Opening Bell 10.8.19
1w ago

Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. TWITTER FINGERS Houston Rocket’s GM Daryl Morey had quite the Friday. It started off like any other: ...

Industry Headlines:


Hedge fund Lansdowne thinks ‘idiotic’ bond prices will fall  Financial Times


According to the latest report from Eurekahedge, the world’s hedge funds recorded a net growth of $3.4 billion due to performance in September 2019. On the other hand, September also saw large net outflows of $6.2 billion. Assets at the end of the month were down 0.12%. Looking at fundsRead More



SEC filings and hedge fund investor letters indicate that the smart money seems to be paring back their overall long exposure since summer months, though some funds increased their exposure ...








Meet the Buffett bot: quant fund tries to crack the ‘value’ code  Financial Times





Computer-powered Havelock is battling the market’s shrinking attention span


Former Brevan star to assume oversight of all trading after lacklustre returns



College is expensive. Getting your kinds into college can be even more so. Just ask David Shaw. Or, better yet, Manuel Henriquez. It allegedly cost the former hedge fund manager $425,000 to get his daughter into Georgetown, first to pay someone to feed her answers on the SAT, and then to get ...



For every Major League Baseball team except the Nationals, Astros, and Yankees, it is now the offseason, the time to plot out the moves that will result in next year being different, where they are the teams still playing in late October, rather than watching from afar. So, let’s check in on some ...




Below is our quarterly newsletter. If you would like to be added to our distribution list, please contact us. Clients, Friends, Associates: We hope you had an enjoyable summer. Typically, the third quarter is quieter than the second quarter from a compliance perspective, however we continue to see meaningful enforcement actions taken by regulatory authorities […]



Secured Investment Corp presents a real estate-backed fund that is open to all investors, whether accredited or non-accredited




Much as the first time, we report with astonishment: We have a Brexit deal. This new Brexit deal is materially worse in just about every way than the old Brexit deal the authors of the new so gleefully rejected, except in the ways that it is exactly the same, which is to say most of the ways. It ...


Not to get ahead of ourselves, but we think it might be time for someone to stand up and mention that the whole "WeWork IPOing at $47 billion valuation" thing did not go very well. Instead of everyone getting really rich, WeWork is in the death throes section of a tailspin, and its investors are ...


Some years ago, before she was better known as an unprincipled stooge for an evil company, Sheryl Sandberg was famed for writing a book. Perhaps you’ve heard of it. Anyway, in this book, Lean In, she argued that, notwithstanding systemic gender bias, etc., women had only themselves to blame for ...





Data is the lifeblood for performance-hungry hedge funds, and ExodusPoint just lost its person, Chris Petrescu, who finds and buys unique datasets.





Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. NOTHING TO SEE HERE Chime took a page out of Fortnite’s book, going dark for the last 24+ hours ... ...



Jersey Finance has formally opened its new office in New York as the jurisdiction looks to enhance its visibility in the US and promote its proposition as a gateway to Europe for US alternative fund managers.


Thornburg Investment Management (Thornberg), a global investment firm that oversees USD43 billion in assets, has appointed Ben Kirby and Jeff Klingelhofer as co-heads of investment – a newly-created position.


Charles A Hurty, a board member of SkyBridge Capital’s Multi-Advisor Hedge Fund Portfolios, has retired after 17 years as a director.


ACA Compliance Group (ACA) is expanding its European presence with the opening of a new office in Birmingham.





Since, as everyone says, “past performance is no guarantee of future results,” a history of close correlation between two assets, or between a single asset and a benchmark, is no guarantee of future correlation. The threat that a correlation upon which a particular investor has relied will cease to applyRead More


Bailey McCann, Opalesque New York: Institutional investors are beginning to show signs of worry about the economy heading into 2020, according to a new survey from placement agent Eaton Partners. The quarterly "Eaton Partners LP Pulse Survey" questioned more than 60 leading LPs, ma...


Laxman Pai, Opalesque Asia: Hedge funds posted their first negative quarterly return for the year in Q3, 2019 with the Preqin All-Strategies Hedge Fund benchmark losing 0.21% . Among single manager fund types, CTAs produced the highest return (+1.37%), compared with the significant gains of 2.81% m...


Laxman Pai, Opalesque Asia: Traditional single-manager funds accounted for 84% of all hedge funds launched in Q3 2019, in line with the statistics from Q2 2019, when such funds accounted for 87% of funds launched, said Preqin. However, there has been a steep decline in the number of hedge funds lau...


