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Tuesday June 7, 2016 www.bloombergbriefs.com Sabretooth Capital Co-Founder Kalir Said to Start Fund BY HEMA PARMAR Erez Kalir, co-founder of -backed Julian Robertson Sabretooth Capital , has started a new hedge fund firm. Management Stansberry Asset Management began trading its multi-asset strategy on April 1 and has $70 million in separately managed accounts, according to a person familiar with the matter. Stansberry, which has between $250 million and $300 million in additional soft commitments over the next year, will invest in equities and credit, and bet on merger arbitrage, distressed debt and special situations, the person said. The new hedge fund is backed by several principals from Stansberry Research, a Baltimore-based financial information publisher, who have taken equity stakes, provided seed funding and assisted in capital raising, according to the person. Stansberry has three portfolio options, including one that’s more aggressive and invests in riskier, more volatile asset classes, according to a Feb. 29 letter to potential investors obtained by Bloomberg. Its conservative portfolio focuses on equities that have "proven their resilience," such as health-care company Johnson & Johnson, and will have a higher dividend yield, the letter said. The firm’s portfolios are unlevered, according to the person. It may also offer commingled funds in the future. The six-person firm has a bearish outlook on the year, and expects "more serious disruptions" to come following stock market volatility in the beginning of the year, according to the letter. In it, Kalir pointed to risks including artificially high valuation levels in stocks and bonds, the end of the Federal Reserve’s quantitative easing program and "bad debt problems" across asset classes such as Chinese and European banks. Kalir started event-driven Sabretooth Capital, which was seeded with $65 million from Julian Robertson, in 2009 with co-founder Craig Perry. In 2008, Kalir and Perry worked as consultants advising Robertson on how to manage his personal portfolio, the person said. Sabretooth shut down in May 2012 following disagreements between the two co- founders. Prior to Sabretooth, Kalir worked at Eton Park Capital Management, the hedge fund firm run by Eric Mindich, from 2004 to 2008 as an analyst in its special situations group. Kalir declined to comment. Greenlight Capital lost 1.9 percent in its main hedge fund in May. More returns from funds last month. hires Weiss Multi-Strategy Advisers for consumer bets. Ross Schubak Distressed debt trader Nate Morse joins Aristeia Capital: Exclusives RBC Global Asset Management’s PH&N Absolute Return Fund closed for a second time to outside investors. in five hedge Goldman sells stakes funds for $800 million: Milestones said to Halcyon Capital Management shut energy-focused hedge fund after the collapse of oil prices: Closures UBS bets on hedge funds as a cure for low sovereign returns: Allocations Donald Trump supporters said to court Robert co-CEO of Mercer, Renaissance Technologies: Over the Hedge The U.S. repaid $6 million to in insider-trading Diamondback Capital turn: Regulatory/Compliance INSIDE FCERA Seeks to Raise Allocation With Fund of One The Fresno County Employees’ Retirement which manages almost $4 billion in assets, is Association, seeking to more than double its current $144 million hedge fund allocation through a fund in which its the sole investor, according to public . documents The GCM Better Futures Fund would manage $320 million in assets and invest in multiple hedge funds. Grosvenor Capital Management will be its non-discretionary manager, according to , the California county’s pension Donald Kendig plan administrator. The current $144 million investment is in Grosvenor’s flagship fund of funds, which would be one of the underlying managers of the new fund of one. The pension is planning to invest about $180 million more in about five underlying managers that Grosvenor will suggest to FCERA’s board of retirement, Kendig said in an interview. Managers will be determined at the board’s June 15 meeting, he said. The new fund would have low correlation to global equity and fixed-income markets, and would invest in relative value, event-driven, long-short equity and opportunistic hedge fund strategies, according to an FCERA document dated June 1. FCERA is pursuing the change to get the asset class exposure they are seeking in a "cost effective and transparent manner," the document said. The fund would focus primarily on absolute return oriented investments that will "exploit mispricing and inefficiencies in global capital markets, while attempting to reduce exposure to primary market factors (e.g., interest rates and equities) through various hedging techniques," the document said. It would avoid underlying funds that impose lock-ups of more than two years. Grosvenor did not respond to requests for comment. — Hema Parmar RETURNS IN BRIEF

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Tuesday

June 7, 2016

www.bloombergbriefs.com

Sabretooth Capital Co-Founder Kalir Said to Start FundBY HEMA PARMAR

Erez Kalir, co-founder of -backed Julian Robertson Sabretooth Capital , has started a new hedge fund firm. Management Stansberry Asset Management

began trading its multi-asset strategy on April 1 and has $70 million in separately managed accounts, according to a person familiar with the matter.

