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Hedge Fund Alert - 02.11.11

Hedge Fund Alert - 02.11.11

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Published by Finser Group
Es un placer compartir con ustedes la reciente publicación de “HEDGE FUND ALERT”, correspondiente al 02 de Noviembre donde nuestro CIO Andrew Jacobus fue entrevistado con relación al CORFISER SIMI Fund (ver páginas 5 y 7, “Manager focused on Stock Offerings”).
La publicación mencionada es difundida entre los Administradores de Inversión de los Fondos de Cobertura a nivel mundial así como a Inversionistas Institucionales, colocando al SIMI Fund entre los Fondos con reconocimiento Internacional, captando así la atención de nuevos clientes que desean compartir el éxito del SIMI Fund. Un verdadero honor para la empresa.
Es un placer compartir con ustedes la reciente publicación de “HEDGE FUND ALERT”, correspondiente al 02 de Noviembre donde nuestro CIO Andrew Jacobus fue entrevistado con relación al CORFISER SIMI Fund (ver páginas 5 y 7, “Manager focused on Stock Offerings”).
La publicación mencionada es difundida entre los Administradores de Inversión de los Fondos de Cobertura a nivel mundial así como a Inversionistas Institucionales, colocando al SIMI Fund entre los Fondos con reconocimiento Internacional, captando así la atención de nuevos clientes que desean compartir el éxito del SIMI Fund. Un verdadero honor para la empresa.

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Published by: Finser Group on Nov 03, 2011
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Portolio manager
Michael Beerman
Eminence Capital
at yearend. Wordhas it that Beerman, who oversees a booko consumer and nancial stocks at theNew York rm, is thinking about startinghis own hedge und shop. He joined Emi-nence as an analyst just as the outt wasounded in 1998 by
Ricky Sandler.
Startup broker-dealer
Tigress Financial
 has hired an executive to serve as itshead o research and chie investmentocer.
Ivan Feinseth
arrives next week,in a role that assigns him oversight o plans by the New York rm to start aquantitative-research desk and launch aslate o hedge unds within the next yearor two. Feinseth previously held a similarresearch position at broker-dealer
and beore that was chie invest-ment ocer at
a hedge und
Harbinger Moves to ‘Rightsize’ Ater Losses
Harbinger Capital
is letting some employees know it’s time to move on.Recruiters have been seeing a steady stream o resumes rom staers at
$5.6 billion hedge und shop over the past couple o months, and the callspicked up in the last two weeks.Harbinger’s general counsel,
Robin Roger,
said this “reects the act that we arerightsizing the company or the tasks at hand, and that employees who have beengiven guidance to seek other employment are likely acting accordingly.”Tere’s no word on how many o the rm’s 70-75 staers might leave. Severalheadhunters said they’ve received resumes rom nearly all o the dozen back-oceworkers. “I’ve gotten some panicked calls rom the ront oce, too, and not justrom junior staers,” one recruiter said.Another recruiter said he’s been elding calls rom Harbinger staers worried
October Gains Oset Earlier Losses or York 
While many und managers are kicking themselves or missing out on the Octo-ber rally,
York Capital
was positioned to recoup a good portion o its third-quarterlosses.Like most o its peers, York had a terrible September, posting losses that rangedrom 3.5% to nearly 11% across its 10 hedge unds. Te $3.3 billion York CreditOpportunities Fund slipped 5.9%, or example, while the $900 million York Selectvehicle ell 10.8%.But York appears to have been better positioned than others heading into Octo-ber. Because many managers were heavily hedged against urther losses, they wereunable to benet rom the stock market’s gains last month, when the S&P 500 indexrose 9.2%. “Nobody has participated in this crazy rally,” one manager said. “ooshort, too hedged.”York was more nimble. Word has it that the $15 billion rm was 40% in cash at
Archeroak Settling Down as a Family Ofce
I ormer
SAC Capital
Brian Cohn