Laxman Pai, Opalesque Asia: As investors search for richer returns in riskier assets after recent interest rate cuts by central banks, the corporate debt market has been swelling. Low-interest rates are encouraging companies to take on a level of debt that risks becoming a $19 trillion timebomb in...


Laxman Pai, Opalesque Asia: Institutional investors have identified the aging population as the top trend affecting global investment allocations over the next 30 years, according to the latest Investcorp annual survey. Seventy-eight percent of 185 institutional investors surveyed cited the aging p...


Point72, Balyasny led decline among big multi-strategy funds From Yahoo: Billionaire Steve Cohen led losses among his biggest multistrategy hedge fund peers last month as sweeping market shifts blindsided investment managers. Cohen's $15 billion Point72 Asset Management fell about 2%, trimming gain...


GIP fund nears a record as investors flock to infrastructure strategy From WSJ: Global Infrastructure Partners is set to break the record for the largest fund ever raised for infrastructure deals. The New York-based private-equity firm, which counts former World Bank President Jim Yong Kim among it...


From City Wire: A global recession is likely to be the primary driver of markets next year, private office investors fear, with 55% telling the annual UBS Global Family Office report they now feared an imminent downturn. The 2019 edition interviewed 360 family offices across the world with an aver...


From Yahoo: Endowments and foundations cut their hedge fund exposure in the last year, citing high fees and concerns about liquidity and transparency. A survey released Thursday found that 37% of institutions polled reduced hedge fund wagers, while 14% increased them and about half remained unchange...


Italian pension fund awards multi-asset mandate to $114bn US firm From City Wire: Italian pension fund Arco has awarded a balanced equity and fixed income mandate to US investment house Payden Rygel Investment Management. The asset manager will be in charge of euro;140 million on behalf of the...


Record inflows to Brazil equity funds defy fleeing foreigners From Bloomberg: Investors are pouring money into Brazil's equity funds at the fastest pace in at least a decade, helping fuel the region's best performing stock gauge as record-low interest rates on bonds spur the hunt for more lucrative...


Thornburg Investment Management, a global investment firm that oversees $43 billion in assets, announced that Ben Kirby and Jeff Klingelhofer each have been appointed to the newly-created position of head of investments. In their expanded roles, Messrs. Kirby and Klingelhofer will lead Thornburg'...


BlockFi sees institutional investors emerging from the crypto closet From Crypto Briefing: BlockFi has revealed the current state of crypto interest among institutional investors. They found that while interest was healthy and growing, it pales in comparison to the segment of the market that was no...


From Finance Asia: Hong Kong real estate prices were already starting to slide before the recent protests accelerated the drop. How far and fast could they fall? Hong Kong's anti-China protests have now been going for fourth months, and one thing is crystal clear they are bad news for the city's pro...


There must be some value left in the sorry carcass that is Pacific Gas Electric, California's biggest utility company. Otherwise we wouldn't be witnessing a free-for-all among Wall Street hedge funds and investment firms to take it over. Indeed, value there is - billions of dollars' worth. It's ...


GAM turns to alternatives as assets continue to slide From City Wire: GAM's incoming chief executive is to put a greater emphasis on alternative ideas as the firm's interim report shows a continued decline in assets under management. In its interim report, which covers the three months period to 30...


Hong Kong hedge funds see biggest quarterly outflow since 2009 From Bloomberg: Hong Kong's hedge fund industry saw its biggest quarterly outflow since the global recession a decade ago, a shift that may deepen concern about investor sentiment in the protest-wracked financial hub. Net redemptions ...


Average private equity fund selling at face value From PIonline.com: The average price of LP interests in 40 alternative investment funds was 100% of net asset value in the six months ended Sept. 30, according to the latest secondary market pricing survey from online marketplace Palico. Thomas H...


Corporate debt defaults predicted to increase - survey From PIonline.com: Over two-thirds of credit portfolio managers expect corporate defaults to increase globally over the next 12 months, a significant sign of an economic slowdown. Among surveyed managers, 75% believe defaults will increase in...


Elliott pushes Japan's Unizo to accept $1.6bn Blackstone bid From Reuters: Unizo Holdings' top shareholder Elliott Management pushed the Japan hotel operator to accept a $1.6 billion tender offer from Blackstone Group, warning it would take "all available measures" if it fails to ...


