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A $12 Billion Asset Manager Wants Out of the Hedge Fund ‘Fee Racket’

South African money manager Sygnia Ltd. closed all its hedge-fund products, ending a 13-year history with an investment strategy its chief executive officer now calls a ruse to pocket fees.

“Once you know that the emperor has no clothes you cannot in good conscience support what has become a management-fee racket,” Chief Executive Officer Magda Wierzycka wrote in an opinion piece in Johannesburg-based daily newspaper, Business Day...

Former Moore Capital PM joins UBS in latest sell-side trading coup

A former macro portfolio manager at Moore Capital and BlueCrest has joined UBS as a senior LATAM rates and FX trader. Sergio Kostek started at UBS in New York in July as an MD.

Kostek represents the latest buy-side veteran to jump ship for a trading role at an investment bank. Goldman Sachs re-hired former macro prop trader Robert Surgent in June after he spent seven years as a portfolio manager working for Tudor Investment Corp. and...

Now Rokos is hiring technologists and junior risk analysts from banks too

It's not just traders and researchers who can move from banking to hedge funds. Rokos Capital Management, the growing London hedge fund founded by former Brevan Howard trading star Chris Rokos, also has a thing for hiring from banks' more middle office functions, sometimes at a comparatively junior level.

Rokos' recent hires include a litany of programmers and quant developers, typically from a banking background. The fund is also hiring a new graduate with an interest in machine learning for its engineering function...

Point72 ramping up recruiting through academy expansion

Point72 Asset Management made headlines in 2015 when it launched its own school of sorts – a nearly year-long paid training program aimed at molding college graduates into investment professionals with the hope of bringing them on full-time, if they impress. The first program of its kind, Point72 Academy was met with some initial skepticism. Traditionally, hedge funds fill their analyst classes with former sell-side bankers that come pre-trained, usually with at least two years of experience under their belt. “At the time, even we didn’t know if it was going to work,” said Jaimi Goodfriend, director of Point72 Academy.

Fast-forward three years and Point72 is increasing its position in the academy – adding more classes, more seats and expanding the program internationally...

MassPRIM earmarks $1.25 billion for 7 funds

Massachusetts Pension Reserves Investment Management Board committed or invested a total of $1.25 billion to seven funds.

Hedge Fund IDG Capital Allocates $20M in Dexon

Hedge fund firm IDG Capital has allocated $20 million to blockchain-enabled private placement Dexon, a company founded by Cobinhood, a cryptocurrency services platform and zero-fee exchange endorsed by U.S. football player Richard Sherman.

In a statement, Dexon said unidentified angel investors who believe in the potential of the super-fast decentralized protocol also made investments...

How to read the weird hedge fund dress code

There were a lot of things I disliked about working for an investment bank.

First among them was the pay, or lack thereof (nobody gets into finance for altruistic reasons). But right up there on my very long list of dislikes was the dress code. I worked at one of those stodgy European banks, so I was expected to wear a suit and tie. Every. Single. Day. It didn't matter that I rarely met with clients. Or saw anybody else other than members of my own team. I was expected to look "professional". It didn't matter that I didn't act professional. What was important was that I looked the part...

PennPSERS earmarks $425 million for alts, retains Aon Hewitt as consultant

Pennsylvania Public School Employees' Retirement System set $425 million for two alternatives funds and rehired Aon Hewitt as its consultant...

Artemis looks to sell stake in Busson’s hedge fund group

A top five shareholder in the hedge fund group run by Arpad “Arki” Busson is looking to sell down its stake following heavy losses at the Swiss money manager.

Artemis, a UK asset manager which holds a stake of 6 per cent in LumX through its Artemis Alpha Trust, is trying to exit its holding, according to a person with knowledge of the situation...

Michael Spencer invests $40m in Europe-focused hedge fund

Michael Spencer, chief executive of Nex Group, is backing a hedge fund start-up in London with an investment of about $40m made through his private investment group, according to a person familiar with his plans.

The hedge fund, Viewforth Investment Partners*, is being launched by Richard Black, a co-founder of Abberton Capital, another London-based hedge fund....

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