Archive: 09/27/2007
Main News
Treasury names members of hedge-fund study groups
By Robert Schroeder MarketWatch
9/25/2007 11:08:00 AM
By Robert Schroeder MarketWatch
9/25/2007 11:08:00 AM
Duo to draw up best practice for hedge funds -- [at FT.com]
By Anuj Gangahar in New York FT.com
9/25/2007 8:40:38 PM
By Anuj Gangahar in New York FT.com
9/25/2007 8:40:38 PM
Losses in the US subprime mortgage market are set to escalate as falling housing prices prevent borrowers with adjustable rate mortgages from refinancing on better terms, new data suggest
Hedge fund founders charged with fraud
UPI Wed, 26 Sep 2007 9:24 AM PDT
The founders of a defunct Canadian hedge fund have been charged with fraud and money laundering for allegedly bilking 26,700 clients out of $800 million.
UPI Wed, 26 Sep 2007 9:24 AM PDT
The founders of a defunct Canadian hedge fund have been charged with fraud and money laundering for allegedly bilking 26,700 clients out of $800 million.
SEC Brings Fraud Charges Against San Francisco Hedge Fund Manager
U.S. Securities and Exchange Commission Wed, 26 Sep 2007 11:14 AM PDT
Washington, D.C., Sept. 26, 2007 - The Securities and Exchange Commission today charged a San Francisco hedge fund manager with defrauding investors by dramatically overstating the fund's profitability and misusing fund assets.
U.S. Securities and Exchange Commission Wed, 26 Sep 2007 11:14 AM PDT
Washington, D.C., Sept. 26, 2007 - The Securities and Exchange Commission today charged a San Francisco hedge fund manager with defrauding investors by dramatically overstating the fund's profitability and misusing fund assets.
Grim news on the US housing market and consumer confidence drove the dollar to a fresh record low against the euro and prompted buying of Treasury bonds
Pyramis aims for $20bn hedge fund business
eFinancial News Wed, 26 Sep 2007 3:40 AM PDT
The US institutional business of Fidelity Investments, the country's largest fund manager, will launch a range of hedge fund strategies before the end of the year. It is the latest in a line of mainstream managers moving into alternative investments.
eFinancial News Wed, 26 Sep 2007 3:40 AM PDT
The US institutional business of Fidelity Investments, the country's largest fund manager, will launch a range of hedge fund strategies before the end of the year. It is the latest in a line of mainstream managers moving into alternative investments.
GLG fund is latest market casualty
Financial Times Wed, 26 Sep 2007 1:44 PM PDT
GLG European Long-Short fund, one of GLG's biggest hedge funds with more than $2bn (£1bn) in assets, fell 4.4 per cent in value in the first 10 days of August, making it one of the latest casualties of the recent turmoil in financial markets.
Financial Times Wed, 26 Sep 2007 1:44 PM PDT
GLG European Long-Short fund, one of GLG's biggest hedge funds with more than $2bn (£1bn) in assets, fell 4.4 per cent in value in the first 10 days of August, making it one of the latest casualties of the recent turmoil in financial markets.
Hedge Funds Anticipate Recession in 2008
PR Newswire via Yahoo! Finance Wed, 26 Sep 2007 6:15 AM PDT
The U.S. economy is heading for a recession in 2008, according to a poll conducted on behalf of CPA firm Rothstein Kass by Russ Prince, a leading authority on private wealth. Over 61% of hedge fund industry principals surveyed indicated that a recession in 2008 is a "very likely" scenario.
PR Newswire via Yahoo! Finance Wed, 26 Sep 2007 6:15 AM PDT
The U.S. economy is heading for a recession in 2008, according to a poll conducted on behalf of CPA firm Rothstein Kass by Russ Prince, a leading authority on private wealth. Over 61% of hedge fund industry principals surveyed indicated that a recession in 2008 is a "very likely" scenario.