Stansberry, which has between $250 million and $300 million in additional soft commitments over the next year, will invest in equities and credit, and bet on merger arbitrage, distressed debt and special situations, the person said.

The new hedge fund is backed by several principals from Stansberry Research, a Baltimore-based financial information publisher, who have taken equity stakes, provided seed funding and assisted in capital raising, according to the person.

Stansberry has three portfolio options, including one that’s more aggressive and invests in riskier, more volatile asset classes, according to a Feb. 29 letter to potential investors obtained by Bloomberg. Its conservative portfolio focuses on equities that have "proven their resilience," such as health-care company Johnson & Johnson, and will have a higher dividend yield, the letter said. The firm’s portfolios are unlevered, according to the person. It may also offer commingled funds in the future.

The six-person firm has a bearish outlook on the year, and expects "more serious disruptions" to come following stock market volatility in the beginning of the year, according to the letter. In it, Kalir pointed to risks including artificially high valuation levels in stocks and bonds, the end of the Federal Reserve’s quantitative easing program and "bad debt problems" across asset classes such as Chinese and European banks.

Kalir started event-driven Sabretooth Capital, which was seeded with $65 million from Julian Robertson, in 2009 with co-founder Craig Perry. In 2008, Kalir and Perry worked as consultants advising Robertson on how to manage his personal portfolio, the person said. Sabretooth shut down in May 2012 following disagreements between the two co-founders. Prior to Sabretooth, Kalir worked at Eton Park Capital Management, the hedge fund firm run by Eric Mindich, from 2004 to 2008 as an analyst in its special situations group. Kalir declined to comment.

Greenlight Capital lost 1.9 percent in its main hedge fund in May. More returnsfrom funds last month.

hires Weiss Multi-Strategy Advisers for consumer bets. Ross Schubak

Distressed debt trader Nate Morsejoins Aristeia Capital: Exclusives

RBC Global Asset Management’s PH&N Absolute Return Fund closed for a second time to outside investors.

in five hedge Goldman sells stakes funds for $800 million: Milestones

said to Halcyon Capital Management shut energy-focused hedge fund after the collapse of oil prices: Closures

UBS bets on hedge funds as a cure for low sovereign returns: Allocations

Donald Trump supporters said to courtRobert co-CEO of Mercer, Renaissance Technologies: Over the Hedge  

The U.S. repaid $6 million to in insider-trading Diamondback Capital

turn: Regulatory/Compliance

INSIDE

 

FCERA Seeks to Raise Allocation With Fund of One

The Fresno County Employees’ Retirement which manages almost $4 billion in assets, is Association,

seeking to more than double its current $144 million hedge fund allocation through a fund in which its the sole investor, according to public .documents

The GCM Better Futures Fund would manage $320 million in assets and invest in multiple hedge funds. Grosvenor Capital Management will be its non-discretionary manager, according to , the California county’s pension Donald Kendigplan administrator. The current $144 million investment is in Grosvenor’s flagship fund of funds, which would be one of the underlying managers of the new fund of one. The pension is planning to invest about $180 million more in about five underlying managers that Grosvenor will suggest to FCERA’s board of retirement, Kendig said in an interview. Managers will be determined at the board’s June 15 meeting, he said.

The new fund would have low correlation to global equity and fixed-income markets, and would invest in relative value, event-driven, long-short equity and opportunistic hedge fund strategies, according to an FCERA document dated June 1. FCERA is pursuing the change to get the asset class exposure they are seeking in a "cost effective and transparent manner," the document said.

The fund would focus primarily on absolute return oriented investments that will "exploit mispricing and inefficiencies in global capital markets, while attempting to reduce exposure to primary market factors (e.g., interest rates and equities) through various hedging techniques," the document said. It would avoid underlying funds that impose lock-ups of more than two years.

