Fortis Investments

Fortis Investments & Hedge Fund Closures

While these closures might have come during a period when many people are questioning the future of hedge funds, they surely not the results of Fortis wanting to pull out of the hedge fund business because of the industry’s downfall. It looks like a specific case of bad performance and not enough talent to go around to market all of the firm’s products effectively. The end of hedge funds has been predicted at least 20 times since this HedgeFundBlogger.com was started.

The following piece on Psigma Investment 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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Fortis has closed three small hedge funds following its takeover of part of ABN Amro and merger of the Belgian and Dutch banks’ asset management businesses. Fortis Investments said it had shut down half of its stable of six hedge funds due to personnel changes, the need to switch staff to the enlarged long-only business and, in one case, poor performance. The closures were first reported by HFM Week.

The closures – two of which took place at the end of June, and the third at the end of last year – come amid widespread predictions that poor performance and withdrawals by investors will lead to a shrinkage of the industry after a decade-long boom.

Fortis said it planned to set up new funds as and when it spotted opportunities and staff, and would seed launches with its own money. The Fortis European long/short fund, at €120m ($167m) the largest of the three, is being shut after the decision to bring in the ABN European equity team, headed by Andrew King. Mr King did not want to run a hedge fund, Fortis said. The fund was down about 4 per cent so far this year when it was shut, about in line with the average equity hedge fund.

More……

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Financial Advisor Marketing

Financial Advisor Marketing Differences Q & A

Today I received this question from a New York based hedge fund marketer.

Question:When marketing to financial advisors for your hedge fund, what necessary steps do you need to take dealing with these guys? Is it any different that dealing with family offices?

Answer: Marketing to financial advisors is much different than marketing to single and multi-family offices. Here are the main differences between the two that I have noticed:

• Family ffices have more established due diligence procedures, often involving consultants or internal analysts which do nothing but look at hedge funds or alternative investment products.
• Financial advisors have lower minimum asset levels for what they will consider investing. 90% of family offices only seriously consider investing in hedge funds with at least $75M-$100M, and many require $250-$300M or even $1B in assets under management.
• Family offices are more tight lipped. It will take more effort to develop a relationship, meet in person and get clear feedback on why or why a hedge fund is a good fit for what they are looking for.
• Family offices are harder to identify in the first place. Financial advisors are easier to find, there are more of them and they advertise more openly. Some family offices advertise but many stay below the radar and some purposefully don’t even have a website.
• While family offices service to high net worth investors almost exclusively many financial advisors work with a broad spectrum of client types – this might require more caution by them and your fund in marketing products to them. It might also mean sorting through more financial advisors to find one with several HNW clients.
• In my experience financial advisors seem much more sensitive and motivated by how they will earn a commission or income from the transaction whereas many family offices charge rich enough fees that this is less of an issue.
• While some financial advisors may take 16-24 months to really get “on board” with a relevant hedge fund manager, understand your investment process and possibly invest most will come to terms a bit before then. Family offices on the other hand often take 18-24 months just to complete their due diligence and committee meetings, it is a very long sales process.
• Both family offices and financial advisors require genuine relationship-building efforts and tenacity
• From a legal standpoint there may be other precautions your fund should take but I am not a legal expert so I can’t provide any guidance within that space.

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Hedge Fund Resources

Top 10 HedgeFundBlogger.com Resources

If you are new to the blog and trying to figure out whether it is worth your time to poke around a little further here are some of the most popular resources provided here which keep some people coming back.

Top 10 resources & tools offered through HedgeFundBlogger.com

1. Free Daily Hedge Fund Newsletter
2. The Free Hedge Fund Blog Book
3. Hedge Fund Forum found at HedgeFundMessageBoard.com
4. Geographical Hedge Fund Guides
5. Hedge Fund Terms & Definitions
6. Hedge Fund Strategy Guide
7. Hedge Fund Marketing Guide
   
8. Hedge Fund Employment Guide
   
9. Over 25 Hedge Fund Videos
10. Hedge Fund Due Diligence Guide
11. Hedge Fund Tracker Tool

– Richard

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Investing Book

Free Investing Book on Hedge Funds

Free Investing Book: In addition to this blog on family offices 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.

- Richard
HedgeFundsCareer.com

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More prime brokerage firms are adding on administration services to help attract and retain clients. I wasn’t sure how widespread of a trend this was but saw this mentioned within an article yesterday as noted below. I would be interested in discussing this further with hedge fund managers reading this article – if you have some insight – Richard@HedgeFundGroup.org.
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In recent years, the custodian banks that have acquired hedge fund administrators have sought to adjust client lists in favor of larger and more profitable hedge fund and fund of funds groups interested in a broader array of services. At the same time, prime brokers have recognized that providing administration services can help attract and retain clients and counter the shift among hedge fund managers towards multiple prime brokerage.

