Hedge Funds in 2009 | Performance Notes

Hedge funds are under fire these days but they are likely to provide good investment opportunities next year, according to a senior figure in the industry.

Mr Christophe Grunig, chief investment officer of Swiss fund Harcourt, told a gathering at Singapore Management University: 'Until the end of the year, it will be difficult. A strong deleveraging process has taken place, and there are redemptions. 'But in the medium term, 2009 could be an excellent year. There are huge trading and investment opportunities.'

Mr Grunig said the industry shakeout that is going on will mean less competition so hedge funds would soon no longer have to compete against powerful investment banks. That will lead to more funds being open for investors.

The industry consolidation is reducing the number of hedge funds, making life difficult for smaller operations. 'There's a natural selection, survival of the fittest, and there's a healthy consolidation going on,' he said. Read more...

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New Hedge Fund Regulation | Hearings

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Och Ziff Capital Management LP | Updated

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Raising Capital from Hedge Fund Managers | Tips

1. Don't start trying unless you are going to keep at it for at least 18-24 months. Anything less will be a waste of time, 80% of transactions are done based on trust of the management team and product and that takes time.
2. Kiss a lot of screened frogs. Buy the $2k database or directory of managers, screen for those which you could meet with locally, those you have connections with or those which specifically invest within some related area to the investment you are pitching. Thousands of people have emailed me looking for a free database or directory, there are free lists of hedge funds which you can see on my site here, here and here, but to update contact details, organize these lists and keep track of each funds investment mandate is a large task. You get what you pay for you and if you are running a business time is money - $2k is not much to spend if this is an important initiative for your fund. Here are some databases which I have used and point to often. Here is my article on choosing a hedge fund database.
3. Think like a hedge fund. Before you spend 100 hours trying to sell hedge funds on your investment read 3-4 books on the industry or download my free e-book on hedge funds. You need to think somewhat like a hedge fund to even catch their attention. How liquid would an investment in your firm be? How volatile are the potential returns or valuation of the investment? What risks are involved and how could those be mitigated using other offsetting investments or insurance policies? It will pay dividends if you first invest your own time in learning who you are trying to sell to and it makes the whole process more efficient from both parties perspectives.
   

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Citadel Investment Group, Inc. | Update

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New Jersey Hedge Fund Guide | 1 Pager

• Resource for Hedge Fund related jobs in New Jersey

• The U.S. Commodity Futures Trading Commission (CFTC) announced today that on April 22, 2008, a federal court in New Jersey entered a statutory restraining order against defendant Robert J. Sucarato d/b/a New York Financial Company (NYFC), freezing assets under Sucarato’s control, prohibiting the destruction of documents, and requiring Sucarato to account for assets. Read more...

• New Jersey Division of Investment, Trenton, can retain its $9.1 billion investment in hedge fund strategies, but external managers cannot make investment decisions for the division, according to a state appeals court ruling. Read more...

• Public pension funds have taken heat lately for a slew of problems. From New York to Ohio, critics have lambasted them for inadequate disclosure, mismanagement, and promises to retirees that could leave taxpayers holding the bag. So it seems an odd time for a smallish fund to plunge deeply into hedge funds and other risky so-called alternative investments. Read more...
  

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Guide to Hedge Funds in Washington D.C.

• A controversial SEC rule tightening oversight of hedge fund advisers is “arbitrary” and cannot stand, according to a ruling today by the D.C. Circuit. Here’s the 19-page opinion, and the story from Dow Jones Newswires. Read More...
  
• Hedge fund managers are reluctantly preparing to disclose their short positions to U.S. regulators Monday, a move set to give a rare public glimpse into their secretive trading strategies two weeks later. Read more...
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• Good article from Politico about the Wall St., Washington DC, and politics. Read more...
  

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Julia Robertson | Hedge Fund Notes

This post is being published as part of our Hedge Fund nvestment Securities Tool.

Monday (10/13) on CNBC, Julian Robertson, legendary investor and founder of notable hedge fund Tiger Management revealed some purchases he made in the market carnage last week. His buys included:

• Apple (AAPL)
• Microsoft (MSFT)
• Baidu (BIDU)
• Mastercard (MA)
• Visa (V)
• Ryan Air Holdings (RYAAY)

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1 Page Guide to Hedge Funds in Spain

