Soros: Hedge Funds Can’t Top Markets (Finalternatives)
One of the world’s most famous hedge fund managers is piling on the industry some two years after he retired. Speaking to Bloomberg Television at the World Economic Forum in Davos, Switzerland, George Soros cast doubt on hedge funds’ future ability to do better than the broader markets. “Since hedge funds are now a dominant force in the market, they can’t, as a group, outperform the market,” Soros said. The 82-year old added that managers’ and investors’ risk aversion will only make things worse.
A hedge fund dogfight, live, mesmerises wall street (NDTV)
For a half-hour Friday afternoon, the eyes of Wall Street were not on the usual fixations, like the fiscal talks in Washington, or Apple’s earnings or a potential takeover of Dell. Instead, they were turned to the cable channel CNBC, watching verbal fisticuffs that could rival anything on reality TV, a spat between two hedge fund magnates with a decade-long grudge against each other. Nominally, the two titans, Carl Icahn and William Ackman, called into CNBC to discuss their contrasting views on Herbalife, a nutritional supplements company. Instead, they slung invective back and forth in a fight that riveted traders and Twitter alike.
Armajaro Asset Management Trader Steele Dies at Age of 35 (SFGate)
Ben Steele, who joined hedge fund Armajaro Asset Management LLP last year to start a pool trading shares of financial companies, has died. He was 35. He died on Jan. 25 of a suspected heart attack, according to Andrew Mitchell, a spokesman for the London-based firm. Armajaro, which oversees about $2 billion, started the Global Financials fund last year to expand beyond its roots in trading commodities. The firm hired Steele and Peter Walters from asset manager TT International Ltd. to run the pool.
Russia To Try Hedge Fund Lawyer Posthumously (Finalternatives)
While Russian prosecutors have not tried very hard to win a conviction in the case of the death of Sergei Magnitsky, they are moving forward with a posthumous trial for the hedge fund lawyer. The trial of Magnitsky, who died in a Russian prison in November 2009 at the age of 37, and of his client, Hermitage Capital Management’s William Browder, began today in Moscow. The two are accused of tax fraud. It is unclear whether the trial, condemned as “Kafkaesque” by Amnesty International, will be open to the public. Magnitsky’s mother is boycotting the proceedings and has urged the lawyers appointed to represent her dead son to refuse to serve.
Hedge fund researcher wins OP-Pohjola award (InvestmentEurope)
Finnish financial group OP-Pohjola’s Group Research Foundation Doctoral Thesis competition has awarded its prize of €10,000 to Petri Jylhä, for his work “Essays on the Economics of Hedge Funds”. The doctoral dissertation consists of four essays that examine hedge funds from various perspectives: – The first essay investigates hedge fund operations in international financial markets.
Man United First Franchise Valued at $3bn (ThisDayLive)
The English Premier League’s Manchester United F.C. has become the first franchise of any sport valued at $3 billion worldwide, according to a report by Mike Ozanian of Forbes on Monday. Shares of [United], which were offered to the public last August at $14, did poorly at first but have soared the past few days. Last seen at just under $17, Manchester United’s stock has outperformed the S&P 500 since its IPO and made the controlling Glazer family and legendary investor George Soros…wealthier, reports Next.
Ex-lover’s $50M lawsuit against Soros moves forward (WashingtonTimes)
The saucy melodrama between billionaire financier George Soros and his decades-younger ex-girlfriend is expected to continue for another season. A Manhattan Supreme Court judge shot down the tycoon’s attempt to dismiss a $50 million lawsuit by his ex, Brazilian soap-opera actress Adriana Ferreyr. The New York Daily News reported in March that Mr. Soros even went so far as bribing the actress’s cousin with $250,000 in efforts to get her to persuade Ms. Ferreyr to drop the claim against him.
Herbalife—The One Question That Matters (CNBC)
It seems people just can’t get enough of Herbalife and the controversy surrounding this stock. On Friday the company was at the center of a spirited exchange between top hedge fund manager Bill Ackman and billionaire investor Carl Icahn. The two Wall Street titans locked horns over the future prospects of the company. Ackman is short the stock, a bet the stock will go lower; he’s been very public in his belief that Herbalife is a pyramid scheme — an allegation the company strongly denies.
