Posts Tagged “GAIM International”

The Spotlight Series with Peter Lupoff, Tiburon Capital Management

July 23, 2020

Peter M. Lupoff, Founder TIBURON CAPITAL MANAGEMENT, chaired at session at GAIM International 2010 entitled Credit/Distressed – “The Best Opportunity of a Lifetime” Redux. He was joined on the panel by

Asset Allocators:

  • Russell E. Lundeberg, Jr, Principal & CIO, BARRETT CAPITAL MANAGEMENT, LLC
  • Ingrid Neitsch, Director, FRM
  • Ernesto Prado, CIO & Managing Partner, AYALTIS AG

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and Asset Managers:

  • Steve  Moyer, SVP, PIMCO
  • Daniel Capocci, Portfolio Manager, DC ADVISORY
  • Juan Luis Rivera, Partner, Portfolio Manager - LATAM, MONEDA ASSET MANAGEMENT S.A.

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In an interview with for the Spotlight Series, Peter outlines his own strategies to simultaneously hedge risk, be open to the opportunities of a tumultuous market while remaining agnostic to the broader market.  He also explains why he feels the panelists have a uniformly bearish view to the end of the year.

Post Under: Asset Management, General

East Coast Bears…

June 29, 2020

A. Non was crowned the inaugural Poet Laureate of the Hedge Fund industry, but not without some stiff competition.  The runner up entry was East Coast Bears… an inspired pastiche of the Pet Shop Boys “West End Girls”.  We’re always on the look out for new talent so send us your sonnets and ballads whenever the markets move you to verse!

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East Coast Bears


Comparing public art and what it tells us about public attitude-
outside manila stock exchange bear dominating a cowering bull,
London kinetic installation that could mean anything
(don't mention money) directly, franc bourse? 
New York just the bull so I was wondering
has the bear escaped or if there never
was bear in the American psyche? 
 
Sometimes you'd be better not being at all,  
bear on the loose,  
Dow in freefall.  
Bear is mad, very unstable 
Charging through chairs 
Biting through cables 
In a hedge fund, in an East Coast town.  
Call the police, there's a mad bear around,  
Running down underground to a stock exchange in an East Coast town 
 
Too many shadows, whispering voices,
faces on posters. Too many choices, 
if when why what,
how much have you got?  
Have you got it?
Do you get it if so how often 
And which do you choose,
the long or short option. ? 
 
Phone rings - Mr President! .. 
You're watching on the webcam!  
You hear I'm spreading rumours about a bear? There is no bear? Haven’t you seen  
the sculpture? 
Do I see the lady in Prada and guy in Gucci? Ok ok  
Phew it's all alright ladies and gentlemen you can go back to your desks there is  
no bear 
- unless?  There's an alleged but unproven 
Post Under: General

A complete round up of news and views from GAIM International 2010

June 24, 2020

GAIM International is the “must attend” annual hedge fund conference.  The 2010 event continued that tradition, 16 years in the making.  In addition to the coverage of the event by Beverly Chandler,  we’ve gathered the leading articles and commentary from the business news websites to give you a comprehensive review of this years hugely successful event.  B.H. Fraser provided an alternative view of the industry as Poet in Residence.

We have captured a series of video interviews with some of the industry leaders which will be posted on this site over the coming weeks.   To make sure you don’t miss out, either add the RSS feed to your reader or sign up for email alerts.

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Some key quotes from industry players - Reuters

What does Gerlof de Vrij, Head of Global Tactical Asset Allocation at APG think about hedge funds as a liquid asset class and thoughts from other industry leaders as the sector wrestles with challenges from regulation, consolidation and market volatility…. more here

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Flat currencies to lose value against real assets - Reuters

Veteran hedge fund manager Bill Browder is buying commodities and the companies that produce them in emerging markets to profit from what he said is a looming crisis in the world’s major currencies…. more here

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Hedge-Fund Survival Skills to Be Tested by Increased European Regulation - Bloomberg

“The survival instincts that many hedge-fund managers have in markets they’re also going to have to display in facing up to regulatory challenges,” Rick Sopher, managing director of LCF Edmond de Rothschild Asset Management Ltd…. more here

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Macro hedge funds best despite May dip - Reuters

Hedge funds taking directional bets on markets will be among the best performers in 2010 as concerns over the health of major economies continue to dominate markets, said Lombard Odier’s head of hedge funds advisory… more here

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Executives sound warning on hedge funds UCITS boom - Reuters

“It’s very difficult, if everyone seeks daily liquidity, to invest in hedge funds properly,” said Steve Friedman, managing partner of EOS Partners… more here

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The Mirror Crack’d - FT Alphaville

Mike Novogratz, one of the founders of the giant Fortress Group, and Hugh Hendry, the voluble manager behind the definitely smaller but in some ways no less influential Eclectica Asset Management, slugging it out…. more here

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Hedge Fund investors almost double macro bets as global trades proliferate - Bloomberg

Hedge funds that bet on economic trends are attracting cash at almost double last year’s pace as they seek to profit from events such as Europe’s sovereign debt crisis and China’s decision to let the yuan trade more freely…. more here

