Haidar’s Hedge Fund Losses Worsen to 48% After Decline in August (Bloomberg)
Said Haidar’s macro hedge fund suffered a further 15.7% slump in August, extending the worst-ever phase of trading losses since it started more than two decades ago. The Haidar Jupiter fund is now down 48% for this year, according to an investor update seen by Bloomberg. The hedge fund managed $1.6 billion at the end of July.
Citadel Posts Double-Digit Returns (Institutional Investor)
Ken Griffin’s multistrat fund continues to be one of the top performers in the category. Citadel posted solid results for August and continued to lead major multistrategy funds for the year. The hedge fund giant led by Ken Griffin is one of the only funds in the strategy that has posted double-digit performance gains this year, although all of the other funds made money in August.
Liontrust, GAM Bled €2bn from Funds During Failed Takeover (Financial News)
Morningstar figures show investors pulled billions of euros from the two groups’ funds during takeover talks. Liontrust and GAM bled more than €2bn from their European funds over the three months in which the London-headquartered asset manager was trying to acquire the struggling Swiss firm. According to data from Morningstar, UK-listed Liontrust suffered net outflows of €1.6bn over three months to the end of July. It tabled its £96m offer for GAM in May.
Image by Sergei Tokmakov Terms.Law from Pixabay
Man Group Completes Varagon Acquisition (Hedge Week)
Man Group has completed its previously announced acquisition of Varagon Capital Partners, a US middle market private credit manager with $11.8bn of assets under management and $15.4bn of total client commitments, having received all necessary regulatory approvals. Founded in 2014, Varagon has completed $24.5bn of financings to over 300 companies and 138 sponsors. The firm focuses on senior secured loans with multiple covenants to cash generative, high-performing sponsor-backed companies in non-cyclical industries, and typically serves as a lead or co-lead lender, with origination capabilities that support enhanced terms and differentiated returns for investors.
Hedge Fund Billionaire John Paulson Sued for Securities Fraud by Puerto Rico Partner (Bloomberg)
John Paulson was sued by his longtime business partner in Puerto Rico, who alleges the hedge fund billionaire made fraudulent claims to convince him to invest $17 million in a luxury automobile dealership on the island. Fahad Ghaffar filed suit Wednesday in federal court in Puerto Rico, asking for more than $50 million in damages from Paulson. Ghaffar claims Paulson told him in February 2022 that he would be investing his money in a convertible note that would eventually give him 50% ownership in the dealership, F40, which a Paulson family trust had just bought for $103 million.
One Year In, Danske’s GAO Marches Forward (Hedge Nordic)
Stockholm (HedgeNordic) – The success of a hedge fund’s launch often plays a crucial role in shaping its future. Danske Bank Asset Management’s Global Alternative Opportunities (GAO) had an impressive inaugural year launching in August of 2022. Despite debuting just ahead of the worst September for equity markets since 2002, Danske Invest Global Alternative Opportunities (GAO) has generated a cumulative return of 6.1 percent.
