Archive for March, 2010
2009: Fewer Hedge Funds, More Assets
A PerTrac survey reviewed by Dow Jones Newswires cited by the Wall Street Journal showed that although the number of hedge funds had decreased from 2008 to 2009, total assets under management had gone up. The study found that the number of unique single-manager hedge funds dropped to 14,650 in 2009 compared to 15,150 in [...]
Ponzi Schemes of the Week
Because I was getting tired of writing individual stories on these morons, I thought I’d consolidate all of the scandals into one big article giving you the skinny on all the greed that is fit to print… er, blog? We’re all familiar with the concept made famous by Charles Ponzi in the 1920s… use funds [...]
Dubai Shariah Hedge Fund Launches, Makes Bank
Dubai opened its first Shariah-compliant hedge fund to investors after its fund of funds investments outperformed the indexes last year, posting a 41% return. Ironically, fund operator Dubai Shariah Asset Management, or DSAM, which is compliant with Muslim Shariah law, is heavily guided by a Catholic: Shariah Capital’s Chief Executive Eric Meyer. Shariah Capital (which [...]
Harbinger’s 4G Plan Takes Aim at Verizon, AT&T
Billionaire hedge funder Philip Falcone, recently scandalized by accusations by a former employee of sexual harrassment (among other things), has announced ambitious plans for his investment firm Harbinger Capital Partners to use its recent acquisition of satellite communications company SkyTerra to build out a 4G wireless network of its own. According to Businessweek.com, documents filed [...]
Obama Calls G20 to Act on Financial Reform
In a Monday letter to the G20 which can be read on the Huffington Post, President Obama laid out several key components of his push for international financial reform and called for the the group of nations to “lead by example.” The G20 are set to convene in Toronto in June where, after a long [...]
Atlanta Hedge Funder Sued for Fraud
In what is becoming in all too familiar story, yet another hedge fund manager is being accused of bilking his investors out of millions. However, in an interesting twist, this one is apparently trying to return funds to clients amid accusations that he misled investors, according to a lawsuit against him and people familiar with [...]
Man Group in Talks with GLG, SAC
Man Group, the world’s biggest publicly traded hedge-fund manager, is scouting investments, acquisitions and distribution in the U.S. and has spoken with firms including GLG Partners and billionaire Steven A. Cohen’s SAC Capital Advisors LLP, according Businessweek.com. GLG Partners Inc., which manages more than $22.2 billion in investments, rose the most in more than nine [...]
Paulson: Too big for his own shoes?
John Paulson started Paulson & Co. in 1994, and later found fame after using $2 billion to buy credit-default swaps on sub-prime mortgages and turning it into a $3 billion profit. Paulson sets himself apart from his competitors by making concentrated bets. These bets are depending on different opportunities Paulson predicts in the market, and he [...]
Fears Surrounding “Newcits” Threat
Hedge fund industry players are increasingly calling for action from the E.U. authorities because they fear that the popularity of the UCITS ‘brand’, which has enabled EU-based funds to be marketed around the world, is being threatened by the use of the structure by hedge fund managers. The ability of UCITS managers to use derivatives [...]
Beverly Hills Investment Manager Sentenced For Fraud
Michael E. McCready, a Beverly Hills investment advisor and licensed securities broker of McCready & Associates, was sentenced Monday to a nine year prison term for swindling twenty-five investors (mostly friends of his from the entertainment industry) out of $10 million. According to the lawsuit filed in 2009, McCready operated a Ponzi scheme from 2004 [...]
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