“It would be surprising if the hedge fund administration industry continues to support such a large number of providers, and there is now evidence that a renewed round of consolidation is in the offing,” says Dominic Hobson. “However, the appetite to sell may be offset as well as encouraged by the depressed prices available. In any event, the buyers are likely to be different from the banks which dominated the acquisition process in the early years of this century.” Read more…

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More prime brokerage firms are adding on administration services to help attract and retain clients. I wasn’t sure how widespread of a trend this was but saw this mentioned within an article yesterday as noted below.
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In recent years, the custodian banks that have acquired hedge fund administrators have sought to adjust client lists in favor of larger and more profitable hedge fund and fund of funds groups interested in a broader array of services. At the same time, prime brokers have recognized that providing administration services can help attract and retain clients and counter the shift among hedge fund managers towards multiple prime brokerage.

“It would be surprising if the hedge fund administration industry continues to support such a large number of providers, and there is now evidence that a renewed round of consolidation is in the offing,” says Dominic Hobson. “However, the appetite to sell may be offset as well as encouraged by the depressed prices available. In any event, the buyers are likely to be different from the banks which dominated the acquisition process in the early years of this century.” Read more…

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Quick Link: List of Hedge Fund Prime Brokers

Here is an interesting article about the growth of prime brokerage services in Asia. I didn’t know that growth was so strong for these groups right now…

Citigroup expects the amount of assets serviced by its Asia Pacific prime brokerage arm to grow by more than 30 percent annually over the next three to five years, as more global hedge funds set up shop in the region.

Even with tumbling stock markets hammering Asia’s hedge fund industry, many large international managers are doing more business in the region, drawn by its long-term potential, said Hannah Goodwin, head of Prime Finance, Asia Pacific for the U.S. banking giant.

“We’re looking at a 30 to 50 percent growth every year,” she told Reuters in an interview. “That’s how aggressive we want to be with this business and how well we think this business is going to develop for us.” Read more…

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FIN 48

FIN 48 + Implementation & Disclosures

A growing chorus of hedge fund and private equity groups has asked FASB for an exemption from FIN 48, a FASB interpretation of a standard on accounting for income taxes. In a letter to FASB, the Managed Funds Association said that the sophisticated investors that invest in hedge funds do not need the enhanced disclosures that FIN 48 was designed to provide. In its letter, the Private Company Financial Reporting Committee stated that private company financial statement users find the accounting matters and disclosures encompassed by FIN 48 to be largely irrelevant to their decision making. The committee’s also noted that FASB and the IASB are working on a convergence project on accounting for income taxes and that this may significantly affect FIN 48. Thus, if FASB is unwilling to grant hedge funds an exemption from FIN 48, the private fund groups ask that the Board at least postpone the effective date of FIN 48 pending completion of the convergence project.

FIN 48 was adopted to provide for increased relevance and comparability in financial reporting of income taxes and to provide enhanced disclosures of information about the uncertainty in income tax assets and liabilities. The genesis of FIN 48 is FASB Statement No. 109, which established financial accountants and reporting standards for the effects of income taxes that result from an enterprise’s activities during the current and preceding years. It requires an asset and liability approach to financial accounting and reporting for income taxes

While acknowledging the need for FIN 48-type disclosures in the case of companies offering securities to the investing public, the MFA pointed out that the institutions and individuals that invest in private investment funds do not fall within this category. Hedge fund investors typically conduct extensive due diligence assisted by their own lawyers, accountants and other advisers, noted the MFA, and they often request, and receive, additional information, including tax information, if they believe that such information is material to their investment decision.

Moreover, private investment funds with U.S. investors are treated as partnerships for Federal income tax purposes. As a result, a private investment fund is not itself a taxpayer. It files an annual information return with the IRS, said the MFA, and each investor in the fund pays tax on its pro-rata share of the income of the fund. Thus, while fund personnel have historically focused substantive attention on issues surrounding the proper allocation of taxable items in a partnership environment, explained the MFA, it has been unnecessary for them to devote substantial time to traditional FAS 109 accruals.

For this reason, private investment funds are incurring significant costs in preparing to comply with, and complying with, FIN 48. Even more, many private investment funds make investments outside the United States, said the MFA, and FIN 48 will require them to make an additional layer of judgments concerning uncertainties in the tax laws of other countries.

Finally, the MFA noted that hedge funds need to determine NAV with reasonable frequency, both to establish a price for investments and redemptions, and also for other purposes. As a result of the fiduciary nature of the NAV calculation, and economic fairness to investors that subscribe and redeem at that amount, the MFA believes there are substantial questions whether FIN 48 analyses should be reflected in the NAV of a private investment fund.

The MFA is aware that SEC has concluded that FIN 48 analyses should be reflected in NAV in order to give investors more disclosure. Significantly, however, the SEC said its guidance was limited to assessing tax positions reflected in NAV calculations subject to the Investment Company Act and should not be applied by analogy in other cases.

The MFA believes that there are differences between public and private investment companies that warrant a different conclusion with respect to private investment funds. The MFA stands ready to make a more comprehensive submission on this point if the FASB believes that it would be of assistance.

Guest post by Jim Hamilton

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Sustainable Investing

Sustainable Investing & Hedge Funds

Socially responsible investing or SRI as it is sometimes called is set to be much more than a blip on the radar screen of high net worth and institutional investors alike. Just earlier this week there was a new green hedge fund launched.