• Spain will authorize domestic sales of hedge funds this year, provided they publish trading prices at least every six months and meet other requirements, the Economy Ministry said Wednesday. A ministry spokeswoman, who declined to be identified, said an initial investment of at least $50,000 or $60,000 will also be mandatory and fund managers must be based in one of the 30 nations in the Organization for Economic Cooperation and Development, a group of market-oriented countries.
• With the approval of Circular by the Spanish regulator, the CNMV, the regulation on hedge funds has been finalized after prior approval of the Regulation on Collective Investment Institutions. Once this regulation is approved, Spanish management companies would be able to file for the license to manage hedge funds, which would be the prior step for the first product to be launched.
• As Spain's Comisión Nacional del Mercado de Valores becomes the latest European regulator to implement a regime for fund of hedge fund managers looking to tap retail interest, market participants are divided over its impact on the market for hedge fund-linked products
• Vulture funds are finally saying debt from Spanish retailer Cortefiel is now cheap enough to buy, after waiting for months to see prices of the struggling company's debt fall further. The funds, which have raised billions of dollars to invest on the hopes that a worsening global economy will depress debt prices, are closely monitoring the Spanish group whose debt trades at about 42 percent of its face value.
• Great introduction article about hedge funds and other assets in Spain.
• Very in depth and thorough Hedge Week guide to everything hedge fund related in Spain.
• Regulation governing Spain's hedge fund market is set to be finalized this month, following more than a year of uncertainty. The rules, expected to be approved by the Spanish parliament within the next few weeks, will provide a massive boost to the country's hedge fund industry, say market participants.
• Overcoming Spain’s natural conservatism headline
• Rarely has the approval of a financial product in Spain generated such controversy as the decision to allow sales of domestic hedge funds. After lengthy and intense discussion involving politicians, regulators and those working in the financial sector, the first such fund was registered with the stock market commission on November 8, 2006. But one year on, demand for hedge funds has fallen short of expectations.
• U.S. retail investors have had a growing appetite for hedge funds, and now European investors will get the chance to test the waters in these high-return, sometimes risky investments, as Spain is the first European country to introduce retail investors to hedge funds, according to Boston-based consultancy firm Aite Group.
• Madrid, Spain-based Altex Partners Group has won approval from Spanish regulators for a new fund of hedge funds promoted in partnership with GLG Partners. Altex GLG becomes the 35th fund of hedge fund authorized by Spain. Altex GLG Fund will only invest in funds managed by U.K.-based GLG Partners, one of the biggest hedge fund managers in the world, with over US$26 billion of asset under management.
• Great must read article about regulations in the Spanish hedge fund market.
• Sometimes it's the most innocuous-looking headlines that spell the most trouble. With most papers leading on "here comes the recession"-type stories, it would be very easy to overlook the report on page five of yesterday's FT that the "ECB is to tackle abuse of liquidity aid". And no wonder. The story sounds either a) very technical or b) something about the financial equivalent of binge drinking. But there's a bombshell being delivered here - the European Central Bank is about to stop bailing out eurozone commercial banks. And that could mean another big lender going 'bust'.
• The failure of the Spanish property firm, Martinsa Fadesa, is a sign that hedge funds are stepping up efforts to wring profit out of ailing companies, in moves that might prompt more Spanish insolvencies. Hedge funds which bought Martinsa Fadesa debt at discounts of as much as 50 percent of its value could now profit from its administration process because an expected sale of assets might pay them back at a price closer to face value.
• Spanish finance lawyers have been busy working on the launch early in 2007 of the country’s first domiciled Hedge Funds, amid debate over which law firms are best placed to advise on these new investment vehicles. The stock exchange regulator, CNMV, has already approved for trading the first fund managers, and a rapid buildup in the number of authorizations and products is expected as “H-day” approaches.
• Another great in depth guide to regulations of hedge funds in Spain and Europe.
• Spanish hedge funds move closer to reality.
• Spain’s newly-approved hedge funds must now prove they have what it takes to attract business. At the end of 2006 and after months of anticipation, the first Spanish-registered hedge funds were launched with the approval of the Comisión Nacional del Mercado de Valores (CNMV), the country’s securities market regulator.
• Valorica Global FIL, one of Spain’s first onshore hedge funds, has implemented Insight, a sophisticated portfolio management and accounting system developed by specialist hedge fund technology provider, Tradar. Valorica Global FIL, which was launched on 28th September 2007, following approval from the Comisión Nacional del Mercado de Valores (CNMV), manages three investment vehicles.
• The Swiss banking group SYZ & CO and the Madrid-based asset management company A&G Fondos, Asesores y Gestores Financieros Fondos have announced the imminent launch of two Spanish-regulated funds of hedge funds. SYZ & CO and A&G are thus among the first institutions to benefit from new Spanish legislation authorizing the marketing of alternative investment funds.
• Some background and introductory material taken from the Hedge Funds World Espana 2007 Event
  

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"No matter how you cut it, it’s been a rough year for the hedge fund industry," says J. Christoph Amberger, editor of Today's Financial News.

These funds may soon be forced to sell off their assets - may of which are commodities.

J. Christoph says this have a market-flooding effect... and weigh heavily on commodities prices.

This from Today's Financial News:

Economics professor Nouriel Roubini now considers it possible that we could see a run on thousands of highly-leveraged hedge funds. Hundreds of smaller funds that have taken excessive risks with high leverage and are poorly managed may disappear, wiping out billions in capital. Roubini considers a massive shakeout of the bloated hedge fund industry likely in the next two years.

According to EuroHedge, a hedge-fund data provider, 272 individual funds strategies were launched during the first six months of 2008, the lowest for nine years. In the same period, 243 have been liquidated, the highest in a six-month period.

Average performance is on the low side. Some top funds are down 20, 30, even 40 percent.

Investors could have lost that much money doing their own trading.

Insiders have hinted that hedge funds could have an unprecedented level of cash pulled out by investors this quarter. Some funds have suffered significant declines in value or even temporarily halted redemptions.

A big problem of hedge funds is the extent of leverage. Many had to write down exposures to investments in risky instruments - including collateralized debt obligations and asset-backed securities like high-risk mortgages.

The recent crash in commodities plays has also choked off new capital inflows… while increasing redemption pressure.

