Growth at last for the hedge fund industry? (MoneyWebTax)
Overall, proposed changes are positive. National Treasury has produced some sensible yet transformative proposals for the tax treatment and regulation of hedge funds. Changes to the Income Tax Act contained in the Taxation Laws Amendment Bill of 2013, as well as forthcoming changes to the Collective Investment Schemes Control Act (CISCA) will open up attractive new options for private investors. Hedge funds have to date been unregulated, with the result that they could not be promoted or offered to the man in the street.
Hedge fund spends £850,000 on shares (EveningTimes)
As reported in later editions of yesterday’s Evening Times, the shares were sold for £840,000. The buyers have been revealed as Laxey Partners Ltd, who in June this year bought 714,285 shares from Charles Green. That amount represented 1% of the club’s total available shares and with the latest purchase, Laxey Partners has increased its stake in Rangers to 4.99%. The news was confirmed in a statement to the London Stock Exchange.
SEC Sues Hedge Fund Manager For Stripping Co. Coffers (Law360)
The U.S. Securities and Exchange Commission on Tuesday charged a colorful money manager with using his company as a “personal piggy bank,” investing some of his client’s funds but spending the rest on lavish purchases for himself. Anthony Davian, founder of Ohio-based Davian Capital Advisors, misappropriated more than $1 million of investors’ money in his unregistered management company, according to the SEC complaint. The fund launched in 2008 and by June 2011, Davian, its sole controller, had raised from clients $1.5 million that he allegedly squandered….
Former Goldman Managers Plan Asia Hedge Fund (Fa-Mag)
Three former managing directors of Goldman Sachs Group, Inc. (NYSE:GS)’s Japan business plan to start an Asia multi-strategy hedge fund early next year, according to two people with knowledge of the matter. Koji Gotoda and Takayuki Kasama have incorporated Golvis Investment Pte in Singapore, said the people, who asked not to be identified as the information is private. The fund will invest in all asset classes with an initial focus on Japan, they added. Japan-focused hedge funds have historically traded stocks, making a company staffed by a large team of former Goldman Sachs Group, Inc. (NYSE:GS) employees and capable of investing in multiple asset classes a rarity, one of the people said.
Marc Faber snapping up shares in Sprott (TheGlobeAndMail)
Marc Faber, the famed investor known for his gloomy take on the markets, bought beaten-down common shares in asset management firm Sprott Inc. this month, regulatory filings show. Paul Stephens, chairman and partner of Stephens Investment Management LLC, a San Francisco-based hedge fund, has also been snapping up shares. Both Mr. Faber – who is the author of The Gloom Boom & Doom Report – and Mr. Stephens are directors of Sprott. Eric Sprott, who is CEO of Sprott Inc. and oversees its resource-themed investment arm Sprott Asset Management, is one of the world’s best known gold bugs.
Jim Rogers: Why I’m shorting India (LiveMint)
Hedge fund manager Jim Rogers, who moved to Singapore in 2007 because he thought the centre of the world is shifting to Asia, says India is set to miss out on the Asian century. The chairman of Rogers Holdings says that if there is one country an individual must visit, it has to be India for its “spectacular sensory feast, beautiful, food, colour and religions”, but it is also the worst country to do business in. Rogers also slammed the Indian government’s recent curbs on gold imports, saying Indian citizens had no choice but to buy the metal because they had very little faith in investing in other sectors of its economy.