Another article on this appeared in the FT this week. Here’s a quick excerpt:
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Wealthy people increasingly want to invest their money without harming the environment, possibly heralding the mainstream take-up of such investment principles.

“Even those who aren’t actually doing it are talking about it,” said Matt Christensen, executive director of the European Social Investment Forum, which has surveyed both rich individuals and the wealth managers who look after their money about the topic of sustainability.

Nearly three-quarters of respondents have seen an increase in interest in sustainable investing in the last 12 months, according to the Eurosif survey, which also forecasts more than €1,000bn (£805bn, $1,473bn) of rich people’s money will be in sustainable investments by 2012. This represents a near doubling of the absolute levels in 2007, and a proportionate increase from 8 per cent to 12 per cent of rich people’s wealth.

New money, either from people who have recently become wealthy, or new flows from established investors, is driving the flows into sustainable investment strategies or instruments.

“Successful entrepreneurs of today are not the industrialists of yesterday,” said one survey respondent. “They are younger and more interested in sustainable investments.”

Historically, rich people have led the way in investment trends, taking up hedge funds and private equity before these asset classes became generally popular. Read more…

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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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Below are a series of resources related to Morgan Stanley’s Prime Brokerage business source

Resource #1: (7.5.09) What are Morgan Stanley’s intentions in the prime brokerage model? Well, fairly or not, the perception has developed as of late that it was seeking a new business model that relied less on leverage and anything seen as risky. Many assumed it wanted to ratchet back in prime brokerage, after having long ruled the roost with Goldman Sachs, but that may not be true. source

Resource #2 (5.22.09) Morgan Stanley replaced its top prime-brokerage official, underscoring big changes in the way investment banks are serving hedge-fund clients.

Stuart Hendel, who managed the New York firm’s prime-brokerage business since 2007, “has decided to leave the firm to pursue outside interests,” according to an internal memo released by Morgan Stanley on Thursday.

Mr. Hendel is being succeeded by Alex Ehrlich, who had been global head of prime services at UBS AG for the past six years. source

Resource #3: (4.3.09) U.S. prime brokerage business, Patrick Mortimer, resigned this week, The Wall Street Journal reported Wednesday. Mortimer left for personal reasons and no direct replacement is planned, according to the newspaper, which sourced people familiar with the matter

Resource #4: (11.17.08) Kurt Baker, the head of Morgan Stanley’s (MS) prime brokerage in Asia, is leaving the firm, a company spokesman confirmed Wednesday, but declined to comment further.
Baker’s departure comes a week after Morgan Stanley confirmed additional worldwide job cuts. It said it would reduce 10% of its staff in institutional securities, which includes prime brokerage, as well as 9% in asset management, which manages mutual funds and other investment instruments.

The firm has already cut about 10% of its work force this year. Since June 2007, the bank has cut around 4,500 employees, bringing its total staff to about 46,500 as of Aug. 31, 2008.
Morgan Stanley’s prime brokerage, one of the two largest in the Asia, has been hurt by a worldwide hedge-fund slump.

The hedge-fund industry has been struggling against trailing performance and a rising tide of redemptions. In Asia, the hedge-fund industry has been especially vulnerable to a focus on stocks and a tendency to go long. The Eurekahedge Asian Hedge Fund Index is down 21.6% so far this year.

Morgan Stanley’s prime brokerage operations, in particular, were hit after Lehman Brothers Holdings Inc. filed for bankruptcy protection in mid-September. Concerns about the stability of investment banks caused some hedge-fund clients to move assets. Source
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Resource #5: Stu Hendel will rejoin the Firm as Global Head of Prime Brokerage. He will be based in New York and report to Rich Portogallo, Head of the U.S. Equity Division and Global Equity Financing Services.

In this role, Mr. Hendel, 48, will oversee the Firm’s global prime brokerage business focusing on growing Morgan Stanley’s market leading franchise and meeting the evolving needs of clients. Mr. Hendel will also work closely with senior management in the Equities and Fixed Income divisions on defining and executing strategic direction for the group.

“We are delighted that Stu Hendel has chosen to return to Morgan Stanley,” said Jerker Johansson, Global Head of Equities and Co-Head of Institutional Sales and Trading at Morgan Stanley. “Stu had been instrumental in helping to build our prime brokerage business into the recognized market leader today. His experience and skill make him perfectly suited to continue our momentum in this business.”

Mr. Hendel rejoins Morgan Stanley from Eton Park, where he served as the Chief Operating Officer since that firm was organized in 2004.

“Stu’s innovation, content, passion and recent experience at one of the world’s most respected alternative investment firms will only further serve to reinforce our commitment to our clients and our staff,” said Rich Portogallo. “We are thrilled to have him back.”

Prior to joining Eton Park, Mr. Hendel spent 15 years at Morgan Stanley. He held a number of senior management positions in Prime Brokerage from 1993 to 2004, most recently serving as Co-Head of U.S. Prime Brokerage. Prior to that, Mr. Hendel worked in the legal division of Morgan Stanley from 1989 to 1993. Mr. Hendel received his J.D. from Cornell Law School 1983 where he served as business manager of the Law Review. He graduated from Wesleyan University in 1980. Mr. Hendel will rejoin Morgan Stanley in early 2007.

