Archive: 10/31/2007
Main News
Financial Institutions Face Tests In Managing Exposures To Hedge Funds And Leveraged Vehicles
Our bank and broker-dealer ratings anticipate that inflection points such as the third quarter of 2007 will be testing, but manageable for most leading players. In general, we continue to believe that investment banks have sufficiently solid risk management, profitability, and liquidity to work through temporary dislocation, although weaknesses in risk management have been revealed at some institutions. It may be some time before record earnings levels are regained, but at this stage, we do not believe an extended severe downturn is probable.
To learn more, click or copy and paste the URL below:
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Our bank and broker-dealer ratings anticipate that inflection points such as the third quarter of 2007 will be testing, but manageable for most leading players. In general, we continue to believe that investment banks have sufficiently solid risk management, profitability, and liquidity to work through temporary dislocation, although weaknesses in risk management have been revealed at some institutions. It may be some time before record earnings levels are regained, but at this stage, we do not believe an extended severe downturn is probable.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYTDTQUVsLgHxhilpuHQJhuV2VR
Fitch Ratings, in the form of a special report, yesterday released a list of ten key questions to provide insight into the issues that Fitch analysts are addressing when reviewing and comparing the results of issuers affected by the U.S. credit market turmoil of the past quarter.
Bear Stearns hedge fund investors eye new control
Reuters - USA
N: Quote, Profile, Research) hedge fund on Tuesday called for the Wall Street investment bank to be ousted as the funds' controlling party, and replaced by ...
See all stories on this topic
Reuters - USA
N: Quote, Profile, Research) hedge fund on Tuesday called for the Wall Street investment bank to be ousted as the funds' controlling party, and replaced by ...
See all stories on this topic
'Overheating' Emerging Markets Change Bennett Into Baltic Bear
Source: Bloomberg
John Bennett, who oversees GAM's $1.1 billion European Equity Hedge Fund, says stock prices in developing economies are rising too quickly and the first markets to burst will be those of Lithuania, Latvia and Estonia. More... <http://www.hedgefund-index.com/newstoday.asp>
Source: Bloomberg
John Bennett, who oversees GAM's $1.1 billion European Equity Hedge Fund, says stock prices in developing economies are rising too quickly and the first markets to burst will be those of Lithuania, Latvia and Estonia. More... <http://www.hedgefund-index.com/newstoday.asp>
Och-Ziff to Sell $1.26 Billion Stake to Dubai Firm (Update2)
Source: Bloomberg
Och-Ziff Capital Management Group LLC, the hedge-fund firm run by Daniel Och, agreed to sell a $1.26 billion stake to Dubai International Capital LLC, doubling the money it plans to raise in its initial public offering. More... <http://www.hedgefund-index.com/newstoday.asp>
Source: Bloomberg
Och-Ziff Capital Management Group LLC, the hedge-fund firm run by Daniel Och, agreed to sell a $1.26 billion stake to Dubai International Capital LLC, doubling the money it plans to raise in its initial public offering. More... <http://www.hedgefund-index.com/newstoday.asp>
Hedge Funds Registration to Spur Mass Exodus
Investment News - Tuesday October 30, 09:51 GMT
Investment News - Tuesday October 30, 09:51 GMT
Upper crust hedge fund stays top of the class
Source: Yahoo! News
Call it Old Money. Crispin Odey is London's longest-serving hedge fund manager, and his Odey Asset Management is - according to investors and bankers - the most upper crust. This year he is also one of the best, with his main fund up 38.3 per cent to the end of September. More... <http://www.hedgefund-index.com/newstoday.asp>
Source: Yahoo! News
Call it Old Money. Crispin Odey is London's longest-serving hedge fund manager, and his Odey Asset Management is - according to investors and bankers - the most upper crust. This year he is also one of the best, with his main fund up 38.3 per cent to the end of September. More... <http://www.hedgefund-index.com/newstoday.asp>
Investors ready to pay more for safer hedge funds
Source: Reuters
Funds of hedge funds, which promise to spread the risk of investing in these loosely regulated portfolios, may soon find new customers as investors are again ready to pay more for peace of mind.
"Blow-up risks are the biggest worries for investors and you need people on the ground to do the research," said Bryan Schneider, who helps select hedge funds at New England Pension Consultants. More... <http://www.hedgefund-index.com/newsfohf.asp>
Source: Reuters
Funds of hedge funds, which promise to spread the risk of investing in these loosely regulated portfolios, may soon find new customers as investors are again ready to pay more for peace of mind.
