Monday, October 29, 2007

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 Top Stories


SEI Exceeds $100 Billion in Alternative Assets Under Administration
 Source: CNNMoney.com
SEI today announced that it reached a major milestone by exceeding the $100 billion mark in alternative investment assets under administration. This brings the total amount of assets administered by SEI to over $420 billion globally. The achievement points to SEI's ongoing growth and leadership in the sector plus the broader operational outsourcing trend taking place in the investment manager segment. More...

New fund marks double decade for pioneer hedge fund manager
 Source: AME Info
Man IP 220 Series 5 Ltd combines an allocation to Glenwood with an allocation to London-based AHL to harness the complementary performance of the two hedge fund managers. The AHL Diversified Programme is intended to be the principal source of returns while the Glenwood Portfolio will provide stability and diversification by allocating trading capital to six different hedge fund styles and, currently, more than 60 managers. More...

Fauchier fund of hedge funds to raise extra assets
 Source: Reuters UK
The 129 million-pound Absolute Return Trust, a fund of hedge funds run by Fauchier Partners, is considering issuing new shares to raise assets, the latest hedge fund vehicle to tap the market. More...

 Hedge Fund Manager Boosts Longshot Prez Bid
 Source: FINalternatives
Mike Gravel is a former U.S. senator from Alaska and a long-shot candidate for the Democratic nomination for the presidency. He’s also the unlikely cause of choice for a New Hampshire hedge fund manager, who is doing all he can to power Gravel to victory in his state’s first-in-the-nation presidential primary. More...


More of Today's Stories continued below...  or  Today's Stories unabridged on the web

  Term of the Day & Related News

Risk Arbitrage
This strategy involves transaction-specific analysis seeking to profit by acquiring securities which are discounted from the value to be paid for them in a proposed merger or acquisition due to the uncertainty of transaction timing and completion. The difficulty is in analyzing the risk of delay or non-completion and determining when during the period from the commencement of a proposed merger or acquisition to the conclusion (successful or unsuccessful) of the transaction it is most efficient — on a present value basis — to take a position. Risk/merger arbitrage Portfolio Managers typically seek speculative profits from the purchase of shares in forecasted acquisition targets, while maintaining defensive positions through hedges in acquiring companies and disciplined risk management. More...
 
Related News:

Australian shares close at record highs on M&A activity - UPDATE
 Source: CNNMoney.com
Australian shares closed at record highs on Monday as news of London-listed Xstrata Plc's bid for nickel miner Jubilee Mines spurred hopes of consolidation in the mining sector.

'Merger and acquisition activity was the main news driving the market,' said CommSec chief economist Craig James. More...

United States: When M&A And National Security Don’t Mix
 Source: Mondaq
An act recently passed in Congress, intended to tighten controls on foreign capital inflows, could derail your best-laid deals.

The Foreign Investment and National Security Act of 2007 (FINSA) will soon tighten the screws on foreign capital flowing into the United States. Foreign investors and their U.S. partners must be prepared to face new risks and uncertainties, including deal delays and political interference, starting on Oct. 24, when FINSA goes into effect. More...
  Scholarly Article & Related News

Limits of Arbitrage: Theory and Evidence from the Mortgage-Backed Securities Market
 by Xavier Gabaix, Arvind Krishnamurthy, & Olivier Vigneron
“Limits of Arbitrage” theories require that the marginal investor in a particular asset market is a specialized arbitrageur rather than a diversified representative investor. We examine the mortgage-backed securities (MBS) market in this light. We show that the risk of homeowner prepayment, which is a wash in the aggregate, is priced in the MBS market... More...
 
Related News:

UBS warns more write-downs may be on the way
 Source: MarketWatch
Swiss banking giant UBS warned Monday that it may have to take further charges from its exposure to the U.S. housing and mortgage markets, though the group added its third-quarter loss will match earlier guidance.

UBS said the fourth quarter has started with good results from all divisions, including investment banking, but further deterioration in U.S. housing markets or rating downgrades for mortgage-related securities could lead to more write-downs.  More...

 Vultures eyeing mortgage corpse
 Source: CNNMoney.com
Since the subprime crisis erupted earlier this year, vulture investors looking for bargains have been circling battered securities backed by mortgages.

But the feeding has not yet begun in earnest - and that's not a good sign for the housing and credit markets. More...
  Top Stories by Category
  Book of the Day & Related News

   
Fixed-Income Arbitrage
by M. Anthony Wong
Price: $62.36
 


 
Book Description
An exposition to the world of relative-value trading in the fixed-income markets written by a leading-edge thinker and scientific analyst of global financial markets. Using concrete examples, he details profit opportunities--treasury bills, bonds, notes, interest-rate futures and options--explaining how to obtain virtually risk-free rewards if the proper knowledge and skills are applied. Discusses the critical success factors of relative-value trading and highlights the important role of technology, capital requirements and considerations in order to set up a fixed-income arbitrage system.

Related News:

Mirae Asset appoints Murthy Nagarajan, Head of Fixed Income
 Source: Moneycontrol India
Mirae Asset Global (India) today announced the appointment of Murthy Nagarajan as Head of Fixed Income. Based in Mumbai, Murthy will be responsible for overseeing the investment and research function of the fixed in come portfolio of the asset management business. More...

