Archive: 05/13/2008
Main News
Maverick Arb Play Pits Commodities Against Commodity Stocks
By: Emma Trincal, Senior Financial Correspondent
Posted: 05/12/2008 3:52:44 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=mfad&story=mfad1248.html
By: Emma Trincal, Senior Financial Correspondent
Posted: 05/12/2008 3:52:44 PM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=mfad&story=mfad1248.html
J. P. Morgan Chase & Co. Chief Executive James Dimon said he expects the recession could be closer in severity to the 1982 recession than to the more mild ones in 1990 and 2001.
» Read the Full Story
» Read the Full Story
Proposed legislation, championed by Rep. Charles Rangel, hammering the deferred compensation of many hedge fund managers is expected to be resurrected on Capitol Hill as soon as this week.
At least two huge pension funds have not invested in funds raised by leading private equity firms that have gone public or plan to do so, fearing the firms' loyalties will be divided between shareholders and their limited partners.
Institutional investors committed $23 billion in capital to clean-technology funds last year, but some experts see that money competing with a wall of government funding and corporate investments from around the world.
Economic uncertainty and acute liquidity problems battered most hedge fund strategies in the first quarter of 2008, with the average return for all funds sinking to -2.99% from 1.64% in the fourth quarter.
Fidelity's Clapp launches hedge fund
Financial News (subscription) - USA
Graham Clapp, the former head of European equities at Fidelity International, has re-emerged as chief executive of a newly formed hedge fund more than a ...
Financial News (subscription) - USA
Graham Clapp, the former head of European equities at Fidelity International, has re-emerged as chief executive of a newly formed hedge fund more than a ...
German hedge funds in a fix - Apr-06
New cloud on horizon for hedge funds - Apr-03
Worried hedge funds move cash - Mar-30
Funds of funds follow equities - Mar-16
Institutional investors warn Japan to improve governance
The Asian Corporate Governance Association, which represents the most influential institutional investors in the world, is expected to warn Japan to boost its corporate governance standards. The association says investor confidence in Japan's economic vitality and the competitiveness of its capital markets are at risk. "The system of corporate governance in most listed companies [in Japan] is not meeting the needs of stakeholders or the nation at large," the group says. Financial Times (11 May.)
The Asian Corporate Governance Association, which represents the most influential institutional investors in the world, is expected to warn Japan to boost its corporate governance standards. The association says investor confidence in Japan's economic vitality and the competitiveness of its capital markets are at risk. "The system of corporate governance in most listed companies [in Japan] is not meeting the needs of stakeholders or the nation at large," the group says. Financial Times (11 May.)
20 Rising Stars of Hedge Funds
Institutional Investor News’ second annual issue of 20 Rising Stars of Hedge Funds showcases up-and-coming hedge fund managers, advisors, analysts, consultants, marketers and traders who are likely to impact the global hedge fund markets going forward.
Institutional Investor News’ second annual issue of 20 Rising Stars of Hedge Funds showcases up-and-coming hedge fund managers, advisors, analysts, consultants, marketers and traders who are likely to impact the global hedge fund markets going forward.
A Superstar hits a rough Patch
New York Times - Monday May 12, 07:32 BST
New York Times - Monday May 12, 07:32 BST
Food Crisis: Poor Countries Lose, Who Wins?
May 12, 2008 0943 GMT
Crude oil and corn prices have again hit record highs. Oil is now double the level of a year ago, and this ongoing surge has pushed up the prices of farm crops such as corn and soy beans for biofuels, which in turn has bloated food price inflation. In the United States alone, the biofuel industry is expected to take one-third of the corn crop. The losers in this state of affairs are poor countries that import both oil and food. But who are the winners? Colin Chapman investigates.
http://www.stratfor.com/podcast/farmer_hero_trade_obstacles_remain
May 12, 2008 0943 GMT
Crude oil and corn prices have again hit record highs. Oil is now double the level of a year ago, and this ongoing surge has pushed up the prices of farm crops such as corn and soy beans for biofuels, which in turn has bloated food price inflation. In the United States alone, the biofuel industry is expected to take one-third of the corn crop. The losers in this state of affairs are poor countries that import both oil and food. But who are the winners? Colin Chapman investigates.
