Posts Tagged ‘investment’
admin | Monday, October 27th, 2008 | No Comments »
Hedge Funds & Financial Markets
Hedge Funds & Financial Markets | Insights
Since 99% of all hedge fund press is negative right now I couldn’t help but publish this piece from an industry spokesperson in London. Here is an excerpt from the article:
________________
Chief executive of Aima in London, Florence Lombard, thinks hedge funds are being unfairly bashed for the recent stock market falls and that short selling will ultimately be exonerated.
Florence Lombard is the chief executive of the London-based Alternative Investment Management Association (Aima). During a visit to Hong Kong, she spoke to AsianInvestor.
What effect is the current state of the markets having on hedge funds?
Different levels of impact in different parts of the world, with the majority of the direct negative impact being experienced in Europe and in America, particularly as a consequence of the various short selling bans which have had a negative effect on hedge fund performance.
Here in Asia, the landscape appears to look better at this point, but when you are faced with these kinds of extreme and erratic conditions, institutional investors do need liquidity and may redeem their investments in hedge funds in order to plug holes.
What was your reaction to the shorting bans?
We understand the severity of the problems arising in the banking sector, and why ‘circuit breakers’ might have been perceived as a temporary measure. From what they were seeing, the regulators believed that short selling was partly to blame for the downward movement in shares. However, shares have continued to fall even when short selling wasn’t available, so we know now that you cannot explain the severe drop in value as being solely attributable to shorting. Also, even in cases when shorting was allowed, the data available suggests that the number of shares available for borrowing in certain stocks, for example HBOS, can’t account for the extent of that stock’s price fall. Read more…
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Tags: hedge fund managers affecting the stock market, Hedge Funds and the Financial Markets, Hedge Funds Stock Market, investment, investments, Stock Market FInancial markets
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admin | Tuesday, October 21st, 2008 | No Comments »
Index Performance
Hedge Fund Index Performance
(http://hedgefundblogger.com) Pasted below is a recent hedge fund index performance chart showing which strategies are hurting most during this crisis:
The Credit Suisse/Tremont Hedge Fund Index was down 6.55% in September, according to Oliver Schupp, President of Credit Suisse Index Co., Inc.
Mr. Schupp said, “September was a difficult month for hedge funds across strategies, and the Credit Suisse/Tremont Hedge Fund Index will finish down 6.55% for the month.” Mr. Schupp went on to say “Convertible Arbitrage was the worst performing sector, finishing down 12.26%, while Managed Futures was down only slightly for the month, losing 0.57%. Managed Futures continues to be the best performing sector, and is currently up 6.70% year to date.”
Performance for the Credit Suisse/Tremont Hedge Fund Index and its ten sub-strategies is calculated monthly. September, August and 2008 year-to-date returns for all categories are listed below and are available at HedgeIndex.com.
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Posted in Business
admin | Tuesday, October 21st, 2008 | No Comments »
Stock Market Trading Volume
Low Stock Market Trading Volumes
There was an article out today in the FT about low stock market trading volume. I have heard this directly from prime brokerage firms, I’ve also heard that managers are holding more cash than usual, taking more cautious trading positions than usual. The exception to this seem to be those few funds which thrive during this type of market volatility, but as the index figures which published this morning show – most funds are working within negative territory for 2008. Here is the story:
Some of the steepest sell-offs and gains witnessed in an especially volatile few weeks for Wall Street could have been exacerbated by relatively low trading volumes as frightened hedge funds sat on the sidelines.
This decoupling of volume and volatility in equity markets is just another example of the reluctance of traders to speculate against a backdrop of uncertainty over the global banking system and economy, say analysts.On October 15, for example, when the S&P 500, Wall Street’s benchmark equity index, dropped 9.9 per cent, its largest one-day drop in more than 60 years, volume was only 11.5bn shares. This was the third lowest volume day that month, with only October 1 and 2, when the ban on short-selling financials was still in effect, having lower trading levels. Indeed volume was only 58 per cent of the record reported on October 10 when the S&P 500 fell just 1.2 per cent. Source
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admin | Monday, October 20th, 2008 | No Comments »
Low Trading Volume
Low Stock Market Trading Volume
There was an article out today in the FT about low stock market trading volume. I have heard this directly from prime brokerage firms, I’ve also heard that managers are holding more cash than usual, taking more cautious trading positions than usual. The exception to this seem to be those few funds which thrive during this type of market volatility, but as the index figures which published this morning show – most funds are working within negative territory for 2008. Here is the story:
Some of the steepest sell-offs and gains witnessed in an especially volatile few weeks for Wall Street could have been exacerbated by relatively low trading volumes as frightened hedge funds sat on the sidelines.
