…banks and private equity firms, as well as companies involved in arms, energy, mining, media and security. Also identified are several “dens of the rich,” including nightclubs, shops and restaurants.
I-Bank Buys Administrator Hedge Fund Solutions (FINalternatives)
Boutique investment bank North Street Group is getting into the hedge fund administration business with the acquisition of Hedge Fund Solutions. North Street said it had acquired the New York-based administrator and renamed it North Street Global Fund Services. Terms of the deal were not disclosed. “The strategic acquisition of Hedge Fund Solutions, LLC allows North Street to enter the alternative asset management space and expand its service offerings,” North Street’s Alex Mascioli said.
Beware of that hedge fund in the window (Fortune)
Hedge funds soon will be allowed to advertise their wares to potential clients, thanks to a provision in last year’s JOBS Act (which had no direct relation to actual jobs). As will private equity funds, venture capital funds and other alternative investment vehicles that heretofore were prohibited from general solicitation. Former SEC Commissioner Mary Shapiro opposed the change, so she basically sat on it (apparently believing her personal opinion trumped the directive of federal legislation). New SEC Commissioner Mary Jo White has suggested that she’ll move this and other JOBS Act provisions along shortly.
Ex-hedge fund manager enters guilty plea in fraud case (Charlotte Observer)
A former Charlotte hedge fund manager pleaded guilty to securities fraud in federal court on Thursday and was released on a $50,000 unsecured bond until sentencing. Stephen Maiden, 40, reached a plea agreement in February with the U.S. Attorney’s office for a scheme in which he allegedly hid investment losses from his victims that totaled at least $8.9 million. U.S. Magistrate Judge David Keesler called the alleged losses “shocking” before doubling the prosecutor’s bond recommendation and requiring Maiden to turn in his passport.
Boston-Power founder Christina Lampe-Onnerud joins hedge fund firm Bridgewater Associates (Boston.com)
One of Boston’s highest-profile energy entrepreneurs, Christina Lampe-Onnerud, is moving to Connecticut to join one of the world’s biggest hedge fund managers, Bridgewater Associates. Lampe-Onnerud is a former Arthur D. Little scientist who in 2004 founded Boston-Power, a maker of lithium ion batteries for laptops and electric vehicles. The company attracted customers like Hewlett-Packard Company (NYSE:HPQ) and Saab. But Lampe-Onnerud dialed down her involvement with the company in 2012, after it raised a big new funding round and shifted much of its operations to China.
BofA Hires Caliendo to Run Americas Equity Hedge Fund Services (Bloomberg)
Bank of America Corp (NYSE:BAC) hired Tracy Caliendo as head of the Americas equity hedge fund services at its investment-banking unit, according to an internal memo. Caliendo, who joins BofA Merrill Lynch in September, will be responsible for the firm’s relationship with hedge funds, with an emphasis on electronic trading, according to an internal memo obtained by Bloomberg News and confirmed by BofA’s spokeswoman. She will report to Scott Bacigalupo, Americas head of cash equity sales and trading, and Jason Crosby, global head of portfolio products distribution and head of Americas electronic distribution.
Lyxor appoints Frank Frecentese as deputy head of hedge fund research (HedgeWeek)
Lyxor Asset Management has appointed Frank Frecentese as the deputy head of hedge fund research in the firm’s New York office. The addition of Frecentese is part of Lyxor’s continued growth in the North American market. His appointment will bolster Lyxor’s existing dedicated portfolios team which offers advisory services and portfolio solutions to institutional investors. Lyxor’s multi-billion dollar advisory business services institutional investors across Europe, MENA, Asia and North America.