Michael Steinhardt is one of the fathers of the modern hedge fund business. But in 1995, after accumulating more wealth than he ”knew what to do with,” he closed up shop and devoted himself instead to philanthropic causes. He speaks with Reuters editor Jennifer Ablan about what inspires him to give so much of his fortune away.
Last week, Reuters was first with the news that two top executives from Millennium Management are preparing to start a $1.4 billion hedge fund in Asia. The story, by Asia Funds Correspondent Nishant Kumar, reported that the hedge fund, which will be based in Hong Kong and named Symmetry Investment Management, would be the region’s largest such fund launch and could raise hopes of adding a spark to Asia’s hedge fund industry. In a Reuters Best: Journalist Spotlight Q&A, Nishant offers an inside look at how he scored the exclusive news.
Q. How did you get this exclusive?
A. I first came to know about the plans of Millennium executives to set up a hedge fund a few weeks back from market rumors. It was spreading very fast given the potential launch size—the biggest in the history of Asian hedge funds industry. However, since a lot of people were spreading the rumor, it became harder to confirm the real story. A few industry sources developed over the years helped us confirm the plans.
Q. What was the hardest part about reporting this story? (more…)
Form PF is part of a wider series of global regulatory initiatives designed to provide greater disclosure, transparency and responsibility when it comes to how monies are being handled on behalf of investors. On the surface, Form PF may appear to be another very challenging regulatory hurdle for many players. Nevertheless, if approached promptly and effectively, it can present advisers with multiple opportunities. By offering advisers a more detailed view of their relationships with key clients, insights into their risk management and performance strengths and weaknesses, advisors can effectively improve their dealings with existing and prospective investors.
In light of this regulatory mandate, we have published a Form PF industry brief which provides the reader with:
- An overview of the implications of Form PF and associated background
- The opportunities which can be realized by remaining compliant
- A comprehensive view into why data sourcing, collection and verification must remain high on the priority list
Click here to download your copy of the briefing.
This report identifies the top 30 hedge funds as of Q1 2012 and analyzes their equity portfolios by sector, market cap, and individual stocks. Source: Thomson Reuters Ownership Content Specialists Group
By Joseph Griesbeck, CFA - Editor, Ownership Intelligence
Hedge fund Taconic Capital reported a roughly 5 percent stake in CA Inc and said it was in talks with the business software maker’s management about its business strategy. By holding 25.4 million CA shares, the activist investor’s 5% stake is valued at more than $500 million and is currently trading up almost 5%.
This investor profile identifies the fund’s top holdings and provides an investment approach of its public equity holdings.
- Taconic invests 35% of its public equity holdings in the Tech sector. The CA position is 17% of its portfolio.
- The next top holdings are in Goodrich and Motorola Mobility, both worth at least $320 million
- 56% of its holdings are Large Cap stocks
- It used to own a significant position in XTO Energy before it was bought by Exxon in 2010
George Soros announced today that he would close his hedge fund to outsiders and continue managing only family money. Our investor profile gives a one page overview of the fund’s investment approach and equity holdings as of its latest public filing at the end of Q1 2011.
- 19% of equity holdings in Technology
- No investment in Utilities companies
- Top 3 stocks held: Adecoagro, Interoil, and Motorola
- Large sell ($650mm) in Gold ETF
- Largest net purchases in Health Care sector
Joseph Griesbeck is the editor of Thomson Reuters Ownership Intelligence where he is responsible for publishing industry reports that focus on debt and equity security ownership. Joining the company in 2006, he is also an Associate Director in the Thomson Reuters On Demand business, providing customized analytics using Thomson Reuters’ extensive content sets. He is a Chartered Financial Analyst charterholder.