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Broker assures banks GFI has not opened door to hedge funds
Source: FinancialNews-US.com
Interdealer broker GFI’s move to allow hedge funds to trade
directly on its foreign exchange system will not set a precedent
for other markets, a fellow broker has said.
More...
Man Group Manages to Stand Apart
Source:
The Wall Street Journal Online
Man Group PLC, the world's largest publicly traded hedge-fund
manager, managed to raise cash and retain investors during a
summer that claimed many hedge-fund scalps.
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Two Panels to Develop Hedge-Fund Guidelines
Source: The New York Times
The Treasury Department said Tuesday it had formed two
committees to recommend voluntary guidelines for the hedge fund
industry.
One group, comprised of asset managers, will be led by Eton Park
Capital Management’s chief executive, Eric Mindich. The other,
consisting of hedge fund investors, will be chaired by Russell
Read, the chief investment officer of Calpers, California’s
pension plan for state workers. More...
Currency Trades Soar to $3.2 Trillion a Day, BIS Says (Update3)
Source:
Bloomberg
Foreign-exchange trading rose 65 percent in the past three years
to a record $3.2 trillion a day on average, led by hedge funds
and foreign investors, the Bank for International Settlements
said in its triennial survey.
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Hedge Funds Piling In Zale Corp (ZLC), Citadel LP Discloses
5.31% Stake
Source:
StreetInsider.com
In a 13G filing this morning on Zale Corporation (NYSE:
ZLC), Ken Griffin's Citadel LP disclosed a 5.31% stake
(2,605,739 shares) in the company. The firm held 830,091 shares
of ZLC at the quarter ended June 30, 2007. A 13G indicates a
'passive investment'.
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Majority of hedge funds say '08 U.S. recession likely
Source:
Reuters
A majority of hedge fund managers say a U.S. recession is "very
likely" in 2008, but fewer than one in five said an economic
slowdown would be bad for their funds, a survey of
several-hundred hedge fund managers released on Tuesday found. More...
Merrill has best retail stock lending program: Vodia
Source:
MarketWatch
Merrill Lynch has the best retail securities lending program,
according to a report released on Tuesday by consulting firm
Vodia Group LLC.
Charles Schwab, Fidelity and Citigroup's Smith Barney brokerage
unit also ranked high in the study.
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Rocky times for hedgies not necessarily bad
Source:
Financial Times
After a torrid summer for hedge funds, neophyte investors
could be forgiven for thinking that the safest course of action
is to quit the sector.
So far this year two hedge funds run by Bear Stearns, the US
investment bank, and one managed by Basis Capital, an Australian
manager, have filed for bankruptcy. Elsewhere Boston-based
Sowood lost $1.5bn, half its money, and Goldman Sachs injected
$2bn into a $3bn rescue of one of its biggest funds.
More...
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