The former heir apparent to Chris Shumway's $8.9 billion hedge fund firm, Tom Wilcox, is considering opening his family office to outside investors by starting a hedge fund in 2016. Wilcox managed his own money at his family office in Connecticut since leaving Shumway Capital Partners in 2011. A spokeswoman for Wilcox declined to comment on his plans. The article also provides brief updates on the performance of various hedge funds in April.

1. Tuesday
May 12, 2015
www.bloombergbriefs.com
Ex-Shumway CIO Wilcox Said to Plan Hedge Fund
BY SIMONE FOXMAN AND KATHERINE BURTON
The former heir apparent to Chris Shumway's $8.9 billion hedge fund firm is
considering opening his family office to outside investors.
Tom Wilcox, 44, described by Shumway as the most profitable manager in his firm's
history, has been meeting with potential investors about starting a hedge fund next year,
according to three people with knowledge of the matter. Wilcox has been managing his
own money at Wilton, Connecticut-based since leavingCider Mill Investments
Shumway Capital Partners in 2011.
A spokeswoman for Wilcox declined to comment on his plans.
Shumway Capital was among the largest of the so-called Tiger Cubs managed by
former employees of Julian Robertson's firm. In a November 2010 letter, Chris Shumway
told investors that he would be stepping down from day-to-day management, appointing
four partners and naming Wilcox, the former head of equities, to oversee the portfolio.
Shumway changed his plans after investor redemptions. In February 2011, he decided
to return his clients' money in lieu of continuing the firm under new management.
Wilcox's staff includes analyst , an associate who hasJeff Nykun and Susan Suh
continued to work with Wilcox since his departure from Shumway.
Round Table Investment Management Co., run by Bank of America Corp.'s former
chief investment officer , gained 9.7 percent in April in its main hedge fund.Ian Banwell
The firm, founded by Banwell in 2007, is up 11.5 percent this year in the $300 million
macro fund, according to a letter viewed by Bloomberg News. The gains were driven by
the strengthening of the Japanese yen versus the U.S. dollar, higher interest rates in
Brazil and reforms in China, the firm said in the letter.
Chris Ahrens, director of investor relations at Charlotte, North Carolina-based Round
Table, declined to comment on performance.
The firm also said in the letter that it shut a $25 million U.S. interest rate fund as
central banks have driven down yields and reduced volatility, making it difficult to make
money. The strategy made a five-year total return of more than 85 percent.
— Sabrina Willmer
Ex-Bank of America CIO Banwell Gains 9.7% in April
David Einhorn's Greenlight Capital
fund was down slightly last month, while
all of John Paulson's strategies posted
positve results: Returns in Brief
JAT Capital is returning investor money
as John Thaler's firm transitions to a
family office: Closings & Redemptions
Fresno County Employees move closer
to implementing a new hedge fund
program: From The Minutes
Marathon Capital is adding exposure to
energy companies: Market Calls
: What was seen, heard andSALT 2015
tweeted: Conference Coverage
Elliott Associates says it's taken a 7.6
percent stake in CDK Global: Activism
Steve Kuhn and other hedge fund
managers raise money for a boarding
school in Somaliland: Over The Hedge
Additions to Bloomberg's hedge fund
database were lower last month than in
February and March: Data Dive
Calendar of Events
INSIDE
NATHANIEL E. BAKER
Institutional investor demand for long-short equity strategies
last quarter decreased as a percentage of all hedge fund
mandates for the first time in a year, according to Bloomberg
data. After rising to an all-time high of 61 percent in the fourth
quarter, the ratio fell to 52 percent, the lowest level since the
first quarter of 2014, even as the number of searches for
long-short equity funds increased to 28 from 25. Still, the ratio
of long-short equity mandates remains well above the low
point of 42 percent set in the third quarter of 2013.
Institutional mandates for hedge funds are available on the
terminal via . Access is provided to BloombergMND<GO>
Anywhere clients at buyside firms. Contact your sales
representative for questions about accessing the function.
NEW MANDATES: LONG-SHORT EQUITY
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2. May 12, 2015 Bloomberg Brief Hedge Funds 2
RETURNS IN BRIEF
Greenlight Capital, 'sDavid Einhorn
$12 billion hedge fund firm, was down 0.4
percent in its main fund in April, pushing
losses to 2.2 percent in the first four
months of 2015, according to an e-mail
with the performance that was obtained
by Bloomberg News. The hedge fund
separately said it added to shorts given
concerns about earnings growth,
according its first quarter letter to
investors dated April 20.
— Simone Foxman
John Paulson's hedge funds gained in
April after successful wagers on energy,
mergers and Greek banks. Paulson & Co
.'s merger strategy, which comprises
more than half of the firm's $19.5 billion in
assets, profited on potential takeovers in
health care, media and telecoms, said
two people with knowledge of the returns.
Paulson Partners gained 1.5 percent last
month and 6.1 percent this year, said the
people. Paulson's credit fund rose 2.4
percent in April and is up 5.4 percent this
year, said the people. The event-driven
Advantage fund climbed 2.6 percent last
month and 4.5 percent in the first four
months of the year. Paulson & Co.'s
special situations fund pared its yearly
loss to 3.7 percent after gaining 1.1
percent in April, according to the people.
A spokesman for the New York-based
firm declined to comment on the returns.
