1 2 3 4 5 6 7 8 9 10 11 12 NEWS, ANALYSIS AND COMMENTARY LEAGUE TABLE: PRIME BROKERS Goldman Sachs tops the list ahead of UBS. page 9 PERFORMANCE SNAPSHOT Harmonic Capital and Fort LP head the CTA/ managed futures tables. page 8 FROM THE MINUTES Connecticut may seek a fund of hedge funds. San Antonio’s Fire & Police Pension Fund moves closer to filling its direct lending man- date. page 4 REGION REPORT Asian hedge funds, led by Myriad Asset Man- agement and Azentus Capital, outperformed global peers in 2012. page 3 FUND LAUNCHES Palmer Square Capital started a credit fund with Fountain Capital Management. page 4 RESEARCH ROUND-UP Female hedge funds outperform the industry average, according to Rothstein Kass. page 5 FROM THE COURTS Leonard Blavatnik sues JPMorgan over RMBS fund. Chip Skowron appeals Morgan Stanley decision. page 6 OVER THE HEDGE BlueMountain Capital’s Jes Staley attends Mu- seum of American Finance gala. page 7 CALENDAR pages 10-11 SPOTLIGHT Exis Capital Management founder Adam Sender on how his fund produced double digit gains in 2011 and 2012. page 12 BY KELLY BIT Charles Simonian, a former portfolio manager at SAC Capital Advisors LP’s Sigma Capital unit, plans to start a long-short equity hedge fund, according to a person with knowledge of the matter. Simonian, 41, will begin New York-based Trove Capital Management LLC in March or April, said the person, who asked not to be identified because the information isn’t public. The fund will focus on industrial, consumer, media, telecommunications and business services stocks with market capitalizations of $1 billion or more, and its capacity for as- sets is at least $1 billion, the person said. Simonian confirmed the start of his fund. Simonian joined SAC’s Sigma Capital unit in 2008 and left in September, the person said. At SAC, the Stamford, Connecticut-based hedge fund run by Steven A. Cohen, Simonian invested in the same industries his new fund will target, the person said. Josh Fischer, 42, a former portfolio manager at SAC from 2008 to 2010 who also traded in industrials, consumer, media and telecommunications stocks, will join Simonian at Trove Capital as director of research, the person said. Simonian has also hired a chief financial officer and may add one or two analysts. Prior to SAC, Simonian was founder and portfolio manager of Exton Capital Manage- ment LLC, a hedge fund that invested in the same areas he’ll focus on at Trove Capital, from 2005 to 2007, the person said. Before that, Simonian was a partner and portfolio manager at Gracie Capital LLC from 1999 to 2004. From 1996 to 1998, he was a vice president at Atticus Capital LLC. He started his career as a merger and acquisitions investment banking analyst at Gleacher & Co. from 1994 to 1996. Trove Capital’s prime brokers are Goldman Sachs Group Inc. and JPMorgan Chase & Co. and the fund will have a one-year soft lock-up period, the person said. In a soft lock up period, investors can usually take out their money before the term finishes if they pay a redemption fee. The U.S. Securities and Exchange Commission told SAC in November it is consider- ing pursuing civil fraud claims related to alleged insider trading in two drugmakers. The investigation marks the first time government officials linked Cohen, 56, to trades at the center of an insider-trading case, as part of their multiyear probe into the hedge fund industry. Cohen hasn’t been charged with any wrongdoing. SAC has told portfolio managers it will raise their bonuses by 3 percentage points to help retain employees amid the probe by regulators, a person familiar with the matter said last week. The managers are typically paid an annual bonus of about 15 percent to 25 percent of the profits they generate from their trades, another person said. Ex-SAC Portfolio Manager Simonian to Start Fund INVESTOR ALLOCATION SEARCH SPECIFICS MANAGER REQUIREMENTS SRF Group Pte N/A Fund of hedge funds SRF Germinate Fund, started Dec. 1, seeks up to six “early stage” managers based in Asia. Equity-related strategies preferred. At least 10 percent returns sought. See story, page 5, for more information. Simple Alternatives LLC $10 million Ridgefield, Connecticut-based fund of funds seeks a long/ short equity manager. “Botttoms-up, fundamental stock picker” with about $500 million in assets preferred. Funds should use single-name shorts, not exchange-traded funds. See story, page 4, for more information. Los Angeles County Employees Retirement Association N/A Public pension seeks “one or more full-service real estate investment firm(s) with capabilities of investing in core, value-add and high return strategies.” Five year track record, “minimum of $2.5 billion of institutional real estate assets under management.” See RFP for more information: http://bit.ly/UNabmB NEW MANDATES BRIEF Bloomberg Hedge Funds 01.15.13 www.bloombergbriefs.com
Transcript
1 2 3 4 5 6 7 8 9 10 11 12
News, aNalysis aNd CommeNtary
league table: prime brokersGoldman Sachs tops the list ahead of UBS. page 9
performance snapshotHarmonic Capital and Fort LP head the CTA/managed futures tables. page 8
from the minutesConnecticut may seek a fund of hedge funds. San Antonio’s Fire & Police Pension Fund moves closer to filling its direct lending man-date. page 4
region reportAsian hedge funds, led by Myriad Asset Man-agement and Azentus Capital, outperformed global peers in 2012. page 3
fund launchesPalmer Square Capital started a credit fund with Fountain Capital Management. page 4
research round-upFemale hedge funds outperform the industry average, according to Rothstein Kass. page 5
from the courtsLeonard Blavatnik sues JPMorgan over RMBS fund. Chip Skowron appeals Morgan Stanley decision. page 6
oVer the hedgeBlueMountain Capital’s Jes Staley attends Mu-seum of American Finance gala. page 7
calendarpages 10-11
spotlightExis Capital Management founder Adam Sender on how his fund produced double digit gains in 2011 and 2012. page 12
By KELLy BiTcharles simonian, a former portfolio manager at sac capital advisors lp’s Sigma
Capital unit, plans to start a long-short equity hedge fund, according to a person with knowledge of the matter.