Funds soon may be forced to sell their better assets to raise capital. That means a potential - and quickly accelerating flood of commodities will hit already instable markets.

The result will be a destruction of commodities valuations on a similar scale as we’ve seen in the financial and real estate sectors - wiping out those investors who sought out the treacherous shelter of hard assets as “inflation hedges” and “real money”.

PS: J. Christophe says he and his team of analysts will be serving up protective profit strategies on TodaysFinancialNews.com every day. Simply click on the following link to take advantage of their free email alert TFN eNews. You'll also receive TFN's crisis investing report, The 3 Best Small Caps to Own This Fall.

Source: The Great Hedge Fund Extinction

Hedge Fund Vs. Bank Blowups

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John Paulson Hedge Fund Positions

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Maverick Capital Management Holdings Analysis

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Investment Securities Held by Hedge Funds

• Analysis #1: Tontine Capital Partners - 13F Hedge Fund Holdings
• Analysis #2: Lone Pine Capital - 13F Hedge Fund Holdings
• Analysis #3: Tremblant Capital - 13F Hedge Fund Holdings

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Avenue Capital Group - Hedge Fund Notes

• This document from PSERS Private Investment Program is a recommendation for their company to invest with Avenue Capital. It talks at length about the background of the firm and the strategies they use to generate returns. The fund uses a combination of “distressed/stressed acquisitions” and “highly structured direct investments”.
• Profile of Avenue Capital founder and managing partner Marc Lasry. His firm has $9 billion in assets and focuses on investing in distressed assets. He talks about his current efforts in China and also the nature of distressed debt.
• This resource is from Avenue Capital’s home page. They have pages for their strategies for each region and each type of fund. Also have pages for their investment approach and investment team. Very detailed and thorough explanations.
• Again from PSERS Private Investment Program, this is a recommendation for their company to invest in Avenue Capital Real Estate Fund. The fund will invest in real estate or related businesses through a number of possible ways. 1)”acquisition of direct interests” 2) Forming joint ventures to acquire real estate assets. 3) acquire or organize “real estate backed indebtedness” 4) invest in public or private real estate trusts
• A 2005 New York Times article about Lasry, in which he discusses distressed securities. He talks about some of his investments abroad in Europe and Asia. He mentions that distressed assets perform particularly well when the market is performing poorly and companies are going bankrupt because he buys their debt.
• The 100 Women in Hedge Fund organization have honored avenue Capital’s co-founder and managing partner Sonia Gardner with the 2008 Leadership Award. This honor “recognizes individuals whose professional dedication, innovation, passion and ethics set a standard of excellence for the industry.”
• Avenue Capital has teamed with Pegasus Capital Advisors to oversee Avenue’s debt and equity investing strategy. Marc Lasry says the move “adds a dimension to Avenue which I believe is extremely important - a private equity practice.”
• Hilary Clinton, daughter of Bill and Hilary Clinton now works for Avenue Capital Management. Lasry has been active in donating to the Clinton campaigns in the past.
• In 2006 Morgan Stanley purchased roughly a 20% stake in Avenue Capital for about $280 million. Avenue Capital remains an independent firm and the proceeds from the sale will be investing back into the company’s hedge funds.
• In 2006 the International Finance Corporation made a $50 million investment in Avenue Capital’s “Avenue Asia Special Situations Fund.” This fund targets “nonperforming debt or debt-related securities of companies in financial distress,” primarily in China and India.
• These two articles (article 1 / article 2) talk about Avenue Capital’s most recent purchase. Avenue Capital acquired a 6.5% stake in Premier Start GmbH in 2008. Premier is the top pay TV provider in Austria and Germany with about 170,000 subscribers in its 1 year of operation.
• In 2007 Avenue acquired a 15% stke in Morepen Laboratories a company based in India. Morepen Labs has significant debt and the article discussed the details of how Avenue deal will work.
  

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Pequot Capital Management Hedge Fund Note

