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Hedge Fund Spotlight
Welcome to the latest edition of Hedge Fund Spotlight, the monthly Hedge Fund Spotlight newsletter from Preqin providing insights into the hedge fund industry, May 2015 including information on investors, funds, performance and more. Hedge Fund Spotlight uses information from our online product Hedge Fund The $1bn Club Online, which includes Hedge Fund Investor Profi les and Hedge Fund Analyst. Largest Hedge Fund Managers In this month’s feature article, we take a look at the ‘$1bn Club’, a group of the world’s largest May 2015 hedge fund managers, and identify the traits and characteristics that are unique to this Volume 7 - Issue 4 distinguished group which controls a vast proportion of industry capital. Page 2 FEATURED PUBLICATION: Largest Investors in Hedge Funds The 2015 Preqin Sovereign Following on from our feature article, we take an in-depth look at the ‘$1bn Club’ of institutional Wealth Fund Review investors allocating at least $1bn to hedge funds, including the signifi cance of this group, investment preferences and new entrants to the Club. Page 5 The 2015 Preqin Industry News Preqin Sovereign Wealth Fund Review Following the UK general election in May, we take a look at the hedge fund industry in the UK. Page 8 In association with: alternative assets. intelligent data More from Preqin: Hedge Fund Research See what’s new from Preqin this month in the hedge fund universe. Page 9 To find out more, download sample pages or to purchase your copy, please visit: Preqin Investor Network www.preqin.com/swf We examine the activity of the investors on Preqin Investor Network to see which fund types, strategies and regions are of current interest to investors, as well as which institutional investor types have been proactively looking at funds in April. -
Europe's Largest Single Managers Ranked by a Um
2013 IN ASSOCIATION WITH IN ASSOCIATION 5O EUROPEEUROPE’S LARGEST SINGLE MANAGERS RANKED BY AUM EUROPE50 01 02 03 04 Brevan Howard Man BlueCrest Capital Blackrock Management 1 1 1 1 Total AUM (as at 30.06.13) Total AUM (as at 30.06.13) Total AUM (as at 01.04.13) Total AUM (as at 30.06.13) $40.0bn $35.6bn $34.22bn $28.7bn 2 2 2 2 2012 ranking 2012 ranking 2012 ranking 2012 ranking 2 1 3 6 3 3 3 3 Founded Founded Founded Founded 2002 1783 (as a cooperage) 2000 1988 4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Alan Howard Manny Roman (CEO), Luke Ellis (President), Mike Platt, Leda Braga Larry Fink Jonathan Sorrell (CFO) 5 5 5 Hedge fund(s) 5 Hedge fund(s) Hedge fund(s) Fund name: Brevan Howard Master Fund Hedge fund(s) Fund name: BlueCrest Capital International Fund name: UK Emerging Companies Hedge Limited Fund name: Man AHL Diversified plc Inception date: 12/2000 Fund Inception date: 04/2003 Inception date:03/1996 AUM: $13.5bn Inception date: Not disclosed AUM: $27.4bn AUM: $7.9bn Portfolio manager: Mike Platt AUM: Not disclosed Portfolio manager: Multiple portfolio Portfolio manager: Tim Wong, Matthew Strategy: Global macro Portfolio manager: Not disclosed managers Sargaison Asset classes: Not disclosed Strategy: Equity long/short Strategy: Global macro, relative value Strategy: Managed futures Domicile: Not disclosed Asset classes: Not disclosed Asset classes: Fixed income and FX Asset classes: Cross asset Domicile: Not disclosed Domicile: Cayman Islands Domicile: Ireland Fund name: BlueTrend -
In the Hedge Fund
P2BW13100B-0-W01100-1--------XA EE,EU,MW,NL,SW,WE 50 BARRON'S May11, 2009 May 11, 2009 BARRON'S 11 BLACK The Hedge Fund 100 Despite a horrible year in most global markets, these 100 funds all have three-year annualized returns that run to solid double digits; a majority were up in 2008. Remarkably, one firm, Paulson, has two funds in the top Index to Companies four, No. 1 Paulson Advantage Plus (event-driven) and No. 4 Paulson Enhanced (merger arbitrage). In second place is Balestra Capital Partners, a global macro fund, third is Vision Opportunity Capital, a merger arbitrage fund, and fifth was Quality Capital Management-Global Diversified. Strong performance in weak markets is hedge funds’ most basic appeal and these funds did nothing to dispel that idea last year. Our index lists significant references to companies mentioned in stories and columns, plus Research Reports and the Insider Transaction table. The references are to the first page of the item in which the company is mentioned. Fund 3-Year 2008 Total Firm A Rank Fund Assets (mil) Fund Strategy Annualized Returns Returns Company Name / Location Assets (mil) Abbott Labs.53. 