Louis Bacon’s Moore Capital still sizzles despite Wizard exit (Standard)
Louis Bacon’s $15 billion (£9.3 billion) hedge fund Moore Capital boosted profits in its Mayfair office last year despite the loss of star fund manager Greg Coffey. Tory Party donor Bacon saw his European arm generate profits of £36.4 million in 2013, according to a filing at Companies House, with turnover from fees up from £95 million to £140.2 million. Bacon, 58, founded Moore Capital in 1989 after a career on Wall Street and rose to prominence after making a number of successful financial bets linked to the first Gulf War.
Hedge funds slip in September but stock funds fall more (Reuters)
Hedge funds finally have a little something to brag about, losing less money in September than the average mutual stock fund manager, according to data released on Tuesday. The HFRI Fund Weighted Composite Index, a widely watched performance gauge for the $3 trillion global hedge fund industry, slipped 0.4 percent in September, a month when the S&P 500 index fell 1.4 percent. The average U.S. stock mutual fund manager lost 2.92 percent, Lipper data showed. For months, hedge funds have come under fire for delivering lackluster returns as the broader stock market climbed and for charging hefty fees for middling results…
Hong Kong Protest Exceeds Fund Manager’s Wildest Dream (BusinessWeek)
Hong Kong hedge-fund manager and pro-democracy activist Edward Chin says that the scale of student protests that exploded in the city from Sept. 28 exceeded his “wildest dreams.” “I just expected 10,000 people sitting at Chater Garden,” Chin said in an interview this week, referring to plans by the Occupy Central With Love and Peace group. Instead, crowds swelled to as many as 200,000, according to protest leaders. Chin, 46, is one of a group of finance professionals who published open letters to Chinese President Xi Jinping supporting Occupy Central and urging genuine universal suffrage.
Why Northwest Bio Is Shunned by Savvy Health Care Investors (TheStreet)
Washington Post business columnist Steven Pearlstein accused me — falsely — of working with short-selling hedge funds to manipulate stock prices and force small biotech companies like Northwest Biotherapeutics, Inc (NASDAQ:NWBO) out of business. I’ve been a professional business journalist for 25 years, the last 13 years writing about often-crazy and never-boring biotech stocks for TheStreet. I’m accustomed to the controversy that comes with being an opinionated columnist in a volatile sector. TheStreet rebutted Pearlstein’s column so I won’t rehash details, but it raised one glaring question that went unanswered:
Sandler Buys At Ultra-Luxurous N.Y.C. Building (Finalternatives)
A hedge-fund manager has rewarded an investor in Manhattan’s tallest and (arguably) most luxurious apartment tower with a hefty profit. Sandler Capital Management founder Harvey Sandler and his wife have dropped $34 million for a 58th-floor unit bought by Sso Enterprises for $30.55 million just five months ago. Still, Sandler can argue that he got a deal on the 4,483-square-foot pied à terre at One57, which had been listed for $40 million. Sandler’s new home has three bedrooms, five marble-clad bathrooms and panoramic views.