We don't know if you've heard, but things are different in finance these days. Platform technology has revealed itself to be just as effective at losing money as human beings and tech has fundamentally uprooted trading desks around the world. Bots and algos run the show, big FiSi firms are doing ...





Tune in here at 4:20pm ET on 10/17 to view the livestream. - The post appeared first on managedfunds



Dr. Reddy's Laboratories Limited (NYSE:RDY) shares haven't seen a lot of action during the second quarter. Overall, hedge fund sentiment was unchanged. The stock was in 11 hedge funds' portfolios at ...



The hedge fund titan believes it is too late for central banks to reverse a global slowdown..


Henry Kravis doesn’t merely stalk the halls of his namesake private equity firm, looking for underdressed millennials to can (making up for lost time in the process), starting new business lines to stick it to those who have wronged him, buying blogs, making angry phone calls to the poor man’s ...



Less work done? Exodus of top staffers? Floors full of empty offices? Infighting? A pervasive climate of fear, set at the very top? Whistleblower complaints? The Public Company Accounting Oversight Board is really starting to feel at home in Donald Trump’s America. The regulator has issued 27% ...



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Given the current market uncertainty, start-up and emerging hedge fund managers must be clever in their choices when bringing a fund to market in 2020 and beyond. And this November, the inaugural Hedgeweek Emerging Manager Summit will provide a forum for managers to explore the challenges and opportunities they must consider en route to a successful launch…


Billionaire Steve Cohen led losses among his biggest multistrategy hedge fund peers last month as sweeping market shifts blindsided investment managers. Cohen’s $15 billion Point72 Asset Management ...


Given the current market uncertainty, start-up and emerging hedge fund managers must be clever in their choices when bringing a fund to market in 2020 and beyond. And this November, the inaugural Hedgeweek Emerging Manager Summit will provide a forum for managers to explore the challenges and opportunities they must consider en route to a successful launch…


Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. FOR THE KIDS *Pours one out for Geoffrey the Giraffe* Walmart and Mattel have purchased space in an ...




CryptoCompare, a specialist in digital asset data, has launched a real-time order book product which will enable professional and enterprise clients to create predictive analytics to monitor exchange trading in real-time and anticipate sudden changes across trading activity, asset pricing, cost of trading and liquidity.


iM Global Partner, an investment and development platform focused on acquiring strategic investments in traditional and alternative investment firms in the US, Europe and Asia, has created a new Client Servicing Department dedicated to international distribution.


Vela, an independent provider of trading and market access technology for global multi-asset electronic trading, has launched its latest ultra-low latency Ticker Plant Appliance for US Equities.


Ocorian, a provider of trust, administration and fiduciary services to corporate, institutional and private investors has appointed Pamela Valasuo as Head of Sales for Luxembourg and the Netherlands.


Style Analytics, a provider of factor-based portfolio and market analytical tools for investment professionals, has appointed Damian Handzy as Chief Commercial Officer.


New research undertaken by State Street Corporation (State Street) on institutional investors’ sentiments towards Brexit developments reveals that almost two thirds (66 per cent) believe that the UK leaving the European Union without a deal on 31 October 2019 will have a negative impact on global markets.


"What is to give light must endure burning." - Viktor Frankl “The backbone of surprise is fusing speed with secrecy.” – Carl von Clausewitz Why is it coming out now, apparently months after the talks took place, that Blackstone inquired about buying a stake in Citadel? There are a few reasons we can think of [...]


"Learn how to see. Realize that everything connects to everything else." - Leonardo da Vinci A quick shout out to Howard Kapiloff for assembling the piece on Alphacution that went out today in the latest edition of Hedge Fund Alert. Thankfully, those who operate closest to the sources of liquidity know this work well. But, [...]




David to oversee new division of Arca focused on building fully regulated, tokenized investment products that utilize blockchain technology



Laxman Pai, Opalesque Asia: The use of environmental, social and governance (ESG) principles by institutional investors in Canada, the US, and the UK is rising according to a new survey. RBC Global Asset Management (RBC GAM) 's annual survey on responsible investing trends found that more than 70%...


Laxman Pai, Opalesque Asia: The Index Industry Association (IIA) has announced the results of its third annual global index survey, revealing that the number of indexes globally has decreased year on year by 20 per cent. The IIA figures reveal 2.96 million indexes globally. According to the IIA's t...