This decoupling of volume and volatility in equity markets is just another example of the reluctance of traders to speculate against a backdrop of uncertainty over the global banking system and economy, say analysts.On October 15, for example, when the S&P 500, Wall Street’s benchmark equity index, dropped 9.9 per cent, its largest one-day drop in more than 60 years, volume was only 11.5bn shares. This was the third lowest volume day that month, with only October 1 and 2, when the ban on short-selling financials was still in effect, having lower trading levels. Indeed volume was only 58 per cent of the record reported on October 10 when the S&P 500 fell just 1.2 per cent. Source
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admin | Friday, October 17th, 2008 | No Comments »
HF Quote of the Year
“Kill The Bad Funds & Regulate the Rest”
Interesting post over at the FT – discussing the regulations of hedge funds within both the UK and US. Hedge Funds are taking much of the blame for recent market activity and new regulations will probably continue to roll out over the next 18 months. My take – there will be more regulation but far more on banks than hedge funds. I believe hedge funds will come out of this crises stronger than ever as more easily defined banks are tied to ever tightening capital requirements and oversight. Here is an excerpt from the article mentioned above:
______________________
“…kill the bad Hedge Funds + heavily regulate the rest.”
That’s Dick Fuld, recounting the position of the US Treasury towards hedge funds. The phrase comes from an email between Fuld and Lehman’s general counsel, Thomas Russo, made public by congress last Monday.
It’s breathtaking not because it shows just how fixated and narrow-minded Lehman’s management were when it came to blaming all their woes on hedge funds – a fact already well known – but because it seems to show the US Treasury were thinking the same way too.
Little wonder, one supposes, when you think about it.
Paulson is as much the product of a sclerotic, class-ridden and arrogant banking fraternity as Fuld was. The US Treasury – just like Lehman – has spent months holding onto the mantra that the banks are not to blame. Fear and fear alone was causing trouble for the banks, was the parroted line. The whole wrong-headed architecture of the Tarp was prefaced on the same worldview: more liquidity and more confidence was needed, not more capital. As Felix Salmon at Market Movers writes:
“America’s banks — and the world’s, for that matter — have had de facto unlimited access to very cheap Fed liquidity for many months now. That hasn’t induced them to lend.“
It has taken Paulson two long weeks to come around to the idea that the banks need recapitalising. That’s two painful weeks to face up to the fact that actually, the banks’ problems were not mere fictions conjured by the scurrilous iconoclasts of Greenwich, CT, but were real, palpable, and destabilising.
And yet, it seems, the hedge funds are still in the target sights of regulators. Read More…
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admin | Thursday, October 16th, 2008 | No Comments »
Banking Quotes
Financial | Wall Street Quotes
A collection of banking and crisis related quotes:
“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
“Always vote for principle, though you may vote alone, and you may cherish the sweetest reflection that your vote is never lost.” — John Quincy Adams
Source.
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admin | Saturday, September 27th, 2008 | No Comments »
Investment Marketing
Investment Marketing Hurdles for Hedge Funds
I just read an interesting article on AllAboutAlpha discussing the challenges today in marketing hedge funds to new potential investors. Within the piece AAA discusses how the US has one of the most restrictive regulatory regimes in the world when it comes to the hedge fund industry. The countries of Australia, Canada, Japan and China are all less restrictive.
Here’s a short excerpt from the article:
An article in this month’s Journal of Financial Transformation illustrates why this is. The piece, titled “Hedge fund marketing in an era of regulatory uncertainty” covers many of the issues faced by those trying to raise money in the US. It’s a great update on the ebb and flow of SEC edicts over the past year and was co-authored by hedge fund personality James Hedges. Here’s some of what Hedges suggests:
- Avoid speaking to the media about your funds – even if you’re not actively selling, but just “conditioning the market”.
- Avoid “print, radio and television advertisements or solicitations regarding funding or investment matters”.
- When giving presentations, “address the risks associated with hedge funds in general as well as the specific risks associated with the hedge fund being offered.”
- When your fund has a great year, make sure you “disclose the reasons for extraordinary performance…”
- No “mass mailings” except to “individual investors, or a discrete group of accredited investors”.
Click here to read the full article.
Permanent Link: Investment Marketing
Tags: Marketing for Investments, Investment Marketing, Hedge Fund Marketing tips, Investment Marketing tips, Investment Marketing Regulations, Investment Marketing Group
Tags: Business, finance, hedge fund, Hedge Funds, Invest, investing, investment, investment marketing, investments, marketing, markets, money, Selling, Stocks, trades
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admin | Monday, September 22nd, 2008 | No Comments »
Hedge Fund 13F Analysis Tool
This Hedge Fund Holdings Tool is being developed to provide insight which investment securities hedge funds are holding. This is done using publicly available 13F and other filings. All of this information is looking back in time and what hedge funds have disclosed as holding, by nature it is a historical look at holdings and these are not in any way a recommendation for or claim of support for any individual security, hedge fund manager or investing strategy.
Please check here next week for some further analysis on specific holdings of leading hedge funds.
Q1 2009
Q2 & Q3 2008
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admin | Tuesday, September 16th, 2008 | No Comments »
Hedge Funds Explained
Hedge Funds Explained – Multiple Resources
I often get emails asking about hedge funds, asking for explanations on what hedge funds do, how they earn returns for investors and how they differ from mutual funds. Below please find several resources which help explain what hedge funds are:
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admin | Tuesday, September 16th, 2008 | No Comments »
Indonesia Hedge Funds
Guide to Indonesia Hedge Fund Investments
Here is a short collection of articles on the hedge fund industry in Indonesia. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry. If you have a white paper or PowerPoint that I can include here please send me an email and I will post it for everyone’s benefit.