http://www.stratfor.com/podcast/farmer_hero_trade_obstacles_remain
Challenges in Quantitative Equity Management
GLG Takes Stake in God Perhaps believing that being close to the Internet video boom is like being close to godliness, U.K.-based hedge fund firm GLG Partners has reportedly taken a $30 million stake in Christian video sharing Web site GodTube.com. [more]
BNY Mellon acquires FOHF admin business
Source: ICFA Online
The Bank of New York Mellon has acquired the fund of hedge funds administrative services business of LAMP Technologies LLC, a Dallas-based alternative investment administrator. More... <http://www.hedgefund-index.com/newstoday.asp>
Source: ICFA Online
The Bank of New York Mellon has acquired the fund of hedge funds administrative services business of LAMP Technologies LLC, a Dallas-based alternative investment administrator. More... <http://www.hedgefund-index.com/newstoday.asp>
Renaissance Capital targets Africa with stakes in brokerages
Renaissance Capital, the Russian investment bank, last week bought stakes in brokerages in Ghana and Zambia, in a move that signals banking powerhouses are looking to Africa as the latest emerging market opportunity to boost flagging profits. (The Independent)
http://mail2.efnmail.co.uk/r/362592/MTk4MTI1OjE3MjY1/
Renaissance Capital, the Russian investment bank, last week bought stakes in brokerages in Ghana and Zambia, in a move that signals banking powerhouses are looking to Africa as the latest emerging market opportunity to boost flagging profits. (The Independent)
http://mail2.efnmail.co.uk/r/362592/MTk4MTI1OjE3MjY1/
Solar energy's presence is now felt. If its influence is to expand, however, researchers must innovate and develop tools to store the power. That's the view from researchers at the Massachusetts's Institute of Technology who have received a substantial grant to make it all happen. Their overall goal is to improve today's mechanics, or to bring in disruptive technologies, that would greatly increase efficiencies and add value.
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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/TRCrammasun133_GJ.jpg
Thousands Feared Dead in China Quake
New York Times - United States
The powerful initial quake struck at 2:28 pm local time, or 2:28 am Eastern time, near Wenchuan County, according to China’s State Seismological Bureau. ...
New York Times - United States
The powerful initial quake struck at 2:28 pm local time, or 2:28 am Eastern time, near Wenchuan County, according to China’s State Seismological Bureau. ...
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China: Two Earthquakes and a Silver Lining. May 12, 2008 | 1131 GMT. People evacuating buildings in Shanghai after earthquake. Tian Ye/ChinaFotoPress/Getty ... www.stratfor.com/analysis/china_two_earthquakes_and_silver_lining - 23k - 13 hours ago |
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Iranian Situation and Other Man Made Disasters
Bush calls Iran 'single biggest threat' to Mideast peace
AFP via Yahoo! News Mon, 12 May 2008 11:13 AM PDT
US President George W. Bush on Monday called Iran the "single biggest threat" to peace in the Middle East ahead of a visit to the region centered on celebrations of Israel's 60th anniversary.
AFP via Yahoo! News Mon, 12 May 2008 11:13 AM PDT
US President George W. Bush on Monday called Iran the "single biggest threat" to peace in the Middle East ahead of a visit to the region centered on celebrations of Israel's 60th anniversary.
Iran hangs five convicted sex murderers: report
AFP via Yahoo! News Mon, 12 May 2008 3:08 AM PDT
Iran has hanged five men convicted of burning a young woman alive after raping her, at a prison in the central city of Qom, the government newspaper Iran reported on Monday.
AFP via Yahoo! News Mon, 12 May 2008 3:08 AM PDT
Iran has hanged five men convicted of burning a young woman alive after raping her, at a prison in the central city of Qom, the government newspaper Iran reported on Monday.
