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Top Stories |
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Alternative Investments Drive Managers' Profits
Source: The Wall Street Journal Online
Profits made by asset managers from alternative investments have
risen considerably since 2002, according to McKinsey & Co.
research.
The management consultancy's benchmarking survey is based on the
performance of 85 managers with assets totaling more than $10
trillion.
More...
Hedge Fund Survey: Three Cheers For the Credit Crunch?
Source:
SeekingAlpha
Think hedge funds are freaked out by recent market turmoil?
Think again. According to a new industry survey , nearly half of
all hedge funds see the credit crunch as “positive for (their)
fund”.
More...
Hedge Funds and Private Equity Alter Career Calculus
Source: The New York Times
MOST people who knew Gabriel Hammond at Johns Hopkins in the
late 1990s could have predicted he would rise quickly on Wall
Street. As a freshman, he traded stocks from his dorm room,
making a $1,000 bet on Caterpillar. Soon after, he abandoned his
childhood dream of becoming a lawyer and, upon graduation,
joined Goldman Sachs as a stock analyst.
More...
Goldman investor liaison Andrews goes to Citadel
Source: FinancialNews-US.com
John Andrews, head of investor relations at Goldman Sachs, is
leaving the Wall Street firm for a job at Citadel Investment
Group, a hedge fund giant that oversees about $16bn (€11.5bn).
More...
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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:
High hopes for
Global, MidMarket M&A
Source:
Reuters
While large-cap private equity firms are licking their
wounds, a brighter picture has emerged from another
section of the M&A community: the midmarket.
Indeed, private equity executives and bankers–large and
small–say the midmarket is where it’s at these days. So
does Grant Thorton, which says in a recent survey that
75 percent of mid-market companies expect to engage in
international M&A at least once in the next 12 months.
More...
Bear Stearns
Introduces The Bear Stearns Risk Arbitrage Cash Deal
Index—A New Way to Participate in Risk Arbitrage
Source:
BusinessWire
Bear, Stearns & Co. Inc. today announced that it
recently launched The Bear Stearns Risk Arbitrage Cash
Deal Index (Bloomberg: BSEICASH <Index>)—a new way to
gain exposure to risk arbitrage deals in the US. The
index, created by the Bear Stearns Equity Linked
Strategy Team, is composed primarily of the largest US
companies by market capitalization that are the targets
of definitive, pending all-cash acquisitions.
More... |
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Scholarly Article & Related News |
The Collapse of First
Executive Corporation: Junk Bonds, Adverse Publicity, and
the 'Run on the Bank' Phenomenon
by
Harry Deangelo, Linda Deangelo, & Stuart C. Gilson
In April 1991, regulators seized the major subsidiaries of
First Executive Corporation (FE), an insurer that invested
heavily in junk bonds. During the junk bond market turmoil
of 1989-1990, adverse publicity fueled a bank run at FE,
forcing a $4 billion portfolio liquidation before the market
rose 50-60 percent in 1991-1992. More traditional insurers
did not receive commensurate press coverage, despite their
substantial exposure to real estate declines, which were
roughly 2.5 times the junk bond decline...
More...
Related News:
Bondholders Hoisted
by Petards as Corporate Sales Depress Debt
Source:
Bloomberg
During the summer of subprime discontent, bondholders
refused to purchase the debt of the most creditworthy
borrowers unless they could be compensated with
extraordinary yields. The companies are returning the
favor with the proviso: Be careful what you wish for.
More...
Milken Speaks On
Financial Markets In China, India
Source:
Forbes
Michael Milken, the financial innovator and onetime junk
bond king, predicted that China and India would not
reach their full potential as leading world economies
without functional financial markets.
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Top Stories by Category |
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Book of the Day & Related News |
Book Description
Two pioneers and innovators in the money
management field present their choice of
groundbreaking, peer-reviewed articles on
subjects including portfolio engineering and
long-short investment strategy. More than
just a collection of classic review pieces,
however, Equity Management provides new
material to introduce, interpret, and
integrate the pieces, with an introduction
that provides an authoritative overview of
the chapters. Important and innovative, it
is destined to become the "Graham and Dodd"
of quantitative equity investing. |
Morningstar
Introduces Family of Commodity Futures Indexes
Source:
CNNMoney.com
Morningstar, Inc. , a leading provider of independent
investment research, today introduced five fully
collateralized commodity futures indexes-the Morningstar
Long/Short, Long/Flat, Short/Flat, Long-Only, and
Short-Only Commodity Indexes.
More...
Arrow Launches
Canadian Long/Short Funds
Source:
FINalternatives
Toronto fund of funds shop Arrow Hedge Partners has
launched a pair of single-manager funds to invest in the
Canadian small and mid-cap markets via different shades
of long/short strategies.
More...
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Personal Interest |
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Powerful typhoon
targets Shanghai
Source:
Reuters UK
A powerful typhoon targeted China's booming eastern
province of Zhejiang and the nation's financial capital,
Shanghai, on Tuesday, prompting evacuation of over 1.6
million people as ships were recalled to port.
More...
More Mistakes, and
Less Comfort
Source:
The New York Times
The afternoon after watching the Mets commit six errors
in losing yet another game, another series, to the team
chasing them, Manager Willie Randolph sat in the
visiting dugout wearing what for him passes as a smile.
It is Randolph’s nature to move on quickly, to have a
short memory. His players, for all their distinct and
inimitable personalities, often take a cue from him on
how to react.
More...
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