(Press release) Mayer & Hoffman Capital Advisors, LLC launched the Corporate Financing Fund, LP, a fund of hedge funds, on April 1, 2005. The Fund is a concentrated portfolio of hedge funds that lend capital or provide equity financing to smaller public companies.
Matthew Hoffman, CIO, explained the rationale behind investing in these vehicles.
“Hedge funds have seized the opportunity in financing smaller corporate entities. Investment banks are cutting back on providing small bond and convertible bond issues while commercial banks don’t want to bother with small company loans.” “As a result,” says Hoffman, “hedge funds have filled the void left by other financial institutions.”
The Mayer & Hoffman Corporate Financing Fund invests in hedge funds that use four types of financings. These are: loans, often on a collateralized basis; private debt, often on terms similar to public bond deals; convertible debt; and, equity structures that may include common and preferred stock and warrants.
Mayer & Hoffman has launched two other funds of hedge funds since inception in January, 2004: the High Alpha Fund and the Low Beta Fund. All the portfolios contain newer managers and specialized funds that are the primary focus of the firm. No online Source
The Van International Investable Index reported a loss of -1.07% for the month of March according to hedge fund consultant Van Hedge Fund Advisors International, LLC, a leading hedge fund consultant. No online Source
The Barclay Group reported today that money under management in managed futures fell from $131.9 billion to $127 billion during the past three months.
“Since year-end 2004, assets under management have declined by $4.9 billion, or 3.7 percent,” says Sol Waksman, president of The Barclay Group. “This decline tracks the 3.11 percent loss in managed futures measured by the Barklay CTA Index during the same period.”
Barclay’s figures show that this is the first quarterly drop in money under management in three years. Since March of 2002, managed futures assets tripled from $40.3 billion to over $130 billion. No online Source
From IPE.com: Canada and continental Europe are the areas that will see the most investment manager search activity in the period ahead, according to Mercer Investment Consulting.
Mercer IC conducted 90 US equity investment manager searches last year, accounting for $6bn of assets placed, making it Mercer IC’s most popular product category, according to its newly released Manager Search Trends Report 2004.
The report details search activity globally and by region, with a breakdown for the US, Canada, the UK, Europe ex-UK, Asia, Australia and New Zealand. Full article: {literal}Source{/literal}
India will introduce Chinese-style special economic zones and scrap the
ceiling on voting rights in private sector banks in an attempt to attract
foreign direct investment and liberalize its financial services sector.
The SEZ bill, which will go before parliament, is intended to extend to
India's export-oriented manufacturing companies the fiscal and labor
advantages that have been enjoyed by the country's world-class
information technology sector.
Businesses setting up in SEZs will be entitled to a 15-year tapered tax
exemption and, subject to decisions taken at state level, also be allowed
to circumvent India's complex and restrictive labor laws. These prohibit
companies with more than 100 employees from sacking workers without state
permission and from employing contract staff for more than three months
without offering them permanent positions.
Many foreign companies view the laws as a deterrent to setting up or
expanding operations in India, which receives only about a tenth of the
foreign direct investment that reaches China. The move was signalled in a
banking reform programme laid out in February by the Reserve Bank of
India that will eventually allow acquisition of Indian banks by foreign
investors. Full story: {literal}Source{/literal}
The currency swap agreements in east Asia providing mutual protection
from financial emergencies could develop into an Asian monetary fund, a
leading Japanese proponent of regional financial integration said
yesterday.
Agreed after the 1997-98 financial crisis, and known as the Chiang Mai
Initiative, the $39bn (€30bn, £20.4bn) in bilateral support arrangements
between Japan, China, South Korea and 10 south-east Asian countries are
expected to double in value and may be transformed into a multilateral
system, Asian finance ministers said on Wednesday.
The suggestion of an Asian monetary fund is controversial because it was
proposed by Japan and others after the Asian crisis but rejected by the
US and the International Monetary Fund. Critics argued that a regional
fund would duplicate the IMF's work and might be unwilling to impose
harsh financial conditions on Asian governments.
East Asian governments have already begun loosening their adherence to
IMF “conditionality”. The finance ministers agreed this week to double
the proportion of emergency funds that could be disbursed without the
beneficiary implementing an IMF programme to 20 per cent from 10 per
cent. Full story: {literal}Source{/literal}
From Financeasia.com: Ronnie Wu, co-founder of $800 million leading Hong Kong-based fund of hedge fund firm Vision Investment Management, has left to launch his own fund-of-hedge-funds firm, Penjing Asset Management.