ever had any intention o establishinga hedge und rm o his own, it’s now pretty clear he’s going to stick to running hisown money.Cohn recently laid o two staers at his amily oce,
Archeroak Capital,
leavingonly one other besides himsel. Word has it that
Christina Kim
was one o those letgo. She is best known or her tenure at
Daniel Benton’s Andor Capital,
which shutdown amid the market collapse in late 2008.Cohn spent 11 years as president o SAC beore leaving the Stamord, Conn., rmin 2008 to launch Archeroak. Early on, sources said, Cohn planned to start a hedgeund operation, despite having limited experience on the investment side o thebusiness. Te idea was that he would recruit top-notch traders and analysts, whiledrawing on his experience at SAC to build an institutional-quality inrastructure.But apparently investors didn’t buy the premise. In the end, they couldn’t overlook
NOVEMBER 2, 2011
Multi-Manager Shop Expands Roster
Typhon Capital,
an incubator o sorts that invests with un-discovered managers, has added three more unds to its menu.Te entities — identied only as Arion Financials Program,Chiron Currency Program and Cratos Long/Short Strategy —each was in operation beore becoming aliated with yphon.Tey bring the number o unds on the Chicago rms roster to 10.Te Arion and Chiron programs ollow quantitative strate-gies ocused on intraday currency trades. Arion also trades u-tures reerencing the S&P 500 index and U.S. reasury bonds,while Chiron zeroes in on the currencies o G-10 nations as aliquidity play.Cratos, meanwhile, is yphon’s rst long/short equity und.It runs $120 million and has produced an average annual re-turn o 10.9% since its inception in February 1988 — beatingthe S&P 500 by two percentage points.yphon’s other unds span a range o strategies includingcurrency trading and special situations, plus managed utureslinked to livestock, grains and oil. Te rm aims to uncoverspecialist managers, with a concentration on veteran traderswho have hung their own shingles afer leaving proprietary-trading operations or hedge unds. It then oers to managetheir marketing, operational, legal and investor-relations unc-tions in exchange or a cut o revenues.yphon’s assets come primarily rom Europe. Backers havethe option to invest via two ready-made unds o unds orcustomized multi-manager portolios, and can place capitaldirectly in the underlying unds. Te rm, which runs $70 mil-lion, has been working to expand in recent months. Most no-tably, it launched a securities-trading unit in New York calledyphon Securities.yphon was ounded in 2008 by
James Koutoulas,
who pre-viously helped build several und-o-unds products as chie operating ocer at
St. Esprit Asset Management.
Koutoulas,a securities lawyer, also has managed investments in equitiesand utures, and has run his own inormation-technology con-sulting rm.
the act that Cohn had no money-management experience.However, a source close to the Old Greenwich, Conn., rminsisted that Cohn’s intention rom the start was to managemoney only or himsel. In any case, he plans to maintain Ar-cheroak as a amily oce going orward.Among Cohn’s earliest hires at Archeroak was
Je Messina,
 a ormer
Level Global
analyst who covered cyclical stocks. ButMessina was on board only or a short while, and currentlyworks or
in San Francisco.
November 2, 2011
Hedge Fund
Let’s talk hedge funds,expert to expert.
Let’s talk about J.H. Cohn’s expertise. Advisorswith insight to optimize inancial, operationaland tax planning. Specialists with resources toassist you onshore and o. Unmatched integrity,unsurpassed results. I that’s what you’re lookingor in an accounting frm, talk to J.H. Cohn.
New York.New Jersey.Connecticut.California.Cayman Islands
We turn expertise into results.
Philip Mandel CPA, Co-Director,Financial Services Industry Practice,J.H. Cohn Jay Levy CPA, Co-Director,Financial Services Industry Practice,J.H. Cohn Joe Torre 
Diamondback Lays O 5 Staers
Diamondback Capital
has dismissed at least ve investmentstaers — including two portolio managers — in the wake o a sharp third-quarter loss.Te portolio managers are
Andrea Feinstein,
who special-izes in energy stocks, and
Marco Pinzon.
