Cheyne Capital to Raise a £300M Property Hedge Fund

Europe’s leading hedge fund manager Cheyne Capital, is poised to raise over £300 million for its property fund that will focus investment in projects with a positive social impact.

Its new fund, which will launch in the third quarter of this year, is the latest entrant to the growing social-impact sector, in which investors aim to achieve a social benefit as well as a financial return.

The Cheyne Social Property Impact Fund is intended to address an opportunity created by a reduction in government capital grants at a time of increased need for social housing and related community schemes.

Cheyne plans to buy or build properties and rent these out to social services organisations that are seeking to provide affordable housing, prostitution rehabilitation, and solutions to homelessness and elderly care, according to a person briefed on the plans.

Source: Financial 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, European Hedge Fund, London Hedge Fund, UK Hedge Fund, Cheyne Capital, Property Fund, Positive Social Impact, Cheyne Social Property Impact Fund.


Stephan Michel Joins US-Based Hedge Fund DE Shaw

US-based hedge fund DE Shaw, is pleased to announce the appointment of Stephan Michel, to join its London office, in a further sign that hedge funds are looking to purchase unwanted bank assets.

He will be assisting on credit investment opportunities, according to a person familiar with the hire.

DE Shaw, a $32 billion multi-strategy manager, uses sophisticated trading models to buy and sell assets. In 2012, it launched the Alkali Fund, managed by the fund’s asset-backed securities team, focusing in part on unwanted loans and mortgages held by European banks.

US firms have assumed an ever-larger presence in European credit markets, as regional banks look to shed unwanted assets in the wake of the financial crisis. Financial News reported earlier this month that bond giant Pimco had raised $5.5 billion to buy bank assets in the US and Europe. Last week, Richard Thompson, partner, PwC, said: “Private equity and hedge funds were the most active buyers in 2013” in non-core loans.

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, US Hedge Fund, UK Hedge Fund, London Hedge Fund, Stephan Michel, London, DE Shaw, Alkali Fund, Europe, European Bank, Pimco, Richard Thompson, PwC, Private Equity, Private Equity Fund.


Dan Roman Lands in KPMG to Head its UK Hedge Funds Practice

The United States audit, tax and advisory services firm KPMG is pleased to announce the appointment of the tax partner Dan Roman to head its UK hedge funds practice.

Roman, who has led KPMG’s hedge fund tax practice in the UK for the past three years, takes over from Rob Mirsky, global head of hedge funds, who has relocated to New York from London.

Said Tom Brown, global head of investment management at KPMG, in a statement: “Hedge funds, and the alternatives industry more broadly, are priority sectors for our investment management practice. I am delighted to welcome Dan to this role and am confident that he – along with our global hedge fund leadership team—is well placed to help our clients succeed in today’s challenging environment.”

KPMG has 22 offices across the UK with approximately 11,500 partners and staff.

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, US, United State, Audit, Tax, Advisory Services, KPMG, Dan Roman, UK Hedge Fund, Rob Mirsky, New York, London, Tom Brown, UK.


Odey Asset Management Appoints BoAML’s European Research Head

Didier Scemema, head of European technology research of Bank of America Merrill Lynch, has been appointed by Odey Asset Management, a London-based hedge fund with $6.2 billion AUM.

Scemema, who spent 13 years with ABN Amro and Royal Bank of Scotland before moving to BAML two years ago, is working his notice at the US bank and will leave on May 21, according to one of the people. Scemema did not return messages seeking comment.

At Odey he will join a team of more than 20 analysts. According to one of the people, analysts at the firm can earn as much as portfolio managers.

The firm, which is nominated in the long/short equities category at this year’s for a Financial News hedge fund awards, enjoyed a strong 2013.

Founder Crispin Odey’s $2.4 billion Odey European fund was up 25.8% last year, after gaining 30.7% in 2012. Meanwhile, the $1.5 billion-plus CF Odey Absolute Return fund, run by portfolio managers James Hanbury and Jamie Grimston, was up 45% in 2013, after gaining 36.3% in 2012.

In recent weeks, the fund has been named as investor of online retailer boohoo.com and biotech company Circassia.

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, Didier Scemema, Europe, Bank of America Merrill Lynch, BoAML, Odey Asset Management, London, London Hedge Fund, UK Hedge Fund, ABN Amro, Royal Bank of Scotland, Crispin Odey, Odey European Fund, CF Odey Absolute Return Fund, managers James Hanbury, Jamie Grimston.


Crispin Odey Acquires 12% Stake in Allergy Company

Odey Asset Management, a London-based hedge fund managed by Crispin Odey with $6.2 billion in assets under management, has backed a specialty biopharmaceutical company Circassia Pharmaceuticals.

Odey Asset Management, the $12.2bn (£7.3bn) hedge fund run by Crispin Odey, has taken a multimillion-pound stake in Circassia Pharmaceuticals as part of its $1bn London listing.

Circassia, which specialises in treating allergies, raised £200m from the float, the biggest biotech fundraising in the UK in more than a decade.

Regulatory filings disclosed that Odey Asset Management bought a 12pc stake in the Oxford-based company, valuing the hedge fund’s holding at almost £70m.

Circassia’s other principal shareholders, which all invested ahead of the initial public offering, include Imperial Innovations Group, fellow hedge fund Lansdowne Partners, Invesco Asset Management and Lochside.

Circassia is hoping to tap into the market of the estimated 400m people worldwide who suffer from allergic rhinitis. It is developing treatments for a range of allergies.

Source: The Telegraph

 

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, Odey Asset Management, London Hedge Fund, UK Hedge Fund, Crispin Odey, Circassia Pharmaceuticals, UK, Oxford, Imperial Innovations Group, Lansdowne Partners, Invesco Asset Management, Lochside.