05/11/2009 Abercrombie & Fitch.17. H Hain Celestial Group.M15. 1. Paulson Advantage Plus $2,171 Event Driven 62.67% 37.80% Paulson / New York $30,000 Amazon.com.M5. Hanger Orthopedic.56. Ambac Financial.17. Hansen Natural.23. 2. Balestra Capital Partners 800 Global Macro 61.24 45.78 Balestra Capital / New York 990 American Axle.40. Harley Davidson.58. 3. Vision Opportunity Capital 357 Relative Value 61.13 6.96 Vision Capital / New York 733 American Electric Power.43. -
IDC Herzliya Congratulates Our 2015 Honorary Fellows: Doris and Mori Arkin Ori De-Levie Shlomo Eliahu Shimon Peres Miriam and Bernard Yenkin
The IDC HerzliyanSPRING 2015 UPDATE IDC Herzliya Congratulates our 2015 Honorary Fellows: Doris and Mori Arkin Ori De-Levie Shlomo Eliahu Shimon Peres Miriam and Bernard Yenkin The Wind Annual Social Entrepreneurship Award: Pierre Besnainou Growth and Innovation IDC Herzliya’s expansion plans are right on track Baruch Ivcher School of Psychology Tiomkin School of Economics Graduate RAPHAEL RECANATI INTERNATIONAL SCHOOL AT IDC HERZLIYA Programs MA Financial Economics • Counter-Terrorism & Homeland Security Studies • Diplomacy & Conflict Studies Organizational Behavior & Development (OBD) Aaron Graf Alexandra Stern Marvin Benamu Daniella Sofer • United States Venezuela France Johannesburg Government Communications Business Administration Psychology IDC MBA Live in israeL Innovation & Entrepreneurship • Strategy & Business Consulting study in engLish ISRAEL +972 9 960 2841 [email protected] BA ACADEMIC PROGRAMS 2015-2016 US +1 866 999 RRIS [email protected] www.rris.idc.ac.il • Study with a world-renowned Business Administration Computer Science faculty • Interact with students from Business & Economics esign around the globe d (dual degree) Government Janis • Scholarships available based on need Communications Psychology • Enjoy a wide array of extracurricular activities Live in israeL, study in engLish esign d Janis www.rris.idc.ac.il ISRAEL +972 9 960 2841 [email protected] US +1 866 999 RRIS [email protected] RAPHAEL RECANATI INTERNATIONAL SCHOOL AT IDC HERZLIYA IDC SPRING 2015 2Inside IDC Herzliya Welcomes Strong Ties with the Far East 2 The Adelson School of Entrepreneurship: A Hub of Activity 4 European Students Find a Home Away from Home at IDC 6 A Walk Through Campus 8 Princeton University President Prof. -
Bh Global Limited
BH GLOBAL LIMITED MONTHLY SHAREHOLDER REPORT JULY 2019 YOUR ATTENTION IS DRAWN TO THE IMPORTANT LEGAL INFORMATION AND DISCLAIMER AT THE END OF THIS DOCUMENT BH Global Limited Monthly Shareholder Report July 2019 www.bhglobal.com OVERVIEW BH Global Limited (“BHG”) is a closed-ended investment company, registered and incorporated in Guernsey on 25 Manager: February 2008 (Registration Number: 48555). Brevan Howard Capital Prior to 1 September 2014, BHG invested all its assets (net of short-term working capital) in Brevan Howard Global Management LP (“BHCM”) Opportunities Master Fund Limited (“BHGO”). With effect from 1 September 2014, BHG changed its investment policy to Administrator: invest all its assets (net of short-term working capital) in Brevan Howard Multi-Strategy Master Fund Limited (“BHMS” or Northern Trust International Fund the “Fund”) a company also managed by BHCM. Administration Services (Guernsey) Limited (“Northern BHG was admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Trust”) Exchange on 29 May 2008. Joint Corporate Brokers: BHMS has the ability to allocate capital to investment funds and directly to the underlying traders of Brevan Howard J.P. Morgan Cazenove affiliated investment managers. The Single Manager Portfolio (the “SMP”) is the allocation of BHMS’ assets to trading Investec Bank plc books and funds which are managed by an individual portfolio manager. Prior to 1 January 2019 the SMP was named Listing: the Direct Investment Portfolio (the “DIP”). The BHMS allocations are made by an investment committee of BHCM that London Stock Exchange draws upon the resources and expertise of the entire Brevan Howard group. -
