Alcova AM gets Northern Trust for specialist hedge fund servicing (TheAsset)
Alcova Asset Management has selected Northern Trust Hedge Fund Services to provide a full range of administrative and middle-office outsourcing services to its quantitatively driven, equity market-neutral fund. The mandate from the UK-headquartered quantitative hedge fund manager is the latest announced by Northern Trust Hedge Fund Services. “Fund managers are increasingly looking for solutions that support real-time data delivery,” said Liam Butler, head of Northern Trust Hedge Fund Services Europe.
Citi Identifies “People Alpha” as Key Practice for Maturing Hedge Fund Industry (BusinessWire)
Hedge funds that invest in people management register higher average investment returns than their peers, according to a new survey from Citigroup Inc (NYSE:C) Prime Finance. This concept of “people alpha” is the latest potential differentiator for managers in an industry that is becoming increasingly competitive and institutionalized. The survey corroborates numerous other academic studies that have shown the connection between superior performance and an investment in an organization’s people. “Just as hedge funds once claimed ‘operational alpha’ as a differentiator, we believe that ‘people alpha’ will separate some firms from the pack and will soon become an industry norm,” said Sandy Kaul, Global Head of Business Advisory Services at Citi Prime Finance.
US and UK still the dominant regions for hedge funds, says IOSCO survey (Opalesque)
The second International Organization of Securities Commissions (IOSCO) Hedge Fund Survey showed that the United States and the United Kingdom still are the two predominant regions where hedge fund managers/advisers are located. IOSCO surveyed 1,044 qualified hedge funds representing assets totalling $1.94tln. These hedge funds are typically domiciled in offshore jurisdiction – the Caymans being the most popular – to enjoy tax benefits and other regulatory perks. In terms of investment strategy, equity oriented strategies are the favourites, while macro-oriented and multi-strategy funds are also significant.
Argentina sics ex-solicitor general on hedge fund (MalaysiaSun)
Former Solicitor General Paul Clement has been hired by Argentina to press its case against Paul Singer‘s Elliott Management, according to Argentine press reports. Earlier this month, the US Supreme Court denied Argentina’s first request to review an appeals-court decision that could force the South American country to pay $1.3 billion to certain creditors including Elliott. Clement, who worked in the Bush administration between 2004 and 2008, is expected to help Argentina present its second petition to the Supreme Court to review its appeal. “The perception is that his experience may …
High Yield with Icahn (MoneyShow)
One of the most successful money managers is paying investors a 6.6% yield for the privilege of multiplying their money, asserts Igor Greenwald, editor of MLP Profits. I’m describing, of course, Carl Icahn, who’s known for raiding cash-rich and mismanaged companies. His savvy picks are working out great for investors who hold shares of Icahn Enterprises LP (NASDAQ:IEP). Better still, IEP is a master limited partnership, with all the tax-deferred benefits of a boring pipeline company. Icahn Enterprises isn’t boring. The man can’t seem to live without drama, whether it’s dressing down Ackman regarding Herbalife Ltd. (NYSE:HLF) or trying to take Dell Inc. (NASDAQ:DELL) away from Michael Dell.
Berkshire Beats Apple as Favorite Stock of Tiger 21 Group (Bloomberg)
Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.A) regained its ranking as the favorite stock pick among U.S. and Canadian multimillionaires, beating Apple Inc. (NASDAQ:AAPL) and fending off the increasing preference for exchange-traded funds. Members of Tiger 21, a New York-based group of wealthy investors, selected Berkshire in an annual survey of preferred investments scheduled to be released today. Apple, which had held the No. 1 spot the last two years, slipped to No. 2. “The bloom is off of Apple,” Michael Sonnenfeldt, founder and chairman of Tiger 21, said in an interview…
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