Archive for April, 2010

DragonBack AUM

Hong Kong Hedge Fund, DragonBack, Sees AUM Fall 85%

A Hong Kong hedge fund has been hit hard after investors completed mass withdrawals cutting assets dramatically.  DragonBack’s two hedge funds now manage just $45 million after a peak of $600 million–an 85% drop!  Interestingly, only one of the funds has had negative performance YTD with the VolAsia fund returning 0.5%.  This suggests that investors may not be satisfied with even small gains and are turning to other funds that are generating more impressive returns, or simply a dissatisfaction with the manager.  The hedge fund’s manager, Robert Lance, said of the drop, “The AUM gods giveth and they taketh away.”

Last year at this time, assets in the fund were at $316 million, falling to $187 million by year end, DragonBack Asia Chief Executive Robert Lance told Reuters on Friday.

“We’ve met all the redemption requests, never put up any gates, no side pockets and remained very transparent throughout this process,” he said.

Lance said the redemption cycle for DragonBack started later than it did for the rest of the industry. The hedge fund manager closed its flagship Asia-Pacific Equity Multistratgy Fund to new investments in August 2008 while assets peaked at close to $600 million by October.

The fund’s long volatility strategy flourished as global markets went into a tizzy during the financial crisis, helping it gain 3.75 percent in 2008, placing it in an exclusive club of hedge funds that made money in 2008.  

Investors began pulling their money out in the first quarter of 2009, said Lance and redemptions have been quite consistent ever since. Source

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Tags: DragonBack Hedge Fund, Assets Under Management, Total AUM, Hedge Fund Withdrawals, Investors, Investors Pull Assets, Close

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Philadelphia Newspapers Hedge Fund

Hedge Fund, Buyout Firm Buy Philly’s Two Daily Papers

A hedge fund and a private equity firm have collaborated to purchase Philadelphia’s two daily newspapers.  Angelo Gordon & Co. and Credit Suisse Group won a thirty hour long auction with a bid of $139 million to win control of the Philadelphia Inquirer and Philadelphia Daily News.  The deal was financed by Alden Global Capital, a hedge fund.   Acquisitions of print newspapers are likely to become more common as sinking readership brings down revenue and papers fall into bankruptcy.

The lenders, which include private equity firm Angelo Gordon & Co. and Credit Suisse Group, won the 30 hour auction with a $139 million bid. The offer was financed by hedge fund Alden Global Capital.

The winning bid topped offers from a group led by billionaire Ronald Perelman and another from Canadian investment firm Stern Partners. It must still be approved by a federal bankruptcy judge, with a  hearing scheduled for May 25.

The Angelo Gordon-Alden Global group have pledged not to make wholesale job cuts at Philadelphia Newspapers, which owns the Philadelphia Inquirer, Philadelphia Daily News and Philly.com Web site. But what exactly that means is unclear: PNI’s new bosses say the company will continue to employ 2,500, but the company’s former CEO says it currently employs 4,500.  Source

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Tags: hedge fund, philadelphia inquirer, daily news, print media, ownership, purchase, bankruptcy auction, owners

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“In addition to civil fraud charges and a highly-publicized dressing-down on Capitol Hill, Goldman Sachs executives have another—potentially more serious—headache to deal with. Federal prosecutors in New York have launched a criminal investigation into Goldman’s structuring and marketing of a collateralized debt obligation that cost investors $1 billion.”
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“Germany’s Chancellor Angela Merkel is facing intense domestic pressure to force private banks with a stake in Greek bonds to contribute to the bail-out fund to rescue the Greek economy.”
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“What is stunning is that the Wall Street Journal defends Goldman (its headline labels the hearing an “inquisition”), and chooses to ignore the applicable regulations to do so. The piece disingenuously and inaccurately asserts that the Senate was trying to apply an incorrect standard to Goldman’s conduct, a “consumer narrative”. A representative section:”
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“BankAtlantic Bancorp has filed suit against Bank of New York Mellon Corp., alleging that BNY Mellon prevented it from redeeming its corporate debt at a discount.”
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“The global elite has chosen the Bank For International Settlements, which financed Hitler’s war machine, to boss the financial arm of the new world order”
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“The Securities and Exchange Commission has referred its investigation of Goldman Sachs to the Justice Department for possible criminal prosecution, less than two weeks after filing a civil securities fraud case against the firm, according to a source familiar with the matter”
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NYC & Boston Training & Events

3 Quick Hedge Fund Training News Updates:

1) The Hedge Fund Group is hosting a 1/2 day seminar on hedge fund marketing in New York City on Tuesday May 4th from 8AM until 1PM EST. Full details on this event may be found here: http://HedgeFundGroup.org/Hedge-Fund-Marketing-Training.html

2) The Hedge Fund Group and Hedge Fund Premium are also hosting a free to attend seminar networking event in Boston on Thursday May 6th from 5:30-7:30PM at the Harvard Club in downtown Boston. This networking event includes two short educational speeches, appetizers, and a cash bar. For full details on this event please see this page of our blog: http://richard-wilson.blogspot.com/2010/04/boston-hedge-fund-event-thursday-may.html

3) The Certified Hedge Fund Professional (CHP) Designation Program is now full and closed to new registrants. Registration will open again for this program on July 1st, 2010.  Learn more here.

We hope to see you within one of these hedge fund training programs and events, please let us know if you have any questions by sending your inquiries to Events@HedgeFundGroup.org. 

Related to: Hedge Fund Training & Networking in NYC & Boston

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Tags: hedge fund training programs, online hedge fund training, training for hedge fund professionals, internet hedge fund training

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First mistake:
a bout of mysogyny
in the belly of a whale

The wall, Warhawl, whatever
the whale is there
the whale is fair

untill…..

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