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Alternatives: Goldman vs. JP Morgan
Chidem Kurdas Do alternative investments, primarily private equity and hedge funds, have a future at investment banks? The impact of new regulation is not yet fully observable. So far, Goldman Sachs...
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Can Permal Buck Trend?
Funds of funds as a group have not recovered from the Madoff scandal and the 2008 crisis. A few large managers did better than the rest but many investors remain skeptical. Among the better-placed fund...
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Black Diamonds Get Noticed
Chidem Kurdas Investors are always on the look-out for the next great manager, though the top league of large hedge funds has not changed much in years and consists mostly of the same names. One firm...
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Hopeful Signs
Chidem Kurdas In the last two days there were three news items suggesting positive developments for hedge fund capital raising. One is that Blackstone Group increased its total assets to $166 billion...
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Investors Withdraw from Europe
Chidem Kurdas Hedge fund clients, including large institutions, have been paring down their holdings in Europe. This appears to be a response not only to the ongoing crisis centered on Greece’s...
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Goldman on Bond Market Volatility
Goldman Sachs credit managers expect sharp price movements in high-yield bonds if there are substantial outflows from funds holding such debt. The volatility is greater than it would be otherwise...
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Goldman Bond Follow-up Re European Crisis
The Goldman Sachs commentary on volatility in the junk bond market, quoted in the post below, suggests an added risk factor should investors move substantial capital out of this asset class. The...
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The Occasional Charm of Short Sellers
Chidem Kurdas Every once in a while, investors stampede to short sellers. This May was one of those rare times. According to Credit Suisse data, dedicated short bias managers had the largest inflows of...
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Permal Persists; Blackstone Near Top
Chidem Kurdas Competition for capital is intense among the few large funds of funds managers left standing after the shakeout in 2008-2009. Sounds like Blackstone Group’s hedge fund investment division...
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Viking Retains Confidence Despite Rough Sailing
Chidem Kurdas Andreas Halvorsen looks to be a winner through ups and downs. His Viking Global funds received capital from some big institutions this year, despite reports of people leaving the firm....
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Weak FoF Returns; Clients Leave
Chidem Kurdas (MATERIAL ADDED 2/13) 2012 was a bad year for fund of funds. Even some highly regarded managers did not do well. Thus a multi-billion-dollar portfolio of big-name hedge funds, run by...
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Duquesne Veteran Gets Big Investors
After Stanley Druckenmiller closed Duquesne Capital in 2010, his investment team scattered. Wojtek Uzdelewicz, who managed a technology fund at Duquesne, started his own business, Espalier Global. He...
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Goldman Sachs Upholds Investor Differences
Chidem Kurdas A hedge fund investment vehicle managed by Goldman Sachs affirms the right to differentiate between groups of investors, either by issuing separate share classes or through side letters...
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The DE Shaw Paradox
Chidem Kurdas DE Shaw Group is among the most highly regarded managers. Its funds are to be found in the largest portfolios, whether belonging to institutions or individuals. So I find the following...
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Long Afterlife of Credit Crisis Casualty
Chidem Kurdas The death of a hedge fund, unlike the end of Willy Loman in Death of a Salesman, takes a while. Often years. Even so, six years is long time for a dead hedge fund to linger on the books,...
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Taper Time Tactics
Chidem Kurdas No cold turkey, Ben Bernanke promises. The idea is to gently withdraw the emergency monetary stimulus instituted in the financial crisis and continued, in some form or another, ever...
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Blackstone Sanguine on Fed Policy
Chidem Kurdas The message from Blackstone group is notably upbeat. The sunny outlook is in part due to confidence in the Federal Reserve’s ability to reduce its bond purchases without causing economic...
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AQR Closes Fund to New Clients
Chidem Kurdas With total assets more than doubling in the past two years, AQR Capital Management can afford to be picky. The firm closed a multi-strategy fund to new investors but made an exception for...
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Multi-Asset Trend as Feeders Decline
Diversified portfolios of various types of investments may replace fund of hedge funds. For the latter, bad times continue. They’ve shed more assets in July and had net inflows in only three of the...
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Goldman Raised $1.6B
Chidem Kurdas Goldman Sachs managed to sell interests in a fund of hedge funds to the tune of about $1.606 billion. The buyers appear to be accredited high-worth investors who acquired the securities...
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