Sam Jones
Naked CDS and political nudity – a report
A timely piece of research, this.
Presented without comment, the European Union’s official – though unpublished – account on the nature of the sovereign CDS market, its impact upon bond spreads, both theoretical and empirical,
John Paulson’s real 2010 success: Gold
Paulson & Co may well have made more than $1bn from its long position in Citigroup, but the firm’s really big bet — the one that has seen the firm’s assets swell by around $8.4bn over the past 12 months (before,
Maneater?
Brevan Howard — Europe’s largest hedge fund manager, the world’s 4th — is launching a new fund, the FT reports.
A new computer-driven fund.
Which is, in itself, unusual.
After all, Brevan is a firm where almost all trading is done by people.
Dear CQS investor…
Estimated Sep performance numbers sent out to investors:
CQS Directional Opportunities: +7.69% (ytd: +21.92%)
CQS ABS: +0.34% (ytd: +14.09%)
CQS Convertibles & Quantitative Strategies: +1.39% (ytd:
Dear Paulson & Co investor… happy September
Those Paulson & Co September performance numbers in full:
Advantage Plus: +12.41%
Credit Opportunities: +3.94%
Recovery: +8.47%
Gold: +5.67
Related links:
Paulson and the bulls bounce back – WSJ
Paulson &
Hugh Hendry: short China, via Japan
As the FT reported this morning, the voluble and prescient Hugh Hendry is shortly to close a new fund launched only a few months ago designed to profit from a China slowdown.
As has been reported elsewhere previously,
The biggest hedge funds in the US…
Out from AR magazine just moments ago is their annual ranking of the biggest hedge fund managers in the US. Unsurprisingly, Bridgewater is still number one. Surprisingly, it has increased its lead by a significant margin.
Dear Paulson investor… et al
Boing. This month, through to the 10th:
Paulson Advantage +5.03%
Paulson Advantage Plus +7.5%
Just in… some more ambulance chasing August equity market victims:
Lansdowne UK Equities – $7.5bn - (3.03%) ytd:
What Volcker rule? Credit Suisse acquires stake in York Capital
Just out on the wires, from York flaks:
Credit Suisse announced today that its Asset Management division has agreed to acquire a minority interest in York Capital Management (“York”), a leading global hedge fund manager,
Paolo Pellegrini’s painful July
As Absolute Return reported on Friday, Paolo Pellegrini – the Stan Druckenmiller to John Paulson’s Soros – is winding down his hedge fund, PSQR Capital.
PSQR has only been going since 2008, when Pellegrini (who masterminded Paulson &
Contrarian institutional investing, hedge fund edition
A third of institutional investors – by common consent the holy grail of hedge fund clients thanks to their willingness to ride out a little bit of vega – say they’re looking to up their allocations to hedge fund managers,
Dear Paulson & Co investor…
Totemic hedge fund manager John Paulson may be dialing down his long-US positions, though irritatingly it might just have been the wrong time to do so.
After a brutal May and June for the Paulson funds,
Star trader Guillaume Rambourg resigns from Gartmore
Guillaume Rambourg, the star hedge fund veteran at the FTSE-listed UK asset manager Gartmore has resigned from the firm.
Here’s the RNS:
Gartmore Group Limited
ANNOUNCEMENT REGARDING GUILLAUME RAMBOURG
London,
Will the EU limit hedge fund pay?
According to the BBC, new EU rules to regulate bank bonuses – announced on Thursday - will hit Mayfair hard: the onerous restrictions on pay, says Robert Peston, the BBC’s business editor, will apply to hedge funds too:
Dodd-Frank Act Title XVI (f) (2): Hedge Fund Tax
Dear hedge fund manager,
Please rate, on a scale of 1-10, your company’s importance as a source of credit for low-income, minority, or underserved communities and the impact the failure of such company would have on the availability of credit in such communities;
Washington’s hedge fund tax
Precise details on the nature of the Volcker rule – or Dodd-Frank Act, as it is now known – are still thin on the ground.