Commercial Mortgage ALERT 3
FEBRUARY 26, 2010 Brevan Howard Hires Trader for CMBS Push Brevan Howard Asset Management, one of Europe’s largest hedge fund man- 3 PCCP Seeks Capital for 2 Debt Funds agers, has lured trader Ahsim Khan from Morgan Stanley to spearhead a big push 3 PB Finances New Virginia Building into commercial MBS investments. The London firm is mum about how much capital Khan will be putting to work. 3 Banks Shops Distressed Colo. Loans But the buzz is that the initial allotment will be at least $250 million and could range up to $1 billion. 4 Investors Snap Up Retail REIT Bonds At Morgan Stanley, Khan was an executive director and co-head of securitized 4 Zabik’s Loan Fund Ready to Roll products trading in North America. He left the bank’s New York office on Monday, and is expected to join Brevan’s London office as a partner in April. 6 Prime Finance Holds First Close Khan will pursue a relative-value trading strategy encompassing a broad mix of 6 Canadian Fund Seeks US Investors fixed-income products, with a heavy emphasis on CMBS. He will also buy residen- tial mortgage bonds, CDOs and credit-default swaps tracked by Markit’s CMBX, 6 Fitch Unit Revamps Valuation Model ABX.HE and ABX.Prime indices. Khan will also invest in distressed bonds. It’s unclear how Khan’s jump to Brevan fits with the fund manager’s existing 9 ‘SF’ Suffix for Bond Ratings Closer See BREVAN on Page 7 9 HUD Dealing $300 Million of Loans Startup Taking Aim at Distressed-Debt Plays Five real estate pros have teamed up to form an investment-management and advisory firm. -
Fifty Leading Women in Hedge Funds 2020
Fifty Leading Women in Hedge Funds 2020 I N A S S O C I A T I O N W I T H 50 LEADING WOMEN IN HEDGE FUNDS 2020 50 LEADING WOMEN IN HEDGE FUNDS 2020 Introduction HAMLIN LOVELL, CONTRIBUTING EDITOR, THE HEDGE FUND JOURNAL his is the eighth edition of our managers of all time – according to LCF Edmond 50 Leading Women in Hedge de Rothschild analysis – namely Bridgewater Funds report and is published Associates and Lone Pine. The two Lone Pine in association with EY for the women in this year’s report are two of the three seventh time. Whilst Covid-19 portfolio managers who succeeded Lone Pine’s has denied us the opportunity founder Steve Mandel. Three of the report’s to host accompanying events discretionary equity portfolio managers specialize in London and New York, at in the healthcare and biotechnology sector, which least this year, the professional achievements has attracted more attention this year for obvious Tof the women featured in this year’s report reasons. Four of the investment professionals shine through, nonetheless. We are so pleased work for systematic and quantitative hedge fund An analysis of the S&P to be publishing this report just a few days after managers, which is notable given the general Kamala Harris made history by becoming the dearth of women in STEM. Another noteworthy first female, first black and first Asian-American cluster is three women managing multi-billion Composite 1500 found US Vice-President-elect. s the leading global evidence is clear. Having more amounts in liquid credit strategies. -
Series G (“Series G”) Generated an Estimated 1.70% Net Return in the Month of May
