What are you really getting from your long short hedge fund? (ProfessionalPlanner)
In this way, the fund reduces market risk and also presents the opportunity for investors to profit in both up and down markets. Put simply, a long short hedge fund looks to maximise total returns by taking long positions in stocks the manager expects will increase in value, and short positions in stocks expected to decrease in value. In this way, the fund reduces market risk and also presents the opportunity for investors to profit in both up and down markets.
A Hedge Fund Manager Vanished After Credit Suisse Accidentally Wired Him $1.5 Million (BusinessInsider)
Last January, Credit Suisse Group AG (NYSE:CS) wired $1.5 million to hedge fund manager Joseph B. Galbraith. One month later he disappeared off the map. According to a New York Times report, two weeks after Credit Suisse wired the money in three transactions to Galbraith, the bank realized that it made a mistake. “At the time of the wire transfers, the hedge fund, Galbraith Capital Investment Management, was winding down operations and it had no cash left in its account with Credit Suisse,” according to the New York Times.
Hedge fund manager left investors £370m poorer (FTAdviser)
A hedge fund manager who left investors £370m out of pocket persuaded a financier into pouring his clients’ cash into a doomed scheme, Southwark Crown Court has heard. Magnus Peterson, founder of Weavering Capital, left the massive deficit after his firm collapsed following the global banking crisis. Peterson, 51, convinced intermediary company Ermitage Ltd that his second company Macro Fund was a solid choice with little risk to investors. But he blew 20 per cent of his entire account “within a few days” of disastrous trading, jurors heard.
Kleinberg, Kaplan Expands Hedge Fund Team (Finalternatives)
Hedge fund law firm Kleinberg, Kaplan, Wolff & Cohen has tapped Jared R. Gianatasio as senior counsel, focused on investment funds and derivatives. Gianatasio was previously a senior associate in the New York office of Shearman & Sterling where he practiced in the firm’s derivatives and investment funds practice. Gianatasio, whose arrival follows that of Joseph Iskowitz in August, has extensive experience representing market participants in the structuring and documentation of complex over-the-counter and exchange-traded derivatives transactions.
Harbinger Group Leases Soho Space (CommercialObserver)
Publicly traded holding company Harbinger Group has landed new office space in Soho, Commercial Observer has learned. The company, which is run by hedge fund manager Philip A. Falcone and is an affiliate of the hedge fund Harbinger Capital Partners, took 6,000 square feet on the third floor of Zar Property‘s 64 Wooster Street between Broome and Spring Streets, according to sources with knowledge of the deal. Harbinger signed the lease for one of its companies. It is for 10 years and the asking rent was $79 per square foot, the sources said.
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