Grosvenor did not respond to requests for comment.— Hema Parmar

RETURNS IN BRIEF

June 7, 2016 Bloomberg Brief Hedge Funds 2

 

RETURNS IN BRIEFA look at hedge fund performance last month. Funds in the table below not mentioned in the accompanying text on this page were reported in other issues of the Brief or in Bloomberg News stories. For questions, e-mail [email protected].      

Quad Group’s Multi-Strategy Fund gained 5 percent last month, bringing returns for the year through May to 10.3 percent, according to an investor letter obtained by Bloomberg. The fund, which trades event-driven, long-short equity, macro, directional and commodity futures strategies, opened to outside investors on June 1, according to a person familiar with the matter, after trading the firm’s proprietary capital since at least 2014. Quad, which manages about $90 million in assets, was founded in 2007. Peter

, the firm’s chief strategy officer Borishand a founding partner of Tudor

, declined to comment.Investment Corp.

— Hema Parmar

Greenlight Capital, the investment firm led by , lost 1.9 David Einhornpercent in its main hedge fund in May even as stocks climbed. The decline reduced the fund’s return in 2016 to 1.1 percent, according to an e-mail sent to clients that was obtained by Bloomberg. The S&P 500 Index, including reinvested dividends, returned 3.6 percent in the first five months of the year. Jonathan Gasthalter, an external spokesman for the New York-based firm, didn’t respond to a request for comment. Greenlight is trying to rebound from a plunge of more than 20 percent in 2015, its worst underperformance since the firm’s inception in 1996.

    — Simone Foxman

Taylor Woods Capital Management, one of the world’s best performing hedge fund firms in 2015, lost 7.3 percent in the first five months of the year as bets on commodities soured, according to a letter to investors seen by Bloomberg. The Taylor Woods Master Fund Ltd., run by

, lost money George “Beau” Taylorevery month, the longest losing stretch since 2011, the letter showed. While the fund profited from its bets on metals in

May, speculation in energy markets triggered a 1.2 percent decline for the

period. Officials at the Greenwich,Connecticut-based firm didn’t respond to

phone calls and e-mails seeking Taylor, 45, comment. co-founded the

fund with , his Trevor Woods former colleague from Credit Suisse Group AG’s

global commodities team.

The fund gained 18.4 percent last year.— Nishant Kumar

Brevan Howard Asset Management ’s main hedge fund lost money in LLP

May, its third straight monthly decline this year, according to two people with knowledge of the matter. The Brevan

Howard Master Fund fell 0.3 percent last month, deepening its losses for the year

to 2.1 percent, said the people. A spokesman for the firm, run by billionaire

, declined toAlan Howard comment. The

fund, which managed $16.9 billion at the end of April, lost 0.9 percent in April and

almost 2 percent in March, according to a company website. Brevan Howard

focuses on macro-economic trends to bet on bonds, currencies, equities and

commodities. The main hedge fund fell almost 2 percent in 2015, extending the previous year’s 0.8 percent drop, a person familiar with the matter said in January.

— Nishant Kumar

May Returns

Year-to-Date Returns to End-May

June 7, 2016 Bloomberg Brief Hedge Funds 3

 

EXCLUSIVES

June 7, 2016 Bloomberg Brief Hedge Funds 4

EXCLUSIVES

Ross Schubak, former consumer sector head at hedge fund Cadian

, has joined $1.1 Capital Managementbillion Weiss Multi-Strategy Advisersas a portfolio manager.

Schubak moved to Weiss in mid-May, where he will focus on the U.S. consumer discretionary sector, after working at the hedge fund from 2008 to 2013. Most recently he spent three years as a money manager at Cadian, he said.

Chief Executive Officer George Weissstarted the firm, which runs two hedge funds, in 2006. Weiss Multi-Strategy Partners, the firm’s main fund, gained 0.9 percent in May, bringing returns for the year to 5.2 percent, according to a person familiar with the matter.

Cadian Capital, the New York-based hedge fund run by former Perry Capitalportfolio manager , Eric Bannaschinvests in media, technology, consumer and other sectors, according to regulatory filings. The firm, which was formed in 2007,

Weiss Hires Cadian’s Schubak to Make Consumer Bets

managed about $2.3 billion as of year-end, according to the filings.

Paul Merchan, senior manager at Peppercomm, which handles public relations for Weiss, confirmed Schubak’s move and declined to comment on the returns. Cadian Capital didn’t return calls for comment.