_ June 4, 2020 Dear Investor: SkyBridge Multi-Adviser Hedge Fund Portfolios LLC - Series G (“Series G”) generated an estimated 1.70% net return in the month of May. We are encouraged by strength throughout the portfolio, particularly in the structured credit allocation. Given the recovery in the stock market, we expect equities to remain range bound. However, we believe structured credit is well-positioned for a “catch up” trade. We have included an Investor Communication deck with this letter. The Investor Communication sets forth recent portfolio changes and provides Series G’s pro forma top ten managers for July 1, 2020 (page 6). In summary, we have: a) reduced, but remain overweight, structured credit, b) increased exposure to multi- strategy, macro, and distressed corporate credit, and c) increased allocations to larger managers. On June 1st, Series G established positions with Point72, Renaissance (RIEF), and Brevan Howard. Descriptions of these managers can be found on page 18 to page 21 of the Investor Communication. Series G generated a 60% return from 2009 to 2012 following a loss of 19.62% in 2008 as we took advantage of opportunities produced by the Financial Crisis. We are, of course, mindful that past performance does not guarantee future results. That said, given our recent drawdown, the cheapness of structured credit securities, and the new allocations to top managers, we believe Series G is well-positioned for the next 12 to 18 months. In summary, we are hopeful that Mark Twain’s words prove prophetic: “history doesn’t repeat itself up but it often rhymes.” Thank you for your partnership. -
Family Office 2017 Outlook
March 2017 | bloombergbriefs.com FAMILY OFFICE 2017 OUTLOOK Bloomberg Reports Managing Editor Contents Paul Smith 02 Billionaires Editor Darshini Shah 03 Launches Creative Director 04 Q&A: Jennifer Capouya, GenSpring Family Offices Robert Vargas 06 Hedge Funds Art Director Pekka Aalto 07 Q&A: Clark Cheng, Merrimac Contributing Art Directors 08 Venture Capital Ian Maready Chris Yerkes 10 Q&A: John Tsui, Peninsula House Marketing & Partnership Director 12 Wine Courtney Martens [email protected] 13 Art +1-212-617-2447 16 Philanthropy Advertising Lucy Rosen [email protected] +1-212-617-6759 Reprints & Permissions Lori Husted [email protected] +1-717-505-9701 x2204 To contact the editor responsible Darshini Shah [email protected] +44-20-3525-0790 Produced by Bloomberg Briefs On the Bloomberg terminal at BRIEF<GO> Take your free trial of Bloomberg Brief newsletters today The newsletters pull together reporting, insight and analysis of over 45 senior editorial staff and dedicated economists to help you stay informed and ready for your daily business needs. To set up your free trial Visit bloombergbriefs.com or call us at +1-212-617-9030. Ask about our group subscription savings. © 2017 Bloomberg LP. All rights reserved. This newsletter and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Please contact our reprints group listed above for more information. 1 BILLIONAIRES Many of the World’s Wealthiest People Are Getting Older — and Plotting What’s Next By TOM METCALF LORENZO SERVITJE SENDRA was Nearly Half of the World’s 500 Richest People Are Pensioners the oldest person on the Bloomberg Billionaires Index when he died in February with a $4.2 billion fortune. -
Jersey for Hedge Funds
Factsheet Jersey for Hedge Funds Future-proof solutions for US promoters and investors ‘Old Jersey’ is a leading, future-focussed international finance centre (IFC), located between the UK and France. The Island’s unique constitutional position as a British Crown Dependency means that it has domestic autonomy, which has been preserved for the last 800 years. Being outside the European Union (EU) means that Jersey is able to offer more flexible funds regimes. Jersey’s special relationship with the UK means that it will continue to have access to UK investors, despite Brexit. New international governance requirements for hedge funds make Jersey a clear choice. Jersey can offer a centre of ‘substance’ to cater for the requirements of the Organisation for Economic Co-operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) project. The Island has been home to hundreds of hedge funds and more than 30 hedge fund managers are currently based in Jersey, following a mixture of discretionary, quantitative, and systematic, global macro, managed futures and commodity trading advisor (CTA) strategies. Jersey is also seeing an increasing number of hedge fund managers looking to relocate all or part of their business here, from well-established operations through to start-ups. AIFMD equivalent Flexible funds solutions of NPPR’s route Jersey offers a full range of flexible fund structures and regulation. Access to professional investors throughout Europe continues to be available through local national private placement regimes (NPPRs). And, because Jersey is not part of the EU, for those Jersey funds and Jersey managers that target ‘Rest of the World’ (ex-EU), the requirements of the EU’s Alternative Investment Fund Managers Directive Out of AIFMD (AIFMD) will be out of scope. -
