VOW :: Hedge funds in tears & complaining heavily
Brilliant, hedge funds moaning about a lack of tranparency... Remind me, wasn't it precisly a lack of transparency in the market that allowed them to rack up such huge profit by short selling massively without anybody noticing? Suddenly the champions of free market all cries because of a lack of regulation, I must be dreaming! Naked short selling is a risky business since the sky is the limit. A hedge fund manager should understand that. The German market is not transparent, which may be bad. But that is not the point. The point is that a hedge fund manager selling short should have known that the market is not transparent and that that carries a risk. The more you can make, the more you can loose. That is the nature of risk. Not sure what puzzles me more, how an industry of supposedly well-educated people can blindly use financial products without any apparent understanding of the basic structure of those products or how they seek blame with anybody else when this goes wrong. The fact that the culprit this time is one of the most successful carmakers and not evil government is an added bonus. I remeber a few years ago when the euro was gaining strength against the dollar, everyone expected Porsche's profits to drop since the US was the largest market for its cars. Instead the car manufacturer turned a rather hefty profit and a significant portion of it from currency hedges. This time they did it again, on the big scale. Bravo!
SAC Capital Partners
Mr. Steven A. Cohen (born circa 1956), is an American billionaire hedge fund manager and the founder and manager of SAC Capital Partners, a Stamford, Connecticut-based hedge fund that focuses mostly on equity market strategies. Cohen lives in Greenwich, Connecticut, with his wife and children. He is a highly secretive investor sued by pharmaceuticals firm Biovail in April for stock manipulation; $4.6 billion lawsuit alleges Cohen's SAC Capital hedge fund outfit paid doctors to spread misleading information. Cohen grew up in Great Neck, New York, Studied at Wharton, started trading options at Gruntal & Co. 1978; made $8,000 profit on first day. Founded SAC Capital with $20 million 1992. Today manages $10 billion across 9 funds based in the U.S., Cayman Islands, Anguilla. Average annual return: 36%. High performance fees: 3% of assets, 35% of profits. Avid art collector has spent more than $300 million since 2000 building collection; now refurbishing Damien Hirst's "The Physical Impossibility of Death in the Mind of Someone Living." Paid $8 million for the work featuring dead shark in formaldehyde; shark now shrinking, in talks with artist to replace with fresher carcass.
Perry Capital, LLC
Mr. Richard Cayne Perry is the President, Chief Executive Officer, and Director at Perry Capital, LLC. He received a B.S. from the Wharton School of the University of Pennsylvania in 1977 and an M.B.A. from New York University's Stern School of Business in 1980. He founded the firm in 1998. Mr. Perry is the President at Perry Corp. He served as the Chairman of FTD.com Inc. since May 1999. Mr. Perry has been the Director of Endurance Specialty Holdings Ltd. and Endurance Specialty Insurance Ltd. since December 2001. He serves as a Director of PAV Republic Inc. Mr. Perry is one of the Directors of Republic Engineered Products, ... Inc. He is also the Director of AT Plastics Inc. and Radio & Records, Inc. Mr. Perry served as Director of Florists' Transworld Delivery Inc. (FTDI), FTD.Com Inc.'s parent since December 1994. He also served as a Director of IOS BRANDS Corporation, FTD. com Inc.'s indirect parent (“IOS BRANDS”). Mr. Perry served as a Director of FTD Group Inc. since December 1994. He is a trustee of the Allen Stevenson School and the National Advisory Board of Facing History and Us. Mr. Perry has also served as an Adjunct Associate Professor at New York University's Stern School of Business.
Greenlight Capital
David Einhorn is President of Greenlight Capital, a "long-short value-oriented hedge fund", which he began with $1 million in 1996. Greenlight has historically generated greater than a twenty-five percent annualized net return for partners and investors. David Einhorn graduated summa cum laude with distinction in all subjects from Cornell University, where he earned a BA in Government from the College of Arts and Sciences in 1991. Einhorn is also the Chairman of Greenlight Capital RE, Ltd, a Cayman Islands-based reinsurance company and one of its major shareholders. Born in 1969, he lives in Westchester with his wife, 2 daughters and son. His name is most closely associated with short selling, namely borrowing a stock for a period of time and selling it, with the intention of buying new stock to give back to the lender later. His two most famous short positions are Allied Capital and Lehman Brothers. Einhorn's commentary on the financial position of Lehman Brothers in early 2008, and Greenlight's short selling of Lehman stock, foreshadowed Lehmans' collapse.
Highside Capital Management, L.P.
Mr. Henry Lee Stanton Hobson is a Founder, President, and Portfolio Manager at Highside Capital Management, L.P. He founded the firm in July 2003. Prior to joining Highside, Mr. Hobson was a Partner at Maverick Capital Ltd. He is a member of Dallas Committee on Foreign Relations.
