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

  • SAC Capital Plans to Install 2-Year Contracts to Increase Employee Retention

    Apr 02, 2014
    Hedge fund manager Steve Cohen is attempting to prevent more employees from leaving his firm by pressing its remaining portfolio managers to sign two-year contracts. Cohen’s Connecticut-based SAC Capital Advisors has also threatened to sue some traders who left before their existing contracts expired and mandate that they delay the start dates of their new jobs as a condition for their early departures.
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  • Singapore Firm Returns 38% in First Two Months of Trading

    Apr 02, 2014
    Singapore-based Golvis Investment, the hedge fund launched by a trio of former Goldman Sachs managing directors earlier this year, is having a great quarter. Its Asia Opportunities fund, which began trading on January 6 with internal capital, returned 38% in its first two months. The firm began accepting outside capital in February.
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  • Aussie Firm Hires New Investment Director

    Apr 02, 2014
    Alternative investment firm Blue Sky Water Partners has hired Michael Blakeney as its investment director. Kim Morison, the firm's managing director, explained that Blakeney “understands agribusiness and the opportunities surrounding water and agricultural supply chain investments.”
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  • Former Investment Bankers Start Hedge Fund

    Apr 02, 2014
    A group of former investment bankers are joining forces to launch a London-based hedge fund firm. Amagis Capital, started by former JPMorgan employees Andrea Angelone and Amit Jain, ex-Goldman Sachs Group managing director Simone Russo and former UBS fixed-income trader Guido Miani, will begin trading on May 1 with $35 million from six investors.
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  • Women Fund Managers Receive Recognition from FN

    Apr 01, 2014
    In a male-dominated industry, Financial News is giving several female hedge fund managers recognition for their work through its 2014 Awards for Excellence in Institutional Hedge Fund Management. The winners will be announced at Financial News’ awards ceremony in London on May 7.
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  • FBI Searching for Whistleblowers in Finance Community

    Apr 01, 2014
    The Federal Bureau of Investigation is leaning on financial industry professionals to help them lead to possible illegal activities. According to Bloomberg, the FBI has “openly solicited and stock-exchange workers to blow the whistle on possible front-running and manipulation via high-speed computers.”
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  • LA Firm Planning $100M IPO

    Apr 01, 2014
    Alternative investment firm Ares Management is planning to raise $100 million through an initial public offering. Los Angeles-based Ares, which disclosed its IPO plan in a filing with the Securities and Exchange Commission on Monday, is using the figure as a placeholder until its advisers can determine a final amount for the offering.
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  • Former UBS Exec Joins DE Shaw

    Apr 01, 2014
    D.E. Shaw has recruited a former UBS executive to join the New York-based hedge fund giant. Stephan Michel, who left UBS in November as head of its non-core and legacy for Europe, Middle East and Africa, joined DE Shaw in mid-March. He is responsible for assisting on credit opportunities.
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  • Gold Bet Helps Bridgewater Fund

    Mar 31, 2014
    A Bridgewater Associates fund’s investment in gold has helped score its biggest return in seven months in February with a 3.02% gain. The return last month left Connecticut-based Bridgewater’s Pure Alpha fund up 2.89% this year. Gold prices increased 7% in February amid concerns that the U.S. economy is slowing down.
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  • FBI Investigates High-Speed Traders

    Mar 31, 2014
    High-frequency trading firms are being investigated by the Federal Bureau of Investigation. Federal agents are examining whether traders use non-public information to trade ahead; even trades based on computer algorithms could potentially qualify as wire fraud, securities fraud or insider trading.
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  • Ex-Soros Managers Fundraising for New Hedge Fund

    Mar 31, 2014
    Ahmad Zuaiter, a former money manager at Soros Fund Management is currently fundraising for his new hedge fund venture. Zuaiter is looking to raise an undisclosed amount for Jadara Capital’s maiden fund from institutional investors, such as pension funds and university endowments.
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  • Galena Welcomes New CEO

    Mar 31, 2014
    Hedge fund firm Galena Asset Management has named a new chief executive officer. Galena, which is the fund management unit of leading commodities trading firm Trafigura, announced in a statement released last week that Duncan Letchford has been promoted to the CEO position after previously served as Galena’s chief investment officer and portfolio manager for its metals funds and long only funds.
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  • Texas Firm Raises $1.7B for Two Funds