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Seed investors return to start-up hedge funds - Reuters

Sovereign wealth funds and pension funds are backing start-up or small hedge funds again, said FRM Capital Advisers… more here

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Mammon and Montrachet - FT Alphaville

What do eastern mysticism, violence, mammon, and am dram have in common? They are all dinner and drinks topics of conversation amongst hedge fund managers in Monaco…. more here

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Sand, sea and SEC - HFM Week

While managers gathered in a stormy south of France last week, for Monaco’s annual GAIM International event, pondered the labyrinthine twists of EU and US regulatory developments, investors jetted in with a different set of priorities… more here

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The Great Investing Dilemma of 2010 - Market Melange

The notion of negative Chinese GDP growth is widely regarded as a near impossibility –much like the notion that house prices would keep going up for ever – scary thought! …. more here

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Hedge Funds Turn Mutual Funds to Short-Circuit European Rules With NEWCITS - Bloomberg

Guy Hurley said he’s not sweating European plans for new hedge-fund rules after leaving Bank of America Corp.’s Merrill Lynch & Co. a year ago to start an onshore fund that uses strategies such as merger arbitrage…. more here

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Byron Wien sees a bottoming in stock prices and the possible return of $10 billion-sized buyouts - Reuters

Wien, who is well known for his annual predictions and who correctly called the rebound in China in 2009, said he was not as bullish as at the start of the year but nevertheless thinks a deterioration in the sovereign debt crisis will be avoided… more here

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Man Group Won’t Make Significant Acquisitions After GLG, CEO Clarke Says - Bloomberg

“It is effectively job done for our liquid trading strategies,” Clarke, 49, said today at the GAIM International hedge-fund conference in Monaco. “It’s possible we could infill with smaller mergers in Asia-Pacific.”…. more here


Post Under: Economic Outlook, General

Supercharged due diligence

June 17, 2020

Terry Tebbe of Business Intelligence Advisors is an elegant woman of a certain age, maybe a school principal or someone who runs a not for profit institution. Fittingly, her appearance belies her experience. Tebbe had a lengthy career in law enforcement as a Special Agent with the US Treasury department and now uses her skills honed in interrogation situations to help investors spot potential deceptive behaviour during interviews. Speaking at GAIM International, Tebbe gave the sophisticated and intelligent audience pause for thought with a number of demonstrations of how one can miss out on indicators of duplicity. Describing herself as Betty Crocker in a skirt, rather than the six foot muscled guy in a trench coat that one might expect given her Secret Service background, Tebbe took her audience through a swift introduction to how to spot verbal and non verbal indicators of mendacity. “Investors have to navigate the grey middle between honesty and intentionally misleading behaviour” she said. Business Intelligence Advisors have been advising pension funds, endowments, family offices and accountancy practices in over 50 countries for nine years, giving an eight hour session that the investor can walk out of instantly equipped with useable detective skills.

Big hitters in institutional world discuss alternatives exposure

June 17, 2020

The Big Picture Allocation panel this morning at GAIM was moderated by Dr Nadja Pinnavaia, founding partner of Arity Asset Management who moderated Danny Truell, cio of the Wellcome Trust, Tony Broccardo, cio of Barclays Pension Fund and Thomas Thygesen, chief strategist with SEB’s X-Asset Strategies Team.

Danny Truell, cio of the Wellcome Trust, panellist at GAIM International 2010

Wellcome, the largest medical research charity, has achieved a 29 times return over 25 years of investing. Truell put this down to two things: recognising one’s governing structure is about accountability and not believing that historical correlations are helpful.

Tony Broccardo, cio of Barclays Pension Fund, panellist at GAIM International 2010

Over at Barclays, Broccardo reported that they have a hugely diversified approach which has increased through the 2000s. “We try to smooth out the premium profile” he said and increasingly alternative investment accounts for a significantly large amount of their portfolio. “The last two years have given us confidence that the decisions we have made are right” he said. Liquidity and cash flow were also key for this panel. “We want a combination of stuff that generates cash flows” said Truell, while Broccardo agreed: “Cash flow and staying power are crucial” he said.

Post Under: Asset Allocation

Everyone’s talking about us.

June 16, 2020

Bears stalk hedgie jamboree - Reuters

After 20 percent gains in 2009 and a year of inflows, you might expect the mood in Monaco at the annual GAIM hedge fund conference to be jubilant. Indeed, Martin de Sa’Pinto has identified some crucial developments in delegates’ late-night carousing which point to some renewed confidence…. more here

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Blackstone’s Wien says Hedge Fund returns could halve - Bloomberg

Byron Wien, vice chairman of Blackstone Group LP’s advisory services division, said hedge fund returns may shrink by half as firms seek to protect investors’ capital.   Returns may drop to 10 percent from 20 percent as funds lose their “zeal,” Wien, 77, told the GAIM International hedge fund conference at Monaco’s Grimaldi Forum today. more here

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Transparency, fees, main hedge challenges-managers - Reuters

Hedge funds are facing growing pressure for more transparency and lower fees as investors seek to better understand their investments and get more perceived value for money, managers said on Tuesday at GAIM International. more here

Post Under: General

And the winner is…….