Brevan Howard Master Fund Limited Annual Audited Consolidated Financial Statements 2017 (With Independent Auditors’ Report Thereon)
Brevan Howard Master Fund Limited Annual Audited Consolidated Financial Statements 2017 (with Independent Auditors’ Report thereon) ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS 31 December 2017 Brevan Howard Capital Management LP, the commodity pool operator of Brevan Howard Master Fund Limited, has filed a claim of exemption with the Commodity Futures Trading Commission (“CFTC”) in respect of Brevan Howard Master Fund Limited pursuant to Section 4.7 of the CFTC regulations. Contents 01 Independent Auditors’ Report 02 Consolidated Statement of Assets and Liabilities 03 Consolidated Condensed Schedule of Investments 13 Consolidated Statement of Operations 14 Consolidated Statement of Changes in Net Assets 15 Consolidated Statement of Cash Flows 16 Notes to the Consolidated Financial Statements 35 Affirmation of the Commodity Pool Operator IBC Management and Administration BREVAN HOWARD MASTER FUND LIMITED INDEPENDENT AUDITORS’ REPORT ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS 1 Independent Auditors’ Report to the Directors and Shareholders on the Consolidated Financial Statements of Brevan Howard Master Fund Limited We have audited the accompanying consolidated financial We believe that the audit evidence we have obtained is sufficient statements of Brevan Howard Master Fund Limited (the “Master and appropriate to provide a basis for our audit opinion. Fund”), which comprise the consolidated statement of assets and liabilities, including the consolidated condensed schedule Opinion of investments as of 31 December 2017, and the related In our opinion, the consolidated financial statements referred to consolidated statements of operations, changes in net assets, above present fairly, in all material respects, the consolidated and cash flows for the year then ended, and the related notes to financial position of the Master Fund as of 31 December 2017, the consolidated financial statements. -
Hedge Fund Industry to Draw up Code of Conduct
HEDGE FUND STANDARDS BOARD APPOINTS DAVID GEORGE OF THE FUTURE FUND TO THE BOARD 25th February 2015 David George, Head of Debt & Alternatives at the Future Fund, Australia’s sovereign wealth fund, has joined the board of the Hedge Fund Standards Board (HFSB). This appointment emphasises the important role of sovereign wealth funds in promoting better practices in the hedge fund industry, particularly in Asia Pacific. Dame Amelia Fawcett, Chairman of the HFSB, said: “We are thrilled to welcome our new Australian member to the board. It sends another powerful signal about the global importance of the HFSB mission for the investor community worldwide and particularly in Asia Pacific.” David George said: “I am very pleased to join the Board. The HFSB is an important platform for promoting better industry practice to the benefit of end investors, managers and policymakers. I look forward to working with the other Trustees and to progressing this effort.” Over 60 major international investors, including pension and endowment funds as well as sovereign wealth funds, are now members of the HFSB Investor Chapter, supporting the adoption of the Standards internationally. The HFSB was set up in Europe in 2008 as the standard-setting body for the hedge fund industry and now has a growing membership internationally in both Asia and North America. Hedge fund managers in the US and Canada now account for 40 percent of the 1 HFSB’s 123 signatories. Assets under management of all HFSB signatories total more than $700 billion. - ENDS – Notes to editors: 1. The HFSB was formed in January 2008 to agree standards of good practice for hedge fund managers.