— Hema Parmar

Credit trader has joined Nate Morsehedge fund after leaving Aristeia Capital

in January as event driven Luxor Capitalstrategies struggled earlier this year.

Morse will focus on trading high-yield credit for the $2.2 billion fixed-income relative value fund in Greenwich, Connecticut, according the firm’s Chief Operating Officer . Morse Andrew Davidhad spent more than a year and a half as a credit trader at event-driven Luxor Capital before leaving six months ago, according to his LinkedIn .profile

The start of the year was tumultuous for

Distressed Debt TraderMorse Joins Aristeia Capital

event-driven funds as the flow of mergers and acquisitions declined. The funds fell 3.6 percent last year and dropped 3 percent in January before recovering and gaining 1 percent for the year, according to Hedge Fund Research Inc. Global M&A activity dropped 11 percent in the first quarter from a year earlier, according to data compiled by Bloomberg.

Luxor in January reduced its six-person fixed-income team to four people, according to a person familiar with the matter. Luxor managed $8.1 billion including leverage as of Dec. 31, according to regulatory . A filingsspokesman for the firm declined to comment.

Morse was previously a managing director of special situations at Jefferies & Co., and prior to that was managing director of distressed credit trading at Citadel Securities, according to his LinkedIn profile. Before joining Citadel in 2009, Morse worked at units of Citigroup Inc. and Barclays Bank PLC, according to Financial Industry Regulatory Authority records.

— Hema Parmar and Laura J. Keller

 

MILESTONES

June 7, 2016 Bloomberg Brief Hedge Funds 5

 

MILESTONES

RBC Fund Has Second Close, Raises Over $200 MillionRBC Global Asset Management’s

PH&N Absolute Return Fund closed for a second time to outside investors on June 1 after raising C$270 million ($211 million) of new capital, according to portfolio manager .Hanif Mamdani

The multistrategy fund, which focuses on Canadian and U.S. credit and event-driven strategies, reopened in April to outside investors and now has about C$1.4 billion ($1.1 billion) in total assets, said Mamdani, who is the head of alternative investments at RBC Global Asset Management.

"With the dislocations in the credit markets in December, January and February, we saw that perfect alignment of investment opportunities and a buyer’s market to put money to work so we seized," Mamdani said. The original target was C$200 million, he said.

"The reopening was not in response to trying to offset redemptions," which have been minimal, he said. "We had a bunch of clients that wanted access to the fund and then we saw a credit market that was very dislocated, and we put the two together."

The Vancouver-based fund, which has returned an annualized 13.5 percent sinceits inception in 2002, originally hard closed in 2011, according to Mamdani, who leads a team of two analysts —

and . The Justin Jacobsen Emil Khimjifund was up 2.3 percent last month and gained 13.7 percent this year through May after declining 2.3 percent in 2015, he said.

"The right strategy now is not to gravitate to the very rich, ultra safe high-yield names because there will be a better opportunity to buy those later this year,"

Mamdani said of his market outlook."Between Federal Reserve rate hikes,

Brexit and the U.S. elections, there’s so much going on this year and people have such trigger fingers, and then the asset class itself has attracted a lot of high-yield tourists that use exchange-traded funds or other vehicles for exposure, so it creates the recipe for meaningful selloffs on any unanticipated event," he said. "Having lots of cash now is not a bad thing in anticipation of these selloffs in the summer or perhaps in the fall."

Royal Bank of Canada acquired Phillips, Hager & North Investment Management, the fund’s original management firm, in 2008. PH&N has C$100 billion in standalone assets, including long-only equities, fixed-income and hedge fund assets. RBC Global Asset Management has more than $350 billion in assets.

— Melissa Karsh

Goldman Sells Stakes in Five Hedge Funds for $800 Million      BY NISHANT KUMAR    

Goldman Sachs Group Inc. is selling minority stakes in five hedge funds to Affiliated Managers Group Inc. for about $800 million. AMG will acquire stakes held by the Petershill Fund I, which has holdings in , Winton Capital Group Ltd. Capula

, Investment Management LLP Partner Fund Management and LP, Mount Lucas Management LP CapeView Capital

the company said in a statement on Monday.LLP, AMG, which has a collection of boutique managers

specializing in stocks, hedge funds and private equity, said its assets under management are expected to increase by $55 billion to almost $700 billion after the deal. Goldman is selling its stakes at a 22 percent premium to their net asset value at the end of last year. The deal comes as the $2.9 trillion hedge fund industry faces a growing backlash over lackluster performance and the fees they charge.