The Leveraging Of America: Dividend Recaps Increase Credit Vulnerability Amid Market Turmoil
Depending on how credit markets settle out from the current turmoil, we expect, over the longer term, to see more of the first cousin of the LBO--the dividend recapitalization. The credit impact of recaps is almost always negative--if not immediately, then later when the company encounters an unanticipated difficulty. In any case, the time frame between the original LBO and the appearance of a dividend recap is shorter than it was several years ago, and that's likely to continue once the markets stabilize.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQWBSDQUVsLgHxhilpuHQJhuV2VR
Depending on how credit markets settle out from the current turmoil, we expect, over the longer term, to see more of the first cousin of the LBO--the dividend recapitalization. The credit impact of recaps is almost always negative--if not immediately, then later when the company encounters an unanticipated difficulty. In any case, the time frame between the original LBO and the appearance of a dividend recap is shorter than it was several years ago, and that's likely to continue once the markets stabilize.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQWBSDQUVsLgHxhilpuHQJhuV2VR
Credit FAQ: Considering Investors' Renewed Focus On Default Risk And Recovery Prospects In The European Leveraged Finance Market
The European leveraged finance market is in a holding position right now as market participants wait to see how the first transactions brought to market after the liquidity crunch will fare. Generally, the market is trying to find a new equilibrium as the balance of power shifts to investors from issuers. This may take some time as arrangers anticipate that the first few deals out to syndication may suffer unduly from the dislocation, resulting in the need for severe concessions to investors on pricing and structure.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQWBSDQUVsLgHxhilpuHQJhuV2VSS
The European leveraged finance market is in a holding position right now as market participants wait to see how the first transactions brought to market after the liquidity crunch will fare. Generally, the market is trying to find a new equilibrium as the balance of power shifts to investors from issuers. This may take some time as arrangers anticipate that the first few deals out to syndication may suffer unduly from the dislocation, resulting in the need for severe concessions to investors on pricing and structure.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQWBSDQUVsLgHxhilpuHQJhuV2VSS
Credit-rating agencies eye grading revamp
Robert Pickel of the International Swaps and Derivatives Association said the agencies should restructure their grading of some securities.
... READ FULL STORY >>>
Robert Pickel of the International Swaps and Derivatives Association said the agencies should restructure their grading of some securities.
... READ FULL STORY >>>
Carlyle Capital Assets Fall 24% Amid Debt Selloff (Update1). By Jason Kelly and Jenny Strasburg. Sept. 26 (Bloomberg) -- Carlyle Capital Corp., the publicly ...
www.bloomberg.com/apps/news?pid=20601087&sid=aYpzqdWZfTOw&refer=home - 12 hours ago - Similar pages - Note this
www.bloomberg.com/apps/news?pid=20601087&sid=aYpzqdWZfTOw&refer=home - 12 hours ago - Similar pages - Note this
NEW YORK (HedgeWorld.com)—The Bank of New York Mellon Corp. on Tuesday [Sept. 25] said it would launch what it called "the first platform that provides complete support to managers of 130/30 strategies. ......
BOSTON (HedgeWorld.com)—Two scholars at the Massachusetts Institute of Technology have concluded that unprecedented losses by quantitative long/short equity funds in early August weren't the result of any flaw in quantitative strategies, but were more likely the result of the firesale liquidation of portfolios that followed quantitative strategies simply through computational necessity. ......
U.S. Aims to Limit Funds' Risk
(By Carrie Johnson, The Washington Post)
(By Carrie Johnson, The Washington Post)
Citadel appoints Peter Little as chief executive
Wed, 26 Sep 2007, 07:04
HedgeWeek
Citadel has announced the appointment of Peter Little as chief executive to lead the next phase of the company's growth plans. Based in the firm's London headquarters, his focus is on strengthening Citadel's position across Europe and the US as the only enterprise data management provider to focus purely on the needs of the buy-side.
Wed, 26 Sep 2007, 07:04
HedgeWeek
Citadel has announced the appointment of Peter Little as chief executive to lead the next phase of the company's growth plans. Based in the firm's London headquarters, his focus is on strengthening Citadel's position across Europe and the US as the only enterprise data management provider to focus purely on the needs of the buy-side.
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Yield Curve Corner
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Natural Disaster Corner
Climate Prediction http://www.nws.noaa.gov/predictions.php
World Meterological Organization http://severe.worldweather.org/
Tornadoes: http://www.disastercenter.com/tornado.htm
Great Sat Pictures of events: http://www.osei.noaa.gov/Events/Current/TRCkaren269_G12.jpg
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Iranian Situation
Iran reformist warns democracy at stake
AP via Yahoo! News Wed, 26 Sep 2007 12:22 PM PDT
One of Iran's top reform politicians said Wednesday that demonizing President Mahmoud Ahmadinejad — such as in this week's Columbia University forum — only strengthens hard-liners' hand as Iranians rally around their otherwise unpopular leader.
