New Edward Burns Hedge Fund Movie Embraces Crowdfunding (Forbes)
Several months ago we spotlighted a soon-to-launch crowdfunding company that sought to bring crowdfunding to independent film. That company – Seed & Spark – has launched and now boasts an upcoming film starring Edward Burns among its list of financing projects. Largely financed by Atlantic Pictures, the film’s working title called Oliver’s Deal and stars Edward Burns (The Brothers McMullen, Sidewalks of New York) as a hedge fund jock working to redeem a $1 billion debt from Peru‘s government. The film also stars Caitlin Fitzgerald (Newlyweds, It’s Complicated) and will be directed by Barney Elliot (True Colours).
SEC proposes BNY Mellon pay $23 million cross-trading settlement (PIOnline)
The SEC issued a proposed plan for distributing $23 million to some institutional clients of BNY Mellon Securities harmed by cross trades that favored some hedge fund customers. According to a January 2011 administrative complaint by the Securities and Exchange Commission, BNY Mellon Securities failed to supervise institutional order desk manager Mark Shaw, whom the agency said manipulated the timing of trades from November 1999 through March 2008 “to advantage a handful of accounts held by individuals and hedge funds at the expense of accounts belonging to various employee stock purchase plans, employee stock option plans, direct purchase and sale plans, and similar plans.”
Duet Starts Venture With Former Credit Suisse Latin Chief (BusinessWeek)
Duet Asset Management Ltd., the hedge-fund group founded by Henry Gabay, started a unit with Pedro Chomnalez, Credit Suisse Group AG’s former head of investment banking in Latin America, and Diego Gradowczyk, Barclays Plc’s ex-head of emerging-markets trading. Duet Latin America is a partnership with CG Capital, an investment company started by Chomnalez and Gradowczyk, London- based Duet said today in an e-mailed statement. The company’s first venture, Merchant Opportunity Fund, will focus on non- financial assets and private equity in Latin America. Duet Latin America may also help manage Duet’s Emerging Markets Real Estate Debt Fund.
Blackstone Said to Add Executive in Push for Fund Stakes (Bloomberg)
Blackstone Group LP hired Anthony Maniscalco to help run a new business that will buy stakes in hedge-fund managers, said three people familiar with the plans, as the firm tackles an investing area where institutions such as Goldman Sachs Group Inc. have had mixed results. Maniscalco, 42, previously head of alternative-asset management in the investment-banking group at Barclays Plc in New York, will be part of the team that evaluates and strikes deals with fund managers, said the people, asking not to be named because the information is private. Peter Rose, a spokesman for New York-based Blackstone, which has $46.1 billion in its hedge-fund group, declined to comment on the hires.
Arden fund creates new alternative investment model (IFLR)
The Arden Alternative Strategies Fund represents a new investment model that is potentially more responsive to events and changing markets than other mutual funds. The fund, which launched with more than $700 million of commitments in November 2012, gives retail investors access to alternative assets – but not without significant risks. Taking the form of a mutual fund format, it is a hybrid representing a conglomerate of hedge fund managers, each responsible for a different so-called sleeve of the fund. In July 2012, an exemptive order was filed with the Securities & Exchange Commission (SEC) to allow the fund to hire new managers or sub-advisors without putting the matter to a shareholder vote, explained Kramer…
Jim Rogers Is Buying Russia; Should You, Too? (TheStreet)
Famed investor Jimmy Rogers was on CNBC last week and when pressed, he said in his opinion Russia is currently the best investment opportunity he sees. There are several individual stocks that trade as ADRs to choose from but anyone interested in following Rogers’ advice might have an easier time choosing between the SPDR S&P Russia ETF (RBL_) or the iShares MSCI Russia Capped ETF (ERUS_). For Rogers, this is part contrarian play because as he said everyone hates Russia. He also believes the country will turn around and President Vladimir Putin will not impede progress.