• In 2004, Pequot expanded its upper management team. “Employee-owned, Pequot Capital offers funds that focus on technology, health care services, and small-cap firms to institutional investors and wealthy individuals.”
• Pequot Management’s venture capital arm, “Pequot Ventures” split from the company and formed “FirstMark Capital”. The move was described as “the next logical step” for both Pequot Capital and Pequot Ventures. The move does not appear to effect Pequot Capital’s Hedge Funds since Pequot Ventures was run separately from the rest of the firm.
• Pequot Capital Management’s Chief Investment Strategist shares his ideas during a Financial Round Table Discussion in January 2008. He believes the current market condition and credit crisis are more serious than most people believe. He also thinks that many investors under estimate the seriousness of the energy situation as well.
• A Congressional report came out that the SEC made a mistake in its dealings with Pequot Capital Management. Pequot was suspected of insider trading. The report says the SEC mishandled the case by making a series of mistakes to compromise the investigation. The SEC closed its investigation of Pequot without taking any action against the firm.
• Pequot Capital is the majority shareholder of Midwest Air Group Inc. (8.8%) Midwest Air considered pursuing a “$16 per share all-cash proposal from a private equity firm and its consortium.” Pequot Capital Management wrote a letter to the company claiming that this proposal is not in the best interest of the shareholders and that a cash and stock deal would be better. The article contains a copy of the letter sent to Midwest Air.
• Pequot Capital Management’s chief investment strategist Byron Wien’s August 2008 market commentary focuses on South America. He specifically mentions how Brazil has become a hot bed for growth and the country has seen a huge inflow from US investors. He also discusses why Argentina, Brazil’s neighbor, has remained relatively stagnant.
• New development at Pequot Capital Management called the “Emerging Manager Program” The idea is a pool of capital run by 13 managers using 12 different strategies. The article talks extensively about the firm and its global strategies and risk management.
• Byron Wien’s top 10 surprises of 2007. He predicts oil and gold prices will rise despite a world wide economic slowdown. He thinks Asian emerging markets will peak, and focus will shift to Latin America.
• Byron Wein’s predictions for the top surprises of 2008. He predicted a US recession, a surge in commodity prices, and rising inflation. He also thinks Obama will be elected president in the upcoming election.
• Pequot Capital recently launched a global long/short fund in April 2008, its second new Hedge Fund of the year. The “Pequot New Vision Fund” contains $18.1 million is assets. The Fund will attempt to earn “attractive returns with consistent alpha by identifying global emerging growth opportunities that are fundamentally mispriced by the market”
• Provides a brief snapshot of Pequot Capital Management. Contains descriptions of the firm’s overall strategies and tendencies. Also mentions the company directors and where the offices are located.
• From Dec 2007, the article talks about the firm’s Short Credit Fund up 18% YTD. The fund placed bets on rising mortgage defaults that paid off big with the current credit and sub prime mortgage crises.
• Dated Nov. 2007. Talks about the Global Core Fund, the “flagship fund” with $2.6 billion in assets has gained 37% YTD under the management of founder Art Samberg and Mike Corasaniti. The firm also decided to close 3 poor performing funds and move the money into other core funds.
• Talks about the plan for Pequot Ventures to break away from the firm and become an independent private equity firm known as FirstMark Capital. Pequot will still be affiliated with the newly independent firm. . One of the major reasons for this potential split is that the Hedge Fund has decreased its interest in the technology sector, while the VC branch still focuses primarily on tech.
• Pequot teams with Pangaea Capital in Singapore. The firm’s focus in Asia has become “distressed assets” instead of “publicly traded stocks” Pequot has made a strong push into Asia, as the firm traditionally invested in US equities. Pequot’s was seeking $300 million for its Pequot/Pangaea Asia Opportunities Fund.
• This pdf file is an interview with an employee at Pequot Ventures, the VC arm of Pequot Capital Management. He talks about what the firm looks for in their employees. He also discusses the investing strategy of the firm.
  

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Bermuda Hedge Fund Guide

Here is a short collection of articles on the hedge fund industry in Bermuda. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone's benefit.

Hedgeweek Special Report on Bermuda Hedge Funds Services 2008. This report features several articles touched on various aspects of Bermuda’s Hedge Fund industry. It also analyzes the trends of globalization and institutionalization of the hedge fund industry. Regulations regarding funds’ performance, such as the level of manager access and transparency and investor protection are emphasized.

Island Hedge Funds Hold US $107 Billion. Estimates from the Hedge Fund Research Inc (HFR) Industry Report — Year End 2006 show that Bermuda has $107 billion in hedge fund assets under management, representing 7.7 percent of the world total and 11 percent globally not including the US, which itself accounts for 30.1 percent of the world total. Read more inside…

This article describes the establishment and administration process of the offshore funds, and its advantages and structure. Numerous areas of the world that are considered primary offshore centers for forming hedge funds are also briefly introduced, include Bermuda, the Cayman Island, Guernsey, Hong Kong and Dublin, etc.

BiBA Welcomes Bermuda Hedge Fund Law (12/21/2006). The Bermuda International Business Association (BIBA) has soundly endorsed the passing in Bermuda’s House of Assembly of the eagerly anticipated Investment Funds Act 2006, which more clearly outlines how public funds are regulated and refines the framework for non-public, institutional funds. Read more inside…

This is another feature report on the hedge fund industry in Bermuda. In this report, numerous topics regarding hedge funds in Bermuda are discussed, such as the role of Bermuda Monetary Authority (BMA), fund licensing regulation and requirements, and its local laws, etc.

Bermuda Battles Caymans for Offshore Funds (12/11/2007). While Bermuda dominates the offshore insurance industry, the Cayman Islands is slowly catching up as another epicenter for hedge funds, with about 9,000 of loosely regulated funds alredy registered in this British territory. Read more inside…

Establishing a Hedge Fund in Bermuda or the Cayman Islands. This report compares some of the key features of the laws and regulatory requirements between Bermuda and the Cayman Islands that are applicable to hedge fund.

The Hedge Fund Bermuda Triangle (May 2008). This article analyzed the reasons attribute to the failure of hedge funds, especially during the recent subprime crisis. Some of the addressed concerns are high leverage, illiquidity, and lack of investment diversity.

Hedge Funds and the Bermuda Reinsurance Market. Besides an epicenter for establishing offshore funds, Bermuda is also an insurance powerhouse that rivals New York and London. Bermuda is the center of international catastrophe reinsurance business, underwriting almost a third of global premiums, and is also the world’s leading captive domicile. Read more inside…

Bermuda’s Hedge Fund Industry. This small article provides a concise overview on Bermuda’s hedge fund industry, with description of its monetary authority, regulatory laws, and its advantages in comparison to other prime offshoring locations.

