Morgan Creek offers fund for retail clients to taste hedge funds (Reuters)
Morgan Creek Capital Management, which invests with hundreds of hedge funds, is now giving retail clients access to these normally exclusive portfolios through a mutual fund. Morgan Creek, based in Chapel Hill, North Carolina, is the latest investment firm to jump into the so-called hedged mutual fund business, with a portfolio called the Morgan Creek Tactical Allocation fund, the firm said on Monday. Two months ago The Blackstone Group L.P. (NYSE:BX), one of the world’s biggest hedge fund investors, rolled out a similar portfolio and teamed up with Fidelity Investments, which will be offering it to some of its clients.
Foreign hedge funds readying for QDLP (AsianInvestor)
The first foreign hedge fund managers that will receive quotas to raise money from Chinese investors are likely to start doing so by the end of January and possibly as early as this year, say sources. The six firms in question are Canyon Partners, Citadel Group, Man Group, Oaktree Capital, Och-Ziff and Winton Capital, each of which will be able to raise up to $50 million under Shanghai’s qualified domestic limited partner (QDLP) scheme, according to media reports.
Michael Douglas – Michael Douglas living in New York (ContactMusic)
Michael Douglas has been staying with George Soros following his separation from Catherine Zeta-Jones in August. The Oscar-winning actor has reportedly fled from the Manhattan apartment he shared with his wife to live with the 80-year-old business magnate in Westchester County, New York, after he was spotted carrying several bags out of his home last week. Douglas’ getaway may not be the break-up remedy he had hoped for as Soros’ lavish wedding to Tamiko Bolton, 41, next week could serve as a reminder of his own marriage troubles.
Goldman-to-Soros Backed Essent Files for $287.5 Million IPO (BusinessWeek)
Essent Group Ltd., the mortgage insurer backed by investors including Goldman Sachs Group, Inc. (NYSE:GS) and George Soros, filed to raise $287.5 million in an initial public offering as investors pour capital into companies that guaranty home loans. Goldman Sachs, JPMorgan Chase & Co (NYSE:JPM) and Barclays Plc are managing the offering, Bermuda-based Essent said today in a regulatory filing. The offering size is a placeholder amount used to calculate registration fees and may change.
JIM ROGERS: ‘Bernanke Is Going To Go Down In History As An Absolute Disaster’ (BusinessInsider)
Jim Rogers has long been critical of Fed chairman Ben Bernanke and his quantitative easing program. With the chairman ready to step down and debate about his replacement heating up, Rogers still has some scathing words for him. The author of Street Smarts: Adventures on the Road and in the Markets sat down with Business Insider to talk about Bernanke’s record, the direction of U.S. monetary policy, and the role of the Federal Reserve in the U.S. economy.
Recommended Reading:
Lions Gate Entertainment Corp. (USA) (LGF), LinkedIn Corp. (LNKD): My Top 2 George Soros Picks
Dell Inc. (DELL), Nuance Communications Inc. (NUAN) Among Carl Icahn’s Latest Dividend Moves
Big Investors Are Buying Aeropostale Inc (ARO), News Corp (NWSA) & More