— Kelly Bit
Man Group Plc's AHL Diversified fund
fell 6.2 percent last month, cutting gains
this year to 1.2 percent as the world's
largest publicly traded hedge fund
reported $1.3 billion of net outflows in the
first quarter, the first since 2013. Total
assets under management rose to a
record $82 billion on "positive investment
performance across all managers," it said
in a statement from London on Friday.
— Mark Bentley
Ark One's Asia Access Master Fund,
led by Mizuho Financial Group Inc.'s
former Asian fixed-income trading head,
returned an estimated 19 percent in April,
helped by China trades. The fund's record
monthly gain took this year's performance
to 29 percent, said Chief Investment
Officer . His HongJeffrey Yap
Kong-based firm, which started trading in
June, manages about $25 million,
investing in public and private credit with
a focus on
China. Yap made money betting investors
would demand smaller excess returns to
hold Chinese credit in a month when the
nation's central bank cut its reserve ratio
by 1 percentage point. "We have been
anticipating a string of Chinese policies
which would reduce its risk premium
against global markets," Yap said.
— Bei Hu
BlueCrest Capital Management, the
$12.5 billion hedge fund run by Michael
, in April posted its biggest gain in itsPlatt
macro fund in more than five years as it
profited from a selloff in European bonds.
The $4.9 billion BlueCrest Capital
International macro fund rose 2.8 percent
in April, reducing losses this year to 3.5
percent, according to an investor update.
The fund recorded most of the gains in
the last week of April, when German
bonds fell sharply. BlueCrest's BCI fund
had gained 0.9 percent in the first three
weeks of April, an investor document
shows. Last month's gain for BCI was the
biggest since January 2010, when it rose
3.3 percent, the document shows. Platt
started the fund in 2000. BlueCrest is
based in the Channel Island of Jersey.
— Saijel Kishan and Sabrina Willmer
April Performance, Selected Hedge Funds
Year-to-Date Returns Through April 30
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3. May 12, 2015 Bloomberg Brief Hedge Funds 3
CLOSINGS & REDEMPTIONS
John Thaler, founder of , isJAT Capital
returning client money to turn his $1.7
billion hedge fund firm into a family office.
"As I approach my 20th anniversary
working in the financial services industry,
with the last eight spent building and
managing JAT Capital, it is the right
moment to take a break, spend time with
my young family and determine which
path to pursue next," Thaler, 39, wrote in
a letter to investors, a copy of which was
obtained by Bloomberg.
Thaler started New York-based JAT in
2007 with startup money from Chris
Shumway, whom he worked for at
Shumway Capital Partners from 2002 to
2007. JAT's assets soared to about $3
billion in 2011 when Thaler profited from
bets on and against stocks. The equity
focused firm, which employs 35 people,
plans to return investor money by the end
JAT Says It's Closing to
Become Family Office
of June, so it can sell positions
strategically and prudently, according to
the letter.
A spokeswoman for JAT declined to
comment on the closing.
JAT had $3.5 billion of publicly
disclosed U.S. equity holdings at the end
of the first quarter, according to data
compiled by Bloomberg. The firm's
biggest equity stakes in Time Warner
Cable Inc., Twitter Inc. and Yahoo! Inc., a
regulatory filing shows. It was also a
significant shareholder in Madison Square
Garden Co.
The filings don't show non-U.S.
securities, holdings that aren't publicly
traded, or cash.
Thaler said in the letter he intends to
step back from day-to-day investing for a
few months to assess his next steps and
that stock picking will remain a central
focus of his professional endeavors.
— Kelly Bit
BlueCrest Capital Management
clients have asked to redeem $2.7 billion
from its $4.9 billion BlueCrest Capital
International fund, according to a person
with knowledge of the matter.
Michael Platt's $12.5 billion firm has
seen assets slump from a peak of $37.4
billion two years ago.
A spokesman for BlueCrest declined to
comment on the redemptions.
BCI, a macro fund, was once
BlueCrest's largest, managing a peak of
$14.5 billion in May 2013, the investor
documents show. Assets are down from
$6.8 billion at the start of the year.
Clients in BCI can pull their money
every quarter after giving 90 days' notice.
BCI posted its first annual loss in 2013,
when it declined 1.6 percent.
— Sabrina Willmer and Saijel Kishan
BlueCrest Investors Said to
Pull $2.7 Billion From Fund
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4. May 12, 2015 Bloomberg Brief Hedge Funds 4
FUND LAUNCHES
Thirdrock Capital Pte, the Singapore-based investment firm with $1 billion of assets
under management, plans to start a second hedge fund as it expects assets to increase
by 70 percent over the next 12 months.
The fund will use quantitative investment strategies across all asset classes and will
start in the second half of this year, founder and Chief Executive Officer , 39,Jason Lai
said in an interview on May 8. It will be managed by a team of five people and seek to
exceed $100 million in assets within one year, he said. The projected annual net return
is about 15 percent.
Thirdrock started its first fund in September as the company is evolving from a family
office. It was founded in 2010 with $500 million from Asian billionaires and three staff.
Thirdrock is in talks to hire independent asset managers who will bring their own clients
along with their assets, Lai said. That might help increase the investment firm's assets
under management by as much as $700 million over the next 12 months.
The Thirdrock Asian Affluence Fund, a long-short equity fund that focuses on Asia
excluding Japan, has returned a net 9 percent since inception in September, he said.
The fund, managed by Shawn Tan, who previously worked with Kelusa Capital LLC,
targets an annual net return of 15 percent.