Offshore Explorations: Caribbean Hedge Funds. This article provides both qualitative and quantitative information on the funds located around the Caribbean, such as funds distribution, asset size, growth rate, and investor demographic, etc.

This website contains numerous information on offshore investing, investment funds, and taxation issues for hedge funds located in Bermuda.

This article, composed by KPMG, briefly described some of the regulatory issues for setting up hedge funds in Bermuda, such as authorization requirements and process, timescale, capital requirement, fund structure, and restrictions on type of investors.

A Time for Change: Bermuda’s Ability to Adapt Sets the Standard in an Uncertain Market. The changing demands of investors have forced changes in the way hedge funds operate, such as increased transparency and higher operational standards, are being implemented with more seriousness. Read more inside…

KPMG International Hedge Fund Survey. This comprehensive and broadly based research study focuses on the future of the hedge fund industry. The report presents the views of 550 top executives in 35 countries involved in hedge funds (including Bermuda), their administration, prime broking, mainstream fund management and pension funds, with combine assets worth U.S. $23 trillion.

New Fund Product Launched in Bermuda. The Bermuda International Business Association (BIBA) announced in May that it had brought to the Bermudian market a new product whereby funds can be simultaneously approved by the Bermuda Monetary Authority (BMA) and listed on the Bermuda Stock Exchange (BSX) in as short a time as two weeks. Read more inside…

Hedge Fund Jobs in Bermuda.

Institutional Investor’s Alpha Hedge 15th Annual Global Hedge Fund Summit. The Fairmont Southampton, Bermuda, October 26-28, 2008. This conference will foster an understanding of how current and ongoing developments are driving and influencing the funds in their home markets and the regions in which they invest and operate.

Annual Bermuda Financial Services Conference. 8am – 6pm, Tuesday, 9/30/2008. The Harvard Club, New York.

Citadel Solutions LLC has announced that the Bermuda Monetary Authority (BMA) has approved its license to operate Citadel Solutions Bermuda Ltd, making it the first company licensed by the BMA to provide administration services to hedge funds. Citadel Solutions Bermuda Ltd. will provide middle office and fund administration services to hedge funds as part of the global Citadel Solutions team.

More than USD 8billion in hedge fund and private equity money has recently been poured into, at last count, 11 new Bermuda reinsurance ventures. And, in what seems to be a first for the industry, some of this capital will be arriving in the form of sidecars, financial vehicles that can help speed the journey to an IPO or company sale.

Bermuda is one of the world’s premier off-shore jurisdictions, and is perhaps best known as the world’s second largest (after London) domicile for insurance and reinsurance companies. Bermuda is also the jurisdiction of choice for over 1500 hedge fund and pooled fund vehicles, and as the hedge fund industry continues its remarkable growth the choice of Bermuda as a home for hedge funds has never been more compelling.

Great general, in depth, overview relating to hedge fund regulation in Bermuda.

2003 article about the threatened movement by many hedge funds to offshore areas if the SEC increased its regulation of them. ''The most portable asset in the world is cash,'' said Robert K. Steel, the vice chairman of Goldman Sachs, who said during a two-day meeting on the subject in Washington that many funds would not put up with excessive regulation in the United States.

The global growth of hedge fund assets has tripled since the end of the bull market. Fuelled by increased interest by the retail market in alternative investment strategies not correlated to market performance, the SEC has estimated that there are currently 6,000 to 8,000 hedge funds. So what does this mean for the hedge fund industry? We think it means a maturing industry that will inevitably lead to greater regulation. In the US, this is already under active discussion for fund advisors. We believe that the Bermuda model will be followed by other offshore domiciles for hedge funds.

More great detailed, informative discussion of regulations in the Bermuda hedge fund industry and the lessons to be learnt from them.

The essential point is that Bermuda’s tax regime remains one of the world’s most attractive. There are no withholding, capital gains, transfer, wealth, gift or income taxes for non-resident entities. The meatiest issue facing the PLP is Bermuda’s independence. In much the same way as Britain’s Labour Party is said to be pro-European, the PLP is thought to be in favour of severing its ties with the UK.

Great extremely detailed, in depth, sophisticated look at Bermuda’s hedge funds by the International Monetary Fund.

Another overview guide to Bermuda including some background information on the country itself and what exactly makes it so attractive to hedge funds.

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Tags: Bermuda Hedge fund Guide, Bermuda Hedge Fund, Bermuda Hedge Funds, Hedge Funds in Bermuda, Hamilton, Bermuda Hedge Fund Managers, Hedge Fund Managers in Hamilton Bermuda

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Germany Hedge Fund Guide

• Germany to Step Up Hedge Fund Scrutiny. As a plan for German governemnt to place a greater scrutiny on country's hedge fund investment, Barbara Hendricks, the deputy finance minister, said that Germany would force the funds to declare stakes in companies when they rise to three percent, comparing to the current threshold of 5% as in most European Union states.
  