Tags: Morgan Stanley Prime Broker, Morgan Stanley Prime Brokerage Services, Prime Brokerage Services by Morgan Stanely

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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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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Hedge Fund List

Hedge Fund List – By State

The lines between hedge funds and private equity firms is blurring. Many hedge funds invest along side or even into private equity firms and many investment firms offer hybrid private equity – hedge fund portfolios.

Thanks to a member of one of our online networking groups I recently found this list of hedge funds by state. This is list is not complete and the industry changes so rapidly it is surely becoming more outdated each month, that said it is hard to find this information online so hopefully this may help you.

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CT:

Badon Hill Asset Management, L.L.C.
Basso Capital Management, L.P.
Blue Orchid Capital
Bridgewater Associates Inc
DCF Capital
Diamondback Advisors CT, LLC
Dune Partners, L.L.C.
Fossel Capital
JD Capital Management, L.L.C.
Kideral International
Lone Pine Capital, L.L.C.
Monitor Capital, Inc.
Newbury Partners, L.L.C.
Norfolk Markets
North Sound Capital
Norton Capital Management, LLC
P.A.W. Partners
Pirate Capital, L.L.C.
Renaissance Investors, LLC
SAC Capital Advisors, L.L.C.
Sageview Capital, L.L.C.
Silvermine Partners, L.L.C.
Sky Investments
SkyWorks Leasing, LLC
Strategic Value Partners, L.L.C.
The Patriot Group, L.L.C.
Tontine Capital Partners, L.P.
Tudor Investment Corporation
Viking Global Investors, L.P.
Weston Capital Management, L.L.C.
XT Capital Partners, L.L.C.
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REO Properties

Real Estate Owned (REO) Properties and Listings

Many of you in the hedge fund industry who read my blog also frequently visit Hedge Fund Message Board.com or other online forums. You may remember 9-12 months ago a large set of REO brokers and sales agents practically taking over a few online forum in the online hedge fund community trying to connect with hedge fund managers looking for REOs. They were quickly banned and considered spam but I do get emails from many of them – usually 2-3/week.

Upfront, I want to be clear that I do not want to get into the business of brokering or helping as a sales agent for banks or REO firms. I would like to identify a reputable broker who does work with hedge funds or private investment groups in this area simply because at this point I’m just having to delete emails from these REO agents as I have no way to help them. I’ve never worked with REO related investments so hopefully I’ll connect with a reputable related group this blog.

Here’s an example of a recent email I received on this topic:

Hello and good day Mr. Wilson. I was doing some research on the topic and I came across your blog. I have several potential customers who are looking to buy Bulk REO and / or Notes portfolios , from $10M and up and up. The thing is, it is difficult for me to find any true portfolio providers who can actually perform and do what they say they can do, especially without a lot of hassle and headache. I’m continuously running into a middleman parade, which always kills the deal. It is my understanding that the majority of Bulk REO and / or Notes portfolios are controlled by either asset managers at banks, or hedge funds. I see that you are the founder of Hedge Fund Group (HFG), so i say let me contact you to see if you could help me out. I have what seems like a new potential customer coming my way daily asking me if can fill their Bulk REO and / or Note orders. If you could help me out or point me in the right direction as to who to talk to, i would most gladly appreciate it. Thank you for your time Mr. Wilson, looking to speak to you soon. Enjoy your weekend.

Anyone have any great resources? websites? white papers? or networking groups I could be referring these people to? Thanks in advance for the help, much appreciated.

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Permanent Link: REO Properties & Listings

Tags: REO Properties, REO Listings, REO Listing, REO Property, Real Estate Owned Properties, Real Estate Owned Listings, (REO), Bank REO, REO homes, REO Real, REO Real Estate, REO Mortgage, REO Sale, REO Agent, REO Broker, REO Realty, REO Agents, REO Brokers, REO GMAC, REO Commercial

Dalton Strategic Partnership

Dalton Strategic Partnership – Japan

The following piece on Dalton Strategic Partnership 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: (5.10.09) Hedge fund manager Steven Persky plans to start betting on companies’ bad fortunes again.

Persky, who runs $1 billion hedge fund firm Dalton Investments, said on Wednesday he will re-launch his distressed debt strategy three years after liquidating two similar portfolios when the strong economy made such investing difficult.

Now that times have changed dramatically, Persky is among a handful of fund managers who expect to make money for their wealthy clients in the distressed area. source

Resource #2: (4.22.09) Another foreign hedge fund has entered the—so far fruitless—effort to improve corporate governance and transparency at Japanese companies.

Los Angeles-based Dalton Investments says it is going to try a less confrontational approach to those used by The Children’s Investment Fund and Steel Partners, who were rebuffed in activist battles in Japan. The firm, which has $818 million in assets, 70% of it invested in Japan, plans to ask nicely, sending the 70 Japanese companies it invests with letters urging them to appoint independent directors and increase share buybacks. source

Resource #3 (12.15.08) Dalton Investments LLC, the Los Angeles-based hedge fund with 70 percent of its assets in Japan, is starting a 50 billion yen ($550 million) fund that will invest in U.S. distressed assets, taking advantage of low prices.

