Fortress Pays Executives for Expenses to Manage Fortunes (Bloomberg)
Fortress Investment Group LLC (NYSE:FIG) gave four of its top executives $63 million in compensation last year. As part of the package, the first publicly traded private-equity and hedge-fund firm is paying to help manage their fortunes. Principals Wesley Edens, Peter Briger, Randal Nardone and Michael Novogratz were given a combined $902,496 in 2012 and 2013 for expenses connected with their “family office” staff, according to filings from Fortress. The number reflects non-cash allocations for the use of Fortress offices and equipment by family office employees, said Gordon Runte, a spokesman for the New York-based money manager.
Omni backs ex-Barclays top trader to launch European hedge fund (Reuters)
Omni Partners is preparing to launch a hedge fund to be managed by former head of European equity trading at Barclays Howard Spooner in December, as the London-based firm looks to diversify its product offerings to investors. The equities hedge fund will bet on rising and falling share prices of large-cap stocks in developed Europe, the firm said in a statement on Friday, offering its fourth fund to investors. The Omni European ELS under its chief investment officer Spooner is joined by Hugh Selby-Smith, a former Goldman Sachs Group, Inc. (NYSE:GS) and TT International executive as a portfolio manager.
Tiger Global Bets 2300% Gain for Bitauto Isn’t Over (BusinessWeek)
Tiger Global Management LLC is making an almost $600 million wager that the rally in shares of Bitauto Hldg Ltd (ADR) (NYSE:BITA), the Chinese car listing website operator that has surged 2,300 percent since 2012, isn’t over. The hedge fund and private-equity firm, which was founded by a protege of billionaire investor Julian Robertson, held a 14.9 percent stake in Beijing-based Bitauto as of Sept. 12 after owning no shares as of June 30, regulatory filings show. The position makes Tiger Global the largest holder (BITA:US) of the company’s U.S.-traded shares.
Everest Capital Posts Gains in EM Funds, Losses in Asia (InstitutionalInvestorsAlpha)
All but one of the funds managed by Marko Dimitrijevic’s Everest Capital extended their gains in August, making them among the best-performing macro and emerging-markets hedge funds through August. The Miami-based firm, which invests globally but with a strong emphasis on emerging markets, reported that four of its six hedge funds and both of its long-only funds have posted year-to-date gains in the mid- to upper teens. Three of the funds are outperforming their respective benchmarks.
Software asset management tech saves hedge fund £2.3m (ComputerWorldUK)
FTSE 250 firm Man Investments has saved more than £2.3m over 24 months after deploying Snow’s SAM software to automate software licensing audits. Man Investments is one of the world’s largest independent alternative asset managers; a FTSE 250 firm manageing assets of over $ 55 billion (£34 billion). With over 2,500 physical and virtual Windows and Linux servers, 2.500 physical and virtual laptops and over 1,500 different software applications from Oracle to the finance industry specific Linedata, Man Investments’ IT team were inundated with audit requests.
Peak6 Investments sells off hedge fund (YouTube)