London Hedge Fund Toscafund Sets Up US Office

The London hedge fund Toscafund is opening an office based in Greenwich, Connecticut at a time when a number of London’s leading hedge funds are staging a cross-Atlantic push.

Other hedge funds that have recently opened up US offices include the multi-strategy manager Cheyne Capital, the computer-driven Winton and Odey Asset Management, one of London’s oldest hedge funds.

Toscafund was founded at the turn of the millennium by Martin Hughes, a former top-rated banks analysts and protégé of the highly influential hedge fund manager Julian Robertson, who employed him as European chairman of his Tiger Management.

Toscafund has hired Mimi Gammill from Blackstone’s hedge fund business to lead the US office where she will manage relationships with the London fund’s North American clients.

While the US office will primarily serve as an investor relations base it will also have space and facilities for Toscafund managers to work out for trading operations if needed. Toscafund currently employs 33 people.

Source: Financial Times

 

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British Hedge Funds Setting Up Operations in the US

In the purpose of grabbing a slice of the growing institutional money moving into hedge funds, British hedge funds are setting up operations in the United States.

Well known UK funds such as Winton Capital, Odey Asset Management and Cheyne Capital are among a large number of London-based hedge fund groups that are either starting afresh or boosting existing operations in the US to get exposure to big institutional investors such as pension funds that are increasing allocation through a shift from fixed income to hedge funds.

Raising capital in Europe has become difficult following a directive from the regulators to subject alternate investment managers, such as hedge funds, to a host of new requirements including new reporting and disclosure requirements. The directive more commonly known as the Alternative Investment Fund Managers Directive aims to subject hedge funds and private equity funds to the same rules as mutual funds in the hope that such a rigid approach to hedge fund regulation will curb excessive risk taking and prevent the severity of an unforeseen financial crisis.

Source: Hedge Fund Jobs

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, UK, US, UK Hedge Fund, United States, Winton Capital, Odey Asset Management, Cheyne Capital, London, London Hedge Fund, Europe, Alternative Investment Fund Managers Directive.


SERS Boosts UK Hedge Fund Oceanwood with $50M

School Employees Retirement System of Ohio (SERS), a nearly 3 percent boost to its $1.85 billion assets under management, has invested the amount of $50 million in Oceanwood Capital Management, Europe-focused hedge fund.

The investment marks a significant institutional backing for Oceanwood and is part of a combined $160 million commitment by SERS to three funds, including Redwood Offshore Fund and real estate fund PRISA II, a statement on the SERS website said.

Oceanwood, a multi-strategy hedge fund spinout from Tudor Group, is led by Chief Investment Officer Christopher Gate, a former Goldman Sachs executive.

The fund returned 22 percent last year, according to a source with knowledge of the fund’s returns.

By comparison, similar European funds were up 10.3 percent last year, according to data from industry tracker Eurekahedge.

The hedge fund returned 3.4 percent through the end of May this year and has added more than $500 million to its assets under management so far this year, the source said.

Source: Reuters

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, School Employees Retirement System of Ohio, SERS, Oceanwood Capital Management, Europe, UK, European Hedge Fund, UK Hedge Fund, Redwood Offshore Fund, Real Estate, Real Estate Fund, PRISA II, Tudor Group, Christopher Gate, Goldman Sachs, Eurekahedge.


Peter Clarke Joins Lancashire as Non-Exec

Peter Clarke, the former group chief executive of UK hedge fund firm Man Group, has been appointed by Lancashire as a non-executive director.

He will officially assume the role on 9 June and will become a member of Lancashire’s audit and investment committees.

Clarke was group CEO of Man between April 2007 and February 2013.

He first joined the company in 1993, before becoming a board member in 1997.

Source: The Insurance Insider

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Peter Clarke, UK Hedge Fund, Man Group, Lancashire.


Britain’s Man Group Buying $1B US Hedge Fund

Man Group, British hedge fund manager, is pleased to announce that it had agreed to acquire Pine Grove Asset Management, a hedge fund manager based in the United States.

Pine Grove has around $1 billion in assets – less than 2 percent of Man Group’s $55 billion – but the deal is being interpreted by analysts as evidence of a wish by Man Group to expand in the United States by acquisition rather than gradual business growth.

Monday’s announcement follows news in May that Man Group was in talks to buy another U.S. fund, Boston-based Numeric Holdings.

“It appears, with today’s announcement of a U.S.-based asset manager and ongoing discussions with another U.S.-based asset manager, that’s Man’s strategy to penetrate the U.S. is more focused on acquisitions to gain entrance opposed to an organic approach,” said RBC Capital Markets’ Peter Lenardos.

Source: Reuters

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Man Group, UK Hedge Fund, British Hedge Fund, Pine Grove Asset Management, US Hedge Fund, United States, Boston, Numeric Holdings, RBC Capital Markets, Peter Lenardos.


Man Group in Talks to Buy Numeric Holdings

Man Group, a British hedge fund manager, said that it noted new press speculation and confirmed it was in talks over a possible acquisition of the Boston-based investment manager Numeric Holdings.

