London Pension Fund Authority pulls out of Brevan Howard (Financial Times)
The influential London Pension Fund Authority has redeemed its entire investment in Brevan Howard, the world’s third largest hedge fund, after it refused to provide a detailed breakdown of its trading positions. The withdrawal by the highly influential LPFA comes as the UK government has questioned the benefits of the country’s £178bn local authority pension funds investing in active managers such as hedge funds because of high fees and underwhelming performance.
Gain Access To Daniel Loeb’s Hedge Fund Through Third Point Re (GuruFocus.com)
Through my research of Greenlight Re (GLRE), I discovered Third Point Reinsurance (TPRE). Third Point Re was listed as the most similar, publicly traded competitor to Greenlight Re. The company is a way to gain access to Daniel Loeb’s hedge fund without needing the typical $1 million to invest in such a fund. Loeb has been one of the best performing gurus that we follow at GuruFocus. Third Point’s funds have blown away the S&P 500 over the years. The Master Fund has provided an annual return of 20.4 percent since inception in 1995 compared to the S&P 500’s annual return of 9.7 percent.
KKR strikes first real estate deal in South Korea (Reuters)
KKR & Co. L.P. (NYSE:KKR) has struck its first real estate deal in South Korea, acquiring a commercial property in Seoul with Hong Kong-based hedge fund LIM Advisors in a deal which local media valued at around 500 billion won ($489 million). KKR invested in the 83,800 square meter K Twin Towers office and retail complex in Seoul’s central business district (CBD), as the U.S. private equity firm looks to deepen its real estate portfolio in Asia.
Mortgage Firm Tied to Hedge Fund Said to Plan First Bonds (Bloomberg)
WinWater Home Mortgage LLC, a buyer of the loans affiliated with former Deutsche Bank AG banker Neil Ahuja’s Premium Point Investments LP hedge fund, is planning its first sale of bonds without government backing, according to a person with knowledge of the deal. WinWater hired JPMorgan Chase & Co. and Bank of America Corp (NYSE:BAC) to market the $249 million transaction tied to prime jumbo U.S. mortgages, said the person, who asked not to be named because the offering is private. The company intends to become a regular issuer of the debt, the person said.
From hedge fund trader, to David Beckham’s rival, to interior design (eFinancialCareers)
Until 2012, Alessandro Butini was Chris Hohn’s right-hand man at the Children’s Investment Fund Management as a partner and senior trader generating ideas and “trading colours” for the founding partner and the hedge fund’s research team. Now, when he thinks of colours it’s for an entirely different reason – interior design for the sort of high-net-worth individuals who want to deck out their luxury historical homes or yachts. Earlier this year the Italian, who had been working in finance since starting as a junior salesman role at Salomon Smith Barney in London in 1998, joined at Intarya, an interior design company that focuses on the luxury end of the market.