Wu says Penjing launched with $50 million to $100 million under management. Currently most of the money comes from Wu's wealthy Hong Kong family, the owners of local Wing Lung Bank. However, other family offices and personal relations have also invested. Read on: {literal}Source{/literal}
Malaysian Pension Fund may Invest $1.5 bln abroad
Malaysia's pension fund, trying to find higher-yielding assets to boost returns, may invest as much as $1.5 billion in overseas stock and bond markets, after the central bank eased foreign-exchange controls, its chief executive said. (Bloomberg)
CME to launch futures on 3 ETFs (JP33)
The Chicago Mercantile Exchange said on Thursday it will launch futures
contracts on three U.S. ETFs in June. The contracts on NASDAQ-100 index
tracking stock, S&P 500 depository receipts and iShares Russell 2000 will
trade on the exchange's Globex electronic platform. The S&P 500 and
NASDAQ-100 contracts will trade exclusively at CME. (chicagobusiness.com)
Cambridge Associates loses hedge fund chief
Brendan McCarthy has resigned as director of hedge fund research at Cambridge Associates to launch Nyes Ledge Capital, a Boston-based hedge fund-of-funds firm. Kevin Pirani has also left Cambridge's research department to join McCarthy. (Institutional Investor)
Manulife shareholders applaud: Profit hit by $40M
Shareholders don't often applaud a CEO for a $40-million hit to earnings, but Manulife Financial Corp.'s Dominic D'Alessandro got an ovation Thursday for his handling of the Portus hedge-fund scandal. No online Source
The Third Annual US Private Equity & Venture Capital Summit
May 16-18, 2005 • The Roosevelt Hotel • New York City
INDUSTRY EXPERTS ADDRESS KEY CHALLENGES FACING THE INDUSTRY:
- Where Has The Private Equity Asset Class Succeeded & Future Expectations
- Identifying The Structure Of Funds And How The Private Equity Market Will Look In The Future
- LP Special Interest Debates
- Challenge Of Fundraising In Today's Market - Strategies For Differentiating Yourself As A Mainstream Player
- Sourcing & Investing In New Talent / Emerging Managers
- Future Of Opportunities In Middle Market Investments
- Current Trends In Pricing and Valuations In Secondary Deals And Transactions
- Global Survey of allocations With Special Emphasis On China And Other Key Emerging Markets
For more information, visit
www.superreturn.com or call (+1) 888.670.8200
Upgrade to state-of-the-art tools for hedge fund investment with expert practitioner and internationally acclaimed author François-Serge Lhabitant – limited enrolment course
Attend this exclusive seminar and gain insight into the latest tools for implementing hedge fund programmes, controlling hedge fund risk, and measuring and reporting performance.
Topics covered in the course include:
- New sources of value for Fund of Hedge Funds (FoHF) and Hedge Funds (HF) programmes
- Reconciling alpha picking and style timing with a low-liquidity environment
- Advanced techniques for the optimal design of FoHF and HF programmes
- Using Value at Risk to measure risk and manage hedge fund portfolios
- Building a representative benchmark
- Applying state of the art tools for HF performance and risk attribution
Presented in a practical and highly accessible manner, this course will help you to incorporate the latest results of alternative investment research into your management processes and keep abreast of the best industry practices.
François-Serge Lhabitant is head of investment research at Kedge Capital (London) and professor of finance at EDHEC Business School and the University of Lausanne. He is the author of the best-selling Hedge Funds: Myths and Limits and the recent Hedge Funds: Quantitative Insights.
For further information and registration, email: AIeducation@edhec.edu or call Mélanie Ruiz on +33 493.187.819.
Link to download brochure
Following the great success of the inaugural 2004 Global Hedge Fund
Investment Summit, this event is establishing itself as the premier forum
examining innovative alternative investment strategies, practices and trends
in the North American market.
"An event that will benefit many plan sponsors" Tricia Scrivner, Manager of
Alternatives, MISSOURI STATE EMPLOYEES RETIREMENT SYSTEM
The program for 2005 places a particular emphasis on the needs, demands and
experiences of institutional and other investors. It features a unique
combination of high-level strategic keynote addresses, cutting-edge
presentations from some of the leading figures in the alternative asset
management community and interactive panel discussions that promise
contrasting perspectives and rigorous debate on issues of interest to
investors and fund managers worldwide.
Keynote speakers:
- Tanya Styblo Beder, Chief Executive Officer, TRIBECA GLOBAL INVESTMENTS
- Edgar J. Sullivan, Managing Director, Absolute Return Strategies, GENERAL
MOTORS ASSET MANAGEMENT
- Mark W. Yusko, President, MORGAN CREEK CAPITAL MANAGEMENT
Gain insights from industry experts such as:
- William Cisneros, Managing Director, LYSTER WATSON & COMPANY
- William Grayson, President and Chief Compliance Officer, EGM CAPITAL
- Thomas Hazuka, Chief Executive Officer, MELLON CAPITAL MANAGEMENT
- Michael Horst, Director of Investments, DENISON UNIVERSITY
- Richard Horwitz, Senior Vice President, KENMAR
- Cheryl-Ann Lister, Chairman and CEO, BERMUDA MONETARY AUTHORITY
- Susan Mangiero, Managing Member, BUSINESS VALUATION ANALYTICS
- Mark Szycher, Director of Research and Chief Risk Officer, WESTON CAPITAL
MANAGEMENT
- Steven Weddle, Director, Alternative Assets, ING ALTERNATIVE ASSET
MANAGEMENT
For more information or to register contact Tracey Huggett on
tel: +44 (0)20 7968 4551 or email:
tracey.huggett@incisivemedia.comProgram
link
Renaissance Chicago Hotel, Chicago, IL
May 18 - 20, 2005
Endless possibilities and immense opportunities is what we deliver through our events. As the pioneer in orchestrating the first ever Emerging Managers Summit, Opal Financial Group has once again exceeded industry standards by delivering another highly successful event.