Resources Related to Hedge Funds in Indonesia
- Indonesia Has Many Hedge Funds, Few Risk Takers. This article describes the current business environment in Indonesia after the collapse of Suharto’s dictatorship. Foreign funds such as venture capital and hedge funds are looking for investment opportunities, but few are available in Indonesia, due to lack of education for the majority of the population.
- Funds in Brief: Indonesia Shone in 2004, Asia Fund Survey Shows (2/3/2005). Mutual fund investors in Indonesia, the largest economy in Southeast Asia, made average returns of 34 percent in 2004, the best in Asia, followed by those in India and Philippines, with 27 percent. Read more inside…
- Islamic Financial Products in Indonesia. Being the world’s most populous Muslim nation, Indonesia is certainly a market that gathers a lot of attention in this developing industry. The recent revamping of its regulatory framework has also stimulated the growth of diversity in its financial product. Read more inside…
- ETF Insights: Italy, Indonesia, Italy (9/2/2008). Part of this article examined the economic growth of Indonesia in the past year and the growth and future perspective of its commodity market, and also expressed concern on its inflation level.
- Price Increases Push US Soy Beyond Reach of Poor. The recent increase in commodity price has spurted the soy price beyond the reach of many in Indonesia. The Indonesian government is in talk now to place a cap on soy price and other commodities as well.
- Jakarta Hires Banks for Global Sukuk Issue (8/19/2008). Indonesia appointed three banks (HSBC, Standard Chartered and Barclay Capital) to handle its global Islamic bond program on Tuesday in a boost to the sukuk market, in which the Indonesian government wants to tap into the Islamic finance market to help fund its huge infrastructure requirements.
- Komodo Hedge Fund Bets on Indonesian Cement Industry. HB Capital Partners, manager of the first Indonesia-focused hedge fund, is betting on the nation’s construction and cement industries, because of the recent rising prices of coal, palm oil and other commodities has fueled demand for construction projects.
- Indonesia Outlook 2007 – Economic, the good fortune for domestic and international investors. This articles examine the investment returns in Indonesia in year 2007 and its growth over the years, and the concern about its overheating economy. Many risk factors were analyzed, and potential investment strategies were examined for future years.
- Proposal to Build Commodities and Forex Futures Firm in Indonesia. This is an interesting blog posted by one of the financial professionals in Indonesia, who is looking for partnership to start a Commodity and Future trading firm in Indonesia. In this post, he discussed the current investment environment, regulation, and future opportunities in Indonesia.
- Around the Markets: Indonesia Keeps Up Bond Sales (10/30/2006). Indonesian companies, saddled with the highest borrowing costs in Asia, are adding to a record $3.5 billion in bond sales this year as investor appetite for their debt increases. However, default rates for Indonesian firms are still high, which limits their access to capital and poses risks for bond investors. Read more inside…
- The Indonesian Bond Market Updates. This powerpoint presentation examines the overall structure of Indonesian bond market, from government to corporate bonds, and analyzes its recent market development and future challenges faces.
- Economics Market Strategy 2Q 2008. This comprehensive research report analyzes and forecast the economic condition and investment opportunities of the upcoming year for East Asian countries, including, China, Hong Kong, Korea, Indonesia, Malaysia, etc.
- Indonesia’s Supreme Court Darkens Jakarta’s Year of the Bond. This article reports the latest abuses of the legal system by Indonesia’s Supreme Court to protect its domestic borrowers from avoiding their contractual bond obligations. However, the decision could also hamper the ability of the government to attract the investment it needs for its future economic growth and job creation. Read more inside…
- Indonesia: Doing Business in Indonesia. The impact of the regional monetary crisis in 1997–1998 included a high inflation rate, devaluation of the Indonesian rupiah, a fall in foreign investment, capital flight and a high unemployment rate. All this in turn created political as well as economic instability in the country. This report analyzes the measures and changes that the Indonesia government has undertaken in order to curb these problems.
- Indonesia Faces Rising Inflation Rate (8/5/2008). Last month the annual inflation rate jumped to a higher than expected 11-point-nine percent. Soaring food and fuel prices have sparked widespread protests and trimmed growth forecasts in Indonesia. Read more inside…
- Indonesia Mulls Tax Breaks to Attract Investment (1/25/2008). Indonesia is considering introducing income tax incentives for certain industrial sectors in order to attract more investment and spur economic growth. The targeted industries are those which absorb a large number of workers. Read more inside…
- Why TPG is interested in Indonesia. After the Asian crisis, some foreign investors moved in to buy Indonesian assets the government was auctioning at fire-sale prices. But many investors, including TPG – a huge US PE firm, were initially hesitant because of political instability and other obstacles. However, as the situation stabilized, firms like TPG are starting to looking for cheap bargain deals again…
- Indonesia M&A Proves Popular Despite High Price (4/3/2008). The growing political stability, surging economy, and rising household wealth in Indonesia has recently attracted many investment banks to scramble in for deals.