At the end of 2013, Thirdrock started a macro strategy that uses technical analysis to
trade currencies and targets a 12 percent annual return.
It also has commitments of at least $100 million for an absolute return equity strategy
investing in Asian stocks excluding Japan that it will start in the third quarter, Lai said.
The long-only strategy targets annual net returns of between 8 percent and 10 percent.
The firm expects to have about 30 employees by the end of the year from about 20
currently, Lai said.
— Klaus Wille
Elad Shraga, Deutsche Bank AG's head of structured finance, is leaving after 15
years to start his own fund, according to a person with knowledge of the matter.
Shraga, 45, will manage a special-situations fund focused on credit and real estate in
Europe, and has already raised capital, according to the person. Daniel Pietrzak and
Tom Cheung will replace Shraga in leading the structured-finance businesses for the
Europe and Americas regions, Deutsche Bank said Friday in a memo to employees.
— Stephanie Ruhle and Michael J. Moore
Thirdrock Capital Plans Quant Fund
Deutsche Bank's Shraga Said to Start Own Fund
Fresno County Employees'
Retirement Association was
scheduled to discuss "hedge fund
implementation and education
strategies" at is May 6 board meeting,
according to the meeting .agenda
Jeffrey MacLean of Verus
Investments was scheduled to
present. The pension last year itsaid
would review its hedge fund program
"in the second half of 2014."
California Institute of Technology
saw its endowment's hedge fund
portfolio return 10.7 percent for the 12
months ending Sept. 30, according to
its annual . "While some of ourreport
managers and the hedge fund
industry overall had a challenging
year, we were fortunate to have
several managers who took
advantage of unique opportunities in
the credit and distressed markets,
resulting in returns that helped us
beat our benchmark," the report said.
Woburn Retirement System is
seeking proposals from high-yield
bond managers "for the possible
award of up to $6.5 million," according
to a request for proposal on the
Mass.gov .website
Iowa Public Employees'
Retirement System is scheduled to
hear a pair of presentations on "liquid
absolute return strategies" at its May
13 investment board meeting,
according to the . Albourneagenda
America LLC's Jonathan Koerner and
Andrew McCulloch will present in one
session, followed by Wilshire
Associates' Eileen Neill and Jonathan
Miles.
Kern County Employees'
Retirement Association was
scheduled to approve an "amended
and restated agreement" with its
hedge fund consultant Albourne
America LLC, according to an onitem
the agenda for its May 6 investment
meeting.
— Compiled by Nathaniel E. Baker
FROM THE MINUTES
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5. May 12, 2015 Bloomberg Brief Hedge Funds 5
CONFERENCE COVERAGE: SALT
The annual Skybridge Alternatives Conference was held in Las Vegas last week. Highlights of Bloomberg News coverage follow.
Jim Chanos, founder of , said he's betting against shares ofKynikos Associates
Royal Dutch Shell Plc and BG Group Plc because of poor prospects for producers of
liquefied natural gas.
"This is a disaster waiting to happen," Chanos said, adding that he was also wagering
against Chevron Corp. Chanos said that demand for LNG has been flat for the past few
years and capacity is going to "skyrocket."
A London-based spokesman for BG Group, wouldn't comment on the statements by
Chanos. A spokesman for San Ramon, California-based Chevron Corp. declined to
comment. A Shell spokeswoman deferred to comments made by Chief Executive Officer
Ben Van Beurden and Chief Financial Officer Simon Henry when Shell announced the
agreement to buy BG last month.
— Kelly Bit, Simone Foxman and Saijel Kishan
Kyle Bass, founder of , recommended shares ofHayman Capital Management
drugmaker Perrigo Co. and said Abbott Laboratories would be a better potential acquirer
than Mylan NV.
"I personally don't think Mylan is going to be successful in their bid," Bass said on
Thursday. "There are other bidders out there sharpening their pencils."
Bass called Perrigo "one of the best" in the over-the-counter pharmaceuticals
business. Mylan is pursuing a $32.7 billion acquisition of Perrigo, which has rejected
Mylan three times. Teva Pharmaceutical Industries Ltd. is seeking to woo shareholders'
support for its $40.1 billion takeover proposal of Mylan. Bass said consolidation between
Teva and Mylan would trigger antitrust issues.
The 45-year-old manager has been challenging patents at drug companies that he
says don't cover new inventions and should be canceled. He's betting that the stocks of
those firms will fall.
— Kelly Bit
Daniel Loeb said he enjoys reading Warren Buffett's annual letters to shareholders of
Berkshire Hathaway Inc., and finds the billionaire full of inconsistencies on topics like
hedge funds and taxes.
"I love contrasting his words with his actions," Loeb said. "But I also like how he
criticizes hedge funds yet he really had the first hedge fund. He criticizes activists. He
was the first activist. He criticizes financial service companies, yet he likes to invest in
them. He thinks that we should all pay more taxes but he loves avoiding them himself."
Buffett, 84, didn't immediately respond to a request for comment sent to an assistant.
— Noah Buhayar and Simone Foxman
Jim McGinnis, chief investment officer at 's HalcyonHalcyon Asset Management
Energy Investors said the hedge fund firm is betting against oil drillers Ensco Plc, Noble
Corp. and Transocean Ltd.
There are too many drill ships and the combined market capitalization for the three
companies may fall by more than half, McGinnis said on Thursday. The short positions
are a "significant" size, he said.
