Integrated model for hedge fund managers (HedgeWeek)
The role of the depositary is set to become an integral part of how offshore hedge funds operate in Europe under the AIFM Directive, which will be transposed into law on 22 July 2013. Never before have Cayman-based hedge fund managers had to think about using depositaries. Under the Directive, though, the depositary’s role with any given AIF will be much higher profile. It will be held liable for the loss of any financial instruments held with third-party sub-custody accounts.
BW’s cover image (NYPost)
No, not Rolling Stone — the other mag cover. Bloomberg Businessweek’s eye-catching and extremely phallic cover making fun of hedge-fund managers is already making waves in the industry. Last week, the New York Hedge Fund Roundtable held a panel in Midtown to debate the worthiness of funds. It wasn’t long before the popular but somewhat rude image cropped up in a heated exchange between Simon Lack, a well-known hedge fund skeptic, and Troy Gayeski, senior portfolio manager at SkyBridge Capital, the hedge-fund investment shop founded by Anthony Scaramucci.
‘You deserve to see me suffer’: Guilt-ridden hedge fund manager who confessed to 1990 murder of teenage boy is sentenced to 30 years in prison (DailyMail)
An aspiring hedge fund manager who confessed earlier this year to killing a 15-year-old boy in 1990 has been sentenced to 30 years in prison today. Steven Goff, who was sentenced to aggravated manslaughter, told the victim’s family in court: ‘I wanted to give you your justice. You deserve to see me suffer.’ The 41-year-old had confessed to police in April, after saying he was haunted by a vision of the mother of his victim, Frederick Hart, 23 years after stabbing him. Under a plea agreement, Goff was sentenced to 30 years in prison and can apply for parole in 15 years, according to The Press of Atlantic City.
Vodacom Sells Tanzania Phone Towers to Company Backed by Soros (Bloomberg)
Vodacom Group Ltd. (VOD), Vodafone Group Plc (ADR) (NASDAQ:VOD)’s African mobile-phone operator, agreed to sell 1,149 phone towers in Tanzania to an infrastructure company backed by investors including George Soros. The wireless carrier, South Africa’s largest, will obtain a 24.5 percent stake in the tower company, Helios Towers Tanzania, as part of the deal, according to a statement from Helios today. No financial details were disclosed. Helios Towers Tanzania is a unit of Helios Towers Africa. Infrastructure disposals can help wireless carriers reduce costs and focus on customer services and marketing. Johannesburg-based Vodacom, seeking to boost earnings as revenue from domestic voice connections falls, will lease back the towers from Helios.
Jim Rogers says Abe will ruin Japan (FXStreet)
Jim Rogers, the billionaire famous for bets on commodities and Asia, says Abe’s policies are a disaster in the long term and not guaranteed to work in the short term. He spoke in an interview with Fusion MarketSite. He is beginning to dip into Chinese stocks but is concerned about water infrastructure. He likes agriculture, natural gas and says the euro will look very different in a number of years. Japan has a very serious problem. When we look back, Mr. Abe will have ruined Japan. Huge debt levels, horrible demographics, they won’t let in foreigners, the population is declining. Mr. Abe comes along and says he’ll ruin the currency. It is a disaster in the long term, and not guaranteed to work in the short term, either.
The Difference Between Hedge Funds And Asset Management (BusinessInsider)
Hedge funds get all the glory… and now they’re even going to get all the press, courtesy of the JOBS Act, and I’m more than excited to see who thinks they actually need to advertise to bring in the flows. However, while a hedge fund is structured to make one man insanely rich and a few others relatively wealthy, the asset management business has a much wider set of financial outcomes for its employees, and even more for its owners. The purpose of this article is to give you guys an idea of what the business itself really is when we say an Asset Manager or a Hedge Fund. I’ll try to go over what makes each different (the basics), how each makes money, and why one may be much more ideal for you than the other, especially early in a career.