- Hedge Funds in Emerging Market. This report contains two parts. Part I of the report explains the working of hedge funds. Part II focuses on the activities of macro hedge funds and proprietary trading desks in east Asia in 1997 and 1998, with Indonesia as one of its case-study countries.
Conference & Seminars:
- Property Developments and Investments Indonesia: Opportunies in Indonesia’s Rapidly Growing Real Estate Sector. September 22-23, 2008, Hotel Mulia Senayan, Jakarta, Indonesia.
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Tags: Indonesia Hedge Fund Investment Research, Indonesia Investments, Indonesia Economy, Indonesia Research, Indonesia Funds, Indonesia Markets, investing in Indonesia
Tags: etf, fund, hedge fund, Hedge Funds, indonesia, Indonesia Hedge Fund Investment Research, international, investment, mutual fund, Private Equity, research
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admin | Monday, September 15th, 2008 | No Comments »
Public Relations Strategies
Public Relations Strategies & Tips
I read a recent article by Bill Blasé within the Emerging Manager Monthly Newsletter. Here are the tips that I gleaned from this article:
- TV viewers and interviewers love contrarians, conflicting views make for interesting television
- Take a pass on issues where you are not an expert and don’t have any value-added insight on the issue
- Media appearances might not bring in a windfall of new business but a well coordinated PR plan combined with grass roots relationship develop and an online presence can be very effective
- Maintain eye contact with the interviewer and not the camera
- Speak slowly and match the interviewers tone and pace
- Short brief 30 second sound bites are ideal for TV appearances
- Michael Barron who is the CEO of Knott Capital Management commented in the article, “Everyone knows the Fidelitys, the Putnams and the rest of the larger firms in our industry. For some of the smaller firms, this is away you can build recognition and credibility
- Ignore the monitor and the audience, imagine speaking to a single viewer
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Tags: Public Relations Strategies, Public Relations Strategy, PR Strategies, PR Strategy, best pr strategies, effective PR strategies, pr campaign strategies, good pr strategy, pr marketing strategies, pr release strategy, pr release strategies, media strategy pr
Tags: Business, hedge fund, Hedge Funds, Invest, investing, investment, investments, marketing, PR, Public Relations, Public Relations Strategies, Sales, Selling
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admin | Tuesday, September 9th, 2008 | No Comments »
Selling Tip
Pain Free Hedge Fund Selling Tip
Here is a short video on pain free selling. If you have read a lot of marketing and sales books many will recommend that you find your customer’s pain. I agree with Jeffrey Gitomer though that in the hedge fund world you should build marketing efforts based on relationships, positive solutions and goals. Here’s a clip on this idea:
If you are viewing this post via my daily hedge fund newsletter please click here to view the video now.
- Richard
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Articles related to Selling Tip:
1. Hedge Fund Marketing
2. Hedge Fund Public Relations
3. Raising Capital
4. Hedge Fund Jobs
5. Hedge Fund Managers
6. Financial Public Relations
7. Third Party Marketing
8. CTA Database
9. Capital Introduction
10. Gitomer Conference
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Tags: Selling tip, tip for selling, tip for sales, Selling Tips, Tips for Selling Hedge Funds
Tags: finance, hedge fund, Hedge Funds, investing, investment, investments, marketing, money, Sales, Selling
Posted in Public Relations
admin | Monday, September 8th, 2008 | No Comments »
Private Equity Funds
Private Equity Funds vs. Hedge Funds
I just found an interesting PowerPoint presentation describing the different types of private equity funds and hedge funds available today. This is pretty high level but within one presentation it covers much of both industries relatively well.
Here is a direct link to the PowerPoint.
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admin | Wednesday, September 3rd, 2008 | No Comments »
Single Family Office
Single Family Offices in Dubai
I just found this article about how Dubai’s DIFC is positioning itself as a center for single family offices. They seem to be very skilled at positioning themselves for new money to come in so I’m sure they will be successful in this area. The country is trying to build many legs to stand on – as they take advantage of their oil and tourism based wealth. Here is the article…
_________________________________
New regulations provide platform for setting up family holding companies at DIFC
The Dubai International Financial Centre (DIFC) today announced new regulations to encourage family businesses to establish Single Family Offices (SFOs) at DIFC.
Created in consultation with the DFSA, the DIFC Single Family Office (SFO) Regulations specifically address the needs of family-run institutions and create a platform for wealthy families to set up holding companies at DIFC to manage private family wealth and family structures anywhere in the world.
HE Dr. Omar Bin Sulaiman, Governor of the DIFC said: “In recent times, family offices have become highly significant on the global economic landscape. In the Middle East, where family-run businesses make up over 75 per cent of firms and have total assets in excess of US$1 trillion, the need for a specialised legal and regulatory framework is especially acute.”
“In contrast to conventional financial institutions, Single Family Offices (SFOs) have no direct public liability as all their shareholders are bloodline descendants of a common ancestor. As such, their regulatory requirements differ significantly. By establishing the new Regulations, DIFC is once again reaffirming its commitment to family businesses and the development of DIFC into a hub for local, regional and international family offices.”
The enactment of the Regulations follows a period of consultation where companies were invited to comment on the proposed Regulations. Having received highly positive feedback, the new Regulations will come into effect on 2 September 2008.
