Ex-Jabre Capital Manager Said to Start Hedge-Fund Firm (BusinessWeek)
Ziad Tabet, a former money manager at Philippe Jabre’s hedge fund, will start a firm in London next year, according to three people with knowledge of his plans. Amakor Capital Management LLP will deploy an event-driven strategy, said the people, who asked not to be identified because Tabet’s plans are private. Tabet, who worked for Jabre Capital Partners SA since 2007, registered the name with Companies House in the U.K. in late August, and plans to start the firm in the first quarter.
Goldman’s Hedge Fund Selector Highlights ‘Extremely Difficult’ Period (WSJ)
It’s been a tough month for the $2.8 trillion hedge fund industry. Markets turmoil last week, which saw stock markets and Treasury yields slump, has left many funds nursing painful losses. As a sector, only computer-driven portfolios that latch onto market trends look to have benefited. “Better performance came from some of the trend-followers,” said Kent Clark, head of hedge fund selection at Goldman Sachs Asset Management. “For pretty much everyone else it’s been extremely difficult.”
Rajaratnam Agrees To Pay $840 Thousand To Settle Hedge Fund Insider Trading Case (HedgeCo)
Former hedge fund manager Rengan Rajaratnam has agreed to pay more than $840,000 and accept securities industry bars in order to settle the agency’s insider trading case against him. The SEC filed civil charges in March 2013 against Rengan Rajaratnam for his role in the widespread insider trading scheme conducted by his brother Raj Rajaratnam and hedge fund advisory firm Galleon Management. The insider trading occurred in securities of more than 15 companies for illicit gains totaling nearly $100 million…
Altisource Asset Management Corp (AAMC): Luxor Capital Keeps Its Buying Spree Amid the Stock Losing Ground (InsiderMonkey)
Christian Leone‘s Luxor Capital Group keeps raising its exposure to Altisource Asset Management Corp (NYSEMKT:AAMC) as recent filings with the Securities and Exchange Commission show. Luxor has purchased around 30,800 shares over the last couple of days, at an average price of around $589 per unit. The stake held by Luxor currently amasses 512,480 shares of the company, which represent 17.5% of the company. The position also includes 120,000 shares held as preferred stock.
The U.S. hedge fund manager backing a major newspaper merger (TheStar)
Amid a business presentation heavy on numbers, Steven Shapiro slipped in this tidbit about what made a struggling U.K. bank an attractive investment to a hedge fund that specializes in distressed assets. “And then it emerged that the bank’s chairman, an ordained minister, was caught buying drugs, earning him the nickname the ‘Crystal Methodist’,” Shapiro told the Capitalize for Kids Sohn Investors Conference in Toronto on Friday.
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