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Asset Management Finance Corp

Richard C. Wilson — Mon, 01 Sep 2008 11:15:08 +0000

Asset Management Finance

Asset Management Finance (AMF) Corporation

The following piece on Asset Management Finance Corp is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

This story is about how Credit Suisse purchasing Asset Management Finance Corp. which provides funding to early stage hedge funds in exchange for revenue sharing on future fund earnings. It will be interesting to see if Credit Suisse significantly alters AMF's due diligence process while looking at funds, or presses them to fund Credit Suisse associated groups...
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Credit Suisse Group AG, Switzerland's second-biggest bank, bought New York-based Asset Management Finance Corp. for $384 million to provide financing to investment firms.

Credit Suisse paid stock for more than 80 percent of the firm, founded by former Putnam Investments chief Norton Reamer in 2003, from a unit of National Bank of Canada. Reamer, 72, who also ran Boston-based United Asset Management Corp., will stay on, the bank said today in a statement.

AMF, which provides capital to money managers in exchange for a slice of revenue, will benefit from Credit Suisse's global reach, said Brian Finn, chairman of the Zurich-based company's alternative-asset business. The unit, which manages $167 billion, holds a minority stake in hedge-fund firm Ospraie Mangement LLC and has started joint investing ventures with Abu Dhabi and General Electric Co.

AMF ``is a platform with a leadership team and an investment approach in which we see enormous growth opportunities,'' Finn said in an interview. Read more...

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Tags: Credit Suisse Group, Asset Management Finance Corp., Norton Reamer, National Bank of Canada, Brian Finn, Ospraie Management LLC, Abu Dhabi, General Electric Co., Stephen S. Smith, Smith Group Asset Management

Pharos Fund Russian Hedge Fund

Richard C. Wilson — Sun, 31 Aug 2008 16:43:25 +0000

Pharos Fund

Pharos Financial Group - Hedge Funds

The following piece on Pharos Fund is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.

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The following is a list of resources and information that is publicly available about Pharas Fund.

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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Tags: Pharos Fund, Pharos Hedge Fund, Pharos Gas Fund, Pharos Hedge Funds, Pharos Hedge Fund Russia, Russian Hedge Funds by Pharos, Hedge Fund managers Pharos Financial Group Funds

Fortress Investment Group LLC

Richard C. Wilson — Wed, 27 Aug 2008 16:29:54 +0000

Fortress Investment Group LLC

Fortress Investment Group LLC - Hedge Fund

The following piece on Fortress is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Fortress Investment Group LLC, the manager of $18 billion in hedge funds, will open a fund to invest in the Middle East and North Africa as countries in the region seek to reduce their dependence on the oil industry.

The Fortress MENA Fund LP will be managed by Philippe Peress and is set to begin trading by the end of September, according to marketing documents, which didn't say how much money the company is seeking to raise. Peress, based in Geneva, has been a managing director and partner of the company's Drawbridge Global Macro funds since 2003.

``Historically MENA was characterized by low investment rates relative to Asian peers,'' New York-based Fortress said in the documents, a copy of which was obtained by Bloomberg News. ``This is beginning to change as governments use petro-dollars to diversify the economies away from oil.''

Middle East economies, benefiting from oil prices that tripled in the past five years, will expand 9.2 percent in 2008 as revenue spurs spending on infrastructure such as airports and power plants, New York-based Morgan Stanley has forecast. That's more than double the International Monetary Fund's 4.8 percent global growth projection. Read more...

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Tags: Fortress Investment Group LLC, Fortress Investment Group, Fortress MENA Fund LLP, Fortress Investment Group Hedge Fund, Fortress Investment Group Fund, Hedge Funds Managed by Fortress Investment Group, USA, London, New York City