Christian Zann of said he likes Tetra TechnologiesBalyasny Asset Management
Inc. and Trican Well Service Ltd. within onshore services, as excess capital flows into
the space.
— Kelly Bit
Chanos Says He's Shorting Shell, BG Group, Chevron
Bass Says Abbott Better Perrigo Buyer Than Mylan
Loeb Says Buffett Full of Inconsistencies
Halcyon Betting Against Oil Drillers Ensco, Noble
Loic FERY
@LoicFery
Thanks Skybridge and for@Scaramucci
the outstanding this@SALTConference
week. Best alternative investment event I
ever attended #SALT2015
Details
Simone Foxman
@SimoneFoxman
Boone Pickens: "I feel in a way I'm more
like an artist...an economist is a guy that
doesn't have enough personality to be a
CPA." #SALT2015
Details
Joseph
Weisenthal
@TheStalwart
Novogratz says officials in China "blinked"
and are in all-out fiscal and monetary
easing. And that that's the big macro story
#SALT2015
Details
V.I.G.
@myvig
#Salt2015 Kyle Bass short pharma says
"drug pricing out of control"
Details
HithaHerzog
@HithaHerzog
Does anyone know the distance/
circumference of ? Because I@Bellagio
have now walked it twice + want to
believe I put in 2 miles. #SALT2015
Details
Laura Goldman
@laurasgoldman
. calls the after@KunalSood #salt2015
pool party the anti pool party due to the
bad weather
Details
TWITTERSPHERE
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6. May 12, 2015 Bloomberg Brief Hedge Funds 6
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7. May 12, 2015 Bloomberg Brief Hedge Funds 7
MARKET CALLS ITEMS MAY BE SUBMITTED TO HEDGEBRIEF@BLOOMBERG.NET FOR CONSIDERATION
Richards Says Marathon
Betting on Energy
Bruce Richards,
co-founder of $12.5
billion Marathon Asset
, said hisManagement
firm has invested about
10 percent of its
portfolio in energy
company credits since
the start of the year
with plans to double
these holdings.
"We'd like to be long
20 percent in the energy sector," Richards
said at a press briefing at the SALT
Conference in Las Vegas on May 6.
Marathon is looking for opportunities to
provide capital, possibly in conjunction
with other asset managers, to energy
companies starved for cash and willing to
put up their assets as collateral, Richards
said. Marathon has begun making these
proposals to companies, which would
place the fund senior to the claims of
existing creditors.
Richards said Marathon is also
interested in commodities companies like
Arch Coal Inc. and Fortescue Metals
Group that have survived the rout in coal
and iron ore, respectively. These
companies have already cut costs and
"rationalized" their businesses at lower
commodity prices, so they offer upside
should commodity prices rally.
— Simone Foxman
Dan Loeb, whose fundsThird Point
hold a stake in Yamanashi-based Fanuc
Corp., said he has met with Japanese
officials and expects that he'll find more
ways to spend money in the nation.
"We are excited about potential
investment opportunities in Japan and
met with companies and government
officials on our visit a few weeks ago,"
Loeb said in a conference call discussing
results at Third Point Reinsurance Ltd.,
the Bermuda-based reinsurer that he
co-founded. He didn't say who attended
the meeting or what was discussed.
Loeb said in February that his hedge
fund had invested in Fanuc and asked the
Loeb Sees More
Opportunities in Japan
company to return more cash to
shareholders. The maker of industrial
robots has gained 25 percent since Loeb
announced the stake on Feb. 9
The billionaire said in a letter to
investors dated May 1 that Fanuc is the
"Apple of Japan" and 10 percent of his
hedge fund's assets are invested in the
nation. Prime Minister Shinzo Abe's
economic policies are bearing fruit, he
wrote.
"Abenomics is working," Loeb, 53, said
in the letter. "In 2014, Japan created an
index of 400 domestic companies that
employed 'best practices' of corporate
governance. The jockeying to be part of
the index set off conversations about
outside directors, transparency, and
modernizing investor relations."
— Sonali Basak
Netflix Inc. may soar above $2,000 a
share in the next three years as the
world's biggest video-streaming service
keeps expanding its subscriber base,
according to .Apex Capital
"The company's global subscription
model along with eventual pricing power
will translate into profitability well beyond
consensus estimates," the firm said in a
presentation, a copy of which was
obtained by Bloomberg News. "NFLX is
quickly becoming one of the most
powerful media companies in the world."
Netflix is the Orinda, California-based
hedge fund's largest holding, representing
11 percent of its portfolio as of March 31,
according to a filing. , aTodd Nabi
spokesman for Apex Capital, declined to
comment on the presentation.
Netflix has tripled its online subscriber
count in the last three years to 62 million,
according to the presentation by Gil
, Apex's chief investment officer.Simon
That number is likely to "approach 150
million" by 2020 as the company
completes its international expansion.
Adjusted earnings could reach $122 a
share in 2020, according to Apex. Wall
Street analysts expect per-share profit of
$35.07 at that time, the average of five
estimates compiled by Bloomberg.
— Nathaniel E. Baker
Netflix Is Seen Surpassing
$2,000/Share by Apex
Latigo Partners' said hisDavid Ford
event-driven fund is investing in
iHeartMedia Inc.'s stock in a wager on
radio's broad distribution and relatively
low cost as an advertising medium.