"Blow-up risks are the biggest worries for investors and you need people on the ground to do the research," said Bryan Schneider, who helps select hedge funds at New England Pension Consultants. More... <http://www.hedgefund-index.com/newsfohf.asp>
Oil and Trade Gains Make Major Investors Of Developing Nations
(By David Cho and Thomas Heath, The Washington Post)
(By David Cho and Thomas Heath, The Washington Post)
View of the day: Recession trigger -- [at FT.com]
Andrew Milligan, Standard Life Investments FT.com
10/29/2007 1:35:12 PM
Andrew Milligan, Standard Life Investments FT.com
10/29/2007 1:35:12 PM
Institutions prepare for the consequences -- [at FT.com]
By Peter Thal Larsen FT.com
10/30/2007 12:25:13 AM
By Peter Thal Larsen FT.com
10/30/2007 12:25:13 AM
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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/TRCnoel303_G12.jpg
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Iranian Situation
China rebuffs Israel on Iran nuclear sanctions
AFP via Yahoo! News Tue, 30 Oct 2007 8:49 AM PDT
China said Tuesday it remained opposed to further sanctions against Iran over its nuclear programme, despite the visiting Israeli foreign minister's call for stronger action.
AFP via Yahoo! News Tue, 30 Oct 2007 8:49 AM PDT
China said Tuesday it remained opposed to further sanctions against Iran over its nuclear programme, despite the visiting Israeli foreign minister's call for stronger action.
Russian envoy on surprise visit to Iran
International Herald Tribune Tue, 30 Oct 2007 8:06 AM PDT
The Russian foreign minister will meet with President Mahmoud Ahmadinejad and discuss Iran's nuclear program, Russian and Iranian news agencies reported.
International Herald Tribune Tue, 30 Oct 2007 8:06 AM PDT
The Russian foreign minister will meet with President Mahmoud Ahmadinejad and discuss Iran's nuclear program, Russian and Iranian news agencies reported.
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Opalesque’s Corner
- Dubai International Capital LLC to acquire 9.9% equity stake in Och-Ziff Capital Management Group LLC
- PE firm Hellman & Friedman takes minority stake in hedge FoF Grosvenor Capital Management
- Opalesque Exclusive: Piedmont Select Properties to launch micro-cap real estate fund, New fund marks double decade for pioneer hedge fund manager Glenwood, ABN AMRO to launch the Absolute Return Bond Fund V150 focusing on four alpha sources, Sirius to launch $300 million mining FoFs, Dutch FoFs shop launched multi-strat vehicle, Hinde Capital launches Gold fund
- Heard at a conference: FoHFs may find renewed popularity as investors look for safer bets
- P&I survey: 130/30 assets surge 77%, Merrill Lynch report: 130/30 funds - momentum continues, Treasure trove seen in 130/30, predictions of $1 trillion in allocations prompt hedge funds to go for the gold, Maintaining fixed short position may be a mistake in 130/30s
- 14 publicly traded money managers report higher earnings, cash assets up 6%, Dexia`s update on developments and challenges in alternative management: higher financing costs are easily offset by new inefficiencies and opportunities
- Assets of multifamily offices rose 20.4% last year to $305.2bon, but profit margins shrink
- Credit Suisse/Tremont Blue Chip Investable Hedge Fund Index down 0.94% net for the third quarter of 2007, EM best strategy, up 4.43%
- State Street: If another rate cut next Wednesday fails to revive markets, the knock-on effects could be severe, Dollar and oil hit new records, investors certain that Fed will cut interest rates
- FSA `disappointed` with hedge fund controls` to limit market abuse, FSA to step up hedge fund checks, Move to register hedge funds in California could spur relocations, India must liberalise markets further: US treasury secretary
- Pensions: Illinois Teachers seeks real estate managers, hires firms including 130/30 managers, New Jersey commits $350 million to 2 hedge funds and a PE fund, Finns embracing alternatives, rule changes open more opportunities for foreign managers, Morley has launched a multi-asset fund targeted at smaller UK pension funds
- HSBC hedge-fund arm sets up real-estate unit, hires head of division and fund manager, Credit Suisse nabs BlackRock staffer for Benelux, Investec moves down under, hires MD for Sydney, Boston Co. looks to alternatives to rebound from recent equity troubles, named new CEO and new CIO
- Portrait: Odey, upper crust hedge fund stays top of the class, King of commodities Anderson survives blackout, Treasury`s Paulson still Wall Street boss at heart
- Size matters: New research suggests larger teams underperform in fund management
