Bridgewater’s Dalio Says Hedge Fund Seeks ‘Radical Truth’ (BusinessWeek)
Ray Dalio, who runs the $160 billion Bridgewater Associates LP, said he’s seeking to encourage a culture of “radical truth and radical transparency” by recording everything inside the hedge-fund firm. “I didn’t want to have spin,” Dalio said at the Bloomberg Markets Most Influential Summit in New York. “We tape everything at the company for everyone to see.” Dalio was joined by former New York mayor Michael Bloomberg, the founder and majority owner of Bloomberg News, parent of Bloomberg LP, in discussing the cultures at their companies…
Merrill Lynch Fires Brokers For ‘Selling Away’ (Finalternatives)
Merrill Lynch has fired two veteran brokers from its private banking and investment group for advising clients to invest in a hedge fund outside the firm. Securities industry rules forbid brokers from selling investments or products not vetted and processed by their employers, an action known as “selling away.” The brokers, Stephen S. Brown and James P. Goetz, were based in Pittsford, New York, and managed about $2.5 billion in assets, a source familiar with their practice told Reuters.
Why Hedge With a Hedge Fund? (BloombergView)
The news last Monday was a shock — the Calpers California earthquake. For a variety of reasons, the California Public Employee’s Retirement System, the nation’s largest public-pension fund, said it was dropping hedge funds from its roster of investment allocations. This tremor will be felt far and wide. We are unlikely to know the full impact of Calpers’s decision for some time, as other pension-fund managers digest the thinking that goes into managing $300 billion in assets…
Hedge funds’ ag selling stalls – except in wheat (AgriMoney)
Hedge funds’ trend of bearish positioning on agricultural commodities stalled, although there were signs this may be down to profit-taking on short positions, while wheat remained firmly out of favour. Managed money, a proxy for speculators, lifted its net long position in futures and options in the top 13 US-traded agricultural commodities, from corn to sugar, by 1,249 contracts in the week to last Tuesday, analysis of data from the Commodity Futures Trading Commission regulator shows.
Hedge Fund Redemptions Fall Slightly In September (Finalternatives)
Hedge fund redemptions measured 3.25% for the month of September, a slight drop from August where they measured 4.19%, according to the SS&C GlobeOp Forward Redemption Indicator. “Forward redemptions were moderate for the month of September, with the bulk of activity representing quarter-end requests,” said Bill Stone, chairman and chief executive officer of SS&C Technologies. The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the SS&C GlobeOp platform, divided by the AuA at the beginning of the month for SS&C GlobeOp fund administration clients on the SS&C GlobeOp platform.