David Tepper Flies High With Airline Stocks And Hamptons Parties (JewishBusinessNews)
Summer for the well-heeled means posh, star-studded parties at the Hamptons, many for good causes, and the better the causes, the more high-profile the guests. When not making successful trades for his hedge fund, head of Appaloosa Management, Tepper was attending various functions including a Party for Pink, the Breast Cancer Research Foundation and a benefit for the Apollo Theater in Harlem. Tepper was seen schmoozing with Richard Perry as Taylor Dayne sang “Prove Your Love,” before talking about bike trips with Goldman Sachs Group, Inc. (NYSE:GS) president Gary Cohn and going to Ron Perelman’s estate in East Hampton.
SEC publishes Form PF data (COOConnect)
Private funds’ Regulatory Assets under Management (RAuM) totals $8.8 trillion, of which hedge funds and private equity vehicles comprise $4.04 trillion and $1.9 trillion respectively, according to the Securities and Exchange Commission’s (SEC) annual report summarising all of its Form PF data. This represents an increase from $7.3 trillion in May 2013. The SEC data said there were 2,661 advisers submitting Form PFs.
Caxton Cuts Currencies (Finalternatives)
Brevan Howard Asset Management isn’t the only global macro hedge fund shying away from currency trading in the face of poor performance. Caxton Associates has also cut its exposure to foreign exchange after posting losses in each of 2014’s first six months—just like Brevan Howard. And like Brevan Howard, the changes appear to be working, as Caxton posted its first gain of the year in July. The US$8 billion firm is now down about 5% on the year.
Paulson Buys Puerto Rico Office Building (Finalternatives)
Paulson & Co. is boosting its exposure to Puerto Rico, buying its first commercial property on the financially troubled island. The New York-based hedge fund has bought a 16-story office building in the U.S. territory’s capital, San Juan. The 326,000-square-foot space in San Juan’s financial district, Hato Rey, was formerly owned by insurer American International Group, Inc. (NYSE:AIG), and is known as American International Plaza.
One third of Asian hedge funds headquartered in China (Opalesque)
China continues to the preferred location of Asian-focused hedge fund firms with approximately one-third of firms headquartered in China. Other popular Asian firm locations include Singapore with 11.4%, followed by Australia and Japan with 5.6 and 4.3%, according to the latest HFR Asian Hedge Fund Industry Report, released by analysis and research HFR. Asian hedge funds assets surged in the second quarter of this year to $116.7bn, the third consecutive quarterly record for the Asian hedge fund industry…
Cramer: Be patient, wait for right pitch (CNBC)
PIMCO names managing director for global fixed income (PIOnline)
Mohsen Fahmi was named managing director and generalist portfolio manager at Pacific Investment Management Co., a news release said. It is a newly created position, said Mark Porterfield, spokesman, in an e-mail. Mr. Fahmi had been a senior portfolio manager at hedge fund Moore Capital Management, Sharron Silvers, spokeswoman, said in an e-mail. She would not provide further information.
Northern Trust hires 2 for hedge funds-of-funds unit (PIOnline)
Tristan Thomas and Greg Jones joined the hedge funds-of-funds unit of Northern Trust Asset Management. Mr. Thomas is director of portfolio strategy, responsible for hedge funds-of-funds portfolio construction and monitoring as well as the development of customized hedge fund-of-funds portfolios. Mr. Jones is an analyst, covering global macro, relative value and managed futures hedge funds.
Elliott Casts Wide Net For Argentine ‘Corruption’ (Finalternatives)
Both sides in Argentina’s debt dispute appear to be digging in their heels, as one major bank fears it will be caught in the crosshairs. Elliott Management, one of the hedge-fund holdouts from Argentina’s 2001 default, plans to issue a number of subpoenas this week to companies tied to Argentine business Lazaro Baez, who is accused of embezzling millions from the country. The firm won the right to do so from a federal judge in Nevada last week.
California environmentalist shakes up Florida race (FloridaToday)
A California billionaire environmentalist is pouring millions of dollars into the Florida governor’s race to buy television ads attacking Gov. Rick Scott as a friend of polluters and utility companies, giving the campaign of Democratic front-runner Charlie Crist a boost as polls show a tightening race. Former hedge fund manager Tom Steyer has put both Scott and the Florida Republican Party on the defensive, prompting them to hit back with their own ads attacking Steyer as a hypocrite. They have also sent letters threatening television stations with lawsuits if they carry the ads, which Scott’s lawyers say are misleading and defamatory. So far, one Fort Myers station has stopped running them.
Meritage To Sub-Advise On Alternatives For Kanaly Clients (Finalternatives)
Houston, Tex.-based Kanaly Trust has partnered with Meritage Capital to offer alternative investment solutions to its high-net-worth investors. “As Kanaly sees itself as a firm that listens to clients and advises them on innovative ways they can meet their investment goals, we believe that incorporating alternative investment strategies into a portfolio can improve returns and hedge risks associated with today’s elevated stock and bond prices,” said Kanaly CIO James Shelton in a statement.
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