Martin Currie shuts down China Hedge Fund after being hit with $14m fine (Opalesque)
International equity specialists Martin Currie is closing down its long/short equity strategy China Hedge Fund after the firm was slapped with a $14m fine from U.S. and UK regulators for favoring one client over another. A spokeswoman from the $7.4bn UK asset manager told AsianInvestor that the closure of the China-focused hedge fund after 10 years, marks the end of the once-profitable strategy. The fund has been operating with less than $10m in assets and its liquidation is currently underway.
Harvard Graduates Targeted by Alumni-Backed Loan Funds (Bloomberg)
Michael Cagney, a hedge-fund manager backed by China’s largest social-networking website, is starting a series of funds to help students at Ivy League and other top U.S. colleges refinance their loans at lower rates. Cagney has registered SoFi Capital Advisors LLC with the U.S. Securities and Exchange Commission to manage funds that will finance loans at top colleges, including six members of the Ivy League. Each of the 18 funds will be dedicated to one school and will seek money from institutional investors as well as alumni of that school, according to company officials and regulatory filings.
Hedge Funds Stride the Stage of World Affairs (CNBC)
Argentina’s president, Cristina Fernndez de Kirchner, was re-elected with a huge margin last year, leaving her political opponents fractured and demoralized. But in recent months, she has found herself locked in battle with a determined adversary who may outmaneuver her. Her opponent is not a participant in Argentina’s domestic political scene. Rather, he is Paul Singer, a soft-spoken New York hedge fund manager. Through one of his funds, Mr. Singer is fighting in United States courts to press Argentina to pay up on some defaulted bonds. Mrs. Kirchner has refused.
Texas Enron trader’s fortune helped fund Engage Rhode Island (WPRI)
Some of the secrecy surrounding Engage Rhode Island has been pierced. The deep-pocketed advocacy group, which provided crucial support to Treasurer Gina Raimondo last year in her push to pass the landmark state pension overhaul, received between $100,000 and $500,000 from a Houston billionaire who was a trader for the ill-fated energy company Enron, The Wall Street Journal revealed Tuesday night. A spokesman for John Arnold, 38, and his wife, Laura, confirmed their donations to the paper. Arnold founded Centaurus Advisors LLC, a Houston-based hedge fund, with $8 million of his own money in 2002. He closed the fund earlier this year. Arnold’s net worth is estimated at $3 billion by Forbes magazine.
Service Provider Directory HedgeFundSpecialist.com Launches Today (TimesUnion)
NyamiNyami Holdings LLC, a holding company of websites focused in the alternative investment industry working with hedge funds and private equity firms and professionals today announced the launch of HedgeFundSpecialist.com. As the first pure service provider directory and interactive marketing tool for the hedge fund industry, HedgeFundSpecialist.com provides a web-based site for service providers to advertise their services and thus grow and strengthen their brand among hedge funds and the entire alternative investment community. With access to NyamiNyami Holdings’ community of experienced alternative investment professionals who represent thousands of firms, hedge fund service providers can effectively and actively market their services and products to this niche community.
LACERA taps Grosvenor Capital for opportunistic credit (PIOnline)
Los Angeles County Employees’ Retirement Association, Pasadena, Calif., committed an additional $200 million to a customized hedge fund-of-funds portfolio managed by Grosvenor Capital Management focused on opportunistic credit, said David Kushner, chief investment officer for the $39.8 billion pension fund. LACERA initially committed $250 million to Grosvenor in a customized fund-of-funds program, when it began its hedge fund program in October 2011, according to a recently released memo to the board of investments for its Nov. 5 meeting.