Also let go was
whose position combined the roles o analyst and porto-lio manager. In addition, two analysts who worked under Fein-stein,
David Donnelly
Jason Smith,
were shown the door.One source speculated the layos could be tied to expecta-tions o heavy yearend withdrawals — suggesting the redemp-tions could reach $1 billion. But a person close to the rm saidthe cuts were perormance related. While Diamondback doesexpect “some redemptions,” she said, “it’s nowhere near thetune o $1 billion.” She noted that the rm’s October peror-mance was positive.Te deadline or limited partners to submit yearend with-drawal notices is Nov. 15.In any case, Diamondback is known or being quick to cutinvestment staers who don’t perorm. Te Stamord, Conn.,rm, which has about $3.5 billion under management, put uprelatively strong returns through the rst hal. But like most o its peers, it suered losses amid the market turmoil in Augustand September. As o Sept. 30, Diamondback Oshore Fundwas down 5.1% or the year.Diamondback was under intense pressure ollowing
 raids o its oces and three other hedge und rms in Novem-ber 2010. But while the other rms subsequently went under,Diamondback survived — and by August was elding reshsubscription requests. Te rm also started hiring again.In September, Diamondback paid $1.1 million to settle
 charges that a ormer employee,
Anthony Scolaro,
had protedrom insider trading. Scolaro pleaded guilty to criminal charg-es in May. Te rm itsel wasn’t accused o wrongdoing.Founded in 2005, Diamondback is led by ormer
SAC Capital
Larry Sapanski
Richard Schimmel.
Ex-Millgate Partners Prep Vehicle
Tree ormer
Millgate Capital
executives are crafing a hedgeund that would reprise Millgate’s strategy o investing in non-U.S. stocks.Te team, led by
Mark Rooney,
LRV International
o Boston shortly afer Millgate began winding down its operationsearly this year. Indeed, marketing documents or LRV’s plannedund have been in circulation at least since May. But one sourcesaid Rooney and his partners,
Craig Lottner
Erik Van derSande,
have had limited success raising capital so ar — reect-ing diculties most startups ace these days.Rooney and his team believe non-U.S. stocks present a great-er opportunity set than U.S.-listed shares. Tat’s partly becausear more stocks trade on non-U.S. exchanges — about 75% o the global total — and most o those companies receive little,i any, analyst coverage. LRV’s ocus will be on liquid shares o companies with market capitalizations o $500 million to $10billion, representing a universe o about 4,200 stocks. Te undwould hold 30-50 positions, roughly evenly divided betweenlongs and shorts.LRV is trying to lure early backers with a so-called ound-ers share class. While the marketing documents don’t spell outthe terms, such share classes typically involve reduced manage-ment and perormance ees, among other incentives.Millgate was led by
James Lyle,
who co-ounded the rm in1997 afer covering international stocks at
Julian Robertson’sTiger Management.
At its peak, Millgate had about $2 billion o assets, which it managed rom oces in New York and London.Te decision to shut down the operation ollowed two years o poor perormance, including a loss in 2010 — when the HFRIFund Weighted Composite Index rose 10.5%.Rooney, Lottner and Van der Sande all started at Millgatein 2002, and all were later promoted to partner. Rooney, LRV’schie investment ocer, lef Millgate earlier this year.Van der Sande, who is chie executive o LRV, lef Millgatein 2007 or a senior-analyst position at
Carlyle Blue Wave.
Mostrecently, he was co-portolio manager and senior analyst at
Duart Capital.
Lottner, who lef Millgate last year, is now director o re-search at LRV.
Pamli Plans to Add Marketing Chie 
Faisal Syed
has recruited a ormer
Highbridge Capital
col-league to oversee und raising at his new hedge und rm.
Russell Brauer,
who most recently worked at
Goldman Sachs,
 will join Syed’s
Pamli Capital
o New York upon completion o a gardening leave. His duties at Pamli will encompass businessdevelopment, marketing and investor relations.Te two met when Brauer joined Highbridge about veyears ago. Syed was a Highbridge portolio manager who ranat least two credit-product vehicles beore leaving last year toset up Pamli.Syed has had little trouble raising capital or his Pamli Glob-al Credit Strategies Fund. Te vehicle currently has about $125million under management, and Syed expects to take in $10million to $20 million o resh capital beore yearend. Te undlaunched with a sizable seed investment rom
New Alpha AssetManagement.
Investors have been drawn by Syed’s Highbridge pedigree,as well as his early returns at Pamli. Te und was up 10.1%through Oct. 31.Syed apparently eels the und is now large enough to justiyhiring a ull-time marketing and investor-relations proession-al. Syed had been handling those unctions himsel.Syed trades a wide range o credit instruments, rom corpo-rate bonds and structured products to emerging-market sover-eign debt. Beore starting at Highbridge, he was a member o 
Credit Suisse’s
proprietary loan-trading group.Brauer spent the past 18 months as a marketer in
Alternative Capital Markets group, which managesunds o hedge unds. Earlier, he worked at
Blackstone AssetManagement
or about six years.
November 2, 2011
Hedge Fund

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