“The challenges we are seeing in the hedge fund industry apply to certain funds, strategies and clients,” Sean Healey, chairman and chief executive officer of AMG said in a telephone interview on Monday. “But we’re still seeing ongoing demand from institutional clients globally, such as sovereign wealth funds and pension plans.”

Goldman Sachs felt this was an attractive exit for investors who had been in the fund for almost a decade, according to a person with knowledge of the decision. Funds like Petershill tend to hold investments for as long as 10 years and as the bank was considering various ways to return clients’ money it received the offer from AMG, the person said.

The fund generated a return on investment of about 2.5 times

the total money invested before fees, according to a letter to investors obtained by Bloomberg. The investments and the remaining Petershill funds are housed in Goldman Sachs Asset Management, part of the investment management division run by Eric Lane and Tim O’Neill.

Petershill Fund I raised $1 billion in 2007 and invested in nine firms including Winton Capital and Capula Investment, both based in London. The Petershill Fund I has generated 15 percent annualized cash yield for its investors, according to the letter to investors. A spokesman for Goldman Sachs confirmed the contents of the letter.

“This transaction demonstrates the potential to exit positions to strategic asset management buyers, such as AMG, at attractive valuations,” Petershill said in the letter. “The sale of individual interests to a financial buyer or a portfolio-level IPO remain alternative monetization routes in the future for the ongoing Petershill program.”

AMG said the $800 million for the deal will be “paid in cash at closing, funded up to 50 percent in equity.” Separately, AMG said Monday that it intends to sell 2.5 million shares of its common stock. The underwriters will be granted an option to purchase up 375,000 additional shares.

Healey said by phone that talks with Goldman started in March when he flew to London and had coffee with Mike Sherwood, co-chief executive of Goldman Sachs’s international group.

Since Petershill I invested in the five firms, their combined assets grew to $55 billion from $18 billion. Goldman Sachs has raised $1.5 billion in the Petershill II fund to continue investing in hedge funds, a person said in May.

CLOSURES

June 7, 2016 Bloomberg Brief Hedge Funds 6

CLOSURES

Halcyon Capital Management, which runs almost $10 billion in assets, has shuttered its energy-focused hedge fund after the collapse of oil prices.

The Energy, Power and Infrastructure Capital Fund and its manager, Halcyon Energy Investors, were closed on March 31, according to two people familiar with the matter. Concerns over the ability to raise assets for the fund contributed to the decision, the people said. At its peak, the fund managed $140 million, one of the people said.

Oil prices have plunged more than 50 percent since the downward spiral began in June 2014, hitting companies highly exposed to commodities. Energy-focused equity funds fell 6.5 percent in 2014 and almost 14 percent last year before rallying about 9 percent this year through April, according to Hedge Fund Research Inc.

New York-based Halcyon Capital Management owned a controlling stake in the management company. Scott Tagliarino, managing partner at ASC Advisors, which handles communications for Halcyon, declined to comment.

The fund and management company were run by a three-person team: Chief Investment Officer , partner and associate Jim McGinnis Paul Torgerson Travis

, who left in October 2015, according to his LinkedIn profile.BartlettThe EPIC fund had its largest net long exposure in the midstream energy sector,

McGinnis Bloomberg Brief in August 2014, as oil prices began their descent.told"We’re at a point where well-capitalized and well-run midstream providers, such as

Targa Resources Corp., Enterprise Products Partners, Energy Transfer Equity and Williams Cos., have a comparatively strong negotiating position with their clientele," McGinnis said at the time. The fund exited most of its midstream positions by the first half of 2015, said one of the people. From the end of August 2014 through June 2015, Targa fell about 35 percent while Energy Transfer rose about 8 percent. The fund was all in cash at the end of the first quarter, one of the people said.

— Hema Parmar, with assistance from Simone Foxman

Pine River Capital Management is closing its $1.6 billion fixed-income hedge fund after , one of its co-managers, announced he was stepping away from Steve Kuhnmanaging money, the firm said in a letter to clients.