Simonian, 41, will begin New york-based trove capital management llc in March or April, said the person, who asked not to be identified because the information isn’t public. The fund will focus on industrial, consumer, media, telecommunications and business services stocks with market capitalizations of $1 billion or more, and its capacity for as-sets is at least $1 billion, the person said.
Simonian confirmed the start of his fund.Simonian joined SAC’s Sigma Capital unit in 2008 and left in September, the person
said. At SAC, the Stamford, Connecticut-based hedge fund run by steven a. cohen, Simonian invested in the same industries his new fund will target, the person said. Josh fischer, 42, a former portfolio manager at SAC from 2008 to 2010 who also traded in industrials, consumer, media and telecommunications stocks, will join Simonian at Trove Capital as director of research, the person said. Simonian has also hired a chief financial officer and may add one or two analysts.
Prior to SAC, Simonian was founder and portfolio manager of Exton Capital Manage-ment LLC, a hedge fund that invested in the same areas he’ll focus on at Trove Capital, from 2005 to 2007, the person said. Before that, Simonian was a partner and portfolio manager at Gracie Capital LLC from 1999 to 2004. From 1996 to 1998, he was a vice president at Atticus Capital LLC. He started his career as a merger and acquisitions investment banking analyst at Gleacher & Co. from 1994 to 1996.
Trove Capital’s prime brokers are Goldman Sachs Group inc. and JPMorgan Chase & Co. and the fund will have a one-year soft lock-up period, the person said. in a soft lock up period, investors can usually take out their money before the term finishes if they pay a redemption fee.
The U.S. Securities and Exchange Commission told SAC in November it is consider-ing pursuing civil fraud claims related to alleged insider trading in two drugmakers. The investigation marks the first time government officials linked Cohen, 56, to trades at the center of an insider-trading case, as part of their multiyear probe into the hedge fund industry. Cohen hasn’t been charged with any wrongdoing.
SAC has told portfolio managers it will raise their bonuses by 3 percentage points to help retain employees amid the probe by regulators, a person familiar with the matter said last week. The managers are typically paid an annual bonus of about 15 percent to 25 percent of the profits they generate from their trades, another person said.
srF Group Pte N/a Fund of hedge funds srF Germinate Fund, started dec. 1, seeks up to six “early stage” managers based in asia.
equity-related strategies preferred. at least 10 percent returns sought. see story, page 5, for more information.
simple alternatives llC $10 million ridgefield, Connecticut-based fund of funds seeks a long/short equity manager.
“Botttoms-up, fundamental stock picker” with about $500 million in assets preferred. Funds should use single-name shorts, not exchange-traded funds. see story, page 4, for more information.
los angeles County employees retirement association N/aPublic pension seeks “one or more full-service real estate investment firm(s) with capabilities of investing in core, value-add and high return strategies.”
Five year track record, “minimum of $2.5 billion of institutional real estate assets under management.” see rFP for more information: http://bit.ly/UNabmB
nEw MAndAtES
BRIEF Bloomberg Hedge Funds 01.15.13
www.bloombergbriefs.com
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rEturnS In BrIEF ■ elliott management corp., the $21 billion New
york-based hedge fund founded by billionaire investor paul singer, posted a 1.4 percent estimated Decem-ber gain in its Elliott international Ltd. Fund, according to an update sent to investors. The return brings its 2012 advance to 12 percent. Elliott Management did not immediately respond to a request for comment.
■ black river asset management llc, the $5.6 billion Hopkins, Minnesota-based firm, returned an estimated 4.6 percent last month in its Black River Equity Relative Value Fund, bringing yearly returns to 2.8 percent, according to a person familiar with the matter. The fund, launched in March and co-managed by martin smith and Jack clarke, has $122 million in assets, invests predominantly in global equities and employs event-driven and rela-tive value trading. Black River was founded in October 2003 by five founding princi-pals including gary Jarrett, the firm’s managing principal and chief executive officer. mike grover, senior managing director of investor relations, declined to comment on the returns.
■ monarch alternative capital lp, the $5 billion New york-based firm that focuses on the debt of distressed and bankrupt companies, posted a 0.4 percent December gain in its Monarch Structured Credit Fund - Series i, bringing its 2012 returns to 17 percent, according to a performance update obtained by Bloomberg. Series ii of the fund gained 1.8 percent last month and 27 percent in 2012. Series iii rose 1 percent in December and 23 percent last year. Series iV, which opened in December, climbed 0.9 percent during the month. Monarch’s co-founders and co-portfolio managers are michael Weinstock, andrew herenstein and christopher santana, according to a July marketing presentation obtained by Bloomberg. The firm did not immediately respond to a request for comment.
■ skybridge capital llc, the $7 billion New york-based investment firm run by anthony scaramucci, rose 0.7 percent in December in its Series G fund of funds, bringing yearly gains to 20 percent, according to a performance update to investors obtained by Bloomberg. The multistrategy fund of funds, run by troy gayeski, has $3.2 billion in assets. Suzanne Hallberg, a spokeswoman for SkyBridge, declined to comment on the returns.
■ saiers capital llc’s $600 million Alphabet Partners fund rose 1.3 percent in December and 10 percent in 2012, according to a person familiar with the matter. The fund is run by nelson saiers, a former managing director for proprietary derivatives trading at Deutsche Bank AG. Nathaniel Garnick, a spokesman for New york-based Saiers Capital, declined to comment on the returns.
■ mkp capital management llc, the $6.4 billion New york-based hedge fund, rose 2.9 percent in December in its MKP Opportunity fund, bringing 2012 gains to 6.8 percent, according to a person familiar with the matter. The global macro fund has $3.8 billion in assets and is run by patrick mcmahon. MKP Credit rose 2.5 percent last month and 20 percent last year. The $2.1 billion fund is managed by Anthony Lembke. The MKP Partners fund, a fixed income relative value strategy run by richard lightburn with $150 million in assets, rose 0.8 percent in December and 7.8 percent last year. Konstantin Shishkin, a spokesman for MKP Capital, declined to comment on the returns.
