Tuesday, 23 September 2014
Last updated 2 hours ago
Apr 26 2010 | 12:49pm ET
Moore Capital Management has redoubled its effort to build up its long-term investor base in the wake of more than $5 billion in redemptions during the financial crisis.
In a letter to investors earlier this month, Moore chief Louis Bacon said the New York-based firm hired a new marketing team, which “has had very good success in attracting what we hope is sticky capital from more institutional investors,” MarketWatch reports.
Bacon, who last week was named the richest hedge fund manager in the U.K., also took the time to blast the European Union’s plans to bail out Greece and impose strict new hedge fund regulations, with potentially “disastrous consequences.”
“European financial authorities see hedge funds particularly as a threat to their ability to contain prices, information and confidence in their increasingly risky sovereign-debt markets,” Bacon wrote. “Witness their demonization of hedge funds in the market revolt after the Greeks were found to be lying about their deficit data.”
Bacon criticized European leaders for deciding “to reward the prodigal Greeks with a bailout, socializing their ills and taxing once again the prodigious Northern European workers,” inflicting a potential fatal wound to the euro.
“Perhaps the most interesting area for the foreseeable future is the potential breakdown of the European Monetary Union,” he wrote.
Still, Moore is not above trying to profit from Europe’s profligacy.
“We are positioned with a net long duration exposure to Greek bonds, which explains a drag on performance month-to-date,” Bacon said. “We are expecting the European authorities to move beyond uninformed blame-casting and begin bailing out Greece.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.