- Merrill`s own advice on subprime loans was not followed, Fink not aware of being a candidate for the CEO post at Merrill
- Investors in defunct Bear Stearns funds will vote on whether to install a forensic accounting and restructuring firm in place of Bear, Bear Stearns to cut about 300 jobs
- Swiss bank UBS reports SF830 million loss on debt writedowns, not ruling out further trouble with US subprime crisis, UBS forecasts return to profitability, Japan`s MUFG expects subprime losses to rise six-fold to $263m
- Fitch to downgrade $36.8 billion of CDOs, Fitch Ratings report: 10 questions to understand accounting impact of US credit market turmoil, Greenspan: Subprime securitization unlikely to make a comeback any time soon
- Legal News: Task Force on commodities fraud and manipulation report: Bayou principals pleaded guilty, Parish charged for operating fraudulent HF, Prosecutor said that risk Ohio investment adviser Mark Lay took was `beyond crazy`, Supreme Court hears futures manipulation case that will determine whether futures commission merchants can sue commodities exchanges
- Shares of Brazil`s Bovespa (Sao Paulo Stock Exchange) soar in trading debut, Liquidity posing risk amid Brazil market rise - Maua
- CMA Global has boosted investor base since 2006 IPO, Ashmore to raise Euro500m through launch of new investment company on the LSE, BDO Stoy Hayward`s Fitzwilliam Growth Fund ranked top among FoHFs, LaSalle: Q3 review on UK economic market, UK economy remains in robust health
- Mifid could have far-reaching consequences for the way shares are traded, financial institutions have been quietly readying
- `Rigged`: New Mezrich thriller tells tale of Dubai Merc, how trading oil became halal, S&P launches three new global shariah indices
- Strong growth expected for Middle East and Central Asia in 2008 although inflation is on the rise, Download Link: Man`s Q3 2007 report - The Asian crisis - 10 years on
- `Wall of money` set to flow into Asian renewable energy, China to reach peak oil production as early as 2015
- Hong Kong leaders say investors should be on their guard in markets that remain volatile following the recent credit crunch
- Events: CAIAA to host networking and informational event in New York, Nov. 5, Canadian HF industry supports the prevention and treatment of child abuse at upcoming 4th Annual Hedge Funds Care Canada Gala, Chicago chapters of PRMIA and QWAFAFEW to co-sponsor meeting on commodity markets on Thursday, November 15
- Activist News: Generali`s chairman seeks support from Italy`s financial and political establishment, Hedge fund Barrington wants data from A. Schulman Inc. of Akron
- News Briefs: Lehman raises $3 billion fund to purchase buyout debt, Hedge fund group spent $300,000 lobbying, Ogier wins Alpha Awards - again, Move over, mutual funds, here comes commingled, JPMorgan looking at possible bank acquisitions in Japan, The University of Chicago Business School names four distinguished alumni for 2007, BATS eyes European markets, Hong Kong first time ahead of Singapore CLSA annual corporate governance report, Australia cuts wheat crop forecast
- And Finally. Couple dead serious about selling house, offers a unique deal
- Logon: http://www.opalesque.com/main.php?act=archive
- PE firm Hellman & Friedman takes minority stake in hedge FoF Grosvenor Capital Management
- Opalesque Exclusive: Piedmont Select Properties to launch micro-cap real estate fund, New fund marks double decade for pioneer hedge fund manager Glenwood, ABN AMRO to launch the Absolute Return Bond Fund V150 focusing on four alpha sources, Sirius to launch $300 million mining FoFs, Dutch FoFs shop launched multi-strat vehicle, Hinde Capital launches Gold fund
- Heard at a conference: FoHFs may find renewed popularity as investors look for safer bets
- P&I survey: 130/30 assets surge 77%, Merrill Lynch report: 130/30 funds - momentum continues, Treasure trove seen in 130/30, predictions of $1 trillion in allocations prompt hedge funds to go for the gold, Maintaining fixed short position may be a mistake in 130/30s
- 14 publicly traded money managers report higher earnings, cash assets up 6%, Dexia`s update on developments and challenges in alternative management: higher financing costs are easily offset by new inefficiencies and opportunities
- Assets of multifamily offices rose 20.4% last year to $305.2bon, but profit margins shrink
- Credit Suisse/Tremont Blue Chip Investable Hedge Fund Index down 0.94% net for the third quarter of 2007, EM best strategy, up 4.43%
- State Street: If another rate cut next Wednesday fails to revive markets, the knock-on effects could be severe, Dollar and oil hit new records, investors certain that Fed will cut interest rates
