Bridgewater’s All Weather Fund still under weather through August: sources (Reuters)
A $70 billion portfolio managed by hedge fund titan Ray Dalio’s Bridgewater Associates is still struggling to overcome heavy summer losses that could lead some investors to place redemption notices in the last quarter of the year, sources familiar with the matter said on Friday. The Bridgewater All Weather Fund is down roughly 7 percent year-to-date through August, after losing 1.4 percent last month and 6.22 percent in June, according to the two people who had seen the numbers but were not authorized to speak publicly about the fund’s performance. The performance of the All Weather fund is being closely watched this year because many state and corporate pensions invest in the portfolio.
Proskauer Adds Mayer Brown Private Fund Partner In Beijing (Law360)
A veteran private equity and hedge fund attorney who advises funds and their sponsors has joined Proskauer Rose LLP from Mayer Brown LLP and will work as a private fund partner in Beijing, Proskauer announced Friday. Yong Ren joined the firm on Thursday, a Proskauer spokeswoman said. He had worked as a partner at Mayer Brown since 2010 and was previously based in New York.
Franklin Templeton Fund of Hedge Funds Comes to Korea Next Year (BusinessKorea)
As domestic institutional investors start to add alternative investments to their portfolio of stocks and bonds, the market for funds of hedge funds is growing, and Franklin Templeton has started to make a move. “K2 Advisor, which has US$8.7 billion [9.4 trillion won] of fund capital, is preparing to launch a hedge fund next year,” said Franklin Templeton personnel on September 12. According to Institutional Investor data, it is ranked 19th in the global market of funds of hedge funds. K2 Advisor is mainly targeting Korean institutional investors.
Hampden Bancorp: Throw away ballot from Texas hedge fund (Boston Business Journal)
In a regulatory filing today, the board of Hampden Bancorp, Inc. (NASDAQ:HBNK), parent of the Springfield-based bank, urges shareholders to vote for its four candidates for board seats, and against two candidates nominated by Texas hedge fund Clover Partners. Clover is Hampden’s largest shareholder, and says the bank has underperformed while overpaying its top executives. Clover’s managing partner Johnny Guerry has nominated himself and Texas banker Garold Base to the board. Previously, Guerry publicly urged the bank’s board to consider selling the bank.
A Hedge Funder Is Selling The Apartment He Just Renovated For $25 Million (Business Insider)
Hedge fund mogul John Read Taylor turned heads in 2010 when he paid $4.5 million above ask for a swanky Upper East Side co-op — a purchase that appears to have been funded with a $20 million loan from his firm. Now, after gut renovating the apartment and living in it for a mere six months, the financier is putting the pad on the market for $25 million. Top Manhattan broker Roger Erickson of Sotheby’s International Realty listed the co-op at 2 East 88th Street last week for a whopping $6,203 per square foot, StreetEasy shows. Taylor, the chairman of Manhattan-based hedge fund FX Concepts, purchased the 4,030-square-foot apartment in June 2010 for $22 million — a fair shot more than the unit’s then $17.5 million asking price.
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