Hedge funds come to Vegas, but they’re not always the be$t bet (NYPost)
The hedge fund honchos descending on Las Vegas for the fifth annual industry conference have a lot in common with the casinos of Sin City: The house always wins. That truism has never been more evident than during the past four years. Forty hedge-fund managers have now made the Forbes billionaire list, and the conference, known as SALT, beginning Wednesday has become the place for them to hobnob with world leaders, former presidents, political pundits and Hollywood celebrities. But the people whose money hedge funds manage haven’t exactly hit the jackpot. …But playing with billionaire star managers remains something of a crapshoot. Just consider the differences between the two keynote speakers at this week’s Vegas schmoozefest: John Paulson and Dan Loeb.
Sidley Adds Singapore Partner (AmericanLawyer)
Sidley Austin has recruited a mergers and acquisitions partner for its Singapore office. Gregory Salanthe was previously co-managing partner of the Tokyo office for Philadelphia’s Morgan, Lewis & Bockius. He will relocate to Sidley’s Singapore office after a transition period in Tokyo. Salanthe has spent much of his career advising U.S. corporations and investments funds on their investments in Japan, with a particular focus on private equity and hedge fund clients. He has acted for Japanese clients on both inbound and outbound transactions as well.
Sun rising over Japan hedge funds (AsianInvestor)
Strong performance by Japan-focused hedge fund managers has sparked investor interest in the past few months. Japanese funds returned an average of 21.7% in the six months through March, according to data provider Eurekahedge, with managers telling AsianInvestor they’re seeing a recent uptick in investor meetings. “The amount of investor enquiries into what we’re doing in Japan, and how we’re generating returns, hasn’t been this high since 2005” says David Baran, co-chief executive officer of Tokyo-based Symphony Financial. The firm’s SFP Value Realization Master Fund, a Japan event-driven strategy, has returned 44% in the three months to end-March.
Cantab to Shut UCITS Fund After Restrictions on Commodity Bets (BusinessWeek)
Cantab Capital Partners LLP, the $5.5 billion hedge-fund firm led by former Goldman Sachs Group, Inc. (NYSE:GS) quantitative traders, will shut a pool that is regulated like mutual funds because of restrictions on commodity investments. Investors in the CCP Quantitative UCITS fund, which has more than $320 million in assets under management, will be given the option of redeeming their money or moving to the firm’s hedge funds, Cambridge, England-based Cantab said in a statement today. The UCITS fund will be closed at the end of June. Cantab, started in 2006 by former Goldman Sachs Group, Inc. (NYSE:GS) traders Ewan Kirk and Erich Schlaikjer, said it’s no longer possible to invest in commodities “within a UCITS wrapper.”
Soros Rumor Underpins Turning Tide Against Aussie (CNBC)
Rumors that George Soros was planning to short the Australia dollar has taken the wind out of the robust currency, fueling expectations that the tide is turning for the Aussie dollar. The Aussie fell 0.6 percent against the U.S. dollar late Monday on a report in the Sydney Morning Herald that bets against the currency totaling $1 billion were placed via Hong Kong and Singapore, believed to be by Soros Fund Management. CNBC has not been able to independently confirm the rumor. The selling momentum escalated Tuesday after the Reserve Bank of Australia cut interest rates by 0.25 percent to a record low of 2.75 percent. The currency dropped over half a cent to as deep as $1.0178, its lowest since early March.
