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HFObserver aggregates on a daily basis the most relevant news related to hedge funds/alternative investment firms and people moves.
Here is our news from approximately the last week.
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September 16th, 2020 - Greenstreet
Attracted by what it sees as an opportunity-rich environment, M.D. Sass is getting back into the seed-capital business.
The New York asset manager’s plans call for routine backing of a range of alternative-investment firms, including hedge fund managers and operators of real estate, private equity and liquid long-only equity vehicles. It just started hunting for its next deal...
FIRM Changes/Developments, Open
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September 15th, 2020 - Institutional Investor
One of the longest-tenured hedge fund managers has launched a new product.
Kingdon Capital Management has raised more than $30 million for Kingdon Healthcare Fund, which officially started up September 1, according to a client letter signed by firm founder Mark Kingdon and obtained by Institutional Investor.
Mark Kingdon will manage the...
CURRENT Firm/Fund Launches & Allocations, Open
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September 15th, 2020 - fundsglobalAsia
Silicon Valley-based venture capital firm, Sequoia Capital, is reportedly set to establish three new hedge funds for its China arm designed to invest in Chinese tech companies.
According to the Wall Street Journal, Sequoia China’s new unit will be led by founder and managing partner, Neil Shen, and will have at least US$300 million in initial capital.
Three executives from rival firm, Hillhouse Capital Group, have also been recruited to run the new hedge fund...
CURRENT Firm/Fund Launches & Allocations, FIRM Changes/Developments, Open
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September 15th, 2020 - Bloomberg
Ray Dalio is having a very bad year.
So very bad, in fact, that the billionaire risks losing his coveted title as king of hedge funds.
Dalio’s $148 billion Bridgewater Associates has run up hefty losses this year, even as rivals have minted money in the topsy-turvy markets. The damage as of August: an 18.6% drop in the flagship Pure Alpha II fund.
Those losses, the worst in a decade, top a sprawling list of troubles that has plunged Bridgewater into a round of crisis management, according to more than 25 people with knowledge of the firm’s inner workings...
FIRM Changes/Developments, Open
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September 15th, 2020 - Bloomberg
Global hedge funds seeking to tap China’s $9 trillion wealthy investor market are getting left behind as their local rivals attract the lion’s share of new money amid the biggest stock rally since 2015.
The 28 foreign private fund managers including Bridgewater Associates LP registered 18 new funds this year, fewer than half of last year’s tally, according to data compiled by Shenzhen PaiPaiWang Investment & Management Co. Their combined assets under management grew by about half the 7 billion yuan ($1 billion) increase posted by one of China’s largest quantitative hedge funds alone...
FIRM Changes/Developments, INDUSTRY Trends/Developments, Open
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September 15th, 2020 - efinancialcareers
Next time you see a "40 under 40" list purporting to show the top young talent in the financial services industry, you might want to question its validity. Following our piece earlier this month on Fortune's 40 under 40 assemblage, various people have been in touch to point out the list's inaccuracies and omissions.
Bill Pang, the 30 year-old ex-Goldman trader cited by Fortune as working for Millennium Management, actually left the hedge fund in cuts a few months ago...
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September 15th, 2020 - efinancialcareers
It's getting late in the season, but hedge funds are still plucking staff from investment banks.
Millennium Management just hired George Sager, a former executive director at Goldman Sachs. Sager, who was a member of Goldman's investment grade syndicate team, joined Millennium as fixed income trader this month. Global Capital first reported Sager's exit in June. He spent over 10 years at Goldman after joining as a graduate from the University of Warwick in 2010.
Meanwhile, Balyasny hired Armintas Sinkevicius...
FIRM Hiring/Promotions/Departures, Open
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September 14th, 2020 - Bloomberg
A Treasuries arbitrage strategy favored by hedge funds has fallen into near-hibernation, threatening liquidity in the world’s largest debt market.
Bets that use borrowed money to profit from tiny price discrepancies between futures and the underlying cash Treasuries unraveled in a matter of weeks amid the global rush to safety in March. Known as the cash-futures basis trade and commanding almost $1 trillion at its peak, the strategy is now about half that size, and many analysts doubt it will revive: The profit potential has shrunk, and traders are still smarting from their first-quarter pain.
The fate of the trade has crucial implications for the $20 trillion Treasury market...
INDUSTRY Trends/Developments, Open
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September 14th, 2020 - Bloomberg
Inside the biggest bank in Norway, a hedge fund is going over the bond issuers that lost their investment-grade status during the Covid crisis.
One of the strategies at DNB ASA’s Multi Asset fund is to identify so-called fallen angels and place bets on those that appear to have been unfairly demoted to high yield earlier this year.
“It’s a strategy that picks up risk premia in the fallen angels segment,” Anette Hjerto, who runs the fund from Oslo, said in an interview. “There will be good opportunities going forward after what has happened during the corona pandemic...”
FIRM Changes/Developments, Open
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