AP via Yahoo! News Wed, 26 Sep 2007 12:22 PM PDT
One of Iran's top reform politicians said Wednesday that demonizing President Mahmoud Ahmadinejad — such as in this week's Columbia University forum — only strengthens hard-liners' hand as Iranians rally around their otherwise unpopular leader.
U.S. says Iran mistaken on nuclear issue
Reuters via Yahoo! News Wed, 26 Sep 2007 10:00 AM PDT
The United States rejected on Wednesday Iran's claim that its nuclear program is a "closed" matter and said it would keep pushing for fresh U.N. Security Council sanctions that are resisted by China and Russia.
Reuters via Yahoo! News Wed, 26 Sep 2007 10:00 AM PDT
The United States rejected on Wednesday Iran's claim that its nuclear program is a "closed" matter and said it would keep pushing for fresh U.N. Security Council sanctions that are resisted by China and Russia.
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Exclusive interview: Iranian President | |
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Tonight, Christiane Amanpour sits down for an exclusive interview with the man behind the controversy, Iranian President Mahmoud Ahmadinejad. Watch as he speaks about his trip to the U.S., the war in Iraq and more. A CNN exclusive, only on "Anderson Cooper AC360°" tonight at 10 p.m. ET. | |
At U.N., Iranian Leader Is Defiant on Nuclear Efforts
UNITED NATIONS, Sept. 25 -- Iranian President Mahmoud Ahmadinejad vowed Tuesday not to give in to pressure by "arrogant powers" trying to force him to abandon his nation's uranium-enrichment program and unilaterally declared that as far as he is concerned, "the nuclear issue of Iran is now closed."
(By Peter Baker and Robin Wright, The Washington Post)
UNITED NATIONS, Sept. 25 -- Iranian President Mahmoud Ahmadinejad vowed Tuesday not to give in to pressure by "arrogant powers" trying to force him to abandon his nation's uranium-enrichment program and unilaterally declared that as far as he is concerned, "the nuclear issue of Iran is now closed."
(By Peter Baker and Robin Wright, The Washington Post)
Backlash Against Bollinger Hits Columbia
BY ANNIE KARNI - Staff Reporter of the Sun
A backlash against the president of Columbia University, Lee Bollinger, who on Monday delivered a harsh rebuke to President Ahmadinejad, is coming from faculty members and students who said he struck an "insulting tone" and that his remarks amounted...
BY ANNIE KARNI - Staff Reporter of the Sun
A backlash against the president of Columbia University, Lee Bollinger, who on Monday delivered a harsh rebuke to President Ahmadinejad, is coming from faculty members and students who said he struck an "insulting tone" and that his remarks amounted...
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Opalesque’s Corner
- Editor's Note
- Opalesque Exclusive: Fung: Hedge fund replicators not to replace hedge funds, what`s behind the Black Swans, Gavyn Davies` Fulcrum Asset unveils alternative beta product `Fulcrum Alternative Beta Plus`, Hossein B. Kazemi`s White Bear `momentum-matching` hedge fund replicator, Contrarian views: Don`t add another flawed investment option, Harry Kat: Why replicate if you can create?, HEC replicates Kat
- Man emerges unscathed from turmoil, reports increased sales, fees
- President`s working group signs up hedge fund VIPs to best practice committee: Mindich, Och, von Mueffling, Chanos, Read of Calpers expects `consistent` hedge-fund rules: Video, US govt seeks hedge fund recommendations this year
- Lo paper says August quant meltdown was `incidental, caused by firesale liquidation of sizable quantitative equity market-neutral portfolios that followed quantitative strategies`, points to increased systemic risk
- Top ten SkyRanked FoFs (over $250m, 5yr track record)
- Peer group pressure in hedge fund indexes can mislead investors
- Fortress` subprime unit Nationstar halts US loans, Credit Suisse to cut 150 jobs on subprime fallout, Steepest fall in US house prices in 16 years fuels fears of recession: Housing prices in top 20 US cities fell 3.9 per cent in July, sales down 4.3% in August, Economists gloomy, Heebner, top fund manager, sells New York real estate, ripple-effect with `devastating impact on high-end residential real estate`, Majority of hedge funds say 2008 U.S. recession likely
- Northern Rock scraps GBP60m dividend payout
- Bear funds: US judge grants continued protection from US lawsuits while they liquidate in Cayman, as long as they return $8m
- ABX short seller up 410% through August, launches commercial real estate fund, Property derivatives come into spotlight over predicted downturn