• G8 HostGermany Fails to Convince on Hedge Fund Issue (8/06/2007). Germany had put hedge funds on top of the agenda of its year-long G8 presidency given its concerns that rapid growth in the increasingly powerful sector could destabilize the entire global financial system. But the world's richest nations -- Britain, Canada, France, Germany, Italy, Japan, the United States and Russia -- have so far spectacularly failed to find a common line on the issue.
• Hedge Fund Opportunities in Germany: Practical Guidance Q&A. With the new German Investment Act and Investment Tax Act in force since January 1, 2004, new opportunities to access the German hedge fund market from abroad have opened up. The objective of this paper is to give practical, hands-on guidance to foreign hedge fund managers who are interested in targeting the growing German market.
• This advisory article briefly explains the taxation issues in Germany’s hedge fund industry for both fund managers and investors. The topics include the various tax structure, requirement and regulations.
• This special report (Aug. 2006) features several articles provide some recent development and oveview of German hedge industry and some decription of it legislatory structure and law regulations. :

• Hedge Fund Opportunities in Germany. With a new German Investment Act and Investment Tax Act in force since January 1, 2004, new business opportunities have opened up in the German hedge fund sector for foreign providers as well as those onshore. The focus of this artice is on the distribution of foreign hedge funds in Germany and with more detailed information on the provisions of the recent passed Investment Modernization Act
• Introduction and Regulation of Hedge Funds in Germany. On January 1, 2004 the German Investment Act and the German Investment Tax Act were enacted as the major parts of the investment Modernization Act. The focus of this article is to analyze the effect of these new tax provision and also some of the regulatory concerns.
• Hedge Funds and Retail Business: Comparing German, Italian, Swedish and English Law. The aim of this work is to compare the German, Italian, Swedish and English law as to see the principal policies and regulatory cornerstones that will lead us to understand and comprehend the way in which Hedge Funds and their relationship with retail investors is developing.
• This advisory article briefly describes the regulatory structure of Germany’s hedge fund industry; topics include authorization requirement and process of setting up the fund, capital requirements, and marketing restrictions.
• German Hedge Fund Legislation: Modernized but still old-fashioned. This report analyzes the legal framework of the newly passed new German Investment Act and its impacts on the current system. This analysis is conducted from three aspects: past (comparison to old laws), present (its current state), and future (need an up-to-date regulation?).
  

• Pension Fund Investment World Germany 2008. 9/20/2008 – 9/22/2008, Germany – Frankfurt.
• 4th Annual European Conference. A full day of plenary, breakouts and roundtables with leading speakers from venture philanthropy, private equity community, foundations and professional service firms. 9/23/2008, Germany – Frankfurt.
  

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Connecticut Hedge Fund Guide

• Look at a map and it would seem that companies and businesses looking to move out of New York City and into nearby suburbs would naturally choose Westchester County the city's immediate northern suburb. But when hedge fund managers began moving out of Manhattan a few decades ago, they ignored Westchester and chose instead to move their homes and businesses into Greenwich.
• Great chart comparing the global hedge fund billion dollar club by location. Greenwich is 3rd on the list.
• The Connecticut Hedge Fund Association is a great resource for hedge fund information and networking in Connecticut. Information about events, membership, and leadership are all available here.
• The industry-wide job website contains frequent job postings for those looking for employment in Connecticut.
• Bruce McGuire says he was greatly influenced by a 2004 report by Casey, Quirk & Associates of Darien, which “estimated that institutional capital in hedge funds would increase from $60 billion to $300 billion by 2008” and also “predicted that by 2008, institutional capital would account for 50 percent of annual net new flows into hedge fund.” Most people read, think, and move on. Not McGuire. He acted upon the information and founded the Connecticut Hedge Fund Association (CTHFA) in 2004.
• Gottex Fund Management has sued a Connecticut hedge fund manager, alleging that it broke promises and misled it over redemption requests. The US$16 billion Swiss fund of hedge funds manager says that Greenwich-based Stewardship Investment Advisors and its managing director, Marlon Quan, did anything but live up to the firm’s name.
• Several years ago, when Amaranth Advisors cratered after losing billions on bad natural-gas bets and Pirate Capital became the subject of an SEC investigation, other Connecticut hedge fund managers grew nervous that they would become a target for a local politician looking to steal a few moves from New York State attorney general Eliot Spitzer.
• Connecticut hedge funds debate how much to tell investors to appease the SEC.
• A Connecticut hedge fund that bet heavily on the natural gas market lost almost $6 billion over the past month as it sold assets at a loss to stay afloat while its bets on natural gas plummeted, the fund told investors. Greenwich-based Amaranth Advisors said in a letter late Wednesday that the fund lost about 55 percent of its year-to-date assets.
• Hedge-fund scandals are piling up faster than autumn leaves on suburban lawns. In late September, the founders of Bayou Management, a $400 million Connecticut hedge-fund firm, pleaded guilty in federal court to criminal fraud. Two weeks later, the Securities & Exchange Commission filed fraud charges against the founder of the Wood River hedge funds
• State and federal officials in Connecticut are investigating the possible collapse of the Bayou Group, a hedge fund and brokerage firm in Stamford that managed an estimated $400 million for its investors, according to two people briefed on the investigation.
• Though only a paragraph long, a hedge fund disclosure bill in Connecticut is making waves in the nation's capital. At a March 7 hearing of the state legislature's joint Banks Committee in Hartford, Robert Clark, general counsel of the Washington-based Managed Funds Association, warned that the bill is "ill conceived and detrimental to the interests of the people of Connecticut."
• The current market-based system is the best way to regulate the trillion-dollar hedge fund industry although improvements can be made, Federal Reserve Chairman Ben Bernanke said Wednesday. Bernanke, speaking to a conference on global economics in New York City, said that the current system is superior to increased government regulation.
• Fugitive former hedge fund manager of a Connecticut based hedge fund, Samuel Israel III surrendered to police in Massachusetts on Wednesday, ending a federal manhunt after he faked his own death to avoid a 20-year prison sentence.
• Regulators’ interest comes from both the federal government and from the states, which are increasingly looking for ways to monitor hedge funds. One particularly important state, Connecticut, is considering two bills aimed at increasing the industry’s transparency. The Greenwich Time, based in the well-heeled community that is a favorite location for hedge funds, reported on the legislation Friday.
• Very interesting article detailing the relationship between hedge funds and divorce.
• Hedge funds would seem to be a business in which location doesn’t matter. Buy and sell orders can be executed from a beachfront villa in Costa Rica just as fast as from a cube farm in midtown, and the laws of economics dictate that businesses seek out the lowest-cost destinations.
• For more than 35 years, the modest, four-story building here known as Two Greenwich Plaza was home to a hodgepodge of small shippers, manufacturers and lawyers. Today, Two Greenwich Plaza is one of the most sought-after office buildings in one of the fastest-growing corners of the financial world.
• Considerable amounts of ink and pixels have been devoted lately to characterizing Barack Obama as the presidential candidate of the hedge-fund set. A Financial Times article last month quoted an anonymous United States businessman as saying, “The whole of Greenwich is backing Obama” — a reference to Greenwich, Conn., the leafy suburb that many hedge fund managers call home.
• No one in ritzy Greenwich, Conn., is losing sleep over RBS Greenwich Capital's relocation to Stamford. In fact, the financial services firm's move may be a blessing for the city, because it frees up 160,000 square feet of space in a market where vacancy in the central business district is nearly zero.
• Calgary, Alberta and Greenwich, Connecticut might be expected to mix about as well as oil and (sparkling) water. Calgary, which has boomed in recent years on the back of oil money, in its soul remains a cow town. Greenwich, a leafy suburb of New York, is anything but. The only herding done there recently is by the hedge funds that call it home following the latest investment fad.
• Interesting CNN comparison of the 25 top-earning towns. Greenwich, CT is number 14.
• Global hedge fund event taking place in Greenwich, Connecticut “the hedge fund capital of the world”
• A small hedge fund that provided short-term debt to companies has filed for Chapter 11 bankruptcy protection. Greenwich, Connecticut-based SageCrest Finance, managed by Windmill Management, said in its Chapter 11 petition filed in U.S. bankruptcy court that it had listed assets of $50 million to $100 million, and debt between $1 million and $10 million, reported Reuters
  