– Compiled by Kelly Bit
For this week’s Performance Snapshot, featuring CTAs/managed futures funds, see page 8.
“It’s not risk aversion, it’s less ego.”
– Kathleen Kelley, chief investment officer at Queen Anne’s Gate LLC, on why female
hedge fund managers post higher gains than their male counterparts
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TAKE A NEW LINE WITH YOUR EQUITY
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the prospectus carefully before investing.
The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investors cannot invest directly in an index. The S&P 500 Index fi gures do not refl ect any fees, expenses or taxes. Ordinary brokerage commissions apply. ETFs are considered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a high level of trading activity.
Select Sector SPDRs are subject to risks similar to those of stocks, including those regarding short-selling and margin account maintenance. All ETFs are subject to risk, including possible loss of principal. Funds focusing on a single sector generally experience greater volatility. Diversifi cation does not eliminate the risk of experiencing investment losses.
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Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF
Time For A Stock Alternative
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the prospectus carefully before investing.
The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are The S&P 500, SPDRs, and Select Sector SPDRs are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use. The stocks included in
published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are
index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The
Consumer Discretionary - XLY Consumer Staples - XLP Energy - XLE Financial - XLF Health Care - XLV Industrial - XLI Materials - XLB Technology - XLK Utilities - XLU
Potential benefi ts of adding Sector SPDR ETFs to your portfolio include:• Undiluted exposure to a specifi c sector of the S&P 500
azentus capital management ltd. post-ed gains in 2012 as a market rebound in the last months of the year helped Asian hedge funds outperform global peers.
The Myriad Opportunities Master Fund, a $1.4 billion multistrategy fund led by carl huttenlocher, former Asia head of Highbridge Capital Management LLC, returned about 7 percent last year, said two people with knowledge of the perfor-mance. Azentus’s $1.7 billion multistrategy fund reversed earlier losses to post a gain of about 1 percent for the year, said two others with knowledge of the returns.
An index tracking Asian hedge funds advanced 9.7 percent in 2012, according to Singapore-based data provider Eureka-hedge Pte. That beat the 6.2 percent re-turn by Eurekahedge’s global benchmark.
Assets of the Myriad Opportunities fund,
which started trading in Hong Kong in December 2011, have grown to $1.7 bil-lion, one of the people said. The fund has indicated that it will soon stop taking ad-ditional money after existing investors take assets to $2 billion, the person added.
Azentus’s fund, overseen by former Goldman Sachs Group inc. proprietary trader morgan sze, focuses on Asia and employs strategies including event-driven, capital structure and convertible-bond arbitrage, distressed, volatility trading, private securities and equity long-short.
Not all funds saw gains in the year. The event-driven fund of senrigan capital group ltd., founded in Hong Kong by former Citadel LLC executive nick taylor and backed by Blackstone Group LP, pared its loss to about 11 percent after four consecutive positive months, accord-ing to an investor newsletter. Assets of Senrigan Master Fund increased to $506
million, according to investor newsletters.The $420 million Asian Opportunities
fund of New york-based York capital management returned 11 percent last year, driven by a 6.3 percent gain in the fourth quarter, according to an investor newsletter.
tybourne equity fund, the Hong Kong manager founded by former regional head of Lone Pine Capital LLC eashwar krish-nan, returned about 5 percent in 2012, said a person with knowledge of the mat-ter. The fund started trading on July 2 with $500 million, two people with knowledge of the matter said then.
Myriad Chief Operating Officer scott gaynor, Azentus COO roger denby-Jones, Senrigan’s investor relations officer katarina bendle, Tybourne COO tanvir ghani and feng hsiung, Asia chief executive officer at york Capital, declined to comment.
rEgIon rEPort
Myriad, Azentus Post gains as Asian hedge Funds Beat Peers
Simple Alternatives Searches for long/Short Equity Strategysimple alternatives llc, the $70 million Ridgefield, Connecticut-based fund of
funds that launched in 2011, is seeking a long/short equity manager for an allocation starting at $10 million.
The firm prefers a bottoms-up fundamental stock picker with about $500 million in assets, Jim dilworth, founder and chief executive officer, said in an e-mail.
Simple Alternatives prefers funds with no more than 50 percent net exposure and less than 150 percent gross exposure, Dilworth said. it will not consider managers that use exchange-traded funds. Managers should use single-name shorts to gener-ate risk-adjusted returns, rather than as offsetting bets, he said.
Simple Alternatives currently invests in five underlying funds, Dilworth said. The firm would consider being a “day-one investor” for “the right manager with a solid pedigree and track record,” he said.
– Kelly Bit
Palmer Square Starts Credit Pool with Acquired hedge Fundpalmer square capital management, the $1.8 billion Leawood, Kansas-based
credit and alternative investment firm majority owned by mariner holdings llc, started a credit fund with Fountain Capital Management LLC, the high-yield bond and bank loan portfolios firm Palmer Square acquired this year.
The $50 million Palmer Square Opportunistic Credit Fund launched in November, primarily investing in secondary mezzanine and equity collateralized loan obligations, according to a person familiar with the matter. The fund, run by angie long, chief investment officer of Palmer Square, and erin carney, portfolio manager and partner of Fountain Capital, has a one-year lock-up period.
Palmer Square bought a majority stake in Fountain, the firm said in a statement last week, its first credit fund acquisition. Fountain, based in Leawood and founded in 1990, had previously done advisory work within Palmer Square’s mutual funds.
“We’re not planning on being incredibly acquisitive -- this is a partnership we’ve had for a long time,” Long said in a telephone interview.
Palmer Square last year sought emerging managers for allocations, a search that has since been completed, Long said. The last investment the fund of funds made was in Geneva Arbitrage Fund LP in September.
– Kelly Bit
gapstow Sees rMBS gains, Eyes Clo opportunitiesgapstow capital partners, the $650 million New york-based fund of funds, sees
opportunity in non-agency residential mortgage-backed securities, collateralized loan obligation equity, regulatory capital transactions, trust preferred collateralized debt
obligations and community bank equity, chris acito, chief executive officer and chief investment officer, said during a presentation last week.