- Currencies: A global game explodes, daily volume reaches annual economic output of Germany or China, London increases forex dominance, more than double of US share
- Third-Party marketer Deeds signs Texas manager
- Bear Stearns hires three for NY prime brokerage unit
- SEC now with full oversight over seven credit ratings agencies
- Bank of New York Mellon launches 130/30 support platform
- TABB Group says nearly 20% of algorithmic flow sent through customized algorithms, increasing to 30% by EOY 2008
- Climate change benchmark launched
- Hedge funds betting on patent lawsuits with courtroom spies
- Homm could face legal actions from investors and even from former employers, Sentinel trustee blames collapse on excessive leverage: 700m loans, Sentinel`s payments to two firms questioned: Alaron, Iowa Grain get cash after accounts frozen, SEC charges two for late trading (Canary)
- Caution pays for Brevan Howard, up in July and August
- Tapestry offering raises GBP52m
- Finnish local government pension fund plans single hedge fund and commodities move, Varma raised hedge fund allocation from 8% to 13%, Swedish pension fund to hike alternatives to 25%
- Swedish managed futures fund AMDT up 13.28% YTD
- Opalesque Exclusive: Gerken Greater China Fund sees `little investment opportunity` in current China after delivering 1.54% in August (27.38% YTD)
- Hedge fund assets down 17% in Japan, trend likely to continue
- Activist News: Shareholder activism finally taking root in Asia, even Japan waking up, Breeden wins at H&R Block, hurts governance cred, RBS-led group has doubled ABN stake
- News Briefs: CAIAA to host networking and informational events in London, Paris, Oct. 9 & 11, Hedge Funds for Habitat-NYC to raise funds for NYC affordable homes, Forst named Goldman co-head of investment, UTIMCO fund earns 18% on investments,Sovereign funds snap up bank stakes, Saudi Arabia opens stock market for neighbouring Gulf countries
- ...And finally: Handcuffed Mexican kids steal U.S. border agent car, drive back home
- Logon: http://www.opalesque.com/main.php?act=archive
- Opalesque Exclusive: Fung: Hedge fund replicators not to replace hedge funds, what`s behind the Black Swans, Gavyn Davies` Fulcrum Asset unveils alternative beta product `Fulcrum Alternative Beta Plus`, Hossein B. Kazemi`s White Bear `momentum-matching` hedge fund replicator, Contrarian views: Don`t add another flawed investment option, Harry Kat: Why replicate if you can create?, HEC replicates Kat
- Man emerges unscathed from turmoil, reports increased sales, fees
- President`s working group signs up hedge fund VIPs to best practice committee: Mindich, Och, von Mueffling, Chanos, Read of Calpers expects `consistent` hedge-fund rules: Video, US govt seeks hedge fund recommendations this year
- Lo paper says August quant meltdown was `incidental, caused by firesale liquidation of sizable quantitative equity market-neutral portfolios that followed quantitative strategies`, points to increased systemic risk
- Top ten SkyRanked FoFs (over $250m, 5yr track record)
- Peer group pressure in hedge fund indexes can mislead investors
- Fortress` subprime unit Nationstar halts US loans, Credit Suisse to cut 150 jobs on subprime fallout, Steepest fall in US house prices in 16 years fuels fears of recession: Housing prices in top 20 US cities fell 3.9 per cent in July, sales down 4.3% in August, Economists gloomy, Heebner, top fund manager, sells New York real estate, ripple-effect with `devastating impact on high-end residential real estate`, Majority of hedge funds say 2008 U.S. recession likely
- Northern Rock scraps GBP60m dividend payout
- Bear funds: US judge grants continued protection from US lawsuits while they liquidate in Cayman, as long as they return $8m
- ABX short seller up 410% through August, launches commercial real estate fund, Property derivatives come into spotlight over predicted downturn
- Currencies: A global game explodes, daily volume reaches annual economic output of Germany or China, London increases forex dominance, more than double of US share
- Third-Party marketer Deeds signs Texas manager
- Bear Stearns hires three for NY prime brokerage unit
- SEC now with full oversight over seven credit ratings agencies
- Bank of New York Mellon launches 130/30 support platform
- TABB Group says nearly 20% of algorithmic flow sent through customized algorithms, increasing to 30% by EOY 2008
- Climate change benchmark launched
- Hedge funds betting on patent lawsuits with courtroom spies