Ford said Latigo also holds iHeartMedia
debt, during a Bloomberg Television
interview on Thursday with Erik Schatzker
and Stephanie Ruhle.
The broadcaster, formerly called Clear
Channel Communications Inc., is one of
Latigo's "biggest positions" and "best
ideas" right now, said Ford, the firm's
co-founding partner.
Radio's "broad distribution" makes it a
platform with "lots of margin potential,"
reaching 94 percent of people aged 25 to
54 in the U.S., he said.
While Ford said the fund has invested in
iHeartMedia since its 2008 leveraged
buyout, this is the first time it bought
equity in the company.
— Michelle F. Davis
Jason Karp, chief executive officer of
Tourbillon Capital Partners, said
MannKind Corp. shares are "worthless" in
a May 5 letter to clients, a copy of which
was obtained by Bloomberg News.
The biopharmaceutical company
remains one of Tourbillon's largest short
positions, Karp said in the first-quarter
letter. Shares of the inhalable insulin
maker are down more than 50 percent
since Tourbillon said in July that they may
drop 90 percent. Karp lowered his price
target to zero from $1, the letter said.
Tourbillon separately took a new
position in Energizer Holdings Inc. that is
among his fund's largest longs.
Karp sees at least 50 percent to 70
percent upside in the battery maker's
stock over the next 18 months if
management executes properly,
according to the letter. Energizer is up
about 9.3 percent this year.
Karp founded New York-based
Tourbillon in 2013, after working at Steve
Cohen's SAC Capital Advisors and then
Carlson Capital.
— Madeline McMahon and Arie Shapira
Latigo Says iHeartMedia
Among 'Best Ideas'
Tourbillon's Karp Says
MannKind 'Worthless'
Source: Bloomberg/
Michael Nagle
Bruce Richards
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8. May 12, 2015 Bloomberg Brief Hedge Funds 8
ACTIVISM
Elliott Reveals 7.6 Percent
Stake in CDK Global
CDK Global Inc., the
information technology
provider to automobile
dealers that was spun
off from Automatic
Data Processing Inc.
last year, has another
activist in its stock after
Elliott Associates
disclosed a 7.6 percent
stake.
Elliott, the
sometimes-activist hedge fund run by
billionaire , reported the stakePaul Singer
in a 13D active filing Monday. The filing
includes boilerplate language that it may
in the future seek talks.
In October, Sachem Head Capital
Management disclosed a 9.8 percent
activist stake in CDK. The hedge fund
was founded by Scott Ferguson in 2012
after he left activist Bill Ackman's
Pershing Square Capital Management.
— Beth Jinks
Tempur Sealy International Inc. Chief
Executive Officer Mark Sarvary will step
down on Tuesday as part of a settlement
with activist investor H Partners
, which has said theManagement
mattress maker is poorly managed.
Tim Yaggi, who is currently Tempur
Sealy's operating chief, will take the CEO
post on an interim basis, the Lexington,
Kentucky-based company said in a
statement on Monday. As part of the
shake-up, H Partners' willUsman Nabi
join Tempur Sealy's board, and the
company will pursue the addition of
another director recommended by the
investment firm.
— Nick Turner
California State Teachers' Retirement
said it backed activist investorSystem
CEO to Step Down as TPX
Settles With H Partners
Calstrs Backs Trian in
DuPont Proxy Showdown
Trian Fund Management in its proxy
fight with DuPont Co.
Calstrs, as the second-largest U.S.
pension fund is also known, said on its
website Monday that it voted its 3.6
million shares in support of candidates
proposed by Trian.
"From our standpoint, this proxy contest
is a referendum on DuPont's lackluster
performance and the inability of the
current board to hold management
accountable -- not about separating the
DuPont businesses," Anne Sheehan,
Calstrs' director of corporate governance,
said in a statement.
Trian is running four nominees for
DuPont's 12-director board at the annual
meeting Wednesday in Wilmington,
Delaware. Last week, the California
Public Employees' Retirement System
backed DuPont in the proxy fight and
criticized Trian for having a "short-term
focus."
Calstrs said in September it supported
Trian over DuPont.
— Jack Kaskey
Source: Bloomberg/
Chris Ratcliffe
Paul Singer
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9. May 12, 2015 Bloomberg Brief Hedge Funds 9
REGULATORY/COMPLIANCE
A former managing partner of Connecticut-based hedge fund New Stream Capital
will serve 30 months in prison after pleading guilty to charges he helped misleadLLC
clients to keep the firm’s largest investor.
Bart Gutekunst, 63, of Weston, along with former New Stream executives David
and , pleaded guilty in May 2014 to a single count of conspiracyBryson Richard Pereira
to commit wire fraud. Bryson was given a 33-month federal prison term on May 5.
Pereira was scheduled to be sentenced May 7.
U.S. District Judge Janet C. Hall in New Haven on May 6 also ordered Gutekunst to
serve three years of supervised release after his prison term. New Stream started feeder
funds in November 2007, including one based in the U.S. and some in the Cayman
Islands, while closing its existing Bermuda Fund and requiring all foreign investors to
move their investments into the Cayman fund, said the U.S. attorney in Connecticut.
When the firm’s largest investor tried to redeem its entire investment in March 2008,
Bryson and Gutekunst, managing partners and principals at New Stream, and Pereira,
its chief financial officer, ordered staff to secretly reorganize the fund’s structure in an
effort to stop the redemption, the government said.