Tiger Asia Management, L.L.C
Mr. Bill Hwang (Sung-Kook) is the founder and CEO of Tiger Asia Management, L.L.C., a hedge fund which mainly invests in equities in China, Japan, and Korea. Prior to establishing Tiger Asia Management, L.L.C. in 2001, Bill worked as an equity analyst at Tiger Management, L.L.C. from 1996. Before Tiger Management, L.L.C., Bill worked in the institutional equity sales departments for both Peregrine Securities and Hyundai Securities. Born and raised in Korea, Hwang came to the U.S. when he was a senior in high school. He received a BA in Economics/Business from UCLA and an MBA from Carnegie-Mellon University. He serves as a board member for Tiger Foundation, The Korea Society, and Fuller Theological Seminary.
Glenview Capital
Mr. Lawrence M. Robbins, age 38, has served as a director of the Company since February 1999. Mr. Robbins has served as the Chief Executive Officer of Glenview Capital Management since September 2000. From January 1995 to September 2000, Mr. Robbins served as a general partner of Omega Advisors, Inc., where he was a portfolio manager since January 1995. From July 1992 to January 1995, Mr. Robbins was an analyst and associate at Gleacher & Co., an investment bank specializing in merger and acquisition advisory services. Mr. Robbins is a Certified Public Accountant and graduated from the University of Pennsylvania, earning degrees from the Wharton School and the Moore School of Engineering.
Marshall Wace
The hedge fund was founded in 1997 by Paul Marshall and Ian Wace. They are ranked No.9 in London capital markets' richest list with both owning £162 million in assets each. Marshall was formerly a director with Mercury Asset Management, which he joined in 1995. Wace is a financier. In fact, last year both founders shared £26 million in wages and dividends which resulted in around a couple of dozen employees in the hedge funds turning into millionaires. According to information from the fund's website, the hedge fund investment strategy is based on a complex mathematical model, which a number of other hedge fund managers have been trying to emulate.
London-based equity hedge fund group Marshall Wace Asset Management LLP, one of the largest hedge funds in the world with over $2 billion in assets under management, has registered itself with the Securities and Exchange Board of India (Sebi). The hedge fund got its registration on August 5. Incidentally, the hedge fund has registered itself as an foreign institutional investor, taking the total number of registered foreign institutional investors (FIIs) to 594. Current Sebi regulations do not allow hedge funds to register. Sebi is working on a concept paper for allowing hedge funds to register, and the final guidelines are expected soon. Marshall Wace also manages the award-winning Eureka Fund and Eureka Interactive, Europe's largest tech, media, technology (TMT) sector hedge fund. Though there are some smaller hedge funds registered with the capital markets regulator as foreign portfolio investors , none of them has the asset base to match Marshall Wace's, which is among the more prominent and reputed entities in this category to enter India in recent times. During this month itself two more FIIs have registered themselves - Frank Russell, a pension fund, and Goldman Sachs Asset Management.
SAC Capital Partners
Mr. Steven A. Cohen (born circa 1956), is an American billionaire hedge fund manager and the founder and manager of SAC Capital Partners, a Stamford, Connecticut-based hedge fund that focuses mostly on equity market strategies. Cohen lives in Greenwich, Connecticut, with his wife and children. He is a highly secretive investor sued by pharmaceuticals firm Biovail in April for stock manipulation; $4.6 billion lawsuit alleges Cohen's SAC Capital hedge fund outfit paid doctors to spread misleading information. Cohen grew up in Great Neck, New York, Studied at Wharton, started trading options at Gruntal & Co. 1978; made $8,000 profit on first day. Founded SAC Capital with $20 million 1992. Today manages $10 billion across 9 funds based in the U.S., Cayman Islands, Anguilla. Average annual return: 36%. High performance fees: 3% of assets, 35% of profits. Avid art collector has spent more than $300 million since 2000 building collection; now refurbishing Damien Hirst's "The Physical Impossibility of Death in the Mind of Someone Living." Paid $8 million for the work featuring dead shark in formaldehyde; shark now shrinking, in talks with artist to replace with fresher carcass.
Perry Capital, LLC
Mr. Richard Cayne Perry is the President, Chief Executive Officer, and Director at Perry Capital, LLC. He received a B.S. from the Wharton School of the University of Pennsylvania in 1977 and an M.B.A. from New York University's Stern School of Business in 1980. He founded the firm in 1998. Mr. Perry is the President at Perry Corp. He served as the Chairman of FTD.com Inc. since May 1999. Mr. Perry has been the Director of Endurance Specialty Holdings Ltd. and Endurance Specialty Insurance Ltd. since December 2001. He serves as a Director of PAV Republic Inc. Mr. Perry is one of the Directors of Republic Engineered Products, ... Inc. He is also the Director of AT Plastics Inc. and Radio & Records, Inc. Mr. Perry served as Director of Florists' Transworld Delivery Inc. (FTDI), FTD.Com Inc.'s parent since December 1994. He also served as a Director of IOS BRANDS Corporation, FTD. com Inc.'s indirect parent (“IOS BRANDS”). Mr. Perry served as a Director of FTD Group Inc. since December 1994. He is a trustee of the Allen Stevenson School and the National Advisory Board of Facing History and Us. Mr. Perry has also served as an Adjunct Associate Professor at New York University's Stern School of Business.