The fund has raised about 10 billion yen from U.S. investors and will begin marketing in Japan by the end of March, said Junichiro Sano, chief executive officer of Dalton’s local unit. It will invest in bonds sold by U.S. companies that once had AAA ratings and have since been downgraded below investment grade, aiming to profit from the high yields on the debt.

Dalton, co-founded by James Rosenwald and Steven D. Persky in 1998, aims to raise its assets under management after they fell 23 percent to about 100 billion yen this year amid the biggest financial market losses since the Great Depression. Global financial institutions have posted about $989 billion in writedowns and credit losses linked to the U.S. mortgage market collapse, pushing corporate bond yields higher.

“There is quite a big interest among Japanese institutional investors in distressed asset investments,” Sano, 53, said in an interview in Tokyo on Dec. 12. “The Lord giveth, and the Lord taketh away.” source

Resource #4: Dalton Strategic Partnership has liquidated its Melchior Japan Hedge Fund following a long period of underperformance.

Launched in 2003 and managed by FuNNeX, the same Tokyo group responsible for the troubled Melchior Japan Investment trust, the fund has hemorrhaged investors recently. Assets had fallen to around £20 million from a high of above £500 million in 2006, and the fund had lost 39.05% over the year to date versus a benchmark loss of just 4.7%, and following several years of double-digit losses.

Investors have been given the option of moving into DSP’s Melchior Japan 002 hedge fund, but many had lost their appetite for Japanese hedge fund investment after several years of underperformance, said DSP head of sales Richard Jones. Read more…

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Tags: Dalton Strategic Partnership, FuNNeX, Melchior Japan Investment trust, Richard Jones, Hedge Fund Shutdown, Asset Decline, Hedge Funds under-performance, under performance

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.

Permanent Link: Book on Investing

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Fortress Investment Group LLC

The following piece on Fortress 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: (3.18.09) The Fortress Investment Group, the beleaguered private investment firm, said Monday that it lost $258 million in its fourth quarter, amid investment losses and withdrawals from investors. Its assets under management dropped 10 percent, to $29.5 billion.

Fortress said that it had reserved $299 million for potential write-downs and the clawback of obligations. It also said that it had amended its financing agreements with lenders and paid down some of its debt to leave $604 million outstanding. source

Resource #2: (2.5.09) The five hotshots who took Fortress Investment Group public were worth billions at first. Today they look like arrogant showboats, and their story helps explain why hedge funds are imploding by the thousands—and why there’s still a truckload of money to be made.

It used to be that to become a billionaire, rather than a mere millionaire, you had to inherit money, or build an empire that would last for a long, long time. But in the era that has just ended, you could become a billionaire just by managing other people’s money. You didn’t have to do so for very long—and, maybe, you didn’t even have to do so very well. source

Resource #3: (12.8.08) If there’s one alternative investments firm that doesn’t need its name dragged through the mud right now, it’s Fortress Investment Group. But the New York firm, already facing huge redemption requests and a collapsing stock price, finds itself at the middle of the bizarre tale of the New York lawyer arrested in Toronto for allegedly impersonating another lawyer.

Marc Dreier was arrested last week, accused of pretending to be Michael Padfield, a lawyer for the Ontario Teachers’ Pension Plan. The alleged thespian turn by Dreier took place during a meeting between the OTPP and Fortress at the pension’s Toronto headquarters. source

Resource #4 (12.5.08) Tough luck, Fortress Investment Group basically said to investors seeking to pull their money from the company.

Directors of Fortress Investment Group (FIG) voted to temporarily suspend pending redemptions after investors asked to pull out roughly $3.5 billion by year’s end from its Drawbridge funds, nearly as much as the vehicles have in assets.

In other words, Fortress’s hedge-fund shareholders won’t be getting their money back for a while, and investors in the company didn’t take the news well. source

Resource #5: (11.16.08) The hedge fund of billionaire investor George Soros increased its stake in Brazilian state-run oil company Petroleo Brasileiro ( Petrobras) to 21.1 million American Depositary Receipts as of Sept. 30 from 11.5 million at June 30.

Soros Fund Management LLC made the move as the ADRs tumbled during the quarter to about $44 from about $71 each. Although the fund added nearly 10 million ADRs to its Petrobras stake, the value of the holding only rose to $930.7 million from $811.5 million.

Since the end of the quarter, Petrobras ADRs have fallen further, closing on Friday at $21.45.

The Petrobras stake was by far the largest in the Soros fund’s reported holdings, which totaled $3.8 billion at Sept. 30, up from $3.7 billion at June 30. source

Resource #6: Fortress Investment Group LLC, a New York-based manager of private-equity and hedge funds, won’t pay a third-quarter dividend to shareholders, saying the money can be better spent by investing in financial companies.

“Given the significant dislocations in the world’s financial markets, we see tremendous opportunities for the firm to invest capital,” Fortress Chief Executive Officer Wesley Edens said in a statement today. “We are focused on potential investments in banks, insurance companies and other asset- management businesses.”