The three men were arrested in February 2013 and faced as long as five years in
prison. They were scheduled to go on trial in June 2014 before pleading guilty.
Prosecutors say the fund’s investors were defrauded out of more than $46 million and
that Gutekunst and Bryson collected more than $5 million each in management fees and
profit sharing. The U.S. Securities and Exchange Commission sued the three men in
federal court in New Haven in 2013 over the firm’s collapse, saying they concocted a
scheme to secretly revise the hedge fund’s structure to placate Gottex Fund
Management Ltd., its largest investor with a stake of almost $300 million, by giving it and
other preferred offshore investors priority over others in the event of a liquidation.
— Chris Dolmetsch
Nonbank lenders including hedge funds and peer-to-peer companies are driving
competition for loans and could pose a hazard to the U.S. financial system, said John
Stumpf, chief executive officer of Wells Fargo & Co.
“It’s a risk in that if you start to stretch for loans to produce some revenue,” Stumpf said
in an interview with Bloomberg News in Washington. Competition for loans “is really,
really high,” he said.
About a third of U.S. financial firms are regulated and “you’re seeing more and more
things happen outside,” said Stumpf, 61, whose San Francisco-based bank is the
nation’s largest mortgage lender. “I don’t see that abating anytime soon.”
As Wells Fargo and other big banks struggle to adjust to new rules restricting credit,
nontraditional lenders including asset managers and private-equity firms are filling the
gap. Stumpf said competition is also increasing from online companies that specialize in
loans to small businesses. Four of the top 10 mortgage originators in the first quarter
were nonbanks, including Quicken Loans Inc. and PHH Corp., according to data
compiled by newsletter Inside Mortgage Finance. Such lenders made 37.5 percent of
loans last year, up from 26.7 percent in 2013, the newsletter’s data show.
— Elizabeth Dexheimer and Heather Perlberg
David Grim has been named director of the agency's Division of Investment
Management, SEC Chairman Mary Jo White said May 8 at a general membership
meeting of the Investment Company Institute.
Grim has been the division's acting director since February, after Norm Champ
stepped down in January for a visiting position at Harvard Law School.
“We have a very aggressive rulemaking agenda in the IM space, which he knows very,
very well and is advancing that,” White told reporters after speaking at the ICI event.
— Rob Tricchinelli, Bloomberg BNA
Ex-New Stream Partner Gets 2 1/2 Years for Scheme
Nonbank Lending Raises Financial Risk, Says Stumpf
Grim Named SEC Investment Director, White Says
In today’s U.S. stock market, trading
is fast approaching the speed of light.
Yet for one crucial piece of
information, many investors still have
to wait as long as two weeks for
updates.
“Short interest,” Wall Street speak
for how heavily a company’s stock is
being targeted by traders betting
prices will fall, is arguably the best
predictor of returns, research
suggests. But the official tallies from
exchanges are almost always
outdated, a substantial handicap
when speed is paramount.
So important is the short-selling
information that the big hedge funds
get up-to-date estimates from their
brokers or pay for it themselves. For
everyone else, getting market-moving
data well after the fact is akin to flying
blind. And that can be disastrous
when you’re on the wrong side of a
trade.
“If you’re invested in a
heavily-shorted name, the volatility of
trading is such that the two-week-old
data is irrelevant,” said ,David Tawil
the founder of .Maglan Capital
To a growing number of investors,
it’s another example of how regulation
has failed to keep up with the
changing structure of the $25 trillion
U.S. stock market, where powerful
computers and access to privileged
information are calling attention to the
gulf between the haves and
have-nots. It also reinforces the notion
the stock market has become
increasingly skewed at the expense of
smaller investors.
Finra, which oversees the official
count as Wall Street’s self-regulator
and compiles the data from as many
as 150 firms, says faster updates
would lead to mistakes.
“Analysis conducted in the five days
before the data is published is a
critical component for maintaining the
integrity of this important data,”
spokesman George Smaragdis said.
To read the rest of this story online,
click .here
— Sam Mamudi and Saijel Kishan
Hedge Funds Get Edge
From Crucial Time Lag
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10. May 12, 2015 Bloomberg Brief Hedge Funds 10
OVER THE HEDGE
Steve Kuhn of Pine River, Mitch
of Greenlight Masters andGolden Anand
of Darsana Capital Partners haveDesai
raised money for the Abaarso School, a
boarding school in Somaliland, founded in
2009 by former Flagg Street Capital
founder . Kuhn andJonathan Starr
Golden sponsored a poker night on May
11 in support of the school at the City
Winery in New York. The event was
expected to raise $100,000 toward
financial aid for Somali youth to attend the
school. In 2009, Starr closed his fund and
moved to Somaliland to become the
school's headmaster. The Abaarso
School recently announced that one of its
students was accepted to Harvard, while
other graduates are attending MIT,
Amherst, Georgetown and Carnegie
Mellon, among others.
— Simone Foxman
Cancer biologist Christine Mayr found
common ground Thursday night with Bill
. "We both want to do things thatAckman
no one else has done," Mayr said after
she chatted with the hedge fund manager
at a dinner celebrating the winners of the
Pershing Square Sohn Prize for Young
Investigators in Cancer Research. She
said they shared a love for digging into
subjects. Mayr, who received a doctorate
in immunology from Humboldt University
in Berlin in 2001, was one of the six prize
recipients. Her work at Memorial Sloan
Kettering Cancer Center focuses on how
to "inhibit the cancer-promoting function in
a protein." Ackman established the prize
through his Pershing Square Foundation
to support groundbreaking investigation
that wouldn't otherwise receive
conventional funding.