While home loan debt not backed by the U.S. government rallied in 2012 and early 2013, prices have only matched 2010 peaks, Acito said. The firm favors funds investing in non-agency RMBS that target option-ARM, seasoned sub-prime, home equity line of credit and second lien segments, as well as put-back strategies.
Gapstow expects CLO issuance to continue in 2013 and a pickup in regulatory capital transactions as banks are able to get beneficial capital treatment for assets if they share the risk with external parties, such as hedge funds, Acito
BrIEF ExCluSIvES
■ The state of connecticut will expand its “Connecticut Horizon Fund initiative,” a subset of its Alter-native investment Fund, “through a competitive search for a sepa-rately managed account fund of hedge fund manager,” according to statements attributed to Treasurer Denise L. Nappier in the minutes of its Dec. 12 investment advisory council meeting.http://bit.ly/WHPE2z
■ fire & police pension fund san antonio is scheduled to discuss and possibly take action on its search for a direct lending manager at its investment committee meeting tomorrow. Candidates include Gen2, Highbridge and White Oak, accord-ing to meeting agenda.http://bit.ly/WHDZRj
■ milwaukee county employees’ retirement system has placed managers AQR, Barings EM and K2 on alert, according to minutes from its Jan. 3 meeting.http://bit.ly/Ves54C
■ sacramento county employ-ees’ retirement system will decide on a “proposed engage-ment” with Grosvenor Capital at its retirement board meeting tomorrow. SCERS will also receive an “educa-tional presentation” by Claren Road Capital Management, according to agenda items. http://bit.ly/105zffB
■ fresno county employees’ retirement association had $48 million invested in CSP - Common Sense Partners LP, a holding that was down 4 percent in 2012 through Nov. 30, according to performance summaries included for discussion at its board meeting tomorrow.http://bit.ly/W2Vugu (meeting agenda)http://bit.ly/W2Vugu (performance)
said. Community banks are attractive as the banking industry continues its recovery, he said. One way to gain exposure to community banks is through trust preferred CDOs, he said.
Gapstow gains exposure to the areas in which the firm sees opportunity through hedge fund managers and in some cases direct investments, Acito said.
– Kelly Bit
lAunChESEx-uBS Banker Starts Asia Fund of hedge Funds
A former UBS Securities Japan Ltd. prime broker and a manager at Zest asset management co. have started a fund of hedge funds that will invest mainly in Asia-based managers seeking to grow.
The SRF Germinate Fund started on Dec. 1 with $20 million and has grown to $35 million, said osamu Yamashita, chief executive officer of Singapore-based srf group pte who set up the fund with Zest manager toshikazu Yamazaki. it is in-vested in nine funds in Asia and returned 1.5 percent the first month, yamashita said.
The SRF fund plans to capitalize on finding emerging hedge funds in the region. Some 821 funds started last year, compared with 1,139 in 2011, according to Singa-pore-based data provider Eurekahedge Pte.
“Money has been flowing to bigger managers that are requiring longer track record and larger assets,” yamashita, 45, said in an interview in Singapore. “For us, none of that matters. So long as we can find quality managers, we are willing to become an early-stage investor and that’s where we think we can find the low-hanging fruit.”
SRF is betting that Japan-focused managers will outperform at least until March after a leadership change in December, said yamazaki, 33, senior fund manager of SRF, said in the interview. Eight out of nine managers that the fund invests in are Japanese hedge funds, with strategies dominated by equity long-short, he said.
The fund will get an additional $15 million from investors on Feb. 1, bringing total assets to $50 million, yamashita said, adding that it targets $120 million in three years. it will invest in about 10 to 15 managers and aims to get at least 10 percent return annually, yamazaki said.
– Tomoko Yamazaki and Komaki Ito
Carval Investors raises $1.1 Billion for distressed debt FundCarVal investors LLC, the asset-manager unit of cargill inc., raised $1.1 billion for
a distressed debt credit fund as it seeks to invest in assets off-loaded by European banks shrinking their balance sheets.
The CVi Credit Value Fund ii, which CarVal expects to close later this year, will invest in a range of debt, including corporate bonds, mortgage-backed securities and loan portfolios, the Minneapolis-based company said in an e-mailed statement.
“The fund will invest globally in distressed credit opportunities coming from the dele-veraging of financial institutions in Europe and beyond,’’ according to the statement.
European banks will sell off about 60 billion euros ($80 billion) of loans this year, compared with 45 billion euros sold in 2012 and 36 billion euros in 2011, according to estimates by PricewaterhouseCoopers LLP on Jan. 4.
CVi Credit Value Fund i, a CarVal-managed credit fund that already invests in distressed debt, recorded a 28.4 percent return in the first 10 months of 2012, CarVal said Nov. 28.
CarVal, founded by Cargill in 1987 to focus on proprietary and high-yield debt trad-ing, agreed to buy 380 million euros of non-performing real estate loans from Lloyds Banking Group Plc in November, paying about 25 percent of the face value, people with knowledge of the transaction said at the time.
female managers beat average returns: studyBy KELLy BiT
Female hedge fund managers posted average gains of 9 percent last year through the third quarter, beating the overall industry, accord-ing to a report by Rothstein Kass.
Hedge funds overall rose 2.7 percent on average over the same period, according to Hedge Fund Research inc. The Standard & Poor’s 500 index rose 16 percent during that period. Over five years, hedge funds run by women gained 20 percent, compared with a 14 per-cent loss for the industry, according to Rothstein Kass and HFR, and a 5.4 percent rise in the S&P 500.
“Studies have consistently shown that women tend to have different risk-reward profiles than men, which could lead to disconnects between how the constituents want their money managed and how it actually is managed,” Rothstein Kass said in the report.
“The literature out there suggests that it’s not risk aversion, it’s less ego,” said kathleen kelley, chief investment officer of New york-based Queen anne’s gate llc. “Women tend not to get so married to an idea when they’re traders -- they will cut loss.” The bar is high for female entrants in a male-dominat-ed industry, which may be another explanation for why those who start their own funds or lead investment teams at firms post higher average performance, Kelley said.