Some hedge funds have reason to be thankful for the 3 per cent concession contained in the latest draft (meaning banks will be allowed to invest an amount equivalent to 3 per cent of their tier-1 capital in alternative investments,
[GAIM conference 2010] The mirror crack’d
One of the more interesting things to watch at the GAIM hedge fund conference in Monaco this year – more for light, than heat, truth be told – was Mike Novogratz, one of the founders of the giant Fortress Group,
[GAIM conference 2010] Mammon and Montrachet
What do eastern mysticism, violence, mammon, and am dram have in common? They are all dinner and drinks topics of conversation amongst hedge fund managers in Monaco.
Networking – or at least, meeting old colleagues – is half the reason,
[GAIM conference 2010] ‘We’re here to take risks’
The weather is wanting here in Monaco:
On the plus side, bright sunlight is probably not what everyone needs right now, after a night propping up the bars of Monte Carlo’s hotels.
(On an entirely unrelated note,
[GAIM conference 2010] Arrival of the superhedgies
The great and the good of the European hedge fund industry are arriving by plane, helicopter, superyacht and… bus (me) to Monaco today in preparation for the opening of the 2010 GAIM conference tomorrow – the hedge fund industry’s biggest annual bash.
Sell in May… Hedge funds hit hard
An end of May snapshot…
Tudor BVI Global MTD (2.26%) YTD: (0.49%)
Moore Global MTD: (9.15%) YTD: (6.17%)
Lansdowne UK Equity MTD: (3.98%) YTD: 1.07%
BlueTrend MTD: (8.3%) YTD: 1.49%
Viking Global Equities MTD: (3.2%) YTD:
Dear hedge fund investor… May has been a … multidirectional month
It’s not so much the depth of the losses — though in some instances they have been nasty — but rather, their breadth; across strategies, asset classes and managers, that has made May a particularly painful month for much of the hedge fund industry.
Dear BlueCrest investor, Bienvenue à Genève! (… and Guernsey)
Spare a thought for Michael Platt.
It’s not exactly the Caymans.
… The Guernsey cow is a more internationally famous icon of the island. As well as being prized for its rich creamy milk, which is claimed by some to hold health benefits over milk from other breeds.
What next for Nevsky Capital’s flagship fund?
Nevsky Capital — the $7bn London-based emerging markets hedge fund manager that spun out of Thames River in 2007 — is to wind-up its flagship fund.
Martin Taylor and Nick Barnes, the managers of the $3.3bn flagshup fund,
The benefits of naked CDS
I think that derivative products… the CDS on sovereign debt have to be at least very, very regulated, rigorously regulated, limited or banned, this is a personal position on financial instruments
- Christine Lagarde,
Whither Highbridge, GSAM…Citadel?
Off the bat, there are some obvious hedge fund losers – or at this stage, to be clear, potential losers – from the wide-ranging Obama/Volcker financial reform package unveiled on Thursday.
Highbridge Capital is,
UAE: ‘the best banking model to weather the financial crisis’
Statement from the UAE central bank:
Central Bank of the UAE announced today that it stands behind UAE banks and branches of foreign banks operating in the UAE .
Central Bank has issued a Notice to UAE banks and branches of foreign banks operating in the UAE,
Revealed: the EU AIFM draft directive’s limits on hedge fund pay
Herein in full is “annex II” – the last minute principles to heavily regulate European hedge fund managers’ pay appended to the European Union’s draft Alternative Investment Fund Manager directive in the past 48 hours by the Swedish presidency of the EU council.
Form 101, SP Trader redemption request edition
When investor David Downey decided in May 2008 that he wanted to do other things with the $110,000 he invested, he says he received several e-mails from his SP Trader contact, Ben Weiss. Each time, he claims that Weiss gave him a date by which he could expect his money,