Spread of Nuclear Capability Is Feared
Global Interest in Energy May Presage A New Arms Race
(By Joby Warrick, The Washington Post)
Global Interest in Energy May Presage A New Arms Race
(By Joby Warrick, The Washington Post)
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Opalesque’s Corner
- Fund launches: Opalesque Exclusive: Emergent to launch a forex fund banking on dollar weakness and a global macro fund based on geopolitical and macro views together with Olea Capital`s founder, Amaranth founder Maounis to start new multi-strategy hedge fund, Multi-manager Focus Capital launches emerging markets hedge fund, Former SocGen energy trader prepares maiden hedge fund, Swiss currency shop Quaesta Capital to offer L/S FX fund, Kotak Mahindra Bank launches multi-strategy India-focused fund, Kotak India Dynamic Fund, Mark Fuchs quits Credit Suisse, plans Southeast Asia-focused hedge fund in Singapore
- Performance: AIG PE, hedge fund returns plunge 84%, GMP Capital Trust Q1 revenue down 18%
- CFA Institute Study: Quant funds slump caused by rising correlations, style rotation, herding and 'activity of hedge funds'
- Indices: Greenwich Global hedge fund indices: Hedge funds returned +1.68% in April, rebounding from a -2.05% loss in March, Palomar Structured Credit Hedge Fund Index negative in March, 6th month in a row
- Assets: TrimTabs / BarclayHedge: Hedge funds gain $16.3bln in March, AllianceBernstein announces $31bln (4.2%) increase in AUM in April 2008
- Opalesque Exclusive: LNG wins $50m Brewin Dolphin Income Fund mandate
- Institutions: John Lewis pension fund makes first allocation to hedge funds, goes single manager, CalPERS moves over $7bln from external to internal managers, Update: Korea Teachers awards W300bln ($292m) mandate to GSAM, UK`s University Superannuation Scheme to move 20% to alternatives, 83% of European pensions say absolute return counts, Pensions demand more liquidity and transparency
- GLG Update: Hedge fund GLG hits investors with exit fee, GLG Partners` CFO employment contract: `If you die, you're fired`
- Manager Profiles: `Rising star` Rauf Ashraf, manager of the Empyrean L/S equity fund, Nichola Pease has little time to talk about Northern Rock, more to talk about plans for JO Hambro
- Seeders: SkyBridge Capital announces strategic relationship with Australia's Challenger Financial Services Group focused on launch of first global institutional hedge fund seeding and A.I. management platform
- Investors: Riskdata study says factor-based models can help investors distinguish lucky and talented managers
- Trends: Sowood, Drake, Zwirn. Rebounds by hedge-fund stars prove `it`s a Mulligan industry`, The short and short of it (video), Hedge fund sector accounts for 23% of all investment company issuance, 4th largest AIC sector, Funds of hedge funds look for greater specialization, Bankers, HF managers betting on sharp end of pension funds business, Hedge funds start to buy bank debt, Centaurus started a few weeks ago
- Hedge funds in Credit Crunch: Hedge fund insurers profit from credit crunch, Peloton flew high, fell fast: Winning hedge fund lost on bets as credit crunch moved at breakneck speed
- Credit Crunch Update: Citi to sell $500bln worth of non-core business assets, Goldman Sachs expects total mortgage credit losses of $500bln, Countrywide falls on worry over BofA merger, Finance-sector job losses gain speed
- Regulators: House panel to hold energy-speculation hearings, to take aim at HFs and investment banks, Due to regulators` demand for transparency, banks will have to lower leverage and exposure to hedge funds and send HF community abroad, `It will surprise people`: UK FSA gets to heart of HBOS share scandal
- People: Gottex Fund Management appoints William Landes to executive role, Kinetic Partners expands in New York, considers expansion in Middle East and Asia, Lombard Odier hires from Dillon Read for hedge fund division, Caroline Silver leaves Morgan Stanley for Merrill Lynch
- Forex: Steady Dollar could affect a variety of investment strategies that bet on decline, George Soros moves to `neutral`
- Commodities: Dawnay Day launches capital protected commodities products, Kuwait-based Global Investment's Zenith FoHF eyes opportunities in commodities, Gold price on course to double says top manager at ABN Amro
- Europe: SocGen Update: SocGen braced for inquiry results, Cyprus woos London hedge funds to sunny beaches
- Middle East: Mirabaud forecasts increased foreign investment in Gulf hedge funds
- Emerging Markets: Chinese growth powers Russian economy which remains positive as solid macro indicators prevail, says Barings
- Activist News: Opalesque Exclusive: Battle heats up between hedge fund Nanes Delorme and VCAALCO energy, Atticus reveals raised Deutsche Boerse stake amid rumours of sale, TCI appeals to Japan, says rejection will hinder capital growth
- News Briefs: Study shows women better at avoiding investment fraud, Learn from my mistakes, Leeson says in speech to business school graduates, RBC Dexia voted No. 1 global custodian for fifth consecutive year, CAIA: Last day to register to September exams is tomorrow
- ...And finally: Bizarre excuses for missing school
- Logon: http://www.opalesque.com/index.php?act=archive
- Performance: AIG PE, hedge fund returns plunge 84%, GMP Capital Trust Q1 revenue down 18%