Rothstein Kass created an index of 67 hedge funds run by women that reported monthly performance to either HedgeFund.net or HFR, it said in its annual Women in Alterna-tive investments report. The funds were selected based on individual knowledge of women-owned or -managed status or the presence of female principals in the HFR diver-sity category listing, the firm said.
rESEArCh round-uP
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FroM thE CourtS
Blavatnik Says JPMorgan ‘Stuffed’ Fund with risky rMBSJPMorgan Chase & Co. filled a fund started by billionaire Leonard Blavatnik with risky
mortgage securities instead of the conservative investments it was told to make, lawyers for Blavatnik told a New york state judge.
The CMMF fund was started by Blavatnik’s Access industries in 2006 as a “short-term, highly liquid and very conservative cash management account,” according to court filings. JPMorgan “stuffed” the account with risky mortgage securities, turning it into something it was never meant to be, said Richard i. Werder Jr., an attorney with Quinn Emanuel Urquhart & Sullivan LLP, which is representing the fund.
JPMorgan should be held responsible for the loss, Blavatnik, who is ranked 47th in Bloomberg’s billionaires index with a net worth of $15.3 billion, said in his lawsuit, be-cause it loaded his Access industries fund with subprime and Alt-A mortgages while CEO Jamie Dimon was unloading such securities from the bank’s books.
“The market believed these securities were safe,” Lewis R. Clayton of Paul Weiss Rif-kind Wharton & Garrison LLP, which is representing JPMorgan, said during opening argu-ments. The securities had no downgrades until March 2008, Clayton said.
The trial is set to last as long as two weeks. Blavatnik isn’t scheduled to testify, ac-cording to a list of witnesses.
– Chris Dolmetsch
Morgan Stanley Seeks $10.2 Million From Skowroninsider traders like Joseph F. “Chip” Skowron iii must be held responsible for the harm
they cause their employers, Morgan Stanley lawyers told an appeals court yesterday in a bid to recover $10.2 million.
Skowron, 43, who is serving five years in prison, was a hedge fund manager at Morgan Stanley’s FrontPoint Partners LLC until he was charged in April 2011 with using inside
information to avoid $30 million in losses.The U.S. Court of Appeals in Manhattan heard arguments yes-
terday in Skowron’s appeal of a judge’s order that he pay $10.2 million in restitution to the New york-based bank. Morgan Stanley and prosecutors argued in support of the judge’s order, saying he hid his activities from his employer and the government.
Joshua Epstein, Skowron’s lawyer, told the appeals panel that Morgan Stanley is entitled to file a lawsuit to seek the money it paid his client. The firm isn’t entitled to restitution in the criminal case, he said. Jerika Richardson, a spokes-woman for U.S. Attorney Preet Bharara, declined to comment on the case. Jim Wiggins, a Morgan Stanley spokesman, declined to comment on the appeal.
– David Glovin, David Voreacos and Bob Van Voris
Albert hu gets 12 Years in Prison for FraudAlbert K. Hu, who was convicted of running a scheme that the government said
cheated investors of at least $6.5 million, was sentenced to 12 years in prison.Hu, 50, formerly of Fremont, California, and Hong Kong, was found guilty by a jury in
June of seven counts of wire fraud. Hu also faces a civil lawsuit by the SEC.Jerry Fong, a lawyer for Hu, had no immediate comment on the sentence.Hu founded and operated hedge funds under the names Asenqua Beta Fund and
Fireside LS Fund out of San Francisco, Singapore, and Sunnyvale, California, pros-ecutors said. He lured investors with promises of returns as high as 30 percent a year, according to prosecutors. instead of investing the money, Hu “converted that money for his own personal use and for other non-investment purposes,” according to an indictment.
– Joel Rosenblatt
goldman demands audio records in abacus lawsuitBy PHiL MiLFORD, DAViD MCLAUGHLiN
Goldman Sachs Group inc. ac-cused ACA Financial Guaranty Corp. of withholding thousands of audio recordings the investment bank wants in its fight against a lawsuit over a collateralized debt obligation called Abacus.
Goldman Sachs asked a New york state judge in court papers Jan. 11 to order bond insurer ACA to produce the recordings, pointing to one phone call that it says “utterly eviscerates” ACA’s claims.
Goldman’s bid for the recordings comes after ACA sought court per-mission to file a revised complaint that adds Paulson & Co. as a defen-dant. ACA claims it was deceived into believing that Paulson was a long investor in the deal when the fund was in fact betting against it. Goldman agreed to a $550 million settlement in 2010 with the SEC.
in its filing, Goldman Sachs quotes from a May 2007 call between an ACA portfolio manager and a bond trader at Morgan Stanley in which ACA is told Paulson was pursuing a “doomsday” strategy and betting against the mortgage market.
Marc Kasowitz, an attorney for New york-based ACA, said in an interview that the call wasn’t about Abacus and was instead “anecdotal market chatter” about Paulson.
ACA, which is seeking to recover $120 million in damages, cites in its complaint a recording in which a Goldman Sachs managing director told ACA that Paulson was a “100 percent equity” investor in the deal. ACA has produced 6,900 recordings to Goldman Sachs and will turn over more as they become available, Kasowitz said.
“Goldman Sachs’s specific misrep-resentation to ACA about Paulson’s ‘100 percent equity’ interest in Aba-cus trumps any anecdotal market ‘color’ by a third party,” Kasowitz said in a statement.
■ Jes staley attended the Museum of American Finance’s gala last week, just hours after he announced his departure to bluemountain capital management llc, where he’ll be managing partner, from JPMorgan Chase & Co, where he worked for more than 34 years.
The museum’s exhibitions include a 1792 treasury bond issued to George Washing-ton as well as information on hedge funds and electronic trading.
The 25-year-old institution has a $3.6 million budget and last year had 43,000 visitors. The newest temporary exhibition lets visitors weigh in on five investments made by Barings Bank, including the Louisiana Purchase.