Central to the new Regulations are changes to the DIFC Single Family Offices (SFO) platform and consequential amendments to other DIFC and DFSA regulations such as the DFSA’s General Module and Glossary Module.
The Regulations offer distinct benefits to Single Family Offices (SFOs) as they exclude them from many of the regulatory constraints placed on conventional organisations located at DIFC. Read more…
- Richard
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Tags: Banking, Business, Family Office, Family Offices, investing, investment, investments, markets, Private Banking, Stocks, wealth, wealth management
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admin | Wednesday, September 3rd, 2008 | No Comments »
Active Management
Active Investment Management
Active management is a strategy in which an investment manager selects investments that he believes will outperform the market index. Active management implies that the investment manager uses discretion to choose investments that will perform better than the index, and thus the fund will have high returns. A passive manager, on the other hand, will make investments that follow the market index.
Read dozens of additional articles like this within the guide to Hedge Fund Definitions and Terms.
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admin | Tuesday, September 2nd, 2008 | No Comments »
Family Office Example
Family Office Services – An Example
I just saw this recent article within the Washington Post and thought it was interesting and relevant to the focus on this site on family offices.
__________________________________
It’s early on a spring morning and Peter Kirsch is busily overseeing the fast-moving life of AOL founder James V. Kimsey. Seemingly everything that touches the mogul finds its way to Kirsch’s desk in his ninth-floor penthouse office overlooking the White House, from philanthropy to investments, from politics to friendships to the management of the sprawling Kimsey household.
As chief of staff in the Office of James V. Kimsey, Kirsch is a quiet force on the local scene.
He arrives at the office at 7:30 a.m. to prepare for another day of controlled chaos. At 9 a.m., he gets his daily briefing. Office accounting manager Stephanie Weir reports nothing amiss in Kimsey’s balance of payments big and small, be it DirecTV or NetJets, Burning Tree Country Club or Nationals baseball tickets, American Express (Black Card) or a utility bill.
Next up is receptionist Brie Hytovitz, the first person to greet office visitors, whether they be Ted Turner or Ted Leonsis. When the Potomac Conservancy wants to have a fundraiser at the Kimsey estate, Hytovitz makes sure the tent company, caterer and parking valet are there. She has recently been putting the final touches on Kimsey’s next monthly “boys’ lunch” with friends, scheduled for Oceanair, a seafood restaurant in downtown D.C.
On it goes, as the meeting melts into the day. Pinning Kirsch down on the phone or in person takes effort. He jumps from one call to another, holding discussions with Hytovitz and a visitor at the same time, while an entrepreneur who needs cash cools his heels in the conference room. One minute Kirsch is on the phone with a big hedge fund manager, the next he is sweeping down the elevator to attend his son’s sporting event. Read more…
- Richard
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admin | Monday, September 1st, 2008 | No Comments »
FAS 157
FAS 157 Implications & Notes
The hedge fund industry has significant concerns with recent best practices recommended by the President’s Working Group on Financial Markets regarding the disclosure of the valuation of managed assets centered on FAS 157 fair value accounting. In a letter to the Working Group, the Managed Funds Association said that the ambiguities of fair value accounting work against achieving a consensus on proper valuation of a hedge fund’s portfolio assets. The MFA also noted that the recommended disclosure goes beyond the requirements of FAS 157.
The Working Group issued complementary sets of best practices for hedge fund managers and investors in the most comprehensive effort yet to increase accountability for participants in the industry. The Working Group called on hedge fund managers to adopt comprehensive best practices in the critical areas of disclosure, valuation of assets, risk management, and conflicts of interest. Specifically, the Working Group said that fund managers should provide financial information supplementing FASB Standard No. 157 to help investors assess the risks in the valuation of the fund’s investment positions.
Depending upon the extent to which the fund manager invests in illiquid and difficult-to-value investments, noted the Working Group, the disclosures should occur at least quarterly and include the percentage of the fund’s portfolio value that is comprised of each level of the FAS 157 tripartite valuation hierarchy. Level 1 is comprised of assets with highly liquid market prices, while Level 2 assets have no quoted prices but there are similar assets with quoted prices. Level 3 is for illiquid assets that have to be priced using models.
The group also said a best practice would be to set up a Valuation Committee with ultimate responsibility for reviewing compliance with the fund manager’s valuation policies. Further, the group said that independent personnel should be in charge of the valuation of the fund’s investment positions. While broadly agreeing that investors would benefit from disclosure of hedge fund valuation policies, the MFA noted that there is much ambiguity and a lack of consensus among managers, counterparties and accounting professionals as to the appropriate treatment of a number of products under FAS 157 such that the Working Group’s recommendations may not be achievable. Further, the lack of consensus is likely to result in inconsistent disclosure across the industry, which could be both confusing and potentially mislead investors.
Thus, until a greater consensus exists with respect to implementation of FAS 157, the MFA asks that this recommendation be deleted. The MFA noted that fund managers will still be required by their independent auditors to follow the procedures specified in FAS 157, as the industry continues to develop consensus on the implementation of those procedures.