Greenlight Capital
David Einhorn is President of Greenlight Capital, a "long-short value-oriented hedge fund", which he began with $1 million in 1996. Greenlight has historically generated greater than a twenty-five percent annualized net return for partners and investors. David Einhorn graduated summa cum laude with distinction in all subjects from Cornell University, where he earned a BA in Government from the College of Arts and Sciences in 1991. Einhorn is also the Chairman of Greenlight Capital RE, Ltd, a Cayman Islands-based reinsurance company and one of its major shareholders. Born in 1969, he lives in Westchester with his wife, 2 daughters and son. His name is most closely associated with short selling, namely borrowing a stock for a period of time and selling it, with the intention of buying new stock to give back to the lender later. His two most famous short positions are Allied Capital and Lehman Brothers. Einhorn's commentary on the financial position of Lehman Brothers in early 2008, and Greenlight's short selling of Lehman stock, foreshadowed Lehmans' collapse.
Highside Capital Management, L.P.
Mr. Henry Lee Stanton Hobson is a Founder, President, and Portfolio Manager at Highside Capital Management, L.P. He founded the firm in July 2003. Prior to joining Highside, Mr. Hobson was a Partner at Maverick Capital Ltd. He is a member of Dallas Committee on Foreign Relations.
Tiger Asia Management, L.L.C
Mr. Bill Hwang (Sung-Kook) is the founder and CEO of Tiger Asia Management, L.L.C., a hedge fund which mainly invests in equities in China, Japan, and Korea. Prior to establishing Tiger Asia Management, L.L.C. in 2001, Bill worked as an equity analyst at Tiger Management, L.L.C. from 1996. Before Tiger Management, L.L.C., Bill worked in the institutional equity sales departments for both Peregrine Securities and Hyundai Securities. Born and raised in Korea, Hwang came to the U.S. when he was a senior in high school. He received a BA in Economics/Business from UCLA and an MBA from Carnegie-Mellon University. He serves as a board member for Tiger Foundation, The Korea Society, and Fuller Theological Seminary.
Glenview Capital
Mr. Lawrence M. Robbins, age 38, has served as a director of the Company since February 1999. Mr. Robbins has served as the Chief Executive Officer of Glenview Capital Management since September 2000. From January 1995 to September 2000, Mr. Robbins served as a general partner of Omega Advisors, Inc., where he was a portfolio manager since January 1995. From July 1992 to January 1995, Mr. Robbins was an analyst and associate at Gleacher & Co., an investment bank specializing in merger and acquisition advisory services. Mr. Robbins is a Certified Public Accountant and graduated from the University of Pennsylvania, earning degrees from the Wharton School and the Moore School of Engineering.
Marshall Wace
The hedge fund was founded in 1997 by Paul Marshall and Ian Wace. They are ranked No.9 in London capital markets' richest list with both owning £162 million in assets each. Marshall was formerly a director with Mercury Asset Management, which he joined in 1995. Wace is a financier. In fact, last year both founders shared £26 million in wages and dividends which resulted in around a couple of dozen employees in the hedge funds turning into millionaires. According to information from the fund's website, the hedge fund investment strategy is based on a complex mathematical model, which a number of other hedge fund managers have been trying to emulate.
London-based equity hedge fund group Marshall Wace Asset Management LLP, one of the largest hedge funds in the world with over $2 billion in assets under management, has registered itself with the Securities and Exchange Board of India (Sebi). The hedge fund got its registration on August 5. Incidentally, the hedge fund has registered itself as an foreign institutional investor, taking the total number of registered foreign institutional investors (FIIs) to 594. Current Sebi regulations do not allow hedge funds to register. Sebi is working on a concept paper for allowing hedge funds to register, and the final guidelines are expected soon. Marshall Wace also manages the award-winning Eureka Fund and Eureka Interactive, Europe's largest tech, media, technology (TMT) sector hedge fund. Though there are some smaller hedge funds registered with the capital markets regulator as foreign portfolio investors , none of them has the asset base to match Marshall Wace's, which is among the more prominent and reputed entities in this category to enter India in recent times. During this month itself two more FIIs have registered themselves - Frank Russell, a pension fund, and Goldman Sachs Asset Management.