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All of Today's News Stories - Monday, April 20, 2009

 See also: News Home Page.


Expanded Text:
 

Blame it on Madoff
April 20, 2009
From Business Spectator:
 Bernie Madoff, the pin-up boy of global Ponzi schemers, has a lot to answer for.

He is now being blamed for the sudden termination of the $870 million BT Global Return Fund, which froze redemptions in December.

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Carlyle to stop using ‘finders’
April 20, 2009
From FT Alphaville:
 US buyout group Carlyle has decided to stop using placement agents to solicit money from public pension funds after the indictment of a New York state political figure to whom it paid $12m in finder’s fees. The policy change is the latest fallout from a probe by the SEC and New York’s attorney-general into alleged kickbacks paid to secure money from New York’s $105bn Common Retirement Fund. The case has involved several private equity and hedge fund managers and raised questions about the means they use to gain assignments from public pension funds.

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Europe rushes to exit hedge funds
April 20, 2009
From FT Alphaville:
 Rich Europeans, who were the first to invest in hedge funds and comprised the majority of investors, have been the first to exit in the downturn, according to a study by the Bank of New York Mellon and research firm Casey Quirk. High net worth individuals last year accounted for 80% - or more than $500bn - of hedge fund redemptions, although they only held two-thirds of the assets. The outflows were disproportionately European, the study found.

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Warren Lichtenstein's fund proposal resisted-WSJ
April 20, 2009
From Reuters UK:
 Investors owning more than half the assets in Warren Lichtenstein's largest hedge fund have asked to pull out, resisting a push to convert the fund into a publicly traded partnership, the Wall Street Journal said on Sunday.

Lichtenstein had proposed spinning Steel Partners II into WebFinancial, a public company controlled by his firm Steel Partners that aims to be a holding company for entities such as small banks and insurers, the report said.

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Activist investor William Ackman likely to join General Growth Properties' board
April 19, 2009
From The Chicago Tribune:
 Activist investor William Ackman is expected to join the board of General Growth Properties Inc., the Chicago-based shopping mall operator that filed for Chapter 11 bankruptcy Thursday, according to a filing with the Securities and Exchange Commission.

Ackman's New York hedge fund, Pershing Square Capital Management LP, committed $375 million in debtor-in-possession financing to fund the mall owner's operations during bankruptcy. Once the bankruptcy judge approves the credit agreement, "it is anticipated that William A. Ackman will join the board," the filing said.

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Computer-Trading Models Meet Match

April 19, 2009
From The Wall Street Journal:
 The sudden swings in financial markets this year have wreaked havoc on trend followers, the group of investment funds that rely on computer models to dictate their trading.

Unexpected government aid for bond markets, an abrupt turnaround for stocks in mid-March and choppy moves in commodities have whipsawed the trend followers. In a span of just a few months, some have lost almost all the gains they made last year.

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Hedge fund manager Barton Biggs joins the chorus of bulls
April 19, 2009
From BloggingStocks.com:
 In the past week or so, a number of highly-respected investors -- including long-time bears -- have lined up to pronounce the recent stock market rally the real deal.

Now former Morgan Stanley Chief Global Strategist Barton Biggs, who currently manages hedge fund Traxis Partners -- appeared on CNBC's Fast Money to say that he too thinks the current rally will develop into a long-term bull run.

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Hedgers aren’t hiding in the bushes, new ETF attests
April 19, 2009
From InvestmentNews.com:
 For more proof that the hedge fund mystique continues, or at least is expected to continue, look no further than the IQ Hedge Multi-Strategy Tracker ETF (QAI).

Launched last month by IndexIQ, a Rye, N.Y., boutique asset management firm, the strategy is being marketed as a low-cost retail-investor gateway to the intriguing world of alternative investments.

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India-origin Jagtiani among billionaires who love US dollar
April 19, 2009
From The Economic Times:
 In these times of economic turmoil the US dollar may not be the preferred currency, but still many billionaires, including the likes of India-origin Micky Jagtiani, are betting on the greenback.

Jagtiani along with hedge fund manager George Soros and US citizens John Catsimatidis, Jeff Greene and Mark Cuban are among the people named by American magazine Forbes in its list 'Billionaires Love the Dollar'.

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Lansdowne Partners Fund Reopened Briefly in January
April 19, 2009
From The Wall Street Journal:
 Lansdowne Partners Ltd., one of London's largest hedge-fund managers, has reopened its flagship fund for the first time in five years, according to people familiar with the situation.

Investors withdrew record amounts from the industry last year, leaving room for new investors in some sought-after funds. Paul Ruddock and Steven Heinz, who launched Lansdowne's $6.3 billion U.K. equities portfolio in 2001, three years after co-founding the London firm, admitted some investors from the fund's waiting list in January. The fund performed relatively well last year while many of its peers suffered severe losses.

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Regulatory pressure exposing cracks in alternative investment solidarity
April 19, 2009
From AllAboutAlpha.com:
 It was over two years ago that policy makers in some countries heaped scorn on the “locusts” behind hostile takeovers. Soon after, in a June 2007 report called “Where the House Always Wins: Private Equity, Hedge Funds and The New Casino Capitalism“, the International Trade Union Congress joined in the melee by launching a blistering attack on private equity funds:

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Schwab webcast to address its revised alternatives plan
April 19, 2009
From Reuters UK:
 Investors owning more than half the assets in Warren Lichtenstein's largest hedge fund have asked to pull out, resisting a push to convert the fund into a publicly traded partnership, the Wall Street Journal said on Sunday.

Lichtenstein had proposed spinning Steel Partners II into WebFinancial, a public company controlled by his firm Steel Partners that aims to be a holding company for entities such as small banks and insurers, the report said.

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