opened in 2008 was all smiles, fabulously wealthy money managers who, in some cases, had become household names. But the funny thing about the Hedge Fun Hall of Fame – which was not an actual place but an online collection put together by Institutional Investor’s Alpha – is that once the smiles faded, so did the idea. After the original 14 members of the Hall, no one else was inducted.
This Is The Hedge Fund Manager That Knocked David Einhorn Out Of The World Series Of Poker (Chron)
Yesterday David Einhorn was bounced from the World Series of Poker when another hedge fund manager produced two aces to beat his ace jack combo (Einhorn finished in 72 place). So the all-important question there, obviously is — who was that guy? Einhorn was bested by Bill Perkins, founder of Houston-based energy hedge fund, Skylar Capital. Perkins was a protege of legendary (and now retired) oil trader, John Arnold. Originally from New Jersey, he graduated from the University of Iowa with a degree in electrical engineering.
How To Start Your Own Hedge Fund (BusinessInsider)
Sometimes, my interviews on this site don’t turn out quite as expected. I went into this one expecting to title the series of articles “How to Start Your Own Hedge Fund”… By the time we finished our 2-hour long conversation, though, I realized that an alternate title might be more appropriate: “Why You Probably Shouldn’t Start Your Own Hedge Fund” But I’m a “glass half full” kind of guy, so the first title stuck. This will be another multi-part series, and today we’re speaking with Hetty MacIntyre (see her bio on this page), who contributed those first 2 articles on what it’s like to start and run your own fund.
Cohen Won’t Testify Before Grand Jury (Finalternatives)
SAC Capital Advisors ended its “unconditional” cooperation with an insider-trading investigation when federal prosecutors subpoenaed founder Steven Cohen and other executives, and Cohen has made good on the threat. Cohen has declined to testify before a grand jury considering charges against the hedge fund, The New York Times reports. The billionaire’s lawyers have told prosecutors that Cohen would assert his Fifth Amendment right against self-incrimination if called; it is not clear whether Cohen appeared in person to do so.