Fortress has risen 38 percent in the past two weeks in New York trading as investors anticipate private-equity and hedge- fund firms will profit from financial turmoil by snapping up companies and assets at distressed prices. Fortress rose 51 cents, or 3.9 percent, to $13.50 in New York Stock Exchange composite trading today.

Private-equity firms are shifting from the large leveraged buyouts that dominated Wall Street during 2006 and 2007, raising funds to snap up distressed debt and mortgage securities. Fortress oversees about $35 billion. Fortress had paid a dividend of 22.5 cents a share for the past five quarters. The payout for the second quarter was $91.5 million. Fortress Investment Group LLC, the manager of $18 billion in hedge funds, will open a fund to invest in the Middle East and North Africa as countries in the region seek to reduce their dependence on the oil industry. Source

Resource #7: The Fortress MENA Fund LP will be managed by Philippe Peress and is set to begin trading by the end of September, according to marketing documents, which didn’t say how much money the company is seeking to raise. Peress, based in Geneva, has been a managing director and partner of the company’s Drawbridge Global Macro funds since 2003.

“Historically MENA was characterized by low investment rates relative to Asian peers,” New York-based Fortress said in the documents, a copy of which was obtained by Bloomberg News. “This is beginning to change as governments use petro-dollars to diversify the economies away from oil.”

Middle East economies, benefiting from oil prices that tripled in the past five years, will expand 9.2 percent in 2008 as revenue spurs spending on infrastructure such as airports and power plants, New York-based Morgan Stanley has forecast. That’s more than double the International Monetary Fund’s 4.8 percent global growth projection. Read more…

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Tags: Fortress Investment Group LLC, Fortress Investment Group, Fortress MENA Fund LLP, Fortress Investment Group Hedge Fund, Fortress Investment Group Fund, Hedge Funds Managed by Fortress Investment Group, USA, London, New York City

Best Practices for Hedge Funds

Link – Best Practices for Hedge Funds

The Managed Funds Association has recently put out a new version of their Best Practices Guide. Here is an excerpt from their website on what these are and how to download them:
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The objectives of Sound Practices are to:

* Strengthen business practices of the hedge fund industry through a strong framework of internal policies and practices
* Encourage individualized assessment and application of recommendations
* Enhance market discipline in the global financial marketplace

Sound Practices, which was originally published in 2000 and is now in its fourth edition, provides peer-to-peer recommendations for establishing standards of excellence in virtually every aspect of business. The recommendations included in Sound Practices are divided among the seven topics listed below:

* Management, Trading, and Information Technology Controls
* Responsibilities to Investors
* Determination of Net Asset Value
* Risk Management
* Regulatory Controls
* Trading Relationship Management, Monitoring, and Disclosure
* Business Continuity, Disaster Recovery, and Crisis Management

MFA has revised Sound Practices in cooperation with international organizations that share the PWG and MFA’s goal of providing market participants with a framework for establishing uniform principles and guidance for the global hedge fund industry.

Click here for a copy of Sound Practices (please note this is a large pdf file that requires Adobe Acrobat Reader and might take time to download).

- Richard

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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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Renaissance Technologies

Renaissance Technologies – Hedge Fund Profile

Here is a collection of links to resources and articles on the hedge fund – Renaissance Technologies. All of these sources below are publicly available and can be easily found by anyone via Google searches. They are listed here for those who would like to skip the junk and learn more about Renaissance Technologies more efficiently than they might through Google alone.
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Resource #1: 5.18.09) Most hedge funds flourished in April. Renaissance Technologies took a bath.

The Long Island firm’s Renaissance Institutional Equities Fund lost between 8.33% and 9.47% last month, depending on the share class. The fund, RenTech’s largest, is now down between 16.86% and 17.61%, according to a letter to investors obtained by Dealbreaker. source

Resource #1: (4.3.09) James Simons, the founder of New York-based Renaissance Technologies, was the top earning hedge fund manager last year, earning $2.5bn in spite of the extreme market volatility, as his 20-year-old flagship fund generated a net return of 80 per cent.

A survey by Alpha Magazine, published on Wednesday, describes the returns generated by the Medallion Fund as “hard to fathom”, adding that Mr Simons’ fees are among the highest in the world – a 5 per cent management fee and a 44 per cent performance fee. source

Resource #2: (2.4.09) Renaissance Technologies LLC, the multibillion dollar hedge fund known for delivering top returns by relying on complicated computer models, hired a new president and chief executive officer for its institutional business.

The fund firm, which manages roughly $20 billion, said on Tuesday that it has hired Matthew Scanlan to replace Stephen Robert, who retired from the firm. source

Resource #3 (1.5.09) Over the past few weeks you probably saw signs in retail stores touting “big sales” with discounts of 50% to 70& off. It seems that Wall Street has caught on to main street’s way of doing business – discounts, discounts, discounts!

The Renaissance Technologies LLC, a large hedge fund, has waived all of its management fees for 2009. Originally it charged a 1% fixed management fee, but with the new policy it will take a $30 million dollar haircut. However, the other larger Simon’s Renaissance Institutional Equities Fund will not cut its management fee in 2009. Other funds are using similar practices. The Citadel Investment Group LLC gave back about $300 million dollars in fees it collected in 2008.

