Perot Fund Turned Billions Into `Less Than Zero,’ Investor Says in Lawsuit The family trust of billionaire and former presidential candidate H. Ross Perot was accused in a lawsuit of mismanaging a fund open to outsiders so that it went from $2.5 billion to “less than zero.”
State Street Investigated by Massachusetts Regulators Over Investment Risk State Street Corp., the world’s largest money manager for institutions, is under investigation by Massachusetts regulators for allegedly misleading pension funds over the risk level of their investments.
Fortress Investment Said to Be Chosen to Take Over Zwirn Hedge-Fund Assets D.B. Zwirn & Co.’s $2.5 billion in hedge-fund assets will be taken over by Fortress Investment Group LLC, the New York-based manager of about $29 billion, people familiar with the decision said.
Calamos Says `Open’ Credit Markets Counter Freeze in Wall Street Lending The thawing of convertible and high- yield debt markets is helping corporations overcome a continued lack of lending from Wall Street banks, Calamos Asset Management Inc. Chief Executive Officer John Calamos said.
Terra Firma’s Hands Expects Many Buyout Firms to Go Bust, Pay to Decline Private-equity firms will be paid “a lot less” and many may go out of business in the next few years as buyout-fund sizes shrink by 50 percent, said Guy Hands, founder of Terra Firma Capital Partners Ltd.
Fairfield Greenwich Group Challenges Madoff Complaint From Massachusetts Fairfield Greenwich Group, the hedge fund that lost $7 billion invested with Bernard Madoff, told a judge that it closely monitored its investment and accused a Massachusetts regulator of “factual distortions.”
Daniel Och Says Buying Kerkorian’s MGM Would Be `Good Thing’ at Some Point MGM Mirage, the casino operator controlled by billionaire Kirk Kerkorian, has “probably the best assets on the Las Vegas Strip” and owning those would eventually be a “good thing,” Daniel Och, founder and chief executive officer of Och-Ziff Capital Management Group LLC, said.
PEMGroup’s Danny Pang Arrested on Transaction-Reporting Charges for Checks Danny Pang, founder and ex-chief executive officer of Private Equity Management Group Inc., was arrested on federal charges that he evaded transaction-reporting laws by cashing checks for amounts of less than $10,000.