June 16, 2020

 The infamous A Non wins again in GAIM’s inaugural poetry competition, run by the City PoetBH Fraser was ably assisted by the cultural elite of the conference circuit who contributed everything from Haikus to Limericks in a bid to become the Poet Laureate of the Hedge Fund Industry.

 The Untenable    by A Non

Shame on me for a deficit in compunction  

to ascertain properly the lack of function  

among regulators, raters and market cognoscenti,  

Those providing assurances  of liquidity aplenty.  

For the game is mapped but the boundaries askew,  

interpreted by many, understood by few;  

And those that decree that this house is in order  

show no effects  

of the sleep disorder  

that plagues the loyal, true and willing  

Willing to recommence a strategy  

in Euro, Yen or Shilling.  

So when the hourglass switches, sand slowly shifting,  

to alternative assets and styles that are drifting,  

will emerge a  New Order, an Archetype of Model  

surpassing the morass of regulatory  twaddle.

Post Under: General

Renowned contrarian meets legendary fund manager in gap in the curtain

June 16, 2020

In a characteristically characterful meeting, Hugh Hendry, founder of Eclectica Asset Management andMike Novogratz, principal of Fortress Investment Group discussed gold, the Euro and investing in a deflationary environment.

Hugh Hendry debating at GAIM International 2010, 14 - 17 June in Monaco

Mike Novogratz, Fortress Investment Group, debating at GAIM International 2010, 14 - 17 July in Monaco.

Quoting TS Eliot, Buchan and Tolstoy, Hendry held the cultural high ground declaiming that he had had to face the twin axis of financial evil that is Germany and France, transporting himself across the European Socialist citadel to get to our stage. “The Euro is finished” he said. Novogratz was slightly less cut and dried on the subject, believing that there will be a lot more pain before everyone in Europe holds hands: “In the long run, there will be a bail out” he said. “The Euro will go lower and there will be more European political mishaps before they get bailed out.” Novogratz proposed a long Sterling versus the Euro trade. Both Novogratz and Hendry pronounced themselves impressed with the new administration in the UK, with Hendry calling it a ‘great moment in history’ that should have been done five years ago. On gold, Hendry believes it should represent 10 per cent of one’s assets.

On our current deflationary state in the West, Novogratz believes that we are on a global mega trend of globalisation with the so-called emerging markets coming to the fore. “That force could carry us through” he said. And the gap in the curtain? That is Hendry’s reference to our attempts to see into the future. “How does life play out?” he asked “In our haste to make money, we rush to the end.” And there, we may find, Eliot’s Wilderness of Mirrors.

Post Under: Asset Management

Global institutional investors reveal desires

June 16, 2020

In a lively satellite link from Greenwich, Rodger Smith of Greenwich Associates reported the findings of a research project across 2,500 large global institutional investors. The principal findings were that going forward the number of hedge funds would be reduced, regulation would get tighter, there would be greater transparency and changes in the fee structure. Needs, highlighted by the market meltdown, were those old favourites liquidity, transparency and risk.

Rodger Smith, will be speaking at GAIM International 2010; 14 - 17 June in Monaco

The global market size under consideration is US $ 25 trillion and in that institutional hedge fund assets amounted to between US $ 425 and US $ 450 billion. Institutional managers had high expectations of returns from hedge fund managers and in the UK more than in Europe, institutional managers were significantly increasing their investment in hedge funds, while Europe had gone slightly cooler. In the US, the institutional allocation to hedge funds has roughly doubled from 2005 to 2009. And looking forward, significant growth is expected in the US. Greenwich also polled the managers on their selection criteria when interviewing hedge fund managers and what came out as number one concern was a clear and consistent investment philosophy while in the UK, managers mostly liked to see evidence of capabilities of professional managment of investments.

Smith emphasised that the competitive edge lies in good service with the best in class service characteristics of a strong internal culture, service objective, communication philosophy and service professionals featuring strongly. Smith pointed out that there is an increased demand for client service and in his opinion most hedge funds are under invested in client servicing. “Investors hold the power and what lies behind the numbers is equally important” he said.

Nimble is good for fixed income funds

June 16, 2020

The expert faculty discussion had a tough time trying to ensure that fixed income is the darling of 2010-2011 at this morning’s opening session. Liquidity in a deflationary environment is the lost piece in the fixed income puzzle. Jeff Kronthal of KLS Diversified says: “We have had a long process of way too much credit so the fiscal restraint needed will be deflationary”. Elias Katz of Premium Point Investments, in the distressed mortgage environment, is continuing with his assumption that house prices will continue to be down: “We have no scenario for home price increases” he says. Dr Rajiv Sobti of Nomura Asset Management sees polarisation across the East West divide with the only location offering inflation trades in Asia. Robert Comizio of Viathon Capital  offers their solution - look to companies who are looking for finance. Kronthal observes that the regulatory changes have made Wall St a little scared. “We see very little liquidity, very little proprietary trading” he says. “The risk police are more actively involved. We envisage a low liquidity environment and going forward, if I were a large fixed income fund I would be very worried about my ability to transact and move positions.”

Post Under: Asset Management


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