HedgeCoVest Signs 33 Leading Hedge Fund Managers For Their New Liquid Alternatives Investment Platform (HedgeCo)
HedgeCo Networks LLC, a preeminent service provider to the hedge fund industry and operator of one of the most trafficked databases HedgeCo.Net is pleased to announce that its new liquid alternative investment platform, HedgeCoVest has signed 33 hedge fund managers operating 38 unique strategies to join the revolutionary hedge fund allocation tool. HedgeCoVest will feature 20 investable hedge fund portfolios at its public unveiling at Finovate Fall 2014 on September 23rd, 2014, with another 18 to be added in the coming months.
Citi hedge fund veterans go it alone (eFinancialCareers)
The former head of sales and capital introduction for Citigroup Inc (NYSE:C)’s European prime finance division, Paul Harvey, has just received regulatory approval to launch his own hedge fund product, along with former colleague Mark Bright. Juniper Place LLP, which has just been given the go-ahead by the Financial Conduct Authority (FCA), is a placement agent that raises assets for hedge funds. Harvey is its founder and CEO, having left his role at Citigroup in July 2013, while Bright – a former Citigroup managing director and head of sales for emerging markets within its prime services division – takes the chief operating officer role.
Asian stock rally boosts hedge fund performance… Hedge funds rebound with August gains… (HedgeWeek)
Hedge fund and absolute return managers have generally caught the upside stemming from a rally in Asian stock markets in July, while Chinese managers have finally seen some fruits from the country’s economic reforms, according to GFIA. The fund consultancy said in a report that the MSCI AC Asia Pacific ex Japan index finished up 3.5 per cent in July, with the majority of Asian country indices positive. The hedge fund benchmark AsiaHedge Asia ex Japan – USD was also up 2.3 per cent during the period.
Brett Icahn Cancels Plans to Start Hedge-Fund Firm (WSJ)
Carl Icahn‘s son, Brett Icahn, has cancelled plans to start a new hedge-fund firm, people familiar with the matter said. The younger Mr. Icahn will instead stay at his father’s public company, Icahn Enterprises LP (NASDAQ:IEP) +0.58% LP, where he manages a portfolio of more than $6 billion of stocks with his business partner David Schechter, the people said. The Wall Street Journal reported in May that the duo were set to launch a new hedge-fund company with $1 billion in startup cash from Icahn Enterprises. In exchange, Icahn Enterprises would have owned a significant portion of the new firm.
RadioShack facing bankruptcy (SFGate)
It was as bad, if not worse, than expected. In addition to more losses than ever, Radio Shack, in its earnings report this morning hinted at the ‘B’ word. “We may not have enough cash and working capital to fund our operations beyond the very near term, which raises substantial doubt about our ability to continue as a going concern,” the 93-year-old company said in a filing with the Securities and Exchange Commission. Even before the earnings report, which which was expected to be grim — talk of “major restructuring” — at the very least massive store closings — was in the air. According to Bloomberg, two parties, a major bank and a hedge, were working on putting together a $535 million stopgap package.
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