Laxman Pai, Opalesque Asia: Private real estate fundraising momentum continued in Q3; $121bn has been secured so far in 2019, keeping the year on track to break the annual fundraising record, according to Preqin. Continuing the trend of capital consolidation, only 48 funds closed in the quarter, sai...


Bailey McCann, Opalesque New York: Highland Capital Management LP has filed for bankruptcy ahead of a potential judgment in favor of investors in Highland 's shuttered Crusader fund, according to court filings. Highland decided to unwind Crusader in 2008 after taking heavy losses on high-risk loans...


Craft Ventures closes 43% more cash with $500m Fund II From Crunch Base: Craft Ventures, best known for its founding member David Sacks (PayPal, Yammer, Zenefits), closed a second, larger fund. The new capital pool totals $500 million, $150 million or about 43 percent larger than its initial fund...


From Institutional Investor: It's an enduring paradox: hedge funds run by women and minorities outperform their peers - but run less money. Evidence continues to mount that the money investors allocate to minority- and women-controlled hedge funds stands a better than even chance of outperforming ...


Athens-Clarke County Employees hires PFM as consultant From PIonline.com: Athens-Clarke County Employees' Pension Plan, Athens, Ga., hired PFM Asset Management as discretionary investment consultant. The $252 million pension fund issued an RFP in September 2018 because incumbent consultant Cons...


How hedge funds profit when big companies like Thomas Cook fail From The Conversation: In September 2019, the 178-year-old global tour operator Thomas Cook "ceased trading with immediate effect." The collateral damage associated with the liquidation was considerable: more than 2...


Rockefeller Foundation CIO Donna Dean to step down The Rockefeller Foundation's chief investment officer Donna Dean plans to retire toward the end of this year, the foundation announced. The organization's deputy CIO, Chun Lai, will take on the top job after Dean departs, the announcement said. ...


Fed Governor Brainard identifies Libra threat, says regulatory hurdles abound From Coin Desk: Federal Reserve governor Lael Brainard delivered a sharp critique of Libra on Wednesday, stating the Facebook-led project would need to resolve a number of regulatory hurdles before going live. In a tr...


Property volumes tank in HK but rise in other Asian cities From Finance Asia: Investment into Hong Kong's real estate plunged in the year to June 30, finds new research. And the prevailing political turmoil there may not bode well for future inflows. Investors have long sounded warnings about Ho...


Softbank-backed AI firm expands into behaviour prediction From Finance Asia: Taiwanese AI software firm Appier announced its acquisition of Tokyo-based online consumer behaviour predictor Emin Wednesday in a primarily cash deal of undisclosed size. In addition, Appier has brought on several of Em...


State Street Research reveals two thirds of UK institutional investors see no deal Brexit as negative for markets State Street Corporation announced its latest Brexometer research1, measuring the sentiment of institutional investors in relation to Brexit developments. The research revealed that t...


Hedge fund's liquidity crisis spurs contagion fears in Korea From Swiss Info: A run on South Korea's biggest hedge fund is stoking contagion fears as investors in Asia's fourth-biggest economy rapidly reassess the risk of owning hard-to-trade assets. In an echo of the liquidity crunch that caus...


Private equity changes everything From Institutional Investor: Private equity is too big to ignore - for both investors and regulators. "It's critical," said Peter Witte, associate director of Ernst Young's private equity group, in a phone interview. "If you're not i...


The 'missed opportunity' in asset management From Institutional Investor: Active managers have been fighting for their lives in recent years as index funds have gobbled up their market share. But they may want to start working closely with their index rivals when it comes to shareholder proposal...


From CNBC: Billionaire investor Leon Cooperman took aim on Wednesday at what an Elizabeth Warren presidency would mean for the stock market. "If Elizabeth Warren is elected president, in my opinion, the market drops 25%," Cooperman said. "Bernie Sanders, same thing.&qu...


The rise of activists demands a revolution in shareholder relations From Financial News: Activist investors have never been busier. The Activist Investing Annual Review 2019, produced by Activist Insight with law firm Schulte Roth Zabel, noted there were 922 companies targeted in 2018 worldwid...


Ken Fisher's sexist comments have cost his company nearly $1bn in assets From CNBC: The City of Boston is ending its relationship with Fisher Investments, pulling $248 million in pension assets from the firm. Mayor Martin Walsh announced on Wednesday that the city would stop working with the comp...