- CFA Institute Study: Quant funds slump caused by rising correlations, style rotation, herding and 'activity of hedge funds'
- Indices: Greenwich Global hedge fund indices: Hedge funds returned +1.68% in April, rebounding from a -2.05% loss in March, Palomar Structured Credit Hedge Fund Index negative in March, 6th month in a row
- Assets: TrimTabs / BarclayHedge: Hedge funds gain $16.3bln in March, AllianceBernstein announces $31bln (4.2%) increase in AUM in April 2008
- Opalesque Exclusive: LNG wins $50m Brewin Dolphin Income Fund mandate
- Institutions: John Lewis pension fund makes first allocation to hedge funds, goes single manager, CalPERS moves over $7bln from external to internal managers, Update: Korea Teachers awards W300bln ($292m) mandate to GSAM, UK`s University Superannuation Scheme to move 20% to alternatives, 83% of European pensions say absolute return counts, Pensions demand more liquidity and transparency
- GLG Update: Hedge fund GLG hits investors with exit fee, GLG Partners` CFO employment contract: `If you die, you're fired`
- Manager Profiles: `Rising star` Rauf Ashraf, manager of the Empyrean L/S equity fund, Nichola Pease has little time to talk about Northern Rock, more to talk about plans for JO Hambro
- Seeders: SkyBridge Capital announces strategic relationship with Australia's Challenger Financial Services Group focused on launch of first global institutional hedge fund seeding and A.I. management platform
- Investors: Riskdata study says factor-based models can help investors distinguish lucky and talented managers
- Trends: Sowood, Drake, Zwirn. Rebounds by hedge-fund stars prove `it`s a Mulligan industry`, The short and short of it (video), Hedge fund sector accounts for 23% of all investment company issuance, 4th largest AIC sector, Funds of hedge funds look for greater specialization, Bankers, HF managers betting on sharp end of pension funds business, Hedge funds start to buy bank debt, Centaurus started a few weeks ago
- Hedge funds in Credit Crunch: Hedge fund insurers profit from credit crunch, Peloton flew high, fell fast: Winning hedge fund lost on bets as credit crunch moved at breakneck speed
- Credit Crunch Update: Citi to sell $500bln worth of non-core business assets, Goldman Sachs expects total mortgage credit losses of $500bln, Countrywide falls on worry over BofA merger, Finance-sector job losses gain speed
- Regulators: House panel to hold energy-speculation hearings, to take aim at HFs and investment banks, Due to regulators` demand for transparency, banks will have to lower leverage and exposure to hedge funds and send HF community abroad, `It will surprise people`: UK FSA gets to heart of HBOS share scandal
- People: Gottex Fund Management appoints William Landes to executive role, Kinetic Partners expands in New York, considers expansion in Middle East and Asia, Lombard Odier hires from Dillon Read for hedge fund division, Caroline Silver leaves Morgan Stanley for Merrill Lynch
- Forex: Steady Dollar could affect a variety of investment strategies that bet on decline, George Soros moves to `neutral`
- Commodities: Dawnay Day launches capital protected commodities products, Kuwait-based Global Investment's Zenith FoHF eyes opportunities in commodities, Gold price on course to double says top manager at ABN Amro
- Europe: SocGen Update: SocGen braced for inquiry results, Cyprus woos London hedge funds to sunny beaches
- Middle East: Mirabaud forecasts increased foreign investment in Gulf hedge funds
- Emerging Markets: Chinese growth powers Russian economy which remains positive as solid macro indicators prevail, says Barings
- Activist News: Opalesque Exclusive: Battle heats up between hedge fund Nanes Delorme and VCAALCO energy, Atticus reveals raised Deutsche Boerse stake amid rumours of sale, TCI appeals to Japan, says rejection will hinder capital growth
- News Briefs: Study shows women better at avoiding investment fraud, Learn from my mistakes, Leeson says in speech to business school graduates, RBC Dexia voted No. 1 global custodian for fifth consecutive year, CAIA: Last day to register to September exams is tomorrow
- ...And finally: Bizarre excuses for missing school
- Logon: http://www.opalesque.com/index.php?act=archive
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Misc. Items of Interest
Australian pokes shark in eye during attack
May 12, 2008 03:18 AM ET
SYDNEY (Reuters) - An Australian swimmer survived a great white
shark attack by poking the creature in the eyes as it dragged
him through the water after badly savaging his left leg.
http://links.reuters.com/r/6IP8X/3XE47/TYJLW/PUZKI/9L9YT/YT/t
May 12, 2008 03:18 AM ET
SYDNEY (Reuters) - An Australian swimmer survived a great white
shark attack by poking the creature in the eyes as it dragged
him through the water after badly savaging his left leg.
http://links.reuters.com/r/6IP8X/3XE47/TYJLW/PUZKI/9L9YT/YT/t
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Funnies, Facts, Quotes, etc….
cavil KAV-uhl, intransitive verb:
1. To raise trivial or frivolous objections; to find fault without good reason.
2. To raise trivial objections to.
3. A trivial or frivolous objection.
2. To raise trivial objections to.
3. A trivial or frivolous objection.
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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
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