Rise of the Really Alts (OnWallStreet)
It’s a rare day when a hedge fund manager admits he’s never heard of an asset type. But that’s just what Ray Schuville, a managing director and private client advisor at U.S. Trust, heard from a client earlier this year. The manager was looking for a way to lower the risk of the large personal stake he had in his own fund. He had been using short-dated Treasuries and cash for that purpose, but was looking for something that could generate income and be “really non-correlating” with his hedge fund, Schuville says.
SAC Energy Portfolio Manager Nick Tiller Retires After 12 Years (BusinessWeek)
Nick Tiller, an energy portfolio manager at SAC Capital Advisors LP, is retiring from the $14 billion hedge-fund firm run by Steven A. Cohen. Tiller, who worked at SAC for almost 12 years and was one of only a few portfolio managers to oversee $1 billion or more, plans to focus on Sustainable America, a charity he founded, according to an e-mail sent today to colleagues. He also said he plans to spend more time with his family.
Hedge Fund Compensation Survey Open to Industry Professionals (Virtual-Strategy)
Benchmark Compensation has opened its seventh annual Hedge Fund Compensation Survey. Each year, the Hedge Fund Compensation Survey provides a benchmark for compensation practices by collecting data directly from the professionals who work in the industry. The purpose of the annual Hedge Fund Compensation Survey is to create an accurate and affordable report that allows hedge fund professionals and firms to compare their compensation to others in the industry, and identify important pay trends as they emerge. Each year the compensation survey provides great insight into an industry that is not well-known for sharing information.
As hedge funds lag, Osterweis fund looks for balance (Reuters)
Matthew Berler once shorted stocks for a living. Now, he invests for the long term. During the last three years, Berler, the chief executive of San Francisco based Osterweis Capital, has steered the $220 million Osterweis Strategic Investment Fund to an annualized 14.6 percent return through September 24. The fund is beating 98 percent of the 772 funds in its Morningstar category of moderate allocation funds. Yet the fund, which holds long positions in both stocks and bonds, came about in part because of rising costs in the hedge fund industry.
Mission-based hedge fund firm opening (PIOnline)
Bruce S. MacDonald is forming Crayna Capital, a mission-based hedge fund-of-funds manager and investment consulting firm. Crayna opens Tuesday and will introduce a commingled mission-based hedge fund in the first quarter of 2014, Mr. MacDonald said. In addition to the commingled fund, Crayna plans to offer customized strategies, serving as either a manager or consultant depending on the client, based on client social and governance objectives and environmental constraints, Mr. MacDonald said.
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