— Amanda Gordon and Sherri Toub
Dan Loeb attended PEN American
Center's Literary Gala last Tuesday night
at the American Museum of Natural
History. "We had to dodge sniper fire to
get here," Loeb said, an exaggerated way
of referring to the heightened security
presence outside the museum on a night
that Charlie Hebdo would be honored with
the Freedom of Expression Courage
Award. In advance of the gala, a group of
PEN members had opposed bestowing
the recognition to the French satirical
, which in January was themagazine
target of an attack that left 12 people
dead. "We care a lot about freedom of
expression," Loeb said, standing next to
his wife, Margaret, and summing up the
general mood of the 800 guests attending
the event, which raised $1.4 million.
— Amanda Gordon
Robin Hood's Annual Bash Has Now Officially Outgrown the Venue
BY AMANDA GORDON
Bill Ackman will be there, up front at one of the eight
tables he bought to get the best view of Paul McCartney.
Humans of New York portraits of those in need will adorn the
walls. And besides the 4,000 titans of finance and industry
filling the hall, the first ever satellite parties will attract 1,000
"next-generation" guests across town.
Robin Hood Foundation's annual benefit gala takes place
tonight at the Jacob K. Javits Center. Expectations, as
always, are high. Last year, a drone buzzed overhead with
the night's tally: $60 million for fighting poverty in New York
City. Since its start 25 years ago, the total in cash, goods and
services has surpassed $2 billion.
"It's the industry thing, you sort of have to go," said Ackman
who started attending in 2004, the year he founded Pershing
Square Capital Management.
The brainchild of and others, RobinPaul Tudor Jones
Hood's benefit has become the No. 1 gathering of the hedge
fund and finance industry, a spectacle on a par with Berkshire
Hathaway Inc.'s annual meeting in Omaha, Nebraska. And
the foundation it supports is widely respected. The more than
200 nonprofits it works with, like stocks, need to live up to
their promises. When they don't, they're dropped.
Larry Robbins, chief executive officer of Glenview Capital
Management, and a Robin Hood board member, said the
group has helped KIPP, the charter school network, grow to
11 schools from two around town. It's been a prime force in
expanding the anti-poverty program Harlem Children's Zone
to 100 blocks from 24. And it focuses on data-driven results.
Since 1990, when the Four Tops performed at the
Manhattan Center for the group's first benefit, forsaking the
orchestra, black tie and other trappings
of uptown affairs, Jones has sought to
create a gala that would stand out.
All event costs are covered by the
board so outside contributions go
entirely to charities, helping open the
pockets of Wall Street's socialites for a
total that one year exceeded $80
million. By comparison, the Metropolitan
Museum of Art's Costume Institute Ball
raised upwards of $12.5 million last
week, and the UJA-Federation of New
York Wall Street Dinner collected more
than $26 million in December.
This year, Katie Couric will do the honors as emcee and
Oprah Winfrey and actress Ruth Wilson are expected.
Harvey Weinstein always brings the Hollywood glamour
quotient to saddle up next to the hedge-fund stars.
The number of Robin Hood leaders from outside the world
of finance has been expanding. This year's co-chairmen
include Indra Nooyi, CEO of PepsiCo, and David Zaslav,
CEO of Discovery Communications, the cable TV company.
The event is big on party-friendly symbols of its mission,
like a 198-foot-long (60 meter) bridge with the slogan "from
poverty to possibility," and a tornado of thousands of
sneakers representing the lack of basic clothing for
disadvantaged New York teens. Screens broadcast high
school graduation rates and the number of people in shelters.
The first-ever satellite gatherings at Lavo and the Gallery at
Dream Downtown will offer music, dancing and cocktails to
young professionals. The $150 tickets are sold out with more
than $150,000 raised so far.