Renaissance, like many other hedge funds, suffered losses in 2008 ranging from 12% to 16% but managed to beat the S & P losses by 4-6%. source

Additional Resources

• Letter from Renaissance Technologies how Renaissance Technologies had only 1 percent profit in 2007.
• Article summary how Renaissance Technologies has high fees, but had generated 85 percent returns.
• Article: Jim Simmons Institutional Equities Fund has been down $13 billion dollars.
• SEC may put a new law against short-selling without borrowing, which would hurt any computer based trading hedge fund, like Renaissance Technologies Medallion Fund.
• Article about how CEO’s and Portfolio Managers make too much money- James Simons led the way, earning $1.5 billion.
• Interesting Article about how Renaissance technologies are the 4th largest share holders of Cornerstone Total Return Fund.
• In 2004, Jim Simons, sued two former employees and Millennium Partners, the fund they subsequently joined for using secret trading techniques learned from Renaissance Technologies.
• Article about The Institutional Equities Fund went down $13 billion dollars because investors are scared of recession.
• Article about how Renaissance Technologies opened up in India as a foreign institutional investor.
• Background information on how Renaissance Technologies- Nova Fund contributes today for at least 14% of the total volume of shares in NASDAQ.
• Amazing chart about Renaissance Technologies. Everything from what type of stocks the corporation has to the best and worst moves the company has made to date.
• Extremely interesting article about how Renaissance Technologies chooses each stock to invest into based on certain criteria.
• Article about Jim Simmons donating 60 million to Stony Brook University.
• Renaissance Technologies owns $127,000,000 worth of Sony.
• PowerPoint Presentation about the Medallion fund. Also defines simple hedge fund terms.
• Article about many different hedge funds. Short paragraph about the medallion fund, institutional equities fund. The Institutional fund lost about 3% in July of 2007.
• Article about how Renaissance technologies Nova Fund would end up building up to 10-15% of NASDAQ’s trading volume on a given trading day.

- Richard

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Hedge Fund Guide – Mexico

Guide to Hedge Funds in Mexico

Here is a short collection of articles on the hedge fund industry in Mexico. 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.

• This PowerPoint Presentation presents some of the legal challenges facing by the foreign investment in Latin American countries such as Mexico . Topics been discussed include Holding Company Jurisdiction, Financing Structure, and taxation issues.
• Hedge Funds in Latin America. This article describes the recent development in the Latin American countries including Mexico.
• Hedge Funds Eye Mexico Amid US Subprime Woes. As U.S. continue to suffer from the weakening of U.S. housing market, Mexican mortgage-backed bonds are attracting growing interest from foreign hedge funds. The paying yields of these securities can be as much as 2 percentage points above the comparable U.S. Treasuries.
• This special report published by the hedgeweek summarized recent development of hedge fund investment in the Latin American Countries such as Mexico. In addition, it also analyzed potential risks (economic and political stability) and upsides (fast growth, economic recovery) of investing in these regions.
• Latin America’s Virtuous Circle. This article briefly analyzed the recent political and economic trend of these Latin American countries and how would it contribute to the growth of hedge fund industry in these regions, with special emphasis in countries such as Mexico, Argentina, Venezuela and Brazil.
• This downloadable PDF report provides special insights and advices for creditors, hedge funds and foreign investor to profit from new Latin American Bankruptcy and Workout Rules.
• This Powerpoint presentation details on the process of cross-border lending between Mexico and U.S.
• This article lists some of the legal challenges confronting the private capital investors in Mexico. The problems include complication in how to structure private equity investment, corporate governance matters, and other regulatory issues.
• Latin Managers Extend Appeal to Attract Offshore Investors. This article reports the recent trend in the development of hedge fund in Latin America, including areas within Mexico such as Mexico City. Over the past few years, the steady growth of region’s economy and its relatively stable political environment has also led to the expansion of its hedge fund industry and become more appeal to offshore investors.
• Interesting article detailing three worthwhile investments in Mexico
• Opportunity in the Latin America, Mexico region for hedge funds
• This report (composed by Credit Suisse) explores emerging markets trends in the hedge fund industry. In order to track the performance of these emerging market funds, Credit Suisse developed Tremont Emerging Markets Hedge Fund Index (“HEDG Emerging Markets”) as a measuring benchmark.
• Another article describing the attraction of hedge funds to Mexico and some Latin American countries
• Article: Hedge funds targets instutions
• This PowerPoint Presentation compares and contrasts the financial system between U.S. and Latin American Countries. The touched issues include different ownership structure, governance transparency, monetary policy, and the role of private equity in the Latin American/U.S. Capital Market.

Seminars & Conferences

• Hedge Funds World LatAm has cemented its position as the benchmark event for the Latin American hedge fund industry. It has attracted over 370 participants in 2007 and the interest just keeps growing.
• List of worldwide hedge fund conferences.

- Richard

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Hedge Fund Guide – California

Guide to Hedge Funds in California

Here is a short collection of articles on the hedge fund industry in California. I am always looking for more valuable online tools and resources to add to these geographical hedge fund guides to the hedge fund industry.