- FSA `disappointed` with hedge fund controls` to limit market abuse, FSA to step up hedge fund checks, Move to register hedge funds in California could spur relocations, India must liberalise markets further: US treasury secretary
- Pensions: Illinois Teachers seeks real estate managers, hires firms including 130/30 managers, New Jersey commits $350 million to 2 hedge funds and a PE fund, Finns embracing alternatives, rule changes open more opportunities for foreign managers, Morley has launched a multi-asset fund targeted at smaller UK pension funds
- HSBC hedge-fund arm sets up real-estate unit, hires head of division and fund manager, Credit Suisse nabs BlackRock staffer for Benelux, Investec moves down under, hires MD for Sydney, Boston Co. looks to alternatives to rebound from recent equity troubles, named new CEO and new CIO
- Portrait: Odey, upper crust hedge fund stays top of the class, King of commodities Anderson survives blackout, Treasury`s Paulson still Wall Street boss at heart
- Size matters: New research suggests larger teams underperform in fund management
- Merrill`s own advice on subprime loans was not followed, Fink not aware of being a candidate for the CEO post at Merrill
- Investors in defunct Bear Stearns funds will vote on whether to install a forensic accounting and restructuring firm in place of Bear, Bear Stearns to cut about 300 jobs
- Swiss bank UBS reports SF830 million loss on debt writedowns, not ruling out further trouble with US subprime crisis, UBS forecasts return to profitability, Japan`s MUFG expects subprime losses to rise six-fold to $263m
- Fitch to downgrade $36.8 billion of CDOs, Fitch Ratings report: 10 questions to understand accounting impact of US credit market turmoil, Greenspan: Subprime securitization unlikely to make a comeback any time soon
- Legal News: Task Force on commodities fraud and manipulation report: Bayou principals pleaded guilty, Parish charged for operating fraudulent HF, Prosecutor said that risk Ohio investment adviser Mark Lay took was `beyond crazy`, Supreme Court hears futures manipulation case that will determine whether futures commission merchants can sue commodities exchanges
- Shares of Brazil`s Bovespa (Sao Paulo Stock Exchange) soar in trading debut, Liquidity posing risk amid Brazil market rise - Maua
- CMA Global has boosted investor base since 2006 IPO, Ashmore to raise Euro500m through launch of new investment company on the LSE, BDO Stoy Hayward`s Fitzwilliam Growth Fund ranked top among FoHFs, LaSalle: Q3 review on UK economic market, UK economy remains in robust health
- Mifid could have far-reaching consequences for the way shares are traded, financial institutions have been quietly readying
- `Rigged`: New Mezrich thriller tells tale of Dubai Merc, how trading oil became halal, S&P launches three new global shariah indices
- Strong growth expected for Middle East and Central Asia in 2008 although inflation is on the rise, Download Link: Man`s Q3 2007 report - The Asian crisis - 10 years on
- `Wall of money` set to flow into Asian renewable energy, China to reach peak oil production as early as 2015
- Hong Kong leaders say investors should be on their guard in markets that remain volatile following the recent credit crunch
- Events: CAIAA to host networking and informational event in New York, Nov. 5, Canadian HF industry supports the prevention and treatment of child abuse at upcoming 4th Annual Hedge Funds Care Canada Gala, Chicago chapters of PRMIA and QWAFAFEW to co-sponsor meeting on commodity markets on Thursday, November 15
- Activist News: Generali`s chairman seeks support from Italy`s financial and political establishment, Hedge fund Barrington wants data from A. Schulman Inc. of Akron
- News Briefs: Lehman raises $3 billion fund to purchase buyout debt, Hedge fund group spent $300,000 lobbying, Ogier wins Alpha Awards - again, Move over, mutual funds, here comes commingled, JPMorgan looking at possible bank acquisitions in Japan, The University of Chicago Business School names four distinguished alumni for 2007, BATS eyes European markets, Hong Kong first time ahead of Singapore CLSA annual corporate governance report, Australia cuts wheat crop forecast
- And Finally. Couple dead serious about selling house, offers a unique deal
- Logon: http://www.opalesque.com/main.php?act=archive
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Misc. Items of Interest
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Funnies, Facts, Quotes, etc….
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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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