The Emerging Managers Summit aims to provide Institutional Investors the opportunity to meet a select group of up-and-coming managers to learn their various styles and strategies.
Email: info@opalgroup.net
Phone: (212) 532-9898 x230
www.opalgroup.net
Singapore's ONLY dedicated single manager conference returns for its 4th year!
25 - 27 May 2005, Grand Hyatt, Singapore
300+ participants in 2004
60+ speakers in 2005
30+ CEO/CIO speakers
20+ hours of networking opportunity
8 panel discussions
4 year track record
3 full conference days
The 3-day conference will again feature a full day dedicated to single strategy Singaporean hedge funds at the 4th annual Hedge Funds World Singapore. On Day 3, we bring together over 20 of the Singapore's best performing single strategy managers and showcase before an audience of fund of fund allocators and institutional investors. This will also be the perfect environment for other single managers to get an insight into what makes a successful fund and what opportunities exist in this dynamic market.
The forum will again feature the highly successful Asian Masters of Hedge Awards and Gala Dinner. Join us for the conclusion of the event, when we go out with a bang as we celebrate excellence in the Asian hedge fund and fund of funds industries. Last year the awards attracted over 300 delegates for the memorable black tie evening, so don't miss out. Register online at www.hedgefundsworld.com/2005/fof_sg or call Rani at Tel: +65 63222 721, or rani.kuppusamy@terrapinn.com
11th Annual Global Alternative Investment Management Forum
6-10 June 2005, Beaulieu, Lausanne, Switzerland
Meet Over 1500 of The Most Influential Global Asset Allocators, Newest Launches & Innovative Players In Commodities, Hedge Funds & Esoteric Strategies
GAIM 2005: Your Winning Shortcut!
Not only is GAIM 2005 the world’s premier and most comprehensive global alternative investment event – it is simply the largest annual meeting place for the most influential and successful industry players.
Over 250 Speakers!
Independently researched and produced, GAIM is as ever committed to delivering you not only the newest funds, the freshest ideas & most innovative strategies but insights from some of the most experienced and serially successful players in the business. Just some of these include:
- Mark Anson, CalPERS
- Stanley Fink, MAN Group
- J. Morgan Rutman, Harvest
- Paul Gorman, Mayo Foundation
- Stephan Zimmerman, New Smith Capital Partners
- Dr Robert Shiller, Yale University
- Gavyn Davies, Prisma Capital Partners
- Art Samberg, Pequot
- Don Philips, Morningstar
- Sean Simon, Ivy Asset Management
- Avinash Persaud, GAM
- Jamil Baz, Deutsche Bank and many many more....
You will find the full programme and registration details on: http://www.icbi-uk.com/r.asp?uID=287
June 27 – 29, 2005 - The Palace Hotel, San Francisco, CA
Keynote Speakers:
JOHN CALSTY – MUIRFIELD CAPITAL MANAGEMENT
BILL BEANE - OAKLAND ATHLETICS
Other speakers include:
Jeff Andrews, Camden Asset Management
Sean Barron, Allianz Hedge Fund Partners
Rakesh Bhargava, Blue Spruce Global Advisors
Jim Burritt, Thomas H. Lee Capital
Edward Durkee, Athena Risk Advisors
Josh Feuerman, Btn Partners
Josh Galper, Tabb Group
Albert Hsu, Atlantic Philanthropies
Gregg Hymowitz, EnTrust Capital
Meredith Jones, Strategic Financial Solutions
Greg Kulka, New Mexico State Investment Council
Cary Meer, Kirkpatrick & Lockhart
Bob McSweeney, New York Stock Exchange
Adam Nunes, Nasdaq Transaction Services
Donald Pierce, San Bernardino County Employees' Retirement Association
Ed Rayner, Tannenbaum Helpern
Jacob Schmidt, Allenbridge Hedgeinfo
Jack Selby, Clarium Capital
Neil Selfe, Diversified Global Asset Management
Jamie Selway, White Cap Trading
Larry Smith, Third Wave Global Investors
Jon Thorn, India Capital Fund
Bill Wade, Kirkpatrick & Lockhart
Ben Warwick, Quantitative Equity Strategies
George Yepes, Gottex Fund Management
Pension funds and non-profits attend FREE. All Opalesque readers receive 10% delegate rate. Simply register today www.marhedge.com/conferences/sanfran/sanfran_reg.htm, please use “Opalesque” for your promo code.
2005 Hedge Fund Symposium
July 12-14, 2005
Waldorf Astoria, New York, NY
Each July several hundreds institutional investors, hedge fund managers, pension plan sponsors, fund of hedge fund managers, advisors and other leading decision makers convene in New York to take stock of the burgeoning hedge fund industry and discuss the opportunities and challenges that lie ahead. This year’s theme will be on finding alpha-producing niche strategies in an overcrowded landscape.
For more information, please visit www.srinstitute.com/cx545 .
ISSN Number: 1450-1953
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