SEI Named ‘Most Innovative Fund Administrator’ at HFMWeek Hedge Fund Services Awards (MarketWatch)
SEI Investments Company (NASDAQ:SEIC) +0.29% today announced that it was named “Most Innovative Fund Administrator” in the 2013 HFMWeek U.S. Hedge Fund Services Awards among service providers with over $30 billion in assets under administration. The committee chose SEI in part for its flexible open-architecture technology platform, automated workflow application, and the reporting capabilities within the SEI Manager Dashboard and Investor Dashboard. “We are extremely gratified to receive independent industry recognition of our efforts.
SAC Capital to admit to securities fraud (FierceFinance)
One of the big mysteries about the in-the-works SAC Capital settlement is what exactly the hedge fund would admit to. The fund has been willing to admit guilt, which might be seen as a prosecutorial victory in and of itself. But the U.S. attorney in Manhattan wants to go one step further apparently. According to the WSJ and other media reports, Phreet Bharara has held firm, and SAC Capital will admit to actual securities fraud, something that seemed inconceivable not too long ago. The conventional wisdom held that Steven Cohen, the founder of the troubled firm, would rather go to trial than to admit to actual fraud related to insider trading.
D.E. Shaw Launches New Funds (InstitutionalInvestorsAlpha)
D.E. Shaw, the $32 billion New York–based firm that is reportedly closing its longest-running hedge funds to new investors, is launching two new funds, according to a regulatory filing. The funds, named D. E. Shaw Alkali Fund II and D. E. Shaw Alkali International Fund II, require a $1 million minimum investment but have not yet raised any money. The new funds seem to be the next iteration of the firm’s Alkali Fund and its offshore equivalent. Those funds were introduced last year, according to regulatory filings. No other information is available, and the firm declined to comment.
Carl Icahn Still Agitating For More Share Buy-Backs At Apple : Warren Buffet And Bill Gross Rebuke Him (JewishBusinessNews)
In recent months Carl Icahn has been agitating for a stronger rate of share buy-backs by Apple Inc. (NASDAQ:AAPL), in which he currently holds a 4.7 million share position, or about one half of one percent. His general argument is a familiar one, based on the financial engineering consequences of a company buying back its own shares when they are perceived to be relatively cheap, thus enhancing earnings per share and encouraging a stronger eventual multiple as improved business results subsequently flow through.
Oakley Capital Said to Close Fund of Hedge Funds in Commodities (TradersMagazine)
Oakley Capital Management Ltd. closed its commodities fund of hedge funds as a gauge of performance across the industry retreated for a third year, according to two people with direct knowledge. The London-based fund shut in July and Portfolio Manager Fabio Cortes left the company at about the same time, said the people, who asked not to be identified because the information is private. The fund managed $10 million of assets, one of the people said. An e-mail seeking comment sent to a LinkedIn Corp (NYSE:LNKD) account in Cortes’ name on Oct. 25 wasn’t answered.
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