    Mar 31, 2014
    Alternative asset management firm Crestline Investors announced Monday the final closing of two of its opportunistic strategies funds after raising $1.71 billion.Texas-based Crestline’s Opportunity Fund II platform raised $980 million, while its Crestline Recovery Fund III offering raised $738 million.
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  • Irish Firms Seeking AIFMD Authorization

    Mar 30, 2014
    The Irish Funds Industry Association has reported an increase in applications by hedge fund managers who are seeking authorization under the Alternative Investment Fund Managers Directive in Ireland. According to information released by the Central Bank of Ireland to the IFIA on Monday, 72 funds are currently being processed. 11 alternative investment managers are already authorized under the AIFMD, while 47 applications were received in “recent weeks.”
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  • UK's Largest Hedge Funds Dominate Region's AuM

    Mar 30, 2014
    The 20 largest hedge funds in the U.K. control 82% of the region’s assets under management.According to a survey of U.K.’s biggest funds conducted by the Financial Conduct Authority U.K.-based hedge fund firm firms control nearly 20% of the industry’s global assets.
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  • UBS Hires Former Citadel Exec

    Mar 30, 2014
    Swiss bank UBS has reportedly recruited former Citadel executive Andy Kolinsky for its U.S. market making unit. Kolinsky was previously the head of Chicago-based Citadel’s execution unit, which was responsible for connecting broker dealers to exchanges and dark pools.
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  • Harbinger Investor Accuses Falcone of Wasting Firm Assets

    Mar 30, 2014
    Haverhill Retirement System, a Harbinger Group investor has accused founder Phillip Falcone of wasting corporate assets to bring his wireless venture LightSquared out of bankruptcy. Haverhill filed a lawsuit on Wednesday, claiming that Falcone added two board seats to help secure more than $400 million from Leucadia National Corp.The pension fund also
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  • SAC Capital Urges Judge to Accept $1.8B Settlement

    Mar 30, 2014
    SAC Capital Advisors is urging a federal judge to approve its $1.8 million insider trading settlement. SAC lawyer Martin Klotz wrote in a two-page letter to U.S. District Judge Laura Taylor Swain that the Connecticut-based firm is “deeply remorseful for the misconduct of each of the individuals who broke the law while employed by them.”
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  • London Hedge Fund to Liquidate

    Mar 30, 2014
    London-based hedge fund firm OVS Capital Management is closing its doors following its founder’s decision to retire.OVS co-chief executive officer Nick McEwen told Bloomberg that the firm will return all money back to investors after its closure. The liquidation date was not disclosed.
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  • French Firm Launches Low-Fee Hedge Fund

    Mar 30, 2014
    French alternative investment firm Capital Fund Management has launched a new fund with half the fees than what offered by most hedge funds. Its Institutional Systematic Diversified Fund charges an annual 1% management fee and a 10% annual performance fee, while other hedge funds typically charge 2% and 20%, respectively.
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  • SAC Capital Doubles Stake in Zynga

    Mar 30, 2014
    Steve Cohen’s SAC Capital Advisors has doubled its stake in Zynga, the maker of games such as FarmVille, Words with Friends and Draw Something. SAC Capital now own more than 5% of Zynga from the 2.2% the firm held at the end of 2013.
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  • Ex-Employee Claims Palladyne Laundered Money for Gadhafi's Regime.

    Mar 27, 2014
    We have removed the article published yesterday on this topic as there is significant disagreement over the facts as represented initially in the WSJ.
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  • Vermillion Asset Posts Drastic Drop in AuM

    Mar 26, 2014
    Assets in commodities hedge fund firm Vermillion Asset Management dropped by more than half within a nine-month period. New York-based Vermillion’s assets under management dropped to around $900 million in December from about $2 billion in March 2013 following some negative returns; two of the firm’s funds posted losses last year.
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  • Hedge Fund Manager Builds Sports Stadium

    Mar 26, 2014
    James Pallotta, the founder of Boston-based hedge fund firm Raptor Group, is planning to build a 52,500-seat stadium for Italian football club AS Roma. Pallotta, who is also the president and chairman of AS Roma, told a news conference in Rome on Wednesday that the new stadium would take two years to complete and could cost up to $1.4 billion.
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  • Senvest Aims to Repeat 2013 80% Return

    Mar 26, 2014
    Canadian hedge fund firm Senvest Capital is trying to repeat its phenomenal year in 2013.Montreal-based Senvest, whose long/short fund returned 79.4% last year, is setting a goal that the stocks they buy should have the potential to double or triple in price over one to three years.
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