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Further reading
Elsewhere on Wednesday,
- Anatomy of a Euromess.
- Why Frankfurt needs Rahm Emanuel.
- “Commodities are poor inflation and currency hedges.”
- Even the pros have trouble with “buy and hold”.
Bolton unveils China trust
Anthony Bolton, one of the best-known names in fund management, is launching one of the biggest-ever investment trusts for private investors and hopes to raise £630m to pump into China. Shares in the new fund,
A grandee speaks up for Little England
To the Said Business School, Oxford, to hear departing Cadbury chairman Roger Carr talk about hostile takeover bids – a timely address, given the Kraft deal…
Carr, we can report, had clearly topped up on the theobromine ahead of his speech.
Oh yes they will… oh no they won’t!
The Dow was up on Tuesday afternoon:
And apparently the pick-me-up had something to do with flashes like these out of Reuters:
RTRS-BILATERAL AID FOR GREECE AND MEASURES AGREED AT EUROPEAN LEVEL ARE BEING CONSIDERED-GERMAN NEWSPAPER
RTRS-GERMAN FIN MINISTER TO INFORM SENIOR GERMAN CONSERVATIVES ON GREECE AID DETAILS ON WEDS-GERMAN PAPER
Except that in the meantime:
<<"Tres hedge funds con más de 500.000 millones bajo gestión son los responsables del ataque a España">>
Okay, we don’t think this needs to be put through the Google Translator.
Reportedly, Moore Capital, Brevan Howard and Paulson & C0 are behind the “murky maneuvers” that have seen Spanish CDS and bond yields blow out.
Nowotny talks contagion, exit strategies and all things peripheral with FT Alpha
European Central Bank (ECB) governing council member, Ewald Nowotny , sat down with FT Alphaville to talk Greece, exit strategies, speculation and contagion in the eurozone.
In addition to being an ECB member,
DE Shaw eyes distressed assets
DE Shaw, the world’s third-largest hedge fund with about $28bn under management, has established a special in-house team to buy up portfolios of distressed assets – particularly so-called “side-pcketed”
Ex-Intel exec pleads guilty
A former Intel executive pleaded guilty on Monday to criminal charges alleging that he passed sensitive information about his company to Galleon Group founder Raj Rajaratnam and profited from Galleon’s trading on his tips.
Bluegold hedge fund denies causing WTI volatility
There are some very intriguing flashes coming out on Reuters regarding the BlueGold hedge fund on Friday:
RTRS-HEDGE FUND BLUE GOLD DENIES IT WAS RESPONSIBLE FOR VOLATILITY IN CRUDE OIL PRICES IN LAST FEW DAYS
RTRS-HEDGE FUND BLUE GOLD SAYS OIL OUTLOOK BULLISH FOR 2010,
Europe is Lehman-fied, part trois
On Thursday we noted that a number of interesting things were happening in the CDS market. Here are some further reflections, via Deutsche Bank’s Jim Reid.
First, Portugal’s 5-year CDS (+28bps yesterday,
Further reading
Elsewhere on Thursday,
- Meet the market’s biggest losers.
- Goldman departures: if you left Lloyd, he’d find you…
- That Macquarie Bank picture aftermath.
- Revenue beat rate: this earnings season.
SEC queries Paulson & Co
Paulson & Co, the hedge fund that made billions of dollars betting against subprime mortgages, has received a request for information from the SEC in connection with an investigation into complex securities at the heart of the financial crisis,
Galleon case ‘mole’ named
The identity of the key co-operating witness in the Galleon insider-trading case was disclosed on Tuesday with the unsealing of a plea agreement struck in December between federal prosecutors and David Slaine,
SEC loses Madoff complaint
A US federal judge on Tuesday dismissed a civil complaint by the US SEC against a New York broker it accused of channelling investors into Bernard Madoff’s Ponzi scheme. The SEC alleged last June that Cohmad Securities and three top employees participated in suspicious practices indicative of fraud when they were paid millions of dollars to bring investors to Madoff.
Further reading
Elsewhere on Tuesday,
- Hank Paulson’s book, the birds and Bear Stearns.
- And some book-bashing.
- Goldman and the empty creditor.
- Zhu Min, a man worth listening to.
- Hedge funds in Hollywood.
Man hunt
That’s the price action in Man Group on Wednesday and over the past year.
At the time of writing, Man was the biggest faller in the FTSE 100 following another weak reading from is flagship managed futures fund.
Time for the tin hat?
Remember this?
That was the ‘Santa rally’ and it has err…. gone.
In fact this is now the biggest setback for the UK market since the rally took hold last March:
China tightening fears,
Short-seller cuts Banco Popular
New York-based hedge fund Tiger Global Management sharply cut its short position in Banco Popular shares four days before Spain’s third-largest listed bank reported better-than-expected 2009 earnings and predicted “a gradual return to normality” this year.
Deal expected in Galleon case
The founder of a former Bear Stearns hedge fund is nearing agreement with US prosecutors and may become the eighth person to plead guilty in a widening insider trading probe. Mark Kurland, who founded the New Castle fund after heading research and asset management at Bear,
Rise of the news-reading machines
From the FT — some giant leaps for robot-kind in the world of trading:
The arms race in trading technology is set to intensify this week as Thomson Reuters, the news and market data company, on Monday unveils a service for “high-frequency” traders allowing them to make split-second trading decisions based on news articles “before the information moves the market” .
Hedge funds sue Porsche
Four large hedge funds on Monday sued Porsche and two former executives for more than $1bn over its failed takeover attempt of Volkswagen, launching one of Germany’s largest damage claim battles. The funds – Elliott,
Jabre to shut flagship fund
Jabre Capital, the Geneva-based hedge fund run by former GLG Partners star trader Philippe Jabre, is to shut its flagship fund to new money from investors in efforts to ensure its returns are not curtailed by its size.
SEC to add to Galleon charges
A US federal judge ruled on Monday that the SEC could add new charges against Raj Rajaratnam and others involved in the widening insider trading case over the Galleon Group, reports the NYT. Judge Jed Rakoff allowed the SEC to amend its complaint to include charges that Rajaratnam paid a former McKinsey &
Blair in hedge fund speech deal
Tony Blair is to receive hundreds of thousands of pounds from London hedge fund Lansdowne Partners for a series of four exclusive talks at the firm this year. The former UK prime minister has agreed to give private talks to Lansdowne employees about “geopolitical” trends,
Further reading
Elsewhere on Friday,
On the Obama bank proposals,
- “So. Farewell then, prop trader.”
- Just what is proprietary trading?
- Loopholes for big banks. Already.
- George Osborne likes to break banks too.
Goldman winds down GEO fund
Goldman Sachs has moved to wind down its Global Equity Opportunities Fund – once the flagship of its in-house hedge funds. The bank’s asset management division closed the fund at end-December, say insiders.