Industry News

Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

News Archive

  • In Observance of Good Friday, eVestment's Daily Hedge Fund Newsletter WILL NOT Publish Friday, April 18, 2014

    Apr 16, 2014
    We will resume regular publication on Monday, April, 21, 2014.
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  • BofA Senior Exec Departing

    Apr 16, 2014
    Stuart Hendel, Bank of America’s head of global prime brokerage, is leaving the firm at the end of May. Hendel, who has held the position since 2011, will stay with BoA through a transition period. Dow Jones Business News hinted that Hendel’s departure could be attributed to his disagreements with BoA global head of equities Fabrizio Gallo over the direction of the bank’s equities division.
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  • SAC Given 90 Days to Pay $1.8B Insider Trading Fine

    Apr 16, 2014
    Steve Cohen’s SAC Capital Advisors has been given 90 days to pay its record $1.8 billion insider trading penalty. The three-month period would mean that SAC Capital, which changed its name to Point72 Asset Management earlier this month, will have another full quarter to trade. 30 days is typically recommended by feral probation officials.
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  • Armajaro Fund Drops 25% in Q1

    Apr 16, 2014
    London-based Armajaro Asset Management had a disappointing first quarter after one of its commodities hedge funds lost 25% during that period. The AuM in the firm's largest commodities fund—which invests in grains, precious and base metals, livestock, fibers and energy-- fell to $686 million at the end of March from $904 million in December.
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  • Magnetar Managers to Launch Hedge Fund

    Apr 16, 2014
    Min Htoo and Jordan Teramo, a pair of employees at Magnetar Capital is planning to launch an event-driven hedge fund. The new firm, called Anandar Capital Management, will aim to profit from price discrepancies between equity and debt related to corporate events and can invest globally.
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  • HK Firm to Temporarily Re-Open Special Situations HF

    Apr 15, 2014
    Hong Kong-based multi-strategy hedge fund firm Central Asset Investments is considering re-opening its pan-Asia special situations offering this spring to internal and external investors for about one or two months. The firm is also considering making the strategy a permanent offering.
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  • RBC Spins Off Prop. Trading Desk to Hedge Fund

    Apr 15, 2014
    The Royal Bank of Canada is shutting down one of its last proprietary-trading desks and spinning it off into a standalone hedge fund firm later this year. RBC will likely be an investor in the fund as opposed to an owner to comply with the Volcker Rule, which prohibits banks from making speculative investments—including in hedge funds--that do not benefit their clients.
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  • Balestra Capital Loses Two Top Execs

    Apr 15, 2014
    New York-based hedge fund firm Balestra Capital is losing two of its senior executives this summer. An investor letter obtained by CNBC on Monday revealed that Norman Cerk and Matthew Luckett, who are both co-portfolio managers of Balestra’s flagship hedge fund, have decided to resign from the firm on June 30.
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  • UBS Exec Joins Fortress

    Apr 15, 2014
    UBS' Rajeev Misra is leaving the Swiss bank to join New York-based hedge fund manager Fortress Investment Group. Misra, who was the co-head of fixed-income at UBS, will join Fortress as a senior managing director in its credit unit next month.
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  • Dan Loeb Fires Back at Sotheby's

    Apr 15, 2014
    The battle between hedge fund manager Dan Loeb and auction house Sotheby’s has intensified. Loeb, who is fighting to win three board seats at Sotheby’s, fired back in a filing with the U.S. Securities and Exchange Commission on Monday that the auction house’s allegations against him are “false” and “misleading.”
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  • Paul Capital to Shutter

    Apr 14, 2014
    Paul Capital is shutting down after its planned sale to private equity management firm Hamilton Lane collapsed. Paul Capital, which buys stakes in private equity funds, is winding down its last remaining portfolio, including capital already invested through Paul Capital Partners X. It will also close its offices with the exception of its San Francisco headquarters.
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  • Proskauer Welcomes Two New Partners to HF Arm

    Apr 14, 2014
    Law firm Proskauer announced Monday that it has hired two partners to its Hedge Fund Group. Proskauer said that the addition of Robert Leonard and Michael Mavrides “will significantly enhance the firm’s ability to serve hedge fund clients across the universe of fund types and strategies.”
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  • London Firm Launching Socially-Conscious Fund

    Apr 14, 2014
    Cheyne Capital, one of London’s oldest hedge fund firms is planning to raise about $414 million for an impact property fund. The new offering , which will launch in the third quarter of this year with the targeted initial goal of $138 million to $207 million, will invest in projects that aim to make a positive social impact.
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  • Maryland Firm Launching New York Office

