NJ hedge fund manager can’t toss Carter’s insider trading charges (Reuters)
A New Jersey hedge fund founder has lost a bid to dismiss charges he illegally traded in shares of children’s apparel maker Carter’s, Inc. (NYSE:CRI) in a ruling that highlights the legal debate over what constitutes insider trading. U.S. Magistrate Judge Janet King in Atlanta rejected a claim by Steven Slawson, co-founder of Titan Capital Management, that his May indictment should be tossed because it did not allege he knew an insider disclosed illegal tips for personal gain. In a decision on Friday, King said there was no “binding or persuasive legal authority” requiring proof, or even an allegation, that a defendant knew a tipper had received any benefit for providing inside, non-public information.
CTAs Best Performers As Hedge Funds Lose 0.24% (Finalternatives)
The Eurekahedge Hedge Fund Index was down 0.24% in October and investors pulled US$1.6 billion from the asset class during the month. CTA/managed futures were the best-performing strategies for the month, adding 0.26% (up 6.30% year to date). The only other strategy to end the month in the black was fixed-income, up 0.10% (4.44% YTD). On the red side of the ledger were event-driven funds, down 2.09% on the month (up 1.14% YTD); multi-strategy funds, down 0.94% (up 2.98% YTD); distressed debt, down 0.87% (up 2.02% YTD); arbitrage funds, down 0.74% (up 2.04% YTD); macro funds, down 0.61% (up 1.83% YTD); relative-value funds, down 0.40% (up 2.61% YTD); and long/short equities, down 0.06% (up 2.94% YTD).
In a Tough Year, Computer-Driven Funds Are Thriving (InstitutionalInvestorsAlpha)
Commodity trading advisers (CTAs) and other computer-driven hedge funds are well on their way to enjoying their best year since 2008, extending their gains in October, when many other funds lost money. The Newedge CTA Index and the Newedge Trend Index each rose slightly more than 1 percent in October. As a result, the CTA Index is up 7.15 percent for the year, while the Trend Index has climbed by 8.2 percent. Most CTAs and their cousins, the trend followers, fared even better…
Retreating from Hedge Funds? Not These Institutional Investors (InstitutionalInvestorsAlpha)
Is the institutional investor lovefest with hedge funds starting to wither? A steady drumbeat of pundits has been predicting the exit of the professional investor set from hedge funds since the California Public Employees’ Retirement System announced it was pulling out of the asset class a few months ago. Then earlier this week we reported on an Ernst & Young survey that found just 13 percent of institutional investors plan to increase allocations to traditional hedge funds in the next three years, down from 17 percent last year and 20 percent in 2012.
Sprott adds senior portfolio manager (PIOnline)
Whitney George was named senior portfolio manager at Sprott Asset Management, the company announced Monday. Mr. George was co-director of investments and senior portfolio manager at Royce & Associates along with Charles Royce. Mr. Royce remains CEO of the firm. …Two of the strategies Mr. George managed at Royce, the $190 million Royce Focus Trust, a multicap closed-end fund, and the $65 million Royce Privet hedge fund, will be moved to Sprott pending investor and regulatory approval. Mr. George will remain portfolio manager of the two strategies at Royce pending that approval, said Dave Gruber, Royce principal, in an interview.
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