- Homm could face legal actions from investors and even from former employers, Sentinel trustee blames collapse on excessive leverage: 700m loans, Sentinel`s payments to two firms questioned: Alaron, Iowa Grain get cash after accounts frozen, SEC charges two for late trading (Canary)
- Caution pays for Brevan Howard, up in July and August
- Tapestry offering raises GBP52m
- Finnish local government pension fund plans single hedge fund and commodities move, Varma raised hedge fund allocation from 8% to 13%, Swedish pension fund to hike alternatives to 25%
- Swedish managed futures fund AMDT up 13.28% YTD
- Opalesque Exclusive: Gerken Greater China Fund sees `little investment opportunity` in current China after delivering 1.54% in August (27.38% YTD)
- Hedge fund assets down 17% in Japan, trend likely to continue
- Activist News: Shareholder activism finally taking root in Asia, even Japan waking up, Breeden wins at H&R Block, hurts governance cred, RBS-led group has doubled ABN stake
- News Briefs: CAIAA to host networking and informational events in London, Paris, Oct. 9 & 11, Hedge Funds for Habitat-NYC to raise funds for NYC affordable homes, Forst named Goldman co-head of investment, UTIMCO fund earns 18% on investments,Sovereign funds snap up bank stakes, Saudi Arabia opens stock market for neighbouring Gulf countries
- ...And finally: Handcuffed Mexican kids steal U.S. border agent car, drive back home
- Logon: http://www.opalesque.com/main.php?act=archive
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Misc. Items of Interest
BOROUGH HAUL
By PAUL THARP
Manhattan alone appears to be weathering the latest housing storm that's driving prices to 16-year lows across the nation's suburbs and cities. But the Big Apple could get cooked. Foreclosures on homes in the five boroughs surged 97 percent...
full story: http://www.nypost.com/seven/09262007/business/borough_haul.htm
By PAUL THARP
Manhattan alone appears to be weathering the latest housing storm that's driving prices to 16-year lows across the nation's suburbs and cities. But the Big Apple could get cooked. Foreclosures on homes in the five boroughs surged 97 percent...
full story: http://www.nypost.com/seven/09262007/business/borough_haul.htm
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Funnies, Facts, Quotes, etc….
factotum ak-TOH-tuhm, noun:
A person employed to do all kinds of work or business.
"Come clean and admit to your frailties and stupidity."
Keith Ferrazzi, author, "Never Eat Alone"
http://trax.fastcompany.com/k/w/mailman/fasttake/20070926/frailty
Keith Ferrazzi, author, "Never Eat Alone"
http://trax.fastcompany.com/k/w/mailman/fasttake/20070926/frailty
1969: The Beatles released Abbey Road, their last-recorded album (Let It Be, though recorded earlier than Abbey Road, was released in 1970).
1898: George Gershwin, one of the most significant and popular of American composers, was born.
1820: American frontiersman and hero Daniel Boone died in St. Charles, Missouri.
1815: The Holy Alliance of Russia, Austria, and Prussia was formed, after the final defeat of Napoleon.
1687: During the bombardment of the Acropolis by Venetian forces, part of the Parthenon was destroyed in a powder explosion.
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Conference, Courses, Books, Papers
Great Research Sites:
Merrill Lynch research Link to full report including important disclosures see example
John Mauldin’s Weekly Analysis
James Altucher’s Website:
Other useful sites:
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Index Corner
The CSFB/Tremont Hedge Fund Index www.hedgeindex.com.
The Cogent Dynamic Averages http://www.cogenthedge.com/home/inv_strategy.asphttp://www.cogenthedge.com/home/inv_strategy.asp
The Dow Jones Indices: http://www.djhedgefundindexes.com/index.cfm?event=viewPremiumContent (free registration)
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Regulatory Info
investor.info@sfc.hkhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
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Disclaimer
The information contained in this document does not constitute an offer or solicitation to sell any security or other type of vehicles to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this document be considered as financial advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Investor DNA, LLC from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Investor DNA, LLC is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice. All materials are the property of the
respective publishers, as referenced by header and appropriate hypertext links.
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