Sam Jones
The K1 asset allocation strategy
Go figure:
. . .
. . .Ah but wait, this looks more familiar:
. . .
UPDATE: 17:05
Any further questions about the K1 miracle funds can be answered by this highly comprehensive yet short explainer:
The pitfalls of being market neutral
Data from the Credit Suisse/Tremont index on hedge funds’ performance — strategy by strategy — is already available online, gratis.
Here though, from the latest Lipper Hedge Fund Insight Report, is quite a striking visualisation of just which hedge fund strategies have suffered most from the financial crisis (click to enlarge):
Star Tudor trader Mark Hillery joins Brevan Howard
Mark Hillery – until last year the head of emerging markets at blue chip hedge fund Tudor Investment Management and one of the most senior traders at the firm – has joined London’s Brevan Howard.
Mr Hillery,
Citadel sells $423m claim against Lehman to Credit Suisse
The same day that Citadel Solutions – fund administrator – is appointed to look after around $50bn in complex assets still owned by the US Lehman bankruptcy estate, Citadel Investment Group – hedge fund,
Hedge funds, porn… and Sarah Palin
Congratulations to:
BRISTOL INVESTMENT FUND LTD
CRANSHIRE CAPITAL LP
ENABLE GROWTH PARTNERS LP
ENABLE OPPORTUNITY PARTNERS LP
IROQUOIS MASTER FUND LTD
TRUK OPPORTUNITY FUND LLC
ALPHA CAPITAL ANSTALT
WHALEHAVEN CAPITAL FUND LTD
TRUK INTERNATIONAL FUND LP
HARBORVIEW MASTER FUND LP
PIERCE DIVERSIFIED STRATEGY
- angry and unwitting investors,
GLG loses another trader
GLG, the London-based New York-listed hedge fund, with more than $20bn under management, has lost another of its star traders.
Robert Donald, a trader who dealt with European Industrials and basic resources at the firm’s £1bn European Long/Short fund,
Morgan Stanley’s hedgie hire
Morgan Stanley (NYSE: MS) announced today that Jack DiMaio will join the Firm as the Global Head of Interest Rate, Credit and Currency trading. Mr. DiMaio, who has more than 20 years experience in the bond and credit markets and previously served as the Head of Fixed Income (North America) at Credit Suisse as well as the Head of Alternative Investments at Credit Suisse Asset Management,
US government to end the era of the unregulated hedge fund
Legislation is being sent to the Hill today, according to a speech to be given shortly by Assistant Treasury Secretary Michael Barr:
I would like to speak to you about where we stand today in the economy at large and the forces and incentives that led us into the current crisis.
TCI posts fourth year of consecutive growth…
Almost.
Totemic UK hedge fund manager and activist investor par excellence, The Children’s Investment Fund Management, run by Christopher Hohn, has indeed posted its fourth consecutive year of double-digit growth:
Lunch Wrap
On FT Alphaville this morning,
- Exclusive: Oil rogue trader at PVM.
- PVM rogue update.
- Frank Timis, master entrepreneur…
- Sovereign ratings: is the UK riskier than China?
- Taleb v.
Implied sovereign ratings: UK ranks below China
Data from CMA’s latest global sovereign credit risk report (H/T Alea).
The world’s safest sovereigns (implied by current CDS spreads run through CMA’s own proprietary rating model):
And the world’s riskiest:
Pink picks
Comment, analysis and other offerings from Thursday’s FT,
John Gapper: Madoff’s sentence is necessary and rare
There was a moment during Bernard Madoff’s sentencing hearing in Manhattan on Monday when it became obvious that the 71-year-old fraudster was going down for a very,
Thames River to wind down Hillside Apex
“Hedge fund returns up, redemptions down” says Reuters. Not, though, for everyone.
Proof that the redemptions nightmare is still not over for some funds: Thames River Capital, the multi-billion fund of funds is winding up a long/short emerging markets credit fund it operates,
Prudent decisions in central banking, revisited
We were yesterday reminded of the true Golden Era in central banking, circa 2006. A time when, freed from the dull chore that was setting interest rates, the main pressures on a Bank of England employee’s schedule were questions such as:
Bifurcated Britain
The question is, which is the leading indicator?
9:30 RTRS – UK Q1 OUTPUT PER WORKER -2.0 PCT QQ, -4.2 PCT VS YR AGO, BIGGEST YY FALL SINCE RECORDS BEGAN IN 1960.
9:30 RTRS – UK SERVICE SECTOR OUTPUT -0.1 PCT MM IN APRIL VS -0.2 PCT IN MARCH,
Further reading
Elsewhere on Wednesday,
- “Do correlations matter when the world is on fire?”
- Madoff victims, get over it.
- UK funds prepare anti-EU directive war chest.
- Ivy league endowments underperform smaller peers.
UK GDP fall/fail … biggest ever
Year on year, that is: down 4.9 per cent. The UK economy has never before shrunk so much so fast.
2009 Q1 GDP fell 2.4 per cent, according to figures just out, making it the biggest quarter-on-quarter fall since 1958.
Pink picks
Comment, analysis and other offerings from Tuesday’s FT,
John Gapper: Victims have their moment but the suffering goes on
It was, taken literally, an absurd jail sentence: one of more than life, one reaching well into the grave.
Re: email stress tests
From the New Scientist:
EMAIL logs can provide advance warning of an organisation reaching crisis point. That’s the tantalising suggestion to emerge from the pattern of messages exchanged by Enron employees.
Snap news
Breaking pre-market news on Wednesday,
- Polar capital sees assets under management fall 52% to $1.5bn – statement.
- Development Securities announces £100m share offer – statement.
- Corporate:
News from 1930
A great new blog, this: News from 1930 – a daily summary of events from the corresponding day in 1930 (taken – ahem – from clippings of the WSJ, but we’ll let that pass). H/T PK.A selection of market commentary from 22nd June,
Further reading
Elsewhere on Tuesday,
- “The debt intensity of corporate profitability was huge. At the top in 2006 it took an additional $1.3 trillion in household debt to generate an additional $300 billion in profits.”
Snap news
Breaking pre-market news on Tuesday,
- Debenhams share offer receives 30.3% take-up – statement.
- Hansteen seeks £200.9m through share placing – statement.
- Drax Group seeks £100m through share placing – statement.
The Lord is my central banker, I shall not want…
Via Alea:
The Bank (of England) finds itself in a position rather like that of a church whose congregation attends weddings and burials but ignores the sermons in between. Like the church, we cannot promise that bad things won’t happen to our flock – the prevention of all financial crises is in neither our nor anyone else’s power,
A year in perspective, Shanghai edition
The Shanghai composite, 22/06/08 – 22/06/09:
Related links:
Beijing sets stage for resuming IPOs – FT
Chinese IPO’s – FT Lex
Pink picks
Comment, analysis and other offerings from Monday’s FT,
Analysis: respinning the web
There is something slightly unnerving about the speed with which a new consensus has emerged on the re-regulation of the financial system – especially when it comes to the concept known in bankerly jargon as “macro-prudential”
The Weekender
On FT Alphaville this week,
- Monday, QE: Too much liquidity, redux?
- RAMSI: the lock being fitted to the open stable door of British finance.
- Monsters of … NW1?
- Tuesday, executive hole Punch.
Lunch wrap
On FT Alphaville this morning,
- Listing options for Glencore.
- More on Glencore in Markets Live.
- ETF fun with the USO: asking for position limit exemptions.
- The US bond-smuggling mystery thickens.