The museum is located at 48 Wall St., the site of Alexander Hamilton’s Bank of New york.
The event raised a record $750,000 and had record attendance of 250 guests.
After a meal of asparagus salad and beef, the museum presented its Whitehead
Award for Distinguished Public Service and Financial Leadership, created by former Goldman Sachs co-chairman John White-head, who was present and lamented the “lack of leadership today.”
The recipient of the award was Bill Har-rison, who expanded Chemical Bank and was chief executive of JPMorgan Chase &
Co. when Banc One was acquired, bringing Jamie Dimon into the firm as his successor.
– Amanda Gordon
■ While wine sales by the biggest auction houses fell 19 percent last year, the market “feels a bit more positive,” chris smith, investment manager at the Wine invest-ment fund in London, said. “Demand has been fairly consistent over the past six months.” The fund, which has $73 million under management, is predicting a 14 per-cent increase in the Bordeaux-dominated Liv-ex Fine 100 wine index this year.
– Guy Collins
■ anne carley, managing partner at greenwich advisors llc, attended Labyrinth Theater Company’s “Celebrity Charades” benefit at Capital in New york last night. The event featured Chris Rock and Paul Rudd in a game of charades. The company spends about $1 million a year on productions, readings and workshops.
– Amanda Gordon
ovEr thE hEdgE
THE BOLDESTCALLSFOR 2013
GLOBALMARKETSSUMMITJan 17, 2013FOREIGN AFFAIRSNEW YORK
SPEAKERS
DENNIS P. LOCKHART Federal Reserve Bank of Atlanta
DAVID MCCORMICK Bridgewater Associates LP
MARK L. ATTANASIOCrescent Capital Group
TERRENCE A. DUFFYCME Group
DEEPAK NARULA Metacapital Management LLC
+MORE
bloomberglink.com
Sponsor:
Duncan Niederauer, CEO of NySE Euronext, Jes Staley, managing partner, BlueMountain Capital Management LLC, and Debora Staley. Photographer: Amanda Gordon/Bloomberg
FIrM Fund MAnAgEr InCEPtIon dAtE ShArPE rAtIo rEturn %
Harmonic Capital Partners llP Harmonic alpha Plus Global Currency Fund richard Conyers david Pendlebury 4/30/2003 1.65 25.47
systematic alpha management llC systematic alpha Futures Fund ltd alexei Chekhlov Peter Kambolin 12/31/2007 1.09 22.14
man investments ltd aHl evolution ltd timothy wong 11/1/2006 3.76 21.2
amplitude Capital aG amplitude Klassik Fund-a Usd Karsten schroeder 9/1/2009 1.04 17.36
Global sigma Group llC Global sigma Plus Program dr. Hanming rao 11/1/2009 6.41 15.13
low Volatility asset management ltd the 1.2 Fund ltd Paolo Compagno andrea de lorenzo smit 6/20/2008 7.59 14.09
ais Futures management llC ais Futures Fund lP (3X-6X) John r Hummel Bradley C stern 4/1/1993 0.59 13.74
Quantitative investment management llC Quantitative Global Fund 3x llC Jaffray woodriff michael Geismar 6/13/2005 0.51 12.36
Briarwood Capital management inc Briarwood diversified trading Program Fred G schutzman Paul J demarco Jr 07/12/2001 1.06 10.7
lCJ investments sa lCJ FX Fund-a eUr Conor macmanus Jonathan tullett 9/7/2007 1.35 7.61
for sharpe ratio calculation Methodology type flds sharpe <go> on blooMberg. “risk free rates” idoc 2047613 <go>
by 2012 returns
A look at some of the best-performing CTAS/managed futures funds that report to Bloomberg data. Only funds with $50 million or more under manage-ment that have reported performance through at least Nov. 30 are included. For questions contact Anibal Arrascue at [email protected]
PErForMAnCE SnAPShot: CtAS/MAnAgEd FuturES
by five-Year annualized returns
FIrM Fund MAnAgEr InCEPtIon dAtE ShArPE rAtIo rEturn %
Fort lP Fort Global diversified Program yves Balcer sanjiv Kumar 10/31/1993 1.15 17.47
Hawksbill Capital management Hawksbill Global diversified Program thomas shanks 11/1/1988 0.68 15.37
Quantitative investment management llC Quantitative Global Fund 3x llC Jaffray woodriff michael Geismar 6/13/2005 0.66 15.26
man investments ltd aHl evolution ltd timothy wong 11/1/2006 1.2 15.07
Fort lP Fort Global Contrarian Program yves Balcer sanjiv Kumar 10/01/2002 1.1 13.01
saxon investment Co saxon aggressive diversified Program Howard seidler 11/1/1993 1.14 12.91
Bayesian efficient asset management llC Beam llC-multi-strategy Program dr Jose mario Quintana 6/19/2007 1.18 12.48
mulvaney Capital management ltd the mulvaney Global markets master Fund ltd Paul G mulvaney 4/30/1999 0.5 12.38
dunn Capital management llC world monetary & agriculture Program william dunn 11/1/1984 0.54 11.25
hEdgE FundS AddEd to BlooMBErg thIS wEEkThe following hedge funds were added to Bloomberg’s database this week. Access the Hedge Fund Database Portal by typing HFND <GO> on your Bloomberg Terminal. To view U.S. hedge fund managers, users must fill out an Accredited investor Form (Option 13).
