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All of Today's News Stories - Monday, May 11, 2009

 See also: News Home Page.


Expanded Text:
 

Bill Ackman To Make Case For Changing Target Board
May 11, 2009
From The Wall Street Journal:
 One of Wall Street's most high-profile investors is focusing his firepower on Target Corp., whose flailing performance in the recession has left it with a big bull's eye on its back.

Hedge-fund mogul Bill Ackman has called a meeting in Manhattan Monday to introduce his slate of five dissident directors -- including himself -- that he is asking shareholders to elect May 28.

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Hedge Funds Are Piqued by White House

May 11, 2009
From The Wall Street Journal:
 Hedge-fund managers are showing rare public outrage against the Obama administration, saying that it has wrongly rebuked investors necessary to salving the financial crisis.

Fund managers caught in a dispute over Chrysler LLC with the government "generally have been anonymous for fear of going on the record against a powerful president," said one recent letter from Cliff Asness, who runs the $20 billion asset-management firm AQR Capital.

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Inflows add to optimistic signs for hedge funds

May 11, 2009
From eFinancialNews.com:
 Leading hedge fund managers are beginning to see inflows into some of their most popular products, adding to signs that the industry’s recovery may be gathering pace.

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Machines rise and prosper through market turmoil
May 11, 2009
From eFinancialNews.com:
 Last October, Jaffray Woodriff, founder, chief executive and portfolio manager of Quantitative Investment Management, a $3.2bn (€2.4bn) hedge fund, was on the verge of interrupting his computer-generated models and pulling out of his positions.

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Steady Schroders steals a march on rival Aberdeen
May 11, 2009
From eFinancialNews.com:
 Aberdeen Asset Management has slipped back into second place behind Schroders in the race for the title of largest UK-listed asset manager, according to a trading statement issued last week by Aberdeen.

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Greenlight Capital: Underwriting Has Potential to Accelerate or Damage Returns
May 10, 2009
From Seeking Alpha:
 In February, we purchased a 10% position in Greenlight Capital Re, Ltd. (GLRE), a reinsurance company which invests its "float" in the David Einhorn run hedge fund Greenlight Capital. We wrote that when purchased at or below book value, an investment in Greenlight has the potential for substantial market beating performance due to several factors, including: (i) favorable tax treatment on corporate earnings, (ii) profitable or at least break-even underwriting and the investment of insurance premiums, and (ii) the investment acumen of Einhorn and his team. The following updates the performance of both the business of Greenlight in Q1 2009 and the stock since mid-February.

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Hedge fund chief Crispin Odey ready to join tax exodus
May 10, 2009
From Times Online:
 HEDGE-FUND BOSS Crispin Odey has threatened to move his firm out of Britain to avoid the 50% income-tax rate on high-earners.

He joins a growing list of Britain’s wealthy businessmen and City financiers, including Hugh Osmond and Peter Hargreaves, who have become disenchanted at the new tax rate and the European Union’s proposed changes to regulation of private equity and hedge funds.

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Hedge funds cut fees for investors
May 10, 2009
From FT.com:
 The hedge fund industry, infamous for imposing high fees, is finally beginning to cut these charges amid heavy outflows and investor complaints after a year of losses.

Three hedge funds contacted by the Financial Times admitted to cutting their fees for new investors, usually by lowering management fees by half a percentage point to between 1 per cent and 1.5 per cent, and performance fees from 20 per cent to 10 per cent.

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How Is the New Hedge Fund Strategy ETF Doing?
May 10, 2009
From Seeking Alpha:
 The innovators were out with guns blasting as they introduced an ETF that acts like a hedge fund. How has it been doing since the March 25 launch?

This new ETF, established by IndexIQ analyzes publicly available hedge fund performance data and then tries to replicate returns utilizing ETFs and other liquid trading vehicles. Additionally, it promises to perform as well as a hedge fund without the risk and with low correlation to traditional assets. Another benefit that this ETF could offer to investors is risk reduction because of its low correlation with the stocks and bonds that already dominate an investor’s portfolio.

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Neuberger Berman targets brokers, advisers

May 10, 2009
From InvestmentNews:
 Executives of Neuberger Berman Group LLC, now running the $155 billion money manager as an independent firm, plan to share some of their institutional-only investment strategies with investment advisers and individuals for the first time.

The company may offer a portion of its sophisticated institutional products to advisers this year, including some of its quantitative-investment products — such as its global-tactical-asset-allocation strategy or its multistrategy offering — as well as hedge fund and private-equity products, said George Walker, the New York-based company's chairman and chief executive.

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Shrewd Snapshot

May 10, 2009
From Citywire:
 US property hedge fund manager Mercury Real Estate Advisors has upped its stake in hotel, office and retail space group MWB Group Holdings.

The company increased its stake in the business from below reportable levels to 3.28% of shares, or 2,371,710 worth £1.13 million at Wednesday’s close price of 48p.

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Use 'real alpha' and 'exotic beta' when considering active vs. passive management
May 10, 2009
From InvestmentNews:
 The debate over the virtues of active versus passive portfolio management probably will live forever. Much of the debate boils down to ingrained theories related to the impact of fees on performance and the probabilities of active managers beating benchmarks in different market cycles.

On average, bear-market cycles tend to find active managers lagging their benchmarks — and suffering the consequences.

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