The committee also recommended that hedge fund managers disclose the percentages of a fund’s portfolio value for which a manager relied on one dealer quote and multiple dealer quotes. The MFA believes that this disclosure could also be misleading to investors since there are certain types of products for which one dealer quote is used in valuing the asset, even though there is a liquid and deep market for the product, such as certain types of OTC products. There may also be products for which multiple quotes are available, but for which there is not a particularly liquid, active and deep market. While the availability of multiple dealer quotes may be an indication of the level of market activity for an asset, said the MFA, it may be misleading in certain instances. As such, the group was urged to delete this recommendation.
While agreeing that the valuation function should be independent of the portfolio
management function in order to reduce conflicts of interest, the MFA believes that
the recommendations are confusing when read in conjunction with the make-up of the proposed Valuation Committee. The Working Group said that the Valuation Committee may include members of senior management who have portfolio management responsibilities. However, the recommendations also discuss segregation of valuation personnel from portfolio management personnel. To the extent that a Valuation Committee is partially comprised of senior portfolio managers, reasoned the MFA, then the desired segregation of personnel does not seem possible.
Guest post by James Hamilton
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admin | Monday, September 1st, 2008 | No Comments »
Hedge Fund Business
Succession Planning & Hedge Fund Business Tasks
Over half of all hedge fund failures are business related.
Many institutional investors now scrutinize the business a hedge fund is running as much as they do their investment returns. This is important to note as many of even the largest hedge funds fall short within areas such as long term compensation, retirement, risk management and succession planning. To be fair many hedge funds are very performance-based and some see high turnover so spending much time on planning long-term for leadership grooming may not be a wise investment of time. That said, many small funds who are just breaking through the $100-$250M threshold often have dozens of processes, policies and institutional business risk management controls to set in place to please institutional investors and family offices.
Here is a recent article excerpt on this topic:
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Hedge fund firms often pride themselves on being ahead of the curve on financial trends but roughly 70 percent lag behind on planning for their own futures, according to a study to be released on Tuesday.
“Regardless of firm size, most participants have not taken all of the necessary steps to ensure a smooth transition in the event of a change in the senior management team,” said Rick Flynn and Alan Kufeld, who provide tax, accounting and consulting services to hedge funds as principals.
While hedge funds used to be small businesses managing several hundred million dollars, the industry has grown up and many fund firms now oversee several billion dollars for big clients such as pension funds that want to see a succession plan.
But most fund managers acknowledge they haven’t thought that far ahead. Less than one quarter of the respondents said they have agreed on a formal succession plan and fewer than 30 percent said they are ready to deal with the death of a managing partner, according to the data.
“This lack of preparedness poses a threat to both the role and personal wealth of the principal and will almost certainly affect the other owners of the management company as well as investors in the firm’s funds,” wrote Flynn and Kufeld about the results. Read more…
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admin | Monday, September 1st, 2008 | No Comments »
The Spanish River Group
Spanish River Group – Hedge Fund Profile
Another example of how even in a tough market when many funds are closing there are others launching hedge funds who come from large hedge fund shops with experience in the industry. Many times the launch of the hedge fund has been in the making for 1-2.5 years before doors are fully opened so current market conditions don’t have a large effect on those taking a serious approach to the business.
The following piece on The Spanish River Group is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Veteran hedge fund professional Stephen Hansen has gone into business for himself. Hansen, who has worked for fund-of-fund Common Sense Investment Management, Fullerton Capital and Drakes Landing, started The Spanish River Group in May.
Based in Florida, The Spanish River Group or TSRG is a long-short equity strategy with a bottom-up approach to stock picking. The hedge fund has no sector bias. Hansen characterized TRSG as using value and momentum investing.
TSRG launched with $900,000 in capital and has a 1.5% management fee and a 20% performance fee as well as a $250,000 minimum investment. Piedmont is the administrator. Harb, Levy & Weiland is the auditors. North Point Trading is the prime broker. Hansen said he wanted TRSG to amass $1 million in its first year. Read more…
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admin | Monday, September 1st, 2008 | No Comments »
Halcyon Asset Management
Halcyon Asset Management – Hedge Fund Press Bio
The following piece on Halcyon Asset Management is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Resource #1: Look who’s sitting atop one sector of the hedge-fund world.
Joe Wolnick, 53, the head of Halcyon Asset Management’s $850 million Asset Backed Securities hedge fund, is up 3 percent through Sept. 30, making him one of the only ABS funds with a positive return through the first three quarters of 2008.
The top-of-the-heap position is especially sweet for Wolnick – who started running his first hedge fund just three years ago after a career spent working as a credit risk executive in the distressed consumer and corporate debt business – because he relishes using his street smarts and gut instincts to beat his Ivy League rivals at other firms.
Wolnick, who proudly trumpets his 1977 graduation from Central Connecticut State University on Halcyon’s Web site, held back from buying senior subprime mortgage-backed securities earlier this year despite their high yield. The trader, people familiar with his thinking say, expected the bonds to fall from their lofty prices in the high-60-percent and low-70-percent range.
While others were buying, Wolnick was out soliciting investor cash, waiting for prices to drop and his chance to pounce. This summer, Wolnick beat out 70 other funds to manage a piece of California’s San Bernadino pension fund.
