Former Hedge Fund Manager Drops Appeal To Focus On Education (HedgeCo)
Former hedge fund manager Fabrice Tourre made a statement yesterday, saying he would not seek appeal at a higher court. “After careful consideration, I have decided not to pursue a lengthy appeal process which, if successful, would lead to a retrial,” Tourre said in the statement. “While my lawyers have advised me there are strong grounds to appeal, I prefer to move forward with my education and close this difficult chapter of my life.” “Tourre, who made millions during his Goldman Sachs Group, Inc. (NYSE:GS) tenure, has already paid the S.E.C. $825,000 in penalties and other costs. And an appeal could have complicated, or at least distracted from, his pursuit of a doctorate in economics from the University of Chicago.” The NYT reports.
BNP Vets Ready Property Loan Hedge Fund (Finalternatives)
BNP Paribas SA (EPA:BNP)’ former head of investment management in the U.K. is striking out on her own. Gerardine Davies plans to launch hedge fund PCM Partners with two other BNP veterans, Arjan Verbeek and Hamish Peacocke. PCM will invest in discounted property loans, employing what it calls a low-risk, diversified strategy, efinancialcareers reports. Davies led BNP’s British money management effort for only nine months in 2012. Most recently, she has served as co-head of retail property at Aegon Asset Management.
One Of The Smartest Men In The History Of Finance Invented A Fund That Cannot Make Money In Any Environment (BusinessInsider)
Today we’re going to talk about the boom in hedge fund-like mutual funds and the difference between brokers and advisors. I once looked at a “liquid alternative fund” from Natixis – liquid alts are products that purport to offer hedge fund strategies in a ’40 Act mutual fund wrapper – and I couldn’t understand a word of what the wholesaler was talking about. …Regretfully, I declined to get myself involved. But I promised the nice man from the mutual fund company to watch it and perhaps feel foolish in hindsight.
Biden teams up with top donor to raise big bucks (PoliticalTicker)
Vice President Joe Biden teams up Wednesday afternoon with one of the biggest Democratic donors: billionaire Tom Steyer. The vice president will headline a Democratic National Committee fundraiser at Steyer’s home in San Francisco. The former hedge fund manager has become a leading underwriter of Democratic causes and candidates. Steyer, who was a major supporter of President Barack Obama’s 2012 re-election campaign, last year spent millions backing the Democratic candidates in the Virginia gubernatorial election and the special Senate contest in Massachusetts.
Why We Should All Take A Moment To Listen To Jim Rogers (Forbes)
Legendary investor Jim Rogers has been warning about “the ocean of artificial liquidity” as a result of the unprecedented money printing by central banks around the world for quite some time now. But with the U.S. stock market at an all-time high, his cautionary words seem to have hardly been heeded. In a recent conversation with China Money Network in Singapore, the chairman of Rogers Holdings and co-founder of the Quantum Fund, again sounded the alarm in his usual tireless manner.
Unhedged Commentary: Ignore AIFMD at Your Own Peril (InstitutionalInvestorsAlpha)
For the large number of U.S. managers marketing their hedge funds in Europe, the game will change dramatically on July 22, 2014. That’s the day Europe’s new raft of hedge fund regulations embodied in the Alternative Investment Fund Managers Directive comes into force. Change isn’t necessarily a bad thing. For U.S. managers interested in raising money in Europe, embracing AIFMD could be well rewarded. Still, it’s going to be painful, particularly for U.S. firms seeking first-mover status and thus having to work through the largely untested additional compliance obligations imposed by AIFMD. But there will be rewards.
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