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Ospraie Management - Letter, Holdings, Notes

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Sustainable Investing & Hedge Funds

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Spanish River Group - Hedge Fund Profile

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The Benefits of Offering Hedge Funds in India

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Pharos Financial Group - Hedge Funds

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• Pharos fund portfolio.
• Whitepaper on Pharos Fund. The White paper explains how the pharos fund manager makes decisions.
• Every letter to all investors for 2008, from the Pharos Fund and Gas Fund.
• Excel spreadsheet of every Pharos funds performance. So far, 2008 has a negative return on every fund.
• Excel spreadsheet breakdown of Sector allocations for the pharos fund.
• Excel spreadsheet breakdown of Sector allocations for the Gas fund. Pretty self-explanatory, the fund invests in options and futures in oil and natural gas.
• Article about how there will be an increasing demand for natural gas.
• Excel spreadsheet of Pharos small cap fund. The small cap fund uses Russia’s building economy and uses illiquid shares to make a profit.
• Daily market comment and performance of all three funds. The Political Environment is fragile, which will create volatility in the market overall, which is good for each hedge fund.
• Article about how all Pharos funds are down. The MSCI Russia Index is down 32.4% due to “a reversal of fortune from the market's earlier outperformance.”
• The Georgia conflict severely hurt the Russian economy because investors pulled out more than $7 billion. Russian may not be allowed to host the next Olympics and the U.S. is restricting Visas for Russians.
• Pharos said that the Russian economy is stable, but foreign investors insecurity will create short term-volatility.
• Name of this article pretty much sums it up- “Pharos, TPG to acquire American Beacon Advisors for $480m.”
• Interview with Peter Halloran. Eastern European (Russian affiliated) countries are rapidly growing faster than other developing nations.
• Article about the government planning to increase domestic gas prices by 25-40 per cent, over the next three years.
• A blog post that has a about positive outlook for every Pharos fund, for the month of June.
• Article about how hurricane Gustav may increase gas to $5 a gallon. This may effect pharos gas fund.

