Author Archives: Editor
Gold hits record on hedge demand
The Sydney Morning Herald – Gold surged to a record for a second straight day as investors stepped up purchases to protect their wealth against currency depreciation. Silver also gained. Gold futures touched an all-time high of $US1218.40 an ounce […]
Jury finds Petters guilty in $3.5B fraud case
AP – A jury delivered a sweeping verdict against Minnesota businessman Tom Petters on Wednesday, finding him guilty of all 20 counts in what prosecutors said was a $3.5 billion Ponzi scheme. Petters, who claimed subordinates carried out the fraud […]
Update 3: State Street Buys $170 Billion UK Fund Admin. Company
New York (HedgeCo.net) – State Street Corporation is expanding its global servicing capabilities with an agreement to acquire alternative fund administration company Mourant International Finance Administration in a cash transaction. The UK company is headquartered in Jersey in the Channel […]
Merlin Securities Launches 24-Hour International and Domestic Trade Coverage
New York (Press Release) Merlin Securities, a leading prime brokerage services and technology provider for hedge funds and managed account platforms, today announced that it has expanded its trading capabilities to include 24-hour international and domestic coverage. Troy Prince and […]
U.S. SEC Subpoenas More Companies in Insider Probe, WSJ Says
Bloomberg – The U.S. Securities and Exchange Commission sent at least 36 subpoenas to financial companies in a broadening investigation of potential insider-trading violations that includes Goldman Sachs Group Inc., the Wall Street Journal reported, citing unidentified people familiar with […]
Barrick closes hedge book early, stock soars
Reuters – Barrick Gold Corp said on Tuesday it had completely eliminated its fixed-price hedge book, allowing the company to take full advantage of rising gold prices and sparking a 7.6 percent rise in its shares. Perhaps appropriately, the announcement […]
Liechtenstein minister worked for K1 hedge fund
Reuters – Liechtenstein justice and foreign minister Aurelia Frick briefly worked for the sales arm of the K1 hedge fund group, whose founder is in custody in Germany pending a fraud investigation, a government spokesman said. The spokesman in Vaduz […]
Swedish Hedge Fund Brummer to Set Up New Bangladesh Stocks Fund
Bloomberg – Brummer & Partners, the largest Scandinavian hedge-fund manager, plans to set up a fund to buy Bangladeshi stocks, betting the south Asian nation will attract investors seeking the world’s next low-cost labor hub. The fund “should not be […]
Hedge Funds Mobilize Against ‘Onerous’ Systemic-Risk Assessment
Bloomberg – Hedge funds are fighting what they call a punitive provision in the U.S. House regulatory overhaul bill that requires the private investment pools to pay into a fund for rescuing failed companies ahead of other financial firms. In […]
Market timing at heart of class action
Globe Investor – When Dennis Fischer began stashing his savings into Investors Group mutual funds in the early 1990s, he expected the fund company would treat all investors equally. He was shocked when IG Investment Management Ltd. negotiated a settlement […]
Corruption probe that became fatal game of Russian roulette for Bill Browder
Telegraph – Bill Browder knows exactly the “darkest day” of his life. It was Tuesday November 17, the day he found out that his colleague Sergei Magnitsky, a Russian lawyer, had died in a squalid Moscow prison awaiting trial. Although […]