tICkEr BlooMBErg Id Fund MAnAgEr MAnAgEMEnt CoMPAnY StrAtEgY MAnAgEr loCAtIon
InCEPtIon dAtE AdMInIStrAtor
GramBoB Ky BBG003s3wHP6 dereK KwoNG Basic asset management ltd long Biased Hong Kong 10/25/2010 aBN amro Fund services Cayman ltd
BKoPPsa Ky BBG003s0FBV7 oliVier GoZlaN BK advisory ltd mortgage-Backed arbitrage U.K. 11/30/2012 apex Fund services ltd
BreQrVF Us BBG003t53V08 martiN smitH Black river asset management llC event driven diversi-fied U.s. 3/1/2012 wells Fargo Global Fund services
ireland ltd
CHms2eU Ky BBG003sdJm78 loiC Fery Chenavari Credit Partners llP Fixed income diversified U.K. 2/29/2012 Quintillion ltd
CCFFsa1 Ky BBG003sGHG49 lUis a PimeNta GarCia Corttex Capital Gestao recursos ltda emerging market equity Brazil 1/2/2013 UBs Fund services Cayman ltd
aitFFKy Ky BBG003s44FG9 team maNaGed euroFin investments Pte ltd managed Futures systematic singapore 11/30/2012 standard Chartered Bank
Gramdee Us BBG003sdlV11 roBert KoeNiGsBerGer Gramercy Fund management llC emerging market equity U.s. 3/1/2010 international Fund services Na llC
NeBCrFa Ky BBG003s42y43 team maNaGed Hesperian Capital management ltd long short Canada 7/1/2011 admiral administration ltd
lyXCFUU id BBG003sB2J31 PHiliPPe BaltHaZard lyxor asset management ireland ltd/ireland
managed Futures systematic ireland 3/28/2011 societe Generale securities services
Paris
oCeBZeQ Ky BBG003s9XNQ8 leoNardo messer oceana investimentos ltda long Biased Brazil 12/31/2012 UBs Fund services Cayman ltd
moNsrems CN BBG003ryrr46 FraNCois maGNy rda Capital multi strategy Canada 1/1/2011 CiBC mellon Global securities services
sredGaa GU BBG003t1sZF5 team maNaGed sciens Group Fund services ltd multi strategy Guernsey 2/1/2013 HsBC securities services Guernsey ltd
waiNsCP Us BBG003s451G9 tHomas s GilBert wainscott Capital management llC long short U.s. 9/1/2011 wainscott Capital management llC
Fund ClIEntS CorrESPondIng ASSEtS (uS$ MIllIonS)
Goldman sachs Group inc. 152 41,329
UBs aG 85 28,773
JP morgan Chase & Co. 104 28,491
morgan stanley 92 23,610
Citigroup inc. 39 7,696
Credit suisse aG 25 7,352
Banc of america securities llC 49 5,612
Newedge Group sa 35 3,634
deutsche Bank aG 24 3,602
Jefferies & Co 32 1,976
totAl FundS SurvEYEd 728
The table below lists prime brokers of U.S. hedge funds by their clients’ fund assets, as reported by the funds to Bloomberg data. “Fund clients” refers to individual funds with each prime broker in Bloomberg’s database. For questions contact Anibal Arrascue at [email protected].
dAtE EvEnt FEAturIng loCAtIon ContACt / rEgIStrAtIon
Jan. 16, 6pm
iaFe's the "retailization" of alternative investments
Kirk strawn, altegris; Jason schwarz, wilshire Funds management; andrew Hoffman, PimCo. PwC, New york http://bit.ly/ytUoUd
Jan. 16, 5pm
Hedge Fund symposium south Florida: Hedge Funds in the New year
luis laboy, everest Capital; michael levas, olympian Group; david Friedland, magnum.
turnberry isle, miami http://bit.ly/tJkqen
Jan. 17 Bloomberg Global markets summit david mcCormick, Bridgewater; wilbur ross; dinakar singh, tPG-axon.
Council on Foreign rela-tions, New york http://bit.ly/Unaimo
Jan. 17 National audubon society gala Honoring louis moore Bacon. Plaza Hotel, New york For more information, call +1 845-260-2785 or email [email protected].
Jan. 17, 6pm
100 women in Hedge Funds' winter Cocktails and Networking reception Keynote speaker alfred Pollard, general counsel, FHFa. washington, d.C. (location
provided to attendees) http://bit.ly/w5istb
Jan. 21-24 Gaim Usa 2013 First-ever "hedge fund immersion" program where criti-cal issues are discussed in classroom setting. Boca raton resort & Club www.gaimusa.com
Jan. 21-22 lse's Hedge Funds & Private equity Keynotes by scott minerd, Guggenheim; randall dillard, liongate.
marriott london Grosvenor square www.lseaic.com
Jan. 23 CBoe/Bloomberg equity Volatility symposium Fourth annual conference on quantitative strategies, market trends and the outlook for volatility. Hilton toronto e-mail [email protected]
Jan. 23 2013 Newedge macro outlook Presenters ray Carroll, Breton Hill; Geoffrey Fila, Gal-tere; mark spindel, Potomac river.
New york (exact location provided to attendees) www.newedge.com/primebrokerage
Jan. 24 euroHedge awards 2012 "Celebrate fund excellence in the european hedge fund industry."
Grosvenor House Hotel, london http://bit.ly/tGvhBw
Jan. 24, 5:30pm
100 women in Hedge Funds' View from the top Joan solotar, Blackstone Group. Greenwich, Conn. (location
provided to attendees) http://bit.ly/Zikteh
Jan. 25 HFmweek U.s. Breakfast Briefing "investor outlook for 2013" Crosby street Hotel, New york http://bit.ly/VPogvs
Jan. 28-30 managed Funds association Network 2013 "New in 2013 'meet the manager' booths and business development salons."
the ritz -Carlton Key Biscayne, Florida http://bit.ly/sl3GJe
Jan. 29-30 National Family office Forum "Next generation education for single and multi-family offices."
intercontinental los angeles http://bit.ly/sm5alH
Jan. 30, 6pm
100 women in Hedge Funds' 2013 and Beyond - the Cio Perspective
Jane mendillo, Harvard; larry schloss, NyC retirement systems; ash williams, Florida Board of administration.
Feb. 7, 7pm Hedge Funds Care young Professionals Com-mittee's Hedge Funds' Night out Cocktail party fundraiser. open bar and hors d'oeuvres. Parlor Private Club,
New yorkhttp://bit.ly/sio1sk of contact sarah Blaker at
march 13 Bloomberg #FXdebates "will give focus to key issues of importance to serious participants in the foreign exchange markets."
