UPDATE 1-India hedge fund backed by Goldman exec hits $500 mln in assets (Reuters)
Steadview, an India-focused hedge fund seeded by Goldman Sachs (Asia) chairman Mark Schwartz, has made 12 times the returns of peers with bets on consumer and tech stocks, helping the fund grow its assets to $500 million in nearly five years. Founded and managed by Hong Kong-based Ravi Mehta, a former Morgan Stanley banker, Steadview’s success stands out among Indian hedge funds who have seen their collective assets plunge by more than 50 percent to $2.4 billion since the 2008 financial crisis, according to data from Eurekahedge.
Goldman Technology Banker Noto to Join Hedge Fund Coatue (Bloomberg)
Anthony Noto, Goldman Sachs Group Inc (NYSE:GS)’s head banker on Twitter Inc (NYSE:TWTR)’s initial public offering last year, is leaving to join hedge-fund firm Coatue Management LLC. Dan Dees, who became co-head of technology, media and telecommunications banking with Noto earlier this year, will become sole leader of the group, according to an internal memo. David Wells, a spokesman for the New York-based firm, confirmed the contents of the memo.
Why you can beat most billionaire hedge fund managers (Marketwatch)
Are hedge funds too big to succeed? That’s the question still hovering over the industry even as some of the world’s wealthiest and most powerful investors get set to hobnob with each other and an assortment of celebrities and power brokers at the SALT conference in Las Vegas this week. Around 1,800 are slated to attend the event, which was born in the aftermath of the financial crisis and is hosted by SkyBridge Capital, a global investment firm with around $10.5 billion in assets under management. Attendees include more than a thousand institutional investors, private-end investors and asset allocators from leading sovereign wealth funds, public and private pensions, foundations, endowments and family offices, according to organizers, along with more than 500 managers of established and emerging hedge funds from around the globe.
Wylys Liable For Fraud (FINalternatives)
A federal jury yesterday found that Maverick Capital and Ranger Capital founder Sam Wyly and his late brother ran an elaborate $550 million insider-trading scheme designed to hide their stock trading from regulators and from the public. The jury took two-and-a-half days to find the Wylys liable for fraud. The size of the scam amounts to more than half Sam Wyly’s $1 billion net worth; Charles Wyly died in a car accident three years ago.
Investors seek over $40 bln from Madoff victim fund (Reuters)
The overseer of a U.S. fund to compensate victims of Bernard Madoff’s Ponzi scheme on Tuesday said he has received roughly 51,700 claims seeking to recoup more than $40 billion, both totals far higher than expected. Richard Breeden, a special master appointed by the U.S. Department of Justice to oversee the $4.05 billion Madoff Victim Fund, said it appeared at least twice as many investors as previous thought lost money in Madoff’s fraud.
