Editor’s Note: Related Tickers: Goldman Sachs Group, Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Microsoft Corporation (NASDAQ:MSFT), Hess Corp. (NYSE:HES)
One Of John Paulson’s Funds Is Really Doing Well (Business Insider)
Hedge Fund Manager Raises Offer For NBA Team (FINalternatives)
Undeterred by the National Basketball Association’s apparent unwillingness to allow him to move the Sacramento Kings to Seattle, hedge fund manager Christopher Hansen has offered even more for the team. Hansen and his group, which includes Microsoft Corporation (NASDAQ:MSFT)’s Steve Ballmer, boosted their offer for the 65% of the Kings owned by the Maloof family by $49 million, increasing the already-record valuation of the team to $625 million from $550 million.
Ex-Hedge Fund Manager Sentenced to More Than 6 Years in Trading Case (New York Times)
During the sentencing of the former hedge fund manager Anthony Chiasson on Monday, Judge Richard J. Sullivan marveled at his prodigious wealth, ticking off the annual income listed on his tax returns. “$16 million, $10 million, $23 million,” he said. The crime is insider trading, and Judge Sullivan handed down one of the stiffest sentences yet in the government’s vast campaign to root out the illicit activity on Wall Street trading floors. He sentenced Mr. Chiasson, the co-founder of Level Global Investors, to six and a half years in prison after a jury found him guilty last December of illegally trading technology stocks.
Cayman Islands Spars With Sachs Over Hedge Fund Directorships (Bloomberg)
The head of the Cayman Islands financial services industry trade group rejected charges from economist Jeffrey Sachs that the Caribbean nation’s oversight of hedge funds and banks is a “mortal threat” to the global economy. Sachs, in separate letters to the Financial Times the past two weeks, said some residents of the island nation sit on hundreds of fund boards, limiting their ability to provide oversight. He also said the Cayman banking system has $1.4 trillion in liabilities and assets, citing data from the Bank for International Settlements. The system is a “house of cards” for the global financial system, he said.
Hedge Fund Rejects Proposal by Hess to End Proxy Fight (New York Times)
Credit: Hess Corp. (NYSE:HES)
Ex-JPMorgan Credit Trader Readies Hedge Fund (FINalternatives)
A former JPMorgan Chase & Co. (NYSE:JPM) credit-trading executive has set up a hedge fund. Tolga Uzuner has founded Brocade Capital Management, with plans to offer its maiden fund within the next year, Financial News reports. Brocade aims to raise at least $200 million at inception, and is considering a seed investment. Uzuner, who serves as chief investment officer, is joined at Brocade by Stuart Firth, the former head of European distressed trading at Credit Suisse. Firth will serve as CEO.
Lehman Reaches Beyond Grave to Grab Millions From Nonprofits (Bloomberg)
Almost five years after Lehman Brothers Holding Inc. filed for bankruptcy and set off the global financial crisis, managers of the bank’s estate are demanding millions of dollars from retirement homes, colleges and hospitals. After selling most of its assets, Lehman now says it was shortchanged by…
…scores of nonprofits that were forced to pay to exit derivatives that were unwound after the firm filed for Chapter 11 protection.
Forging Its Own Path, British Hedge Fund Finds Success (New York Times)
Ewan M. Kirk never quite fit the Wall Street mold. As a partner at Goldman Sachs Group, Inc. (NYSE:GS), he wore a kilt to the firm’s annual black-tie dinner in New York. After leaving Goldman, Mr. Kirk, an astrophysicist by training, set up a hedge fund in Cambridge, England, a world away from the fashionable neighborhood of Mayfair in London where many hedge funds are based. But Mr. Kirk’s firm, Cantab Capital Partners, has been turning heads recently in London and New York with a new fund that aggressively undercuts its competitors on fees. The fund, which uses computer models to trade on trends in markets around the world, opened to outside investors in the first quarter and grew to more than $600 million by the beginning of April.
Northern Trust streamlines Form PF filings for hedge funds (Finextra)
Northern Trust Hedge Fund Services has launched an online regulatory module to streamline the preparation and submission of Form PF filings. The new module provides an interactive, online workflow tool for compiling, reviewing, and finalizing Form PF filings, which are intended to disclose data on holdings and risk exposures within private funds as required by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). Fully integrated with the Hedge Fund Passport™ application suite, the regulatory module leverages the Northern Trust Hedge Fund Services platform’s single data set and powerful strategy and asset tagging capabilities to offer clients a complete and customized portfolio view.
SS&C GlobeOp Hedge Fund Performance Index and Capital Movement Index (Bobsguide)
The gross return of the SS&C GlobeOp Hedge Fund Performance Index for April 2013 measured 1.44%. Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index advanced 0.63% in May. “Subscriptions outpaced redemptions for the month of May, whereas capital activity volume was generally down from prior month levels,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies.
Lucidus Hires Former Elliott Management Credit Analyst Robbins (Bloomberg)
John Robbins, formerly at Elliott Management Corp., started work today at credit hedge fund Lucidus Capital Partners LLP. Robbins joins as a research analyst in the New York office, Simon Meadows, head of business development at Lucidus in London, confirmed by e-mail today. He left Elliott Management earlier this year. Robbins declined to comment. Lucidus, the corporate credit hedge fund founded as a unit of Caxton Associates LLC by Darryl Green and Geoffrey Sherry, has $1.5 billion in notional assets under management and employs 43 people in London and New York, Meadows said.
Tryperion Partners Raises $50 Million Fund (Los Angeles Business Journal)
Tryperion Partners LLC, a West L.A. real estate investment and advisory firm announced Monday that it had closed its first $50 million fund. Tryperion, whose founding partners are Joseph Kessel, Eliot Bencuya and Jeffrey Karsh, formerly of Century City hedge fund Canyon Capital Realty Advisors, said that it will focus on acquiring and recapitalizing office, retail, hospitality, and multifamily properties in secondary markets across the West and Southwest.
Secondaries Firm Hires Hedge Fund Industry Vet. (FINalternatives)
Alternative investment secondaries specialist Stream Capital has added a new director to its Geneva, Switzerland, base. Katherine Hill will focus on direct secondary fund transfers and work on Stream’s new fundraising business, the firm said. “As we are growing and acquiring more market share in the secondary market sphere, we are very pleased that Katherine has joined our team,” Stream founder Robert Leach said.