At that point, the market started to notice Wolnick.
By September, prices indeed came down below 50 and Wolnick started buying. Although just a portion of his portfolio, the index of senior tranche of subprime MBS closed the month at 52.08, helped him achieve his 3 percent gain and his prized place atop the heap.
In contrast, two of the most successful hedge-fund traders of recent years, Michael Novogratz and his protegeAdam Levinson, who run Fortress Investment Group’s $9 billion Drawbridge Global Macro fund, which also invests in asset-backed securities, find themselves in an unusual spot – down 13.76 percent through Sept. 30. Read More…
Resource #2: The vice chairman and chief investment officer of hedge fund Halcyon Asset Management has been forced out. The move reportedly follows major redemptions from institutional investors. According to an investor letter dated Tuesday and obtained by The New York Post, Steve Mandis has left the firm, “effective immediately.”
While the letter gave no reason for his departure, FINalternatives has learned that the subsidiary of the $12 billion hedge fund run by Mandis has been performing poorly and that some of the fund’s largest investors are pulling their money.
One source told FINalternatives that it was an “unceremonious” departure. “They are being hit with large redemptions,” said the source. Halcyon declined to comment on the matter.
The subsidiary, Halcyon Structured Asset Management, was co-founded by Mandis in 2004. Mandis also served on the boards and risk management committees of Halcyon and all of its affiliates, except for Halcyon Real Estate Investors.
Prior to joining Halcyon, Mandis worked at Goldman Sachs, where he served as a portfolio manager in the firm’s Special Situations Investing Group, a multi-billion dollar proprietary investing area within Goldman Sachs’ Fixed Income Division. Read more…
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admin | Friday, August 29th, 2008 | No Comments »
Balyasny Asset Management LP
Balyasny Asset Management LP & Barry Colbin
The following piece on Balyasny Asset Management LP is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Balyasny Asset Management LP recruited more than 30 money managers and analysts from competing hedge funds in the first eight months of the year, exceeding its total for all of 2007.
“We have been aggressively looking for talent, and in a year like this, there are a lot more candidates out there,” said Barry Colvin, vice chairman of the Chicago-based firm, which oversees $2.5 billion. Hires came from New York-based Satellite Asset Management LP and Magnetar Capital LLC in Chicago, which have both lost money this year.
While more than 200 hedge funds shut down this year, Balyasny, SAC Capital Advisors LLC and Citadel Investment Group LLC are taking advantage of the industry’s worst performance in a decade to go on a hiring spree. Hedge funds, diminished by a scarcity of credit and enfeebled stock markets, fell by an average 4.7 percent as of Aug. 28, according to data compiled by HFR inChicago. Sixty-one percent of the 2,795 funds managing more than $100 million that are in New York-based HFN database are losing money in 2008.
Most hedge funds have what are known as high-water marks that prevent them from collecting performance fees, usually 20 percent of investment profits, until they recoup declines from peak fund values. That leaves a shrinking base of management fees, typically 2 percent of assets, to pay employees. Read more…
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admin | Friday, August 29th, 2008 | No Comments »
Book on Investing
Free Book on Investing & Hedge Funds
Free Book on Investing: In addition to this blog on third party marketing I run a blog on hedge funds. This hedge fund blog contains over 500 articles on the hedge fund industry including hedge fund marketing, due diligence, employment, terms, videos, book reviews strategy definitions and geographical guides. All of these posts are now available for free within a free investing book that I created which simply hosts all of these blog posts within one easy to download package.
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admin | Wednesday, August 27th, 2008 | No Comments »
Investment Marketing
Investment Marketing Hurdles for Hedge Funds
I just read an interesting article on AllAboutAlpha discussing the challenges today in marketing hedge funds to new potential investors. Within the piece AAA discusses how the US has one of the most restrictive regulatory regimes in the world when it comes to the hedge fund industry. The countries of Australia, Canada, Japan and China are all less restrictive.
Here’s a short excerpt from the article:
An article in this month’s Journal of Financial Transformation illustrates why this is. The piece, titled “Hedge fund marketing in an era of regulatory uncertainty” covers many of the issues faced by those trying to raise money in the US. It’s a great update on the ebb and flow of SEC edicts over the past year and was co-authored by hedge fund personality James Hedges. Here’s some of what Hedges suggests:
- Avoid speaking to the media about your funds – even if you’re not actively selling, but just “conditioning the market”.
- Avoid “print, radio and television advertisements or solicitations regarding funding or investment matters”.
- When giving presentations, “address the risks associated with hedge funds in general as well as the specific risks associated with the hedge fund being offered.”
- When your fund has a great year, make sure you “disclose the reasons for extraordinary performance…”
- No “mass mailings” except to “individual investors, or a discrete group of accredited investors”.
Click here to read the full article.
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admin | Tuesday, August 26th, 2008 | No Comments »
Martin Asset Management
Martin Asset Management – Hedge Fund Replication
The following piece on Martin Asset Management is being published as part of our daily effort to track hedge fund events in the industry. To review other hedge fund related announcements please see our Hedge Fund Tracker Tool.