British museum, london http://bit.ly/Us226r
march 13 ii's 5th annual middle east institutional investor summit
daniel James, aviva investors; Greg saichin, Pioneer investments.
emirates Palace, abu dhabi www.iiforums/meiis
march 14-15
imN's 8th annual Foundations & endow-ments summit
Bill lockyer, state treasurer, and dave Jones, insurance Commissioner, state of California.
Hyatt regency Huntington Beach, California http://bit.ly/UHo8b2
march 18-19 latin markets' Hedge Fund Brazil Forum david marcus, Juilliard school; Christine Kelleher,
Georgetown; dan slack, Colorado Fire & Police.Copacabana Palace Hotel,
rio de Janeiro http://bit.ly/123kpor
april 23 Goldman sachs's Fifth annual U.s. Hedge Fund symposium Capital introduction event . New york Private event by invitation only
April 23 Goldman Sachs's Fifth Annual U.S. Hedge Fund Symposium Capital introduction event . yankee Stadium, Bronx,
New york By invitation only
TRADEBOOK BUYSIDE MARKET INSIGHT EVENT:
USING RISK TO RAISE ASSETS IN 2013 >>> How are alternative investments being used to fulfill the needs of institutional investors? >>> What are the preferred investment structures and investment vehicles for institutions? >>> How can hedge fund managers position their offerings to win allocations?
MODERATOR: John Netto: President, M3 Capital and author of The Global Macro Edge PANELISTS: Steve Hotovec: COO, Sitra LLC
Curt Overway: President, Natixis Global Asset Management Saro Picciotto: Chairman and CEO, of Wainwright Investment Counsel Brian Weiner: Senior Managing Director, Family Endowment Partners
DATE: Tuesday, January 29th 2013 5:00-7:30 PM LOCATION: 731 Lexington Ave., New York, NY RSVP: [email protected]
Q: Your fund was up 20 percent in 2011 and 15 percent last year. few hedge funds hit double digits both years. What differentiates your strategy?a: We specialize in short-term directional trading, which i don’t think many hedge fund managers are still doing. Our forte is capturing inflection points in global mar-kets. Basically whatever’s volatile, wherever we think we’re going to get the biggest bang for our buck as quickly as possible, is where we’re looking to trade. We start with a top-down world view: what we think about the economy, where the equity mar-kets are going, what fiscal and monetary policies are in place, and from there we try to narrow down our investment universe to find the best alpha-generating product to reflect that view. So if we’re bearish on China we might short copper or a machin-ery company levered to Asia or even the Aussie dollar. We’re really migrating all over the world and looking for what the best instrument is to trade at that moment.
Q: and then you won’t stay in these positions very long? a: No, our average holding period is mea-sured in days and weeks, not months and years. But we are not day-trading looking to make pennies or doing what these high-frequency traders are doing.
Q: got it. can you provide an example of your strategy in action?a: When the Fed minutes came out this month it was clear something had changed regarding the very consensus QE-infinity trade. The Fed expressed potential concerns arising in the future regarding their balance sheet and silver and gold at that moment became very vul-nerable. Both metals had been performing poorly into the end of the year and the common view was it was due to year-end
selling, not a potential shift in monetary policy coming. The previous year, a similar trade took place and gold and silver had their best months of the year bouncing back in January. When the minutes hit, we knew the market was playing for a repeat of the same trade so we got short silver and it dropped about 4 percent or so.
Q: What are some other areas that are ripe for opportunities?a: Our thesis, and why we tend to be long risk currently, is that market internals and seasonals are very strong right now. in the U.S. equity market, a lot of small-cap names and beat-up stocks are rallying. There’s clearly a lot of new money coming in. We could potentially be on the cusp of a massive asset allocation where flows move out of bonds and into stocks. China data has been getting better, Europe is stable and with the fiscal cliff hurdle jumped, it just seems as though there is a green light for guys to put money to work. Our concerns are what happens when we get closer to the end of February and the government starts to be a factor again in terms of day-to-day trading.
Q: that tripped up a lot of folks in 2012. how did you, a macro fund, avoid it?a: We spent a lot of time and energy on different scenarios and potential market re-actions. One of the best trades that we had in December was the day that Speaker Boehner was going to hold the vote for Plan B. Earlier in the day, Representa-tive Cantor had called a press conference
saying they had the votes and at the time consensus was Boehner could deliver the House. Because of that, most of the street was looking at it as a non-event and for us to go on our merry way. Our style is to look for outlier events and inflection points so we had traders watching every news source. When the news hit that the vote was going to be postponed, we were able to get short a large S&P futures position ahead of the market dropping 40+ handles during a normally quiet period.
Q: if there is a big equities rally, how much of a concern is it that the fed might decide to remove the punchbowl a little early, or at least make noise to that effect? or is that premature?a: For my purposes it’s premature but it’s certainly something that we think about. One concern coming into this month’s payroll release was the possibility that the number might be stronger than expected and it would cause the bonds to collapse, leading to a worry about a backup in rates. That being said, interest rates are so low, i think as long as interest rates rise slowly, the market will be able to climb that wall of worry. At some point, maybe when the 30-year gets above 5 percent or so, it will be a concern. i like to stay in harmony with the trend. This asset alloca-tion that i’m talking about, out of bonds and into equities, could potentially be the beginning of a brand new secular bull market. i wouldn’t be surprised at all to see the U.S. equity market have a much better year than most people predict.
adam sender, founder and chief investment officer of exis capital management, spoke to Nathaniel Baker about his fund’s discretion-ary global macro strategy, how it was able to produce double digit returns the last two years and why U.S. equities may be on the verge of a secular bull market.
SPotlIght
Exis Capital’s Adam Sender on how to trade global Markets Amid government Interventions
Age: 43
hometowne: Woodmere, New York
Family: Married, two kids
Education: University of Michigan (B.A., history)
Professional Background: Founder, Exis Capital Management, in 1998.
Previously portfolio manager at SAC Capital Advisors.
Charitable work: Business committee, Metropolitan Museum of Art.
Trustee at Parish Museum and JCC Miami.
Favorite new York City restaurant: Emilio’s Ballato