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Guide to Hedge Funds in Switzerland

• This KPMG Article discusses the process of how to set up a hedge fund in Switzerland. Some of the topics been touched on are: Authorization requirement and process, Regulatory capital requirement, Restrictions on marketing issues, and fund’s operational structures.
• Marketing of Hedge Funds in Switzerland. Given legal and regulatory constraints, hedge funds in Switzerland may only be distributed by way of private placement, without any public offering. Therefore, this article will provide readers a overview of Swiss collective investment structure, its legal and regulatory frameworks, and address the on-going revision of the Swiss mutual fund legislation that is expected to create additional flexibility in offering this type of investment opportunity to the Swiss market.
• Switzerland is slowly becoming a player in the hedge fund market, but it can do more to attract investors, says René Bösch. In comparison with other countries, until recently Switzerland did not play a significant role in the hedge fund industry, except that the Swiss banks manage a huge asset basis that also seeks investments in hedge funds.
• Hedge funds the Swiss way: The elusive Swiss private bank UBP is one of the few financial institutions to have emerged unscathed from the global credit crunch. "Globes" talked to the bank's Israel representative Elchanan Harel.
• Asset managers are said to be attracted to the Alps by tax advantages, but the picture is obscured by fudge and indecision. The creation of a Geneva-based hedge fund business by private bank Lombard Oldier Darier Hentsch has rekindled the idea of hedge funds moving to Switzerland from London en masse
• Geneva’s cantonal finance minister, David Hiler, tells local business leaders for the first time that he wants to attract foreign-based hedge funds to the region. The move is part of wider thinking about ways of keeping multinational companies based in Switzerland following pressure from the European Union for changes to company taxation.
• Hedge funds are `crucial` in Switzerland’s financial market says Harcourt`s MP, country in 3rd European position but could move up to 2nd, Opalesque Exclusive: Less taxes for hedge fund managers would be beneficial for Switzerland, but it won`t happen just yet, Hedge funds add complexity to existing restructuring laws in Spain, SocGen A.M. posts 7.3 bln euros net outflows in Q1
• This article suggests that you could say that this summer's credit crunch was a chance to see the hedge fund emperors without their clothes. As banks around the world tightened access to money, on concern that borrowers' collateral was impaired by exposure to subprime loans, some of the highest-profile upsets were reported in the $1.7 trillion hedge fund industry.
• Switzerland is the world's second largest market for funds of hedge funds, after the US, with most assets invested in offshore hedge funds.There are nearly 256 registered and supervised hedge funds in Switzerland approved for public distribution (up from 39 in 2001), with total assets of around US$9.4 billion in 2005 (compared with US$273.8 billion invested in all registered Swiss funds). Almost all these funds are structured as funds of hedge funds.
• Brevan Howard, one of London's biggest and most successful hedge funds, is considering moving its headquarters abroad, handing fresh impetus to sceptics of Britain's claim to be the world's leading global financial centre. The Pall Mall-based investment house, which manages $22bn of hedge fund assets and employs 250 people in London, has told the Financial Services Authority that uncertainty over taxation as well as the Government's attack on non-doms has caused enough concern among the partners to consider moving abroad.
• London’s Hedge Fund Managers Flee to Switzerland Over Tax Challenges. Dozens of London-based hedge fund managers are reportedly relocating to Switzerland to escape new tax rules affecting non-domiciled individuals residing in the UK. Many hedge fund managers have expressed alarm at the new tax rules and prepared to move their entire operation to Switzerland, with its favorable tax climate for wealthy investors, has emerged as the natural alternative for some managers.
• Switzerland hopes tax changes will win hedge funds from city. Private investors residing in Switzerland can earn tax-free gains from their hedge fund and private equity investments but the managers of those funds are stung if their own stakes, known as “carried interest”, are treated as income. Therefore, the way to attract more asset managers to Switzerland is to get the tax authorities to treat the carried interest as private capital.
• Zurich’s tax lure for hedge funds. Switzerland is mulling over plans for a special 10pc tax rate for hedge fund managers in a radical move to lure the booming industry away from London. The Swiss banking federation has proposed a 10pc tax on the elite managers, effectively cutting their marginal rate by 35 percentage point
• HSBC has enhanced its fund of hedge funds product range available in Switzerland, with the approval for distribution of the HSBC AdvantEdge range. The fund range, which provides investors with the option to build focused exposure to specific hedge fund strategies or geographic regions.
• Cayman Islands: Switzerland’s Cayman Connection. Switzerland is a particularly interesting jurisdiction when it comes to the alternative investments industry. Its legal and regulatory constraints largely prevent Swiss-based sponsors of FOHFs from setting up the fund within Switzerland. They therefore typically turn to the Cayman Islands as the jurisdiction to establish the fund vehicle, which will generally be a Cayman Islands company. Therefore, this article will explore the interaction between the two jurisdictions when it comes to funds of hedge funds.
• This article provides a brief overview of some regulations and constraints in conducting investment management services in Switzerland. It also give readers a overview of Switzerland’s banking and investment fund sectors.
• Swiss Banks call for relaxed immigration. Banker and fund managers in Switzerland are calling its government to relax its immigration laws enough to allow more skilled laborers from non-European Union countries to work in the banking industry. he banking industry today accounts for 6% of the country's jobs, 12% of GDP , and 16% of Swiss tax revenue.
• Swiss Financiers seek to tempt hedge funds. The Swiss finance sector has decided to increase pressure on the authorities to enact reforms that would help attract more hedge fund managers to Switzerland. The main focus of reform would be its tax and regulatory systems.
• This is an excellent comprehensive resource for anyone who is interested in exploring the business environment in Switzerland and its various laws and regulation.
• This article provides quantitative investigations into the potential for tax evasion by individuals in