    Apr 14, 2014
    Hedge fund firm FORT Management has expanded its presence with the opening of an office in New York. Based in Maryland, FORT’s New York City office will be headed by new managing directors Alan Marantz and Douglas McKeige who have come on board to direct business development and assist in overall firm management.
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  • Neuberger Berman Welcomes New Portfolio Manager

    Apr 14, 2014
    Neuberger Berman, which invests in hedge funds, announced Monday that it has hired Andrew Wilmont as the lead European high-yield portfolio manager. Based in London, Wilmont will be a senior member of Neuberger Berman's global high yield team and will report to chief investment officer for non-investment grade strategies, Ann Benjamin.
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  • UBS Launching New Division

    Apr 13, 2014
    Swiss bank UBS is launching a new unit catered to hedge fund clients.The division, called Capital and Consulting Services, is the combination of UBS’ existing capital introduction and business consulting teams. The unit will be managed by London-based Mike Sales, who was most recently UBS’ global head of business consulting services and head of capital introduction for Europe, the Middle East and Africa.
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  • BAML Researcher Joins Odey

    Apr 13, 2014
    Odey Asset Management, one of Europe’s richest and best-known hedge fund firms, has hired Bank of America Merrill Lynch's head of European technology research Didier Scemema.Scemema, who spent 13 years with ABN Amro and Royal Bank of Scotland before moving to BAML two years ago, is leaving the investment bank on May 21. It was not disclosed when he will join Odey.
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  • High-Speed Trading Helps Citadel Fund

    Apr 13, 2014
    Citadel’s high-frequency trading strategy has helped the firm return more than 300% since its inception in 2007. The $830 million fund, which added other strategies in the last couple of years, beat the 44% gain of the U.S. stock market in the six years through 2013.
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  • Swiss Firm Launching New Hedge Fund

    Apr 13, 2014
    Tulos Capital, the Switzerland-based hedge fund firm founded by a pair Goldman Sachs traders, has launched an oil and agriculture-focused fund. The new fund, which aims to raise approximately $500 million over the next few years, will initially focus primarily on trading agricultural commodities and oil and may expand into other sectors.
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  • Itaú Unibanco Trader Resigns

    Apr 10, 2014
    Fabio Okumura, a senior trader at proprietary trading desk Itaú Unibanco Holding SA resigned earlier this week. Okumura, whose team trades products including currency, interest rates, equity and credit, also took as many as eight employees with him to join an undisclosed firm.
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  • Och-Ziff's Levin Earns $119M

    Apr 10, 2014
    Och-Ziff Capital Management’s 31-year old trading star scored a $119 million paycheck last year. James Levin, who is currently the head of global credit and an executive managing director at Och-Ziff, received nearly $119 million in stock rewards for his 2012 bet of more than $7.5 billion on “structured credit” debt investments that earned the firm nearly $2 billion.
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  • AuM in London HF Falls $6.2B

    Apr 10, 2014
    Assets under management in London-based emerging market-focused manager Ashmore Group dropped $6.2 billion in the third quarter of this year. About $4 billion of Ashmore’s outflows were from funds used to provide currency hedging while the rest came from its local currency, blended debt and multi-strategy funds.
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  • Judge Approves SAC Capital $1.8B Settlement

    Apr 10, 2014
    SAC Capital Advisors’ record $1.8 billion insider trading settlement has been approved by a federal judge. Bloomberg Businessweek reported that the judge is still discussing the terms of the agreement, which includes a $900 million fine to end the criminal case, as well as a separate $900 million judgment the Connecticut-based hedge fund agreed to pay to end the suit.
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  • Qatar Investment Executive Launching Hedge Fund

    Apr 10, 2014
    Kamel Maamria, an investment executive at Qatar’s sovereign wealth fund, is leaving to start a hedge fund. His new Middle East-focused fund, based in both Qatar and Dubai, will focus on a fundamental value strategy, mostly in public equities.
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  • Deutsche Bank Slashes Employees

    Apr 09, 2014
    German banking giant Deutsche Bank is planning to slash another 500 jobs in its bond and currencies trading and corporate finance units from its London and continental Europe offices. The move comes as the bank’s fixed income division, which is also its main profit generator for years, is heading toward another revenue drop of about a fifth in the first quarter of this year.
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