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Hedge Fund News: Ray Dalio, Lonestar Capital Management & BlueCrest Capital Management

Billionaire Investor Ray Dalio Says These 5 Habits Made Him Successful (BusinessInsider)
Ray Dalio has been called “Wall Street’s Oddest Duck” for his highly unusual approach to management, but no one has ever questioned his brilliance. He turned his company Bridgewater Associates into the world’s largest hedge fund, with $US160 billion in assets, and amassed a personal fortune estimated at around $US15.2 billion. Dalio runs Bridgewater according to the theory of “radical transparency,” which means that all meetings and interviews are recorded and archived, and any level of employee is encouraged to criticise another if necessary. Every Bridgewater employee is given a copy of the 123-page manual he wrote on leadership.

BRIDGEWATER ASSOCIATES

Brevan Adds Two In London (Finalternatives)
Brevan Howard Asset Management has made a pair of hires. The hedge-fund giant has added Menashe Banit and Thomas Davies to its London office, according to regulatory filings. Banit joins Brevan from JPMorgan Chase & Co (NYSE:JPM)’s chief investment office after nine years at the bank. Davies comes from Nomura Holdings, Inc. (ADR) (NYSE:NMR), where he worked on the futures and options sales desk. Both joined the firm earlier this month. The hires give Brevan 81 Financial Conduct Authority-approved employees in London, down from 99 at the beginning of last year.

More hedge-fund backed reinsurers likely (RoyalGazette)
Hedge funds’ involvement in the reinsurance industry is an area of growth. The PwC Bermuda Reinsurance 2014 conference saw John Berger, chairman and chief executive officer (CEO) and chief underwriting officer (CUO) at Third Point Reinsurance Limited, John Rathgeber, CEO of Watford Re Ltd and Aurora Swithenbank, managing director and co-head of insurance structured finance at Goldman Sachs Group, Inc. (NYSE:GS), discuss the strategy, which is emerging amid an environment of depressed pricing and low interest rates.

Why some hedge fund managers decide to set up in Gibraltar (Opalesque)
During Opalesque’s recent Gibraltar Roundtable, two hedge fund managers talked about the reasons they chose Gibraltar as their prime location. Gibraltar is a British Overseas Territory located on the southern end of the Iberian Peninsula at the entrance of the Mediterranean. Covering an area of 6 km², it is not exactly your typical bustling financial center. But financial services take a big chunk of that little place, as they account for a quarter of its economy and house approximately 150 Experienced Investor Funds (EIFs). Only last year, Gibraltar, also known as “the Rock”, launched a campaign to lure hedge fund managers to its shores with promises of an attractive tax regime and first-class service providers.

Hedge fund’s direct lending chief departs after two years (eFinancialCareers)
The former chief executive officer of debt investor Palio Capital Partners, which was disbanded after its three founding partners left for Chenavari Investment Managers, has now left the credit-focused hedge fund. Mike Henebery signed up to Chenavari in February last year as a partner, along with fellow Palio partners Jerry Wilson and Darren Gibson, to join the firm’s mid-market direct lending function. They were tasked with developing new deals with successful SME firms that are struggling to gain credit from mainstream banks as most tighten their lending criteria amid stricter capital rules.

Closing Bell Exchange: Lower crude, stronger consumer? (CNBC)

Hedge Fund Lonestar Capital to Shut Down (WSJ)
The San Francisco hedge-fund firm Lonestar Capital Management LLC will shut down in one of the larger hedge-fund liquidations this year, according to people familiar with the firm. Based in San Francisco, Lonestar manages about $1 billion, including funds from deep-pocketed investors like David Einhorn ’s Greenlight Capital Inc., the people said. In a letter to investors, founder Jerome Simon called it a “bittersweet moment” and said he was disappointed that recently he could not “claim the very highest ground of perennial outperformance,” according to a person with knowledge of the letter. Its main fund was down more than 2% this year through the end of October, compared with a 1.6% gain for its peer event-driven hedge funds tracked by HFR Inc.

Hedge fund Third Point steps up pressure on Dow Chemical (Reuters)
Hedge fund Third Point said on Thursday it formed an advisory board and launched a new website, Value-Dow.com, to press The Dow Chemical Company (NYSE:DOW), the largest U.S. chemical company, to create more value for shareholders. Third Point founder Daniel Loeb first began urging Dow to split itself into two companies in January and stepped up the pressure in May. Third Point owns a nearly 2 percent stake in the company and ranks as one of Dow’s top 10 shareholders.

Hedge Fund Specialist Joins the New York Institute of Finance (HedgeCo)
The New York Institute of Finance has a new a faculty member, Karl D’Cunha, a specialist in hedge funds, valuation, capital markets, FINRA, emerging markets, and corporate finance. He joins as Senior Managing Director. “The financial services industry is continually evolving and transforming on a global, national, regional, and local level. In order to stay ahead of the curve, industry professionals must learn about the latest trends using real world case studies, up-to date information, and expert guidance,” said Karl D’Cunha, Senior Managing Director at Madison Street Capital. “I am tremendously excited to be selected to join the expert faculty at NYIF.”

Hedge funds poised to pile into China via ‘connect’ channel (Reuters)
When the landmark Hong Kong-Shanghai equity link debuts on Monday, a class of investors that China has kept at arm’s length until now – hedge funds – are expected to plunge into mainland shares. And rules for the coming stock “connect” mean that these more aggressive players will likely be ahead of the pack, as they are not constrained by operational and legal issues that will keep many long-term institutional investors from participating.

BlueCrest To Move To Jersey (Finalternatives)
BlueCrest Capital Management is trading Channel Islands. The US$25 billion hedge fund will move its headquarters to Jersey at the end of the year, it said. BlueCrest’s base is currently about 27 miles to the south, on the island of Guernsey, where it moved from London in 2010. “Jersey has a deep pool of talent for staffing BlueCrest’s corporate headquarters,” firm spokesman Ed Orlebar told Bloomberg News. Jersey is home to nearly 100,000 people, 50% more than Guernsey, and already serves as Brevan Howard Asset Management’s corporate headquarters.

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