News

New York-based NewOak Capital has named Mark Ruh as a managing director and senior portfolio manager of financial services investments.

New York Attorney General Andrew Cuomo has sued fund of hedge funds shop Ivy Asset Management, alleging that the firm failed to warn clients about its concerns over Bernard Madoff’s operations.

New Castle Partners founder Mark Kurland has asked a judge for mercy when he is sentenced for his role in the Galleon Group insider-trading scandal.

Paulson & Co. will close its largest hedge funds to new investments this summer, it told clients in a conference call yesterday.

The New York-based firm, which manages $35 billion, said it would restrict inflows into its Advantage funds, which manage about $20 billion. Paulson said it will only take in new money to replace redeemed investments, with further details to come in late June.

April proved a pretty good month for hedge funds, even if they again found themselves trailing the broader markets.

Goldman Sachs will face more lawsuits and further investigations over its role in structuring a collateralized debt obligation for hedge fund Paulson & Co., the Wall Street giant said yesterday.

James Sullivan, a veteran of hedge funds Millennium Management and Oaktree Capital Management, wanted to launch his own hedge fund focused on Asia. But with other startups in the region finding fundraising difficult, he’s gone the other way, returning to investment banking.

Hedge funds appeared to have weathered Thursday’s stock market mayhem—when the Dow Jones Industrial Average plunged nearly 1,000 points only to quick rebound about an hour before the New York Stock Exchange closed.

Settlements with the U.S. Securities and Exchange Commission generally include the bland phrase that the settling party neither admits nor denies any wrongdoing. But a deal with Goldman Sachs over the fraud charges leveled by the regulator could break the mold.

The Colorado hedge fund manager talked out of jumping off of a parking garage last month is now the subject of a criminal investigation.