PineBridge Partners with CICC Investment Management to Launch the First Global Fund of Hedge Funds Targeting Qualified Chinese Investors (Zawya)
CICC Investment Management (USA), Inc. and PineBridge Investments LLC (“PineBridge”) announced the launch of the first global fund of hedge funds (“Fund”) on April 1 targeting qualified Chinese investors. The launch of the global fund of hedge funds demonstrates the strategic decision of CICC Investment Management (USA)’s parent company, China International Capital Corporation Limited (“CICC”), to expand its investment management business globally. PineBridge and CICC Investment Management (USA) have both invested proprietary capital to seed the Fund and ensure alignment of interests with investors. CICC Investment Management (USA) serves as the Fund’s investment manager and PineBridge as its sub-advisor. CICC Investment Management (USA) will leverage its resources in Beijing and New York. The PineBridge Hedge Fund Solutions team is primarily based in New York, London and Hong Kong.
Tough times for hedge funds that bet on market tumult (Reuters)
Nelson Saiers, a trader and math whiz, runs the type of hedge fund that tends to perform best when markets are going haywire. The $600 million Saiers Capital fund and other so-called volatility funds use complex trading strategies to take advantage of pricing discrepancies caused by gyrations in global financial markets. These funds flourished in the years after the financial crisis, when volatility was running hot, but this year is a different story.
Diamondback Capital says it’s victim of ex-manager’s crimes (CTPost)
Diamondback Capital Management, one of the hedge funds raided by the FBI in 2010, is seeking $39 million in restitution from former fund manager Todd Newman, saying it’s a victim of his insider-trading scheme. Newman, 48, was convicted of conspiracy and securities fraud by a federal jury in New York in December. Prosecutors said he was part of a group of fund managers, analysts and insiders at technology companies who swapped inside information in a scheme that reaped $72 million in illicit profits. The hedge fund, which closed in December, is asking for the restitution, claiming its goodwill and reputation were “tarnished,” Prosecutors called the request “unprecedented.”
Hedge fund buys up thousands of homes in central Florida (WFTV)
The country’s largest private real estate owner, The Blackstone Group L.P. (NYSE:BX), is pouring millions of dollars into the central Florida real estate market. Some are concerned the company is squeezing out the average home owner and turning too many single family homes into rentals. …The biggest is The Blackstone Group L.P. (NYSE:BX), a hedge fund that through Invitation Homes has bought up 24,000 homes around the country in just one year. The homes are then rented out. Realtor Ray Lopez said there are now more buyers in the market than there is inventory to be sold.
Richland Capital Quits Hedge Funds (Finalternatives)
In a surprising move for one of Asia’s most well-respected hedge fund managers, Richland Capital Management has shuttered its hedge funds and may close its doors entirely. The Hong Kong-based fund, which managed about US$100 million in two hedge funds, has liquidated the portfolios and wound down yesterday, Reuters reports. It is unclear why Richland moved to pull the plug on the funds; both had posted solid returns and sources told Reuters that neither fund faced major redemptions.
Ambit’s new hedge fund comes with high risks and high rewards: Andrew Holland (Business-Standard)
It’s been a long-standing grouse of fund managers in India that billions of dollars that come into Indian markets are managed from either Hong Kong or Singapore. This might change if Indian fund managers prove their mettle in sophisticated investment strategies that long-short funds deploy. After the Securities and Exchange Board of India allowed Indian entities to set up domestic hedge funds, Ambit Investment Advisors has come up with such a sophisticated long-short fund for high networth Indians and corporates. Andrew Holland, CEO of Ambit Investment Advisors, talks to Malini Bhupta and Vishal Chhabria on key aspects of this fund and its track record so far.