Edward Bramson Purchases Stake in Electra Private Equity

The British hedge fund manager Edward Bramson has become the largest shareholder in private equity firm Electra, just three months after he exited 3i Group.

The investor, who runs New York-based investment group Sherborne, owns 13.7 per cent of the London-listed trust’s voting rights, after disclosing a 10 per cent stake last week, according to a statement to the London Stock Exchange on Tuesday.

Electra Private Equity’s shares closed down 0.8 per cent at £27.52, after a 10 per cent surge on Friday, bringing its market capitalisation to about £987.8m and nearing the group’s net asset value of £27.81 a share as of December.

The stakebuilding follows the sale of Sherborne’s stake in London-listed 3i in November, which generated a 38 per cent gain in less than a year.

The profit on 3i did not involve any form of activism, in contrast with the more hands-on style shown by Mr Bramson in the past. When he targeted British investment manager F & C, he led an overhaul of the company. But the financier, backed by some of the largest UK institutional investors such as Aviva, did not have to move an inch to make a handsome profit on 3i. Mr Bramson did not engage with the company and did not even send representatives to 3i’s shareholder meeting.

Source: Financial Times

 

Tags: Private Equity, Private Equity Firm, Private Equity Group, Private Equity Company, Private Equity Fund, Private Equity Investment, 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, Edward Bramson, Electra, 3i Group, New York, Sherborne, London, London Stock Exchange, F&C, Aviva.


Winton Capital Plans to Hire Up to 100 Employees in 2014

Winton Capital, a British hedge fund company founded by David Harding, is planning to hire up to 100 employees this year, according to firm’s founder announcement.

Mr. Harding said in an interview that the investment firm, which has yet to report its 2013 results, had £154 million ($258 million) in net income last year on revenue of £324 million.

Mr. Harding appears to be taking a more-central role in the firm he founded in 1997. Last week, Tony Fenner-Leitão, the firm’s chief executive for the past year, resigned and Mr. Harding has taken on the chief executive role as well as that of executive chairman.

The hedge fund—one of the pioneers of managed-futures strategies, which employ complex computer models to find trends in global markets—is recruiting sales people, researchers and data analysts, Mr. Harding said. It hopes to make further hires in 2015.

Last month, Winton Capital, which manages more than $25 billion in assets, moved into new offices in West London, with 70,000 square feet of space. The building is little more than one-third full. Winton has another U.K. office in Oxford, as well as offices in Zurich and Hong Kong.

Goldman Sachs Group Inc.’s Petershill fund owns a 9.9% stake.

Source: Wall Street Journal

 

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 Company, Winton Capital, David Harding, Tony Fenner-Leitão, UK, Oxford, Zurich, Hong Kong.


Man Group’s Assets Jump 3% in Q4 2013

British publicly traded hedge fund firm Man Group Plc, jumped $115 million stock buyback and saying clients added money to its funds for a second straight quarter.

The shares climbed as much as 15 percent in London trading. The company’s funds had $700 million of client inflows in the fourth quarter, as $5.5 billion of sales outpaced $4.8 billion of redemptions, London-based Man Group said as it released full-year results today.

Man Group also said it’s on track to cut costs by $270 million by the end of next year. Redemptions slowed in 2013 as hedge funds managed by its GLG Partners unit posted positive returns, though AHL Diversified, the biggest Man Group hedge fund, lost money for the third straight year and shrank to $11.9 billion in assets as of Dec. 31.

Source: Businessweek

 

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, British Hedge Fund, UK Hedge Fund, Man Group Plc, London, GLG Partners, AHL Diversified.


Hedge Fund Firm Omni Partners to Shed British Property Lending Fund

Omni Partners, a hedge fund firm focused on consistent absolute returns, is launching its first property lending fund, aiming shorter-term UK loans, as the asset class becomes increasingly popular among institutional investors.

The fund will focus on commercial and residential property loans with a loan-to-value ratio of up to 70% and a maximum duration of 18 months, the firm said Monday.

That duration is shorter than other funds in the market, which typically take five to 10-year views. Omni’s fund will lend at rates ranging from 8% to 24%.

The new fund comes three months after Omni made Capital Bridging Finance – an origination platform seeded by founder Steve Clark – a subsidiary.

A spokesman for the firm said in an emailed statement that the fund would focus on high yielding, shorter term loans to give clients “the benefit of the inverted yield curve in assets. Clients will receive a higher return for less duration risk.”

He added: “The majority of the market are trying to raise money for lower yielding, longer tenor assets with either no track record of originating assets outside of a large lending institution.”

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, Omni Partners, UK Hedge Fund, UK Loans, Capital Bridging Finance, Steve Clark.


Britain’s Hedge Fund Winton Capital Eyes American Office

A British hedge fund firm founded by David Harding, Winton Capital Management, is planning to open its first United States office in June 2014.

The move is part of a broader global expansion that could lead to the U.K.-based firm, which has nearly $25 billion in assets under management, opening offices in Japan and Australia.

Winton, in which Goldman Sachs’ Petershill fund owns a 9.9% stake, is one of the pioneers of managed futures strategies, which employ complex computer models to spot trends in global markets. The hedge fund employs nearly 300 people, many of them employing statistical research and big data techniques to sift enormous amounts of information.

Winton’s U.S. office will be based in New York and will initially only house a handful of marketing staff, including some who will relocate from other offices. As well as in London, the firm already has offices in Oxford, Hong Kong (which opened in 2009) and Zurich (which opened in 2012).

Source: Wall Street Journal

 

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, European Hedge Fund, David Harding, Winton Capital Management, Japan, Australia, UK, US, Goldman Sachs, Petershill Fund, New York, London, Oxford, Hong Kong, Zurich.


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