The eight-year-old fund will be liquidated and cash will be returned to clients, Chief Executive Officer , whose firm oversees about $13 billion in assets, said in Brian Taylorthe letter. Investors will be able to put money into the firm’s flagship $3.7 billion Pine River Fund without paying an incentive fee until it surpasses the previous peak value of the fixed-income pool, the letter said.

The fixed-income fund gained about 1 percent in May, paring this year’s losses to 2.6 percent, according to a person with knowledge of the matter. The flagship fund rose about 2 percent last month, leaving it down 1.3 percent year-to-date, the person said.

Kuhn said in April he’s stepping back from his role as money manager and plans to leave the Minnetonka, Minnesota-based firm after eight years to focus on philanthropy. Kuhn said at the time that value investors are having a hard time because clients don’t always have the patience to stick with them when their trades go against them. The three remaining managers overseeing the fund will remain at Pine River, the letter said.

In recent years, the fixed-income fund had “become more diversified and multi-strategy in nature,” Taylor wrote. “We now believe we can best serve our investors by managing a single flagship multi-strategy fund” rather than simultaneously managing two, he said.

Pine River will also next year spin off its China Fund, which is managed by , Dan Liallowing Li to run his own firm, according to the letter.

Reuters reported the news of the closure earlier Monday. An outside spokesman for Pine River declined to comment.

    — Katia Porzecanski

Halcyon Capital Said to Shut Energy-Focused Fund  

Pine River to Shut $1.6B Credit Fund After Kuhn Retired

Glen Point Capital, an investment firm started by former BlueBay

money Asset Managementmanagers and Neil Phillips

, raised almost $2 Jonathan Faymanbillion in one of the largest hedge-fund startups in Europe this year, according to two people with knowledge of the matter.

The London-based firm started trading last year and will stop taking money from June 1, the people said. The fund has returned about 9 percent since its start in October, the people said.

Glen Point, which bets on macroeconomic trends with a focus on emerging markets, joins a small number of hedge funds, including Rokos Capital Management and Key Square Group, that have been attracting new money as many peers are suffering outflows. Hedge fund manager Dan Loeb said in April that the industry is in the first stage of a “washout” after losses at the start of the year, and Blackstone Group LP President Tony James predicted last month that hedge funds may lose 25 percent of assets.

Phillips joined BlueBay, owned by Royal Bank of Canada, in 2005 as a money manager. In 2007, he started managing a macro strategy within the firm’s multi-strategy fund, moving on to manage the firm’s standalone macro hedge fund in 2009. BlueBay closed the $1.4 billion macro fund after Phillips and Fayman left in November 2014.

A spokesman for Glen Point declined to comment.

Glen Point has hired 21 people, including eight in its investment team, one of the people said.    

— Nishant Kumar and Katia Porzecanski

FUNDRAISING

Ex-BlueBay Managers Said to Raise $2B in Fund

ON THE MOVE

June 7, 2016 Bloomberg Brief Hedge Funds 7

ON THE MOVE

Ben Melkman, a partner at , left the company to Brevan Howard Asset Managementstart his own fund, according to a person with knowledge of the matter.

Melkman, who joined Brevan Howard in 2009 and is based in Geneva, is planning to start the fund in New York in the first quarter of 2017, said the person. He is seeking $400 million at the outset and plans to cap assets at $1 billion during the first year, said the person. Melkman helped oversee some assets in Brevan Howard’s main fund and was the senior trader for the company’s dedicated Argentina fund, which had more than $500 million under management before closing last month. It produced net returns of 18 percent since opening to outside investors in January 2015.

His new fund will focus on macroeconomic trends and take concentrated, long-term positions. Melkman declined to comment on the new fund, as did a spokesman for Brevan Howard. , the former chief operating officer at BlackRock Inc.’s David BonfiliAlternative Investors group, is planning to join the firm as COO, said the person. Bonfili also declined to comment.

Brevan Howard has seen its assets decline from $40 billion in 2013 to less than $20 billion. Investors have asked to pull about $1.4 billion from Brevan Howard’s main hedge fund, two people with knowledge of the matter said in April.