Brokers Burdened by Fixed Income
 Source: Barron's Online
THE FOLLOWING PROVIDES A framework for comparing key operating metrics across the group of major brokers. We focus on the calendar year brokers (Merrill Lynch, Citigroup and JPMorgan Chase) that have now reported third-quarter results. More...
 
  Personal Interest


Boston Sweeps World Series Again
 Source: The New York Times
They have gone from exorcism to coronation in record time. The Boston Red Sox, who fought ghosts for most of the last century, are the premier team of the new millennium.

The Red Sox won their second World Series in four seasons Sunday, edging the Colorado Rockies, 4-3, in Game 4 at Coors Field. They are the first team to win multiple championships since 2000, and with a deep payroll and a stable of talented young pitchers, they may be poised for more. More...

Country music icon Porter Wagoner dies at 80
 Source: Monsters & Critics
Country music icon Porter Wagoner, who made a name for himself as one of the brightest stars of the Grand Ole Opry thanks to his music and rhinestone suits, died on Sunday from lung cancer. Wagoner was 80 and died in an Alive Hospice facility in Nashville. More...
 

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   Top Stories (Continued)


Hedge fund activism in India
 Source: Business Standard
Hedge fund tactics are often confused with shareholder activism, which traditionally involves investor’s participation in the company’s affairs on wider social concerns such as employment benefit policies, corporate governance norms and environmental performances. Informed shareholder monitoring can increase shareholder values and conventional institutional investors have been assuming this role replacing individuals. More...

New Jersey Jumps On Distressed-Credit Bandwagon
 Source: FINalternatives
New Jersey’s State Investment Council last week voted to commit a total of $350 million to two hedge funds and a private equity fund.

The Garden State is committing $125 million to the PIMCO Distressed Mortgage Fund and a $100 million to the Centerbridge Distressed Credit Partners Fund. PIMCO, which currently manages $693 billion in fixed-income assets, is raising the Distressed Mortgage Fund “to take advantage of the opportunities they see resulting from the current dislocation in the mortgage market,” according to an internal memo from William Clark, director of the division of investment. The PIMCO mortgage team is headed by Dan Ivascyn and Scott Simon, the co-portfolio managers of the Distressed Mortgage Fund. More...

 Ospraie's Anderson Dives Into Commodities, Survives Swoon
Source: Bloomberg
For Dwight Anderson, it was the kind of death-defying ride he hadn't experienced since the last time he jumped out of a helicopter on skis in Alaska. In the first five months of 2006, Anderson's commodities hedge fund firm, New York-based Ospraie Management LLC, suffered a series of setbacks that led to the closing of one of its funds and a 19 percent loss in Anderson's flagship $3.6 billion Ospraie Fund. "Every single major position we had -- equities, agriculture, energy, precious metals and base metals -- lost money,'' says Anderson, 40, referring to losses in April and May 2006. ``It was highly stressful. You just feel a fatigue in your whole body.'' More...

Pension Plans Play Catch-Up
 Source: Barron's Online
AS INVESTORS IN HEDGE FUNDS, UNIVERSITY endowments were way ahead of pension funds. Led by Chief Investment Officer David Swensen, Yale University began allocating to absolute-return strategies -- which, rather than outperforming a benchmark, seek to make money in any market environment -- in 1990. And the Commonfund, which helps nonprofits with their funds, began investing with legendary hedge-fund manager Michael Steinhardt in the 1980s. More...

UK's FSA "disappointed" with hedge fund controls
 Source: Reuters UK
 Britain's financial regulator, the Financial Services Authority (FSA), said on Monday it was disappointed with the controls a number of hedge fund firms have in place to limit market abuse. More...

Uranium prices climb again as speculators and hedge funds renew interest
 Source: National Post
Uranium rose for a thurd straight week, with spot prices climbing US$4 to US$84 per pound, TradeTech said in the Ot. 26 edition of Nuclear Market Review. More...

Pledging Allegiance to the United States of Hedge Funds
 Source: The New York Times
YOU really cannot imagine how beautiful and yet how empty it is at Lake Pend Oreille in North Idaho. When I take my hardy little Thompson motorboat out in front of my future home there — at a resort community called the Seasons, for avid boaters like me — the water goes on forever. There may be one or two other boats at most, and eagles are nesting next to where I moor my boat for lunch. Hard to believe: it’s real, perfect and uncrowded. More...

Book review: Hedge Hunters, by Katherine Burton
 Source: BloggingStocks
 Bloomberg reporter Katherine Burton's first book, Hedge Hunters: Hedge Fund Masters on the Rewards, the Risk, and the Reckoning, is based on interviews with eighteen of the top hedge fund managers in the world: Michael Steinhardt, Boone Pickens, Jim Chanos and, my personal favorite, Dan Loeb, just to name a few. More...


 Today's Stories unabridged on the web
 
 
   Today's Humor
"My cousin applied for a job as an insurance salesman. Where the form requested "prior experience," he jotted down "Lifeguard." Nothing else.

"We're looking for someone who can not only sell insurance, but, who can sell himself," said the hiring manager for the Insurance company. "How does working as a lifeguard pertain to salesmanship?"

"I couldn't swim," my cousin replied.

He got the job.
 

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