Top Hedge Funds Raise Big Bucks Amidst Turmoil

Oct 30 2008 | 10:25am ET

Like most of their hedge fund brethren, Steven Cohen, David Einhorn and Paul Singer are facing redemptions. Unlike other hedge funds, however, they are able to replace it.

Faced with investors withdrawing big chunks of change, the high-profile hedge fund trio have reopened funds long closed to new investors and have raised billions of new dollars to replace the unhappy investors heading for the doors. Singer’s Elliott Management Corp. has raised $3 billion in the third quarter, and plans to raise another $1 billion, Bloomberg News reports.

Of course, it’s easier to raise new money when you are making money, as is Elliott, which has returned about 6% this year. Likewise, Brevan Howard Asset Management’s Brevan Howard Macro Fund, which is up 17% this year, has more inflows than outflows, according to Bloomberg.

By contrast, Cohen’s SAC Capital Management and Einhorn’s Greenlight Capital, which are down this year, are leveraging their reputations to bring in new money. Greenlight is seeking several hundred million dollars this year for three stock funds that have been closed to investors for almost three years. Cohen is planning to open his SAC Capital International Fund for the first time in three years in January.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note