State Street Wins Best Hedge Fund Administrator and Best Risk Management Technology Provider of the Year Awards (WSJ)
State Street Corporation (NYSE:STT), announced today that it has been named 2013 Hedge Fund Administrator of the Year and 2013 Risk Management Technology Provider by HFMWeek magazine. The HFMWeek US Hedge Fund Services Awards recognize outstanding service and support to the hedge fund industry in North America and are judged by an independent panel of experts. “The HFMWeek awards further validate the focus State Street places on solutions for our hedge fund client base,” said George Sullivan, executive vice president and global head of alternative investment solutions (AIS) at State Street. “Our clients face a complex and evolving regulatory environment, so end-to-end solutions that help monitor and manage risk are becoming increasingly necessary.”
British Pensions Increase Hedge Fund Investments (Finalternatives)
British corporate pensions added billions of pounds to their hedge fund investments last year, according to a new report. U.K. pension schemes had £58.2 billion invested in hedge funds at the end of March, according to the Pension Protection Fund, a government agency. That’s £12 billion more than the at the end of March 2012. The report does not indicate how much of the increase was due to inflows, and how much to performance. But with hedge funds gaining in the mid-single digits last year, a substantial amount of the gain is likely new capital.
SFOs Put Squeeze On Hedge Fund Fees (FA-Mag)
There are more single-family offices than ever before and on average they’re controlling larger pools of assets. Hedge funds are a core investment option for many of them. However, while some hedge funds are performing as “promised,” many others are not. This has caused consternation among family office investment officers, who are responding by taking a variety of actions. While they certainly haven’t abandoned hedge funds, they’re changing how they select and monitor these funds, according to a survey of 71 single-family office executives who have allocated about $800 million to hedge funds. Close to half the family offices surveyed are domiciled outside the U.S.
Roubini says central bankers have a tough choice: Kill recovery or risk bubbles (Marketwatch)
Regulations meant to curb risks in the global financial system –known to economists as “macroprudential regulations” — had better work, or central bankers will be between a rock and a hard place. In the aftermath of the financial crisis six years ago, unconventional tools like quantitative easing and zero-interest rate policies may have sparked an economic recovery but not one of turbocharged growth or low unemployment. That puts policy makers in a difficult position, NYU economist Nouriel Roubini wrote in an opinion piece at Live Mint on Wednesday.
Everest, Passport and Others Reconsider Emerging Markets (InstitutionalInvestorsalpha)
John Burbank III, the founder and CIO of Passport Capital in San Francisco, was once an emerging-markets bull who invested heavily in companies that stood to profit from China’s rapid industrialization. “Be long what China is short” is how he describes his $3.8 billion macro fund’s biggest investment theme of 2010 and 2011. That meant go long gold and resources as well as commodity producers. But in the past two years he has reversed course. “For the most part, the emerging-market growth story is over,” says Burbank. Passport’s portfolios now reflect his new beliefs: Industrial growth in China has played out as an investment theme, but it’s time to buy into the rising consumer and service sectors in China and other emerging markets.
Lisa Marie Falcone cleared of drunk driving, drug charges (PageSix)
Drunken driving and drug charges have been dropped against Lisa Maria Falcone, the socialite wife of embattled hedge fund billionaire Phil Falcone. The Suffolk County D.A.’s office this week said it will not proceed with its case against Lisa, who was arrested for driving while impaired and without a license following a Labor Day crash last year. Lisa was cleared of DWAI (driving while ability impaired) after toxicology tests showed she hadn’t been drinking and had only a trace amount of prescription meds in her blood. We’re told, “She is relieved because she wasn’t drinking and driving.”
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