Jason Beaird Joins Steel Vine Investment Fund, L.P. as Partner and Director of Marketing (Chron)
Jason Beaird joins Steel Vine Investment Fund, L.P., a hedge fund specializing in commodity and stock options based in Nashville, Tennessee. Beaird will serve as Partner and Director of Marketing, primarily focusing upon marketing to accredited high net worth and institutional investors. Beaird’s past experience includes Director of Client Service for Jetstream Capital from 2005-2011 and positions at Goldman Sachs and Merrill Lynch in Private Wealth Management from 1999-2004. Immediately prior to joining Steel Vine Investment Fund, L.P., Beaird worked as a hedge and private equity fund placement agent with Constellation Associates through BTIG. He earned the Chartered Financial Analyst® designation in 2004.
Ex-Citigroup Prop. Trader To Launch Hedge Fund (Finalternatives)
One of Joel Salomon’s New Year’s resolutions was apparently, “Launch a hedge fund,” because the former Citigroup Inc. (NYSE:C) proprietary trader plans to do just that this month. SaLaurMor Capital, a long-short fund named for Salomon daughters Lauren and Morgan, will be based in New York and focus on small and mid-cap financial stocks—initially insurance companies and asset managers, but eventually the credit of financial firms.
Cognios Capital Launches New Mutual Fund with Innovative Investment Approach (EON)
Cognios Capital, LLC today announced the launch of the Cognios Market Neutral Large Cap Fund (COGMX & COGIX) – the firm’s inaugural mutual fund with a goal to provide individuals and institutions with an investment product previously reserved for hedge fund clients. The investment strategy of the Fund aims to outperform the S&P 500 Index1 over time by purchasing and selling short large capitalization U.S. equities through its proprietary ROTA/ROMETM valuation method. “In times of unpredictable and volatile markets, investors are seeking long-term performance regardless of market conditions and a management team they can trust,” said John Brandmeyer, chief executive officer of Cognios Capital. “The goal of this new mutual fund is to give retail investors access to a proprietary long/short equity strategy. Strategies of this type have generally only been available to institutions and wealthy individuals through hedge funds.”
The future of hedge fund fees (FierceFinance)
I’ve noted over the years that the traditional hedge fund fee structure, the age-old 2 and 20, was slowly disintegrating. Breakingviews now says that the 2-and-20 era is officially dead. The catch is that this death will take place in roughly 2020. In an article mockingly dated eight years ahead, the authors note, “In September 2012, the average hedge fund still charged 1.6 percent annually in management fees and collected 18.7 percent of any gains, according to data provider Preqin. Through November of that year, the average global hedge fund investor earned just 2.6 percent, according to the HFRX global index maintained by Hedge Fund Research. In 2011, investors lost nearly 9 percent. The average annual return from 2009 to 2012, supposedly recovery years following the losses of more than 20 percent in 2008, was a measly 3 percent.”
Winton CEO Daniell To Step Down (Finalternatives)
Winton Capital Management CEO Anthony Daniell is leaving his post. Daniell will step down after more than two years at the helm, but will remain with the hedge fund, Financial News reports. He will be succeeded as CEO by Tony Fenner-Leitao, Winton’s current deputy CEO, pending regulatory approval. Fenner-Leitao has been with the US$26 billion hedge fund for four-and-a-half years. The former Goldman Sachs executive director was named Daniell’s deputy in October.
Buffett Is Still Crushing That Bet He Made Against Two Hedge Fund Managers In 2008 (BusinessInsider)
It’s 2013, and that means that Warren Buffett is 5 years into a bet he made against two hedge fund managers at New York based fund Protege Partners. Back in 2008, Buffett told Ted Seides and Jeffrey Tarrant of Protege that funds that invest in hedge funds for their clients would not beat the S&P 500 over ten years. The loser of this bet has to donate $1 million to the winner’s charity of choice on December 31st, 2017. Right at this very moment, Buffett is still winning. That may not be too surprising, since according to hedge fund tracker HFR, hedge funds returned an average of 5.5% in 2012.
