Top Hedge Fund News Wrap: 10/22-10/26
It’s Better to Give When You Cannot Receive. In a year of ups and downs for the hedge fund industry, many of the titans in the space have found it tough to earn… so they’ve decided to give it away. John Paulson and Michael Tennenbaum headlined the news this week with a $100 million donation to the Central Park Conservancy and a $10 million donation to the Smithsonian Institution, respectively. In addition, Tom Steyer of Farallon Capital Management is stepping down to pursue his philanthropic activities.
- Forbes (Paulson)
- Wall Street Journal (Paulson)
- NY Times (Paulson)
- Washington Post (Tennenbaum)
- Bloomberg (Tennenbaum)
- Forbes (Steyer)
- Reuters (Steyer)
Are You Ready to Rumble? Hedge fund boxers participated in the 6th Annual Hedge Fund Night in Hong Kong this week. A fundraising event that lets companies keep bragging rights and do good for the community. Boxing matches between financial services firms have actually been around Hong Kong for more than a decade or even longer. However, they have always been kept on the down-low. It’s interesting that as hedge funds have been allowed to market themselves in the US and as the widespread appeal of mixed martial arts (MMA) have helped to remove the stigma of blood sports, hedge funds are embracing brand-building smokers like this one that were typically kept out of the limelight.
News in Brief
Hedge funds buying Greek bonds, raising market prices.
Odey Asset Management gambles and bets on Man Group’s recovery.
Rich private investors turning away from hedge funds because new source of money, pension funds and insurance companies, want to play it safe.
Asuka Asset Management launched a new insurance-limited securities (ILS) fund to target invesotrs in Japan and Asia
Niche marketing. Blackstone plans to target secondary hedge fund markets and take stakes in hedge fund managers with a new fund. Blackstone’s hedge fund group currently has $46.2 billion in assets under management and is looking to attract $2-3 billion for the new fund. The new fund will allow traditional managers to exit their investments in hedge funds.