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Tarzana, California-based alternative investment boutique Martin Asset Management has launched investment strategies based on exchange-traded funds that it says are able to replicate hedge-fund-like returns and risk factors without heavy fees, lock-ups and non-transparent holdings.
“Our approach allows investors to obtain the very same benefits as they would with a hedge fund without the limitations usually associated with hedge funds,” says Francisco Martin, senior managing director of the firm he founded in February 2007.
“We use an investment philosophy similar to global tactical asset allocation that attempts to exploit short-term market inefficiencies by taking positions in various markets with a view to profiting from relative movements across those markets.”
“The approach focuses on general movements in the markets rather than on performance of individual securities within them. Positions are generally taken with a relatively short-term time horizon of three to six months, hence the term tactical asset allocation, and in markets across the globe, hence global.”
Martin Asset Management does not levy an annual management fee but has a 10 per cent performance fee with high water mark. “The transparency of a separate managed account and the elimination of all hedge fund-imposed barriers make our approach much more attractive to the investor,” Martin says.
Earlier this year Martin Asset Management established the Ilios Alternative Energy Fund, a long-biased fund that invests in public companies involved in wind, solar, hydro, geothermal and biomass energy, and hedge certain exposure using inversely correlated ETFs from PowerShares.
- Richard
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admin | Monday, August 25th, 2008 | No Comments »
Art Investment
Art Investment Funds
I have always been curious to see more closely how art hedge funds operate and make their money. I’ve recently completed some research on this topic and the results are below.
Interview with fine art hedge fund manager Justin Williams.
He is unconventional short-term art trader (maximum holding of three yrs, Avg. holding only three and a half months), and he believes art market has enough depth and liquidity to enable him to use that strategy. For quick sell back, he focuses on living young, upcoming artists’ works. He mentions art market withstood the global credit crisis, but major geo-political risk (which affecting global economy) is biggest threat to the art funds.
Great resource on the different motivations to invest in art. This article describes who individuals or hedge funds often invest art because of a wide range of reasons which can include diversification, capital appreciation, economic slowdown, speculation, taxation, philanthropy, and social status. View this resource by clicking here.
Article says speculating on art (indirectly betting on art price through art fund) is dangerous idea. Because “The problem with art is that it is essentially counter-culture and difficult to predict”
Hedge fund turmoil tars hot art market
Article explains about how some hedge fund managers are borrowing against their massive art collection as collateral to resolve cash problems.(also, selling their possession) “300 managers with a median net worth of more than $60 million, found the average respondent spent nearly $4 million on fine art in 2005.” So, article questions if art market price will hold up during this time of hedge fund turmoil.
Article -Hedge-Fund Experts Put Art in the Deal
Hedge fund managers are applying their trading instinct into buying and selling art items. Some managers intentionally buy and invest in certain artist to bring up their value of the work, thus creating bubble in art
Hedge fund managers turn their attention to new asset class- vintage guitars.
“a London investment firm, is expected to launch the Guitar Fund. Set up as a hedge fund, the Guitar Fund will seek investment returns by buying rare and vintage electric and acoustic guitars (steel-string and classical), plus mandolins, banjos and amps.” Strategy to increase value – lending it to famous artist in tours etc. “The basis for the fund’s idea is Vintage Guitar magazine’s 42 Guitar Index . . . an average annual return of over 31% without experiencing a single down year.”
Additional article: “We’ve applied a model that has worked in a lot of other asset classes and we’ve applied it to art.” “Over the past 10 years, returns in the art market have outpaced gains made by the S&P 500, according to the Mei Moses art index.” “Using this index, art returned 18.27% last year, while the S&P 500 gained 15.79%. Five-year returns also favour art investors, but go back 25 years and the S&P 500 comes out on top.”
Informational art fund related website.
Brief summary of what art hedge fund is, and how they operate.
Followings are covered subjects.
• introduction
• managers and investors
• an industry?
• strategies
• personnel
• costs
• primers
Paint by Numbers: Art as an Asset Class-July 2007
Art is an asset class with very few past price points
“Over a five-year period, an investor has about a one in six chance of seeing an art investment decline; for the S&P 500 Index, it’s one in 10.”
Also, buyer and seller pays premium around 20% to auction process.
Draw backs- low transparency, investing in individual art work reduces diversification; index does not reflect transaction cost or art work fail to auction off.
Andy Warhol-based fund says art boom to go on. “A hedge fund that invests in prints by Andy Warhol, the pop artist known for his brightly colored paintings of Campbell soup cans, is betting the boom in the art market will continue because of increasing global wealth” Interviewer here emphasizes the fact art market was unaffected by subprime crisis.
“Investing in Fine Art as an Alternative Asset Class” – Article
Well established artist’s works are more stable even during financial turmoil.
Since, are is not reproducible increasing income level will drive demand up and supply staying or declining, thus providing solid long-term performance.
Three risks:
1. Opaque, illiquid and unregulated market – research covers only deals done in auctions
2. Subjectivity of intrinsic value – difficulties in valuation
3. High transaction costs – storage, auctions and dealer fees
Guest post produced by Sean Kim.
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