MBA programs have it pretty hard these days. Fewer and fewer people are applying, many who do are dangerous, and the rest don’t seem particularly interested in making money, which begs the question of why one would apply to business school in the first place. Luckily for top-tier programs (sorry, ...



It was a weird quarter for the financial services sector, you guys. No one can agree if we're in the best of times or the beginning of the worst of times, traders are a hunted species now fighting back for their existence, we all learned that the IPO market meant to save us is really just scam ...





Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. LEAGUE TABLED Yesterday eleven S&P 500 company’s dropped Q3 earnings. Nine out of the eleven ...


Straits Financial Group ahas partnered with Integral to deploy new eFX workflow automation and trading technology to drive business growth.


The number of investment professionals who find it challenging to adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct (Code and Standards) continues to fall, according to a new Ethics Survey by the CFA UK.


Photographer: Seokyong Lee/Bloomberg Photographer: Seokyong Lee/Bloomberg A run on South Korea’s biggest hedge fund is stoking contagion fears as investors in Asia’s fourth-biggest economy rapidly ...


QuantHouse, the global provider of end-to-end systematic trading solutions including innovative market data services, algo trading platform and infrastructure products, has launched Historical Data on-Demand which is designed to dramatically speed up the research, development and backtesting phase of any trading strategy.


Proteus, an Indianapolis-based alternative investment technology firm, has partnered with institutional investment consulting firm Callan, add additional alternatives due diligence expertise to the Proteus platform and streamline the approval of funds available.


CipherTrace, a provider of cryptocurrency intelligence and blockchain security, has launched an expanded cryptocurrency intelligence platform, which in addition to Bitcoin (BTC), allows customers to trace more than 700 tokens.


Global finds network Calastone has appointed Dan Kramer as Vice Chairman, to be based in the firm’s New York office.





Bitcoin derivatives act a lot like the derivatives of other asset classes. Two scholars at the University of London recently looked at bitcoin’s “volatility smiles and skews” as found in the short and long dated maturity of options traded at the Deribit Exchange in 2019. Helyette Geman and Henry Price,Read More


A former Bain Capital executive is marketing a fund with an unusual strategy: buying minority equity stakes in single-family homes.Hometap Equity, a Boston firm led by Jeffrey Glass, offers alternative financing to homeowners who are “house rich, cash poor.” Instead of lending money against their properties, Hometap seeks to purchase ownership interests equal to 9% of a home’s appraised value — in exchange for agreements...


By: Shearman Sterling LLP The U.K. Financial Conduct Authority has finalized new rules governing certain types of open-ended funds that invest in inherently illiquid assets. The rules include: A new category of "funds investing in inherently illiquid assets" that are subject t...


Laxman Pai, Opalesque Asia: Natural resources fundraising throughout 2019 has been lackluster, and Q3 2019 was no exception. Only 18 funds held a final close, bringing the year-to-date total to 79 funds closed, said Preqin quarterly update on natural resources. The total capital raised by these fund...


Laxman Pai, Opalesque Asia: A study predicts that the European M A activity is expected to fall from $567 billion in 2019 to $427 billion in 2020, a 25% decline. Many factors have impacted European deal activity, including the slowdown in global trade, Germany's economic slowdown, and of course, th...


From The Street: Global fund managers are slowly returning to world equity markets, according to Bank of America Merrill Lynch's benchmark survey published Tuesday, with a preference for U.S. stocks as investors favor deflation-protected investments amid a broader economic slowdown. Fund managers' ...


Permira closes new fund at $12bn From Reuters: Permira, a global private equity firm, has closed its latest fund at 11 billion euros ($12.13 billion) of committed capital, the company said on Wednesday. This latest buy-out fund, Permira's seventh, will invest in businesses in the technology, cons...


Neil Woodford's flagship fund to be shut down From BBC: Neil Woodford's flagship fund is to be shut down, in a major humiliation for the UK's best-known stockpicker. Woodford has also been removed as investment manager of the fund, which will be renamed. He has criticised the decision made by the f...


Ray Dalio doesn’t have to do this, you know. With all of the money he’s made (and continues to make), he could easily spend the rest of his life having dinner and playing parlor games with his buddies, going to Burning Man, admiring Paul Volcker in the quiet solitude of his cave of ...


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