Macquarie Is Said to Bid for AIG Investments Fund Unit in Strategy Shift Macquarie Group Ltd., Australia’s biggest investment bank, is bidding for an American International Group Inc. fund unit with about $100 billion under management, said two people with the knowledge of the matter.

Hedge Funds Gain Most Since 2000 as Stocks Rally, Hedge Fund Research Says Hedge funds, in a positive sign for financial markets, posted their biggest gain since February 2000, returning an average of 3.8 percent last month, Hedge Fund Research Inc. said.

Apollo Management’s Kumar Says Company Debt Makes `Safer’ Bet Than Stocks Apollo Management LP, the investment firm led by Leon Black, prefers buying debt sold by companies that are less likely to default rather than shares because of concern the global recession will drag on.

Income Partners Plans to Reopen its Asian Credit Hedge Fund to Redemptions Income Partners Asset Management (HK) Ltd., a Hong Kong-based manager overseeing $620 million, will allow new redemptions from its oldest credit hedge fund for the first time since October.

Stephen Jen of Morgan Stanley Will Join BlueGold Hedge Fund as Strategist Stephen Jen, a former foreign-exchange strategist at Morgan Stanley who was one of the first to predict the past year’s dollar rally, will join $1.1 billion commodity hedge fund BlueGold Capital Management LLP.

Odey Hedge Fund Has Record Gain in April After Bets on `Junk’ Stock Rally Odey European Inc., the hedge fund run by Crispin Odey, posted the biggest monthly gain in its 17-year history after betting that “junk” shares would be the biggest beneficiaries in a market rally.

Second Los Angeles Pension Commissioner Quits After Federal Questioning Elliott Broidy, a board member of the Los Angeles Department of Fire and Police Pensions Commission, stepped down after federal regulators questioned him about his connections to firms tied to a kickback probe of New York’s pension fund.