Hedge Fund Numbers, Assets Hit Record (Finalternatives)
Hedge fund liquidations continued apace in the third quarter, but a growing industry was able to shrug it off as both the total number of hedge funds and their total assets hit records. Hedge funds globally manage $2.2 trillion, spread among 9,764 hedge funds and funds of hedge funds, according to Hedge Fund Research. While that total figure is down from the 2007 record of 10,096 total funds, that can be attributed entirely to the continuing decline of funds of funds. Another 74 funds of funds have closed their doors this year, leaving just 1,897, a level not seen since 2005 and down from the record 2,462 in 2007.
Forensic examination reveals surprising insights into the UK’s hedge fund industry (Opalesque)
A new hedge fund research consultancy Hedge Forensics, has published the first of two planned reports covering the UK hedge fund industry. The UK Hedge Fund Industry Report reveals new insights into the size of the industry and its impact on the UK economy, while the Top 200 Report lists the top 200 hedge fund firms, ranked on a combination of size, profitability, efficiency, balance sheet, pay and growth. Hedge Forensics’ Crosley Williams explains that these reports have been sourced primarily from UK Companies House filings, with the Hedge Forensics research team scouring over 1000 sets of company accounts to extract the information.
Super PACs spent more than $600K during homestretch of George Amedore-Cecilia Tkaczyk race in NY 46th Senate District (DailyFreeman)
Two super PACs backing 46th Senate District candidate Cecilia Tkaczyk spent more than $600,000 in the final two weeks of the campaign, state Board of Elections filings show. Friends of Democracy, a group bankrolled by a son of Democratic heavyweight George Soros, spent $274,372, mostly on TV ads through SKDKnickerbocker, a political consulting firm, the records show. Protect Our Democracy, a group controlled by the same-sex husband of Facebook co-founder Chris Hughes, spent $336,165. The Protect Our Democracy PAC’s biggest expense was paying for mailers at a cost of $182,688, followed by $107,000 on TV ads, again through SKDKnickerbocker.
Legg Mason (LM) to Acquire Hedge Fund Fund Manager Fauchier Partners; Sees non-Cash Charge (StreetInsider)
Legg Mason, Inc. (NYSE:LM) and affiliate Permal have today announced a definitive agreement to acquire Fauchier Partners, a leading European based manager of funds of hedge funds, from BNP Paribas Investment Partners. Fauchier Partners will be combined with Permal, one of the largest alternative asset managers in the world, to create an institutionally focused platform (the ‘Group’) with approximately $24 billion in assets under management, offices in nine locations around the world, and a global investment team based in New York, London, Paris and Singapore.
