John Paulson Gold Fund Said to Tumble 14% in January, Its First Month Hedge-fund billionaire John Paulson’s gold fund lost 14 percent in January, its first month of operation, two investors said.
Madoff Sons Andrew and Mark Agree to Freeze Assets in Pact With Trustee Andrew and Mark Madoff, whose father Bernard is serving 150 years in prison for the largest-ever Ponzi scheme, agreed to restrict movement of their own personal assets, not incur debt beyond $1,000 and give a monthly accounting of their expenses.
BlueCrest’s Sales Head Smith Said to Leave Fund Manager After Four Months Steve Smith left BlueCrest Capital Management Ltd. as head of sales this week after joining the company more than four months ago, according to two people familiar with the situation.
Emerging Equity Funds Post Biggest Outflows in 24 Weeks on Greece, Profits Emerging market equity funds lost $1.6 billion in weekly withdrawals, the biggest outflows in 24 weeks, as earnings and Greece’s debt woes raised concerns that the global recovery may falter, EPFR Global said.
Hedge Fund Bets May Be Deterred by Bankruptcy Disclosure Rule, Lawyer Says Proposed changes to a provision in bankruptcy law could stop hedge funds from betting on the failure of Chapter 11 reorganizations, a federal judge said, opposing the stance of distressed-asset investors.
Ex-JPMorgan Asset Manager Osezawa Plans New Japan Long-Short Hedge Fund J-Flag Investment Co., a Japanese hedge-fund advisory firm, plans to start a new long-short fund that will target Japan’s smaller companies this year after its first fund outperformed the benchmark since inception in 2009.
TPG’s Bank Tabungan Loans Grow 50% on Micro-Lending to Indonesia’s Poor PT Bank Tabungan Pensiunan Nasional, controlled by TPG, said lending rose more than 50 percent last year, about five times the industry average, as it gained access to the “mass market” in Indonesia.
Bank Bonuses Over $400,000 Would Face One-Time 50% Levy in Senators’ Bill Senate Democrats Barbara Boxer and James Webb proposed a 50 percent tax on bonuses of more than $400,000 at financial firms including Goldman Sachs Group Inc. and Bank of America Corp. that received U.S. bailout money.
Artemis’s Dodd Looks to Energy Stocks, Emerging Markets for More Returns Artemis Investment Management Ltd., the Edinburgh fund company bought by Affiliated Managers Group Inc. this week, is relying on energy stocks and emerging markets to maintain returns for its only closed-end fund.
Relative Value’s Fertig Digs Out Closed-End Fund Discounts to Beat S&P 500 The U.S. closed-end fund market is small, illiquid and dominated by individual investors as opposed to institutions, Maury Fertig says. That’s why he and fellow Salomon Brothers institutional bond sales veteran Bob Huffman focused on the area when they started Relative Value Partners LLC in 2004.