New Hedge Fund Bets On Bitcoin (Finalternatives)
Coin Capital Management is this week launching a Bitcoin-focused hedge fund, which will buy and hold the leading crypto-currency in an institutional grade environment. “We are pretty excited about Bitcoin…it is an exciting payment technology,” said Samuel Cahn, managing partner at the New York-based firm. “We are fully dedicated to holding Bitcoin, and we are the first ones to do so in an institutional grade hedge fund using the same types of checks and balances that investors have come to expect. Cahn founded Coin Capital—which is being seeded by a family office—along with his partners, brothers Sigmund and Drew Sommer.
No One Wants To Buy Steve Cohen’s Unbelievable $98 Million Upper East Side Penthouse (BusinessInsider)
Some people just don’t know how to appreciate a deal. According to Page Six, Billionaire hedge fund manager Steve Cohen – whose hedge fund S.A.C. Capital plead guilty to insider trading last year – can’t unload his Upper East Side duplex penthouse, and it’s upsetting him a great deal. From Page Six: One source tells us, “Cohen hasn’t had a buyer, and he blames his broker. Furious is not the word. He’s had enough.” But another source sniffed, “The lack of a buyer might be because some feel the place might have some bad karma.”
SAC’s Steinberg Deserves Five Years in Prison, U.S. Says (BusinessWeek)
SAC Capital Advisors LP’s Michael Steinberg, convicted of insider trading in December, should be sentenced to more than five years in prison when he goes before a judge later this week, the U.S. said. The government also seeks forfeiture of about $365,000. Steinberg’s lawyers this month said his sentence shouldn’t exceed two years. Federal sentencing guidelines call for 5 1/4 years to 6 1/2 years, prosecutors said in a court filing May 9. “Steinberg benefited from a much more wide-ranging conspiracy in which multiple analysts pursued multiple sources,” the government said, rejecting Steinberg’s arguments that he’s the least culpable in the insider-trading scheme.
Fed Should Be Blamed For Credit Bubble? (ActionForex)
‘Maybe today there’s not a bubble in the U.S. stock market. But if we’re going to exit so slowly, then what’s the risk that we’d have a bubble in credit or in the stock market or in financial market a year from now, two years from now?’ – Nouriel Roubini, the New York University economist In January, Nouriel Roubini, the New York University economist, who is known for predicting the housing bust and global financial crisis, claimed the U.S. economy will disappoint this year. He claimed the world’s largest economy will pick up, however, the pace of growth will not be substantial enough to raise wages for Americans…
Dymon gets $500 mln from Temasek to seed hedge funds (Reuters)
Singapore-based asset manager Dymon Asia Capital has received a commitment worth $500 million from Temasek Holdings to start a hedge fund seeding venture at a time the Asian industry is starting to recover after six years of sluggish growth. Dymon will use the capital to seed new strategies and fund managers and manage all non-investment functions to allow managers focus on their trading activities. Asia-focused hedge funds returned nearly 16 percent to investors last year, their best annual performance since 2009, according to data from Eurekahedge.
CalPERS chopping hedge fund allocation (PIOnline)
CalPERS portfolio managers have begun cutting the system’s $5.3 billion hedge fund allocation in half, signaling a shift away from the asset class for the nation’s largest defined benefit plan, say multiple sources familiar with the pension plan’s operations. The $289.1 billion California Public Employees’ Retirement System’s hedge fund program has been under review by top investment staff since January, spokesman Joe DeAnda confirmed in an interview with Pensions & Investments. But Mr. DeAnda said no decision will be made on the future of the pension fund’s hedge fund program until recommendations are presented to the CalPERS board sometime in the third quarter…
Recommended Reading:
Billionaire Ken Griffin Bullish on Burlington Stores Inc (BURL)
Frank Brosens’ Taconic Capital Cuts Stake in WPX Energy Inc (WPX)
SPO Advisory Corp Sells 7.35 Mln Shares of Quicksilver Resources Inc (KWK)