Source: Bloomberg/
Amanda Gordon
Paul Tudor Jones
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11. May 12, 2015 Bloomberg Brief Hedge Funds 11
JAN 15 FEB 15 MAR 15 APR 15 MONTHLY AVERAGE
Additions 82 113 123 96 104
Liquidations 15 10 N/A N/A 15
Reporting Returns 83% 77% 78% 73% 80%
Positive Returns 52% 60% 61% 56% 57%
Negative Returns 47% 40% 38% 43% 42%
Source: Bloomberg data
DATA DIVE BY NATHANIEL E. BAKER
There were 3,589 individual hedge funds managed by 1,929 managers globally in Bloomberg's database as of April 30. Separate
share classes were not included in this count. This information can be accessed through the function on the terminal. To viewHFND2
U.S. hedge fund managers, users must first fill out an accredited investor or qualified purchaser questionnaire through .HFND3
TICKER BLOOMBERG ID FUND MANAGER(S) FIRM OBJECTIVE LOCATION INCEPTION PRIME BROKER
ANGSCAP VI BBG008MLVLC7
Francis Leclerc
Tyler Wood
Angus Capital Management Ltd Multistrategy U.S. 2/1/2014 Credit Suisse
ASTARCA KY BBG008MYM9V5
Stephen Ngai
Vickie Lau
Astrum Capital Management Ltd Long-Biased Equity Hong Kong 4/1/2015 Nomura
CAMOB1C KY BBG008MYW6W9 Jonathan Herbert Camox Cayman Management Long-Short Equity U.K. 5/1/2015 Goldman Sachs
EQCALTS BH BBG008NPRQV0 Team-Managed Equilibria Capital Management
Event-Driven
Diversified
Bermuda 2/1/2015 N/A
NAPOLEB BH BBG008MJNW55 Team-Managed Incu Capital Management Ltd Macro Diversified Hong Kong 11/14/2014 Deutsche Bank
LOREMLP US BBG008MM3TQ4
Michael Molnar
John M Segrich
Lorem Ipsum Management LLC Long-Short Equity U.S. 8/1/2013 Goldman Sachs
NLEFCAJ KY BBG008MPLL66
Charles-Henri Lorthioir
Shahar Zer
Northlight Group LLP
Fixed-Income
Diversified
U.K. 4/1/2015 JPMorgan Chase
ORGOAGI US BBG008MYV9G2
Rafael Escobar
Brandon Schulman
Orgone Commodity Management
LLC
Managed Futures
Discretionary
U.S. 9/1/2011 N/A
SANDPNT KY BBG008MYV9L6 Dennis Hammond SandPointe LLC Multistrategy U.S. 4/30/2014 N/A
36USFEE US BBG008MPBYF9 Steven Liptz
South Africa Alpha Capital
Management Ltd
Long-Short Equity South Africa 10/1/2014 Peregrine
FVCENSZ KY BBG008ML3FW9 Mike Kane
South Africa Alpha Capital
Management Ltd
Long-Short Equity South Africa 10/1/2014 Deutsche Bank
This Week's Additions
Distribution By Strategy Distribution By Assets Distribution By Launch Date
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12. May 12, 2015 Bloomberg Brief Hedge Funds 12
CALENDAR
The "organizer" and "event" columns link to websites, where available. "Attendees of note" links to the individual's BIO page, where
available, on the Bloomberg terminal. This functionality may be limited to terminal users viewing the Brief in Chrome browsers.
DATE ORGANIZER EVENT SPEAKERS/ATTENDEES OF NOTE LOCATION
May 14 Hedge Funds Care
13th Annual Midwest Benefit “Open
Your Heart to the Children”
Justin Sheperd, Aurora Capital; , Spot Trading;Edward Haravon
Jennifer Edgcomb, GEM Realty Capital; Daniel Weil, Mesirow
Morgan Manufacturing,
Chicago
May 14
Drobny Capital,
Clocktower
Commodities
The Commodity Debate
Jim Chanos; ; ; ;John Burbank Beau Taylor Carson Block Pierre
; ; , Armajaro; ,Andurand Dwight Anderson Anthony Ward Kurt Billick
Bocage; , Centaurus; , OntarioJohn Arnold Hussein Allidina
Teachers.
The TimesCenter,
New York
May 15
Society of
Quantitative Analysts
"Facts That Are Not Facts"
Conference
Mark Kritzman, Windham Capital; ,Alessio de Longis
OppenheimerFunds; Cam Harvey, Duke University.
7 World Trade Center,
New York
May 18-19
The Investment
Institute
Spring Investment Institute Forum
Kyle Bass; , Venor Capital; , BiltmoreJeffrey Bersh Mark Roberts
Family Office; , UNC Management Co.Jonathan King
Umstead Hotel,
Cary, North Carolina
May 19 Bloomberg
2015 Fixed Income Forum Los
Angeles
Panelists include , Ares Management, and ,John Eanes Steven Oh
PineBridge.
InterContinental Century
City, Los Angeles
May 19-20
Piedmont Fund
Services
3rd Annual Charlottesville
Alternative Investment Conference
Robert Harteveldt, Trishield Capital; , The JordanVad Yazvinski
Company; , PlusTick Partners.Thomas Hill
Charlottesville, Virginia
May 20
BNP Paribas Investor
Capital Services
Multi-Manager Luncheon
Matt Miller, , Bayview Asset Management; ,David Ertel Brant Brooks
, Good Hill Partners; , Metacapital.Franklin Collins Deepak Narula
New York
May 21
Connecticut Hedge
Fund Association
Locked-Up Capital: Investment
Necessity or Business Demand
Jeffrey Weber, York Capital; , Clearbrook GlobalTimothy Ng
Advisors.
Indian Harbor Yacht Club,
Greenwich
May 27 BofA Merrill Lynch Emerging Manager Conference Managers to be announced to attendees. New York
June 1 Bloomberg Hedge Fund Marketing Forum
Don Steinbrugge, Agecroft Partners; Dean Backer, Goldman Sachs
Capital Introduction; Bob Leonard, Credit Suisse Prime Services.
Bloomberg headquarters,
New York
June 1
Deutsche Bank Global
Prime Finance
"Bridging the Gap" Conference 2015 Managers to be announced to attendees. Washington, D.C.
June 10 BattleFin Discovery Day NYC 2015 Michael Weinberg, Protege Partners; , Grail Partners.Donald Putnam New York
June 10-12 Context Summits
Inaugural Texas Alternative
Investment Summit
One-on-one meetings with investors.
AT&T Stadium,
Arlington, Texas
DISCLAIMER: The information on this page was compiled by Bloomberg from multiple sources, public and private, and is deemed to be accurate, but not definitive or exhaustive.
Questions about events should be addressed to the event organizer.
BLOOMBERG BRIEF: HEDGE FUNDS
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13. May 12, 2015 Bloomberg Brief Hedge Funds 13
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