Hedge Fund Apson Closes After 18 Months (Finalternatives)
The hedge fund industry’s attrition rate continues to accelerate as the year draws to a close with the exit of another prominent new hedge fund. Apson Capital, founded last year by former Deephaven Capital Management star trader Edouard Salet, will close its doors at the end of the year, after less than 18 months in business, Financial News reports. Investors will get their money back early next year.
Hedge fund boss in building row with Duke of Westminster (Telegraph)
George Papamarkakis wanted to carry out piling work at his home in Chester Row, London SW1 which is owned by the Duke’s Grosvenor Estate in preperation for a basement extension. The estate argued it would disturb “significant nuisance to the neigbours and nearby residents” in the street where properties can sell for £5 million. Mr Papamarkakis took his case to the high court arguing that the Duke’s estate had the “wrong mental attitude” towards him and said personal “animus” was clouding its judgment.
Twin Capital’s David Simon Honored by The Young Jewish Professionals with Equity Event Driven/Merger Arbitrage Hedge Fund Award (TimesUnion)
David Simon, founder and chief executive officer of Twin Capital Management LLC, was recently honored by The Young Jewish Professionals (YJP) with the “Equity Event Driven/Merger Arbitrage Award” at the 2012 YJP Finance and Hedge Fund Summit. “I’m extremely honored to accept this award,” said David Simon, founder of Twin Capital Management LLC. “Although my name is on the award, it really is a group honor. I view this honor, as well as the recent award from HFMWeek, as a tremendous recognition of our entire team’s hard work and dedication to our business and clients.”
SEC Charges 10 in Insider Trading Ring Around Investment Banker’s Illegal Tips on Impending Mergers (SEC)
The Securities and Exchange Commission today charged an investment banker who was primarily based in Charlotte, N.C., and nine others involved in an insider trading ring that garnered more than $11 million in illicit profits trading on confidential information about impending mergers. The SEC alleges that John W. Femenia misused his position at Wells Fargo Securities to obtain material, nonpublic information about four separate merger transactions involving firm clients. Upon learning inside information about an impending deal, Femenia’s first call to set the insider trading ring in motion was typically to his longtime friend Shawn C. Hegedus, who worked as a registered broker.
Trail to a Hedge Fund, From a Cluster of Cases (NYTimes)
In April 2009, an F.B.I. agent visited the Silicon Valley home of Richard Choo-Beng Lee, a hedge fund manager with deep contacts inside technology companies. The government, the agent said, had overwhelming proof that Mr. Lee had engaged in insider trading. Within weeks, Mr. Lee confessed and began cooperating. A year and a half later, in the parking lot of a New England prep school, the same agent approached Noah Freeman, a Harvard-educated money manager turned teacher. After the agent played a secretly recorded conversation of Mr. Freeman swapping illegal tips, Mr. Freeman admitted to crimes and started assisting the authorities.
Hedge Fund CEO Predicts Financial Catastrophe (HedgeCo)
The co-founder and chief executive officer of hedge fund DoubleLine Capital LP predicts bleak financial times ahead, according to a Bloomberg article. Jeffrey Gundlach says that the first phase of the coming debacle consisted of a 27-year buildup of corporate, personal and sovereign debt. That lasted until 2008, when unfettered lending finally toppled banks and pushed the global economy into a recession, spurring governments and central banks to spend trillions of dollars to stimulate growth.