The Man Group has been looking to diversify through acquisitions that increase its investment offerings and make it less reliant on its AHL quantitative investment business, which has about $11.3 billion in assets under management. The deal, if consummated, would also increase Man’s geographic base of institutional investors.

“These discussions are ongoing and may or may not lead to a transaction,” the company said in a statement, without indicating how much it might be willing to pay for the privately held Numeric.

Phil Dobbin, an analyst at Espírito Santo Investment Bank, wrote in a research note on Thursday that Numeric Holdings might be valued at about 430 million pounds, or about $719 million, if using a similar market capitalization to assets under management ratio as the Man Group.

Source: The New York Times

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, UK Hedge Fund, British Hedge Fund, Man Group, Boston, Numeric Holdings, AHL, Quantitative Investment Business, Phil Dobbin, Espírito Santo Investment Bank.


Britain is Taking Over Europe’s Hedge Fund Industry

Following Preqin, a research and consultancy firm, data released, British hedge funds are managing $423 billion, 10 times more assets managed than in any other European country.

The UK generally—and London in particular—remains the undisputed center of the European hedge fund industry, according to new data from Preqin.

The bulk of those assets—90%—is managed from London.

The majority of hedge fund managers setting up business in recent years have established themselves in the UK and the country was home to 50% of all known European hedge fund launches between January 2013 and April 2014.

The UK saw 38 new hedge fund managers set up business in 2013, in contrast to the rest of Europe, where the number of new firms entering the market fell from a peak of 35 in 2006 to 17 in 2013.

Source: FINalternatives

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Preqin, UK Hedge Fund, British Hedge Fund, Europe, Europe Hedge Fund, London, UK, Europe.


British Hedge Funds See Assets Increase by $57B

Between January 2013 and April 2014, while fund managers in France, Spain and Germany posted a net decrease, British hedge funds saw their assets increase by $57 billion, according to Preqin data.

Firms headquartered in the UK now account for $423 billion in hedge fund assets, more than 10 times the amount of assets managed in any other single European country, it said in a statement.

Following the UK are Sweden, with assets under management of $34 billion; Switzerland, with $31 billion; France, with $20 billion; and Netherlands, with $9 billion.

The UK is also home to most of the start-ups of recent years, it said, with around half of all known new launches in 2013 and so far in 2014.

Within the UK, London is the most popular place to be based, with 90 percent of all hedge fund assets managed from the capital, Preqin added.

Source: Reuters

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, France, Spain, Germany, UK, British Hedge Fund, UK Hedge Fund, Hedge Fund Assets, Sweden, Switzerland, Netherlands, London, Preqin.


British Hedge Fund Brings P2P Lending into Mainstream

With the introduction of a fund that targets to attract wealthy institutional investors into the industry, Marshall Wace LLP, a hedge fund in the City of London, plans to bring peer-to-peer (P2P) lending into the mainstream.

Marshall Wace, which manages about $15.5 billion of assets, said on Friday it was buying U.S. P2P specialist Eaglewood Capital Management for an undisclosed sum and the two firms planned to launch the world’s first listed P2P investment trust.

A source close to the matter said the trust would seek to raise approximately 200 million pounds ($336 million) from institutional investors, hoping to attract them to a small but fast-growing and highly-profitable industry.

P2P loans allow investors to lend directly to individuals and businesses, cutting out banks via low-cost online platforms.

Source: Reuters

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Marshall Wace LLP, British Hedge Fund, UK Hedge Fund, City of London Hedge Fund, Peer-to-Peer, P2P, Eaglewood Capital Management, P2P Investment Trust.


Vicky Gardiner Joins Piccadilly-Based Hedge Fund

Former Morgan Stanley saleswoman Vicky Gardiner, has been recruited by New Peak Capital Partners, an event-driven hedge fund manager co-founded by one of Financial News’s 2013 Rising Stars, as its new head of business development.

Vicky Gardiner joined Piccadilly-based New Peak this week, according to filings at Companies House and the UK’s Financial Services Register. New Peak confirmed her hire.

Gardiner spent nearly a decade at Morgan Stanley and was an executive director in equity sales, according to her LinkedIn profile, before leaving the bank earlier this year.

She is the first partner-level recruit to New Peak’s ranks since the firm gained regulatory authorisation from the Financial Services Authority in October 2012. Her hire comes just weeks after the firm promoted former Goldman Sachs equity analyst Edouard Baldini, who had been working at New Peak as an analyst, to partner.

Source: Financial News

 

Tags: Hedge Fund of Funds Business, Hedge Fund, Hedge Funds, Fund of Hedge Funds, Hedge Fund of Funds, Hedge Fund industry, Hedge Fund Group, Hedge Fund Market, Hedge Fund Investments, Hedge Fund Advisory Firm, Hedge Fund Returns, Morgan Stanley, Morgan Stanley Saleswoman, Vicky Gardiner, New Peak Capital Partners, Financial News’s 2013 Rising Stars, Piccadilly Hedge Fund, UK Hedge Fund, London Hedge Fund, LinkedIn, Edouard Baldini.


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