New: If you are looking for a list of hedge funds which you can purchase, I have found an in-expensive one which can be accessed here.

• Pension Fund Investments in California. This ppt presentation (created by RREEF Alternative Investment) illustrates the insufficiency in investment in California’s infrastructure, while advocates the potential awards from these funds if they were properly invested
• If you are looking for specific details on San Francisco please see our recently published Guide to Hedge Funds in San Francisco.
• Here is a list of hedge funds that are based in the state of California: Hedge Funds in California.
• Article: After a heated controversial debate, the California Department of Corporations announced that California is abandoning a proposal that would have to require certain California investment advisors, such as hedge fund and private equity, to be registered with the State’s regulator. This measure ensured that California will remain one of the few states (along with New York and Connecticut) that would not require hedge funds to be registered with that state’s securities regulator.
• Article: “The hedge fund striptease”
• This article features some of the concerns and issues of setting up a Hedge Fund practice in the State of California. Some of the questions include: What are the Minimum Financial Requirement and procedure for setting up the fund? What are some criteria for accepting the potential hedge fund investors? And what is the process to become a Registered Investment Advisor (RIA)?
• Excellent TIME article “Finding a way out of the hedge fund maze”
• California governor Schwarzenegger’s proposal of creating a retail rebate program that aims to pour 3.2 billion dollars into the development of solar energy industry in California has spurred interest among numerous hedge funds to invest in the solar industry and other related areas.
• Networking Events in Southern California – San Diego Hedge Funds
• Article: California has backed away from a controversial proposal that requires any hedge funds, which were not already been registered under SEC, to be registered under the California government. Due to this proposal, many funds have threatened to relocate to another state if California government passes the regulation law.
• Hedge funds to invest in California’s energy
• This brief guide explained how to start a hedge fund business within the United States, especially within the States of California, Delaware, Connecticut, Illinois, New Jersey, New York, and Texas, which all have relatively lenient regulation laws in comparison to other States. The article touched topics from legal development process to promotional strategy to geographical difference in setting up funds. This is a helpful guide if you are looking to start a hedge fund in California.
• Article: “Hedge funds look to snap up abandoned land in California”
• This article touches on the recent development and trend of hedge fund investments in the Green Energy market; include biofuel commodity trading, solar energy industry, carbon trading, and renewable energy credit trading, etc. Many hedge funds within California and the west coast are starting up or currently offering carbon trading or energy related funds.
• Great article describing new California regulations might push existing hedge funds out of the state

Job Opportunities

• List a hedge fund job here by emailing Richard@HedgeFundGroup.org

Seminars & Conferences

• This website lists some of the upcoming Hedge Fund seminars and events around several U.S. cities, including San Francisco, New York City, Boston, etc.

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Directory of Hedge Fund Software Firms

Please contact Richard@HedgeFundGroup.org to have your firm’s software products listed here.

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Hedge Fund Contacts

Hedge Fund Industry Contacts

The list below was put together from this blog’s directory of hedge fund services. If you are a hedge fund startup or established hedge fund manager looking for additional industry contacts these individuals might be able to help you build your business.

Hedge Fund Administrators

• Polina Tsikman – BGT Fund Administration PTsikman@BGTConsulting.com
• Nottingham Investment Administration http://NCFunds.com

Hedge Fund Auditors

• Maurice Berkower – ACSB, Maurice@acsbco.com

Prime Brokers

• Lance Baraker – Saratoga Prime Services, LBaraker@Saratogaprime.com
• Larry Goldsmith – Triad Securities, Press@TriadSecurities.com
• Darren Day – Alaris Trading Partners, info@alaristrading.com

Commercial Real Estate Brokers

• Robert Kluge – NAI Global, RKluge@nainyc.com

Investment Research

• David Gurwitz – Charles Nenner Research, DGurwitz@earthlink.net
• Rob MacArthur – Alternative Research Services, rmacarthur@altresearch.com

Hedge Fund Marketing & Public Relations

• Richard Dukas – Dukas PR, Richard@DukasPR.com
• Michael Sakraida – Advisor Based Sales Consulting, M.Sakraida@att.net
• Mitch Ackles – Hedge Fund PR, Mitch.Ackles@HedgeFundPR.net

Hedge Fund Recruiters

• Marc Goormastic – Goormastic Executive Search, marcus@goormastic.com
• Sameer Vishwanathan – Mark Lewis Inc., Sameer@marklewisinc.com
  
• Anthony Solazzo – Masonboro Partners, anthony@masonboropartners.com
• Howard Ross – BOC Staffing Solutions, HRoss@BOCStaffing.com
• Ken Murray – Mercury Partners, kenmurray@mercurypartner.com

If you would like to be added to this list please email me at Richard@HedgeFundGroup.org.

- Richard

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Articles related to Hedge Fund Contacts:

1. Hedge Fund News
2. Hedge Fund Compliance
3. Hedge Fund Prime Brokers
4. Hedge Fund Jobs
5. Hedge Fund Managers
6. New York Hedge Fund Guide
7. Chicago Hedge Fund Guide
8. Singapore Hedge Fund guide
9. Brazil Hedge Fund Guide
10. Japan Hedge Fund

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