…Over the decade 2003 through 2012, the fund returned 5.6 percent. The good news is that those were great results in the world of fund of hedge funds as Chalkstream outperformed the HFRX Global Index by 4 percent. Unfortunately, that is damning with faint praise. Those returns lagged the returns of every major stock asset class during that period.
In the smart money’s world, David Nierenberg’s Nierenberg Investment Management reported a sale of number of shares of Asset Acceptance Capital Corp. (NASDAQ:AACC) in a 13D filing with the Securities and Exchange Commission. In total, the position in Asset Acceptance Capital Corp. is now worth near $28.4 million, a decrease of 14.6%. In layman’s terms, it’s very crucial for average investors to pay attention to David Nierenberg’s latest move out of Asset Acceptance Capital Corp. (NASDAQ:AACC). At large, 13Ds indicate the intentions of activist fund managers. These members of the “investing elite” are the proverbial celebrities in the financial world, and seek to impose their will to an already standing business.
SAC’s Cohen Buys West Village Properties (FINalternatives)
SAC Capital Advisors founder Steven Cohen is in the midst of a frenzied real-estate deal-making spree. The hedge fund manager recently bought a $60 million East Hampton home down the block from his current Long Island getaway, and listed his Midtown Manhattan duplex for $115 million. Now comes word that he’s bought the site of a failed hotel project in the West Village for $38.8 million.
Roman to speak at third annual FN Hedge Fund Awards (Financial News)
Manny Roman, the new chief executive of Man Group, will be the keynote speaker at Financial News’s third annual Awards for Excellence in Institutional Hedge Fund Management, Europe 2013. Roman, who took over from Peter Clarke at the helm of Europe’s largest listed hedge fund manager earlier this year, will address guests at the black tie dinner, which will be held on Wednesday May 8 at One Mayfair.
Weeden Acquires Prime Broker Saxis (Traders Magazine)
The parent company of institutional broker Weeden & Co. said it has acquired Saxis Group, a provider of prime broker services. Weeden Investors said the acquisition of the New York-based firm will extend its “institutional quality services” to hedge funds and family offices. No terms were disclosed. Saxis Group works with investors considered “natural buyers” of early stage and emerging managers of hedge funds.
Small CTA With Impressive Pedigree Doubles Assets (FINalternatives)
Solaise Capital, a three-year-old hedge fund launched by veterans of some of the most prominent quantitative firms, has nearly doubled its assets under management over the past few months. London-based Solaise now manages US$165 million, up from US$86 million at the end of November, Reuters reports. A pension fund’s investment is responsible for much of the gain, although Solaise said it has enjoyed other inflows this year.