— Katia Porzecanski

Quantopian Inc., the five-year-old online platform where coders build and run computerized trading programs, has hired , a former portfolio manager Jonathan Larkinat , as its chief investment officer.Hudson Bay Capital

Larkin will help pick and allocate money to algorithms written by Quantopian’s 80,000 or so users, as the startup seeks to open up its fund to external investors. He was previously head of U.S. equities at and before that BlueCrest Capital Management held similar positions at Nomura Holdings Inc and .Millennium Management LLC

With barriers to entry falling in computerized investing, Quantopian provides its users with tools and software to write automated trading strategies. The Boston-based firm is now hoping to connect investors with its member base as an alternative to the traditional shops like and .D.E. Shaw & Co. Renaissance Technologies LLC

“The hedge fund industry is in transition. For most of the traditional and entrenched players, asset flows are tepid, pressure on fees is high, and recent performance has been broadly disappointing,” said Larkin in a e-mailed message. “The traditional model is broken and a new business model is needed. Quantopian is that business model.”

For more than a year, Quantopian has held programming contests, trading venture-backed capital on the winning strategies and sharing those profits with the algorithms’ writers. Larkin’s hire comes as the firm prepares to manage money beyond that from its venture capital backers, taking on external clients to operate more like a traditional hedge fund, albeit using crowdsourced algorithms.  

As a part of that push, Quantopian hired , formerly of Derek Meisner RA Capital , as its general counsel and chief compliance officer earlier this month.Management

    — Dani Burger

Gresham Investment Management hired from Thomas Babbedge Winton Capital as chief scientist as the New York-based firm expands in London.Management

Babbedge started at Gresham on Wednesday and will research and develop systematic futures strategies, with an emphasis on commodities futures, according to

, head of systematic strategies at the firm. Those models will be used to Scott Kersonunderpin new funds to be launched by Gresham, he said.

Babbedge spent nine years at Winton as head of investment analytics. Prior to that, he was an extragalactic astrophysicist at Imperial College London.

Jesse Riseborough and Agnieszka de Sousa—

Brevan Howard's Melkman Is Said to Plan Own Fund    

Crowdsource Quant Network Hires Hudson Bay’s Larkin

Winton’s Babbedge Joins Gresham as Chief Scientist  

UBS Group AG is advising its wealthiest clients to stick with hedge funds even after the $2.9 trillion industry had its worst start to a year since 2008.

While the days of “double-digit and triple-digit returns” for hedge funds are over, they still generate enough to satisfy yield-hungry clients who face negative interest rates, said , global Mark Haefelechief investment officer of UBS Wealth Management.

“Their performance in the first half hasn't been impressive but they provide diversification,” he said in an interview with Bloomberg. “They still provide a better risk-reward or different risk-reward than other parts like sovereign bonds.”

UBS in April boosted its recommended allocation to hedge funds to 20 percent from 18 percent, saying the strategy will provide stability from volatile markets. The move comes as a net $15 billion was pulled from the global hedge-fund industry in the the first quarter and as some of world’s largest institutions including MetLife Inc. said they will scale back their holdings.

Developed market bonds, by contrast, have rallied as the European Central Bank and the Bank of Japan expanded stimulus measures and the U.S. Federal Reserve held off raising interest rates. The Bloomberg Global Developed Sovereign Bond Index has gained 8.3 percent this year, while its yield fell to 0.67 percent, near a record low.

Haefele, who sits on the UBS pension board, said the bank had also been creating so-called endowment-style portfolios to encourage clients to invest in more private equity and real estate to “harvest the illiquidity premium.” The bank’s asset-management unit, which oversees 628 billion Swiss francs ($634 billion), has about 16 percent invested in alternative assets, including 41 billion francs in hedge funds and 52 billion francs in real estate.

—  Sarah Jones and Jan-Henrik Förster

ALLOCATIONS

UBS Bets on Funds as Cure for Low Sovereign Returns

MARKET CALLS ITEMS MAY BE SUBMITTED TO [email protected] FOR CONSIDERATION

June 7, 2016 Bloomberg Brief Hedge Funds 8

MARKET CALLS ITEMS MAY BE SUBMITTED TO [email protected] FOR CONSIDERATION

Greenlight Capital Inc., the hedge fund run by , sold 7 David Einhornmillion shares of Consol Energy Inc., shrinking its position in the coal and natural gas producer even as the company’s stock has rallied.

Greenlight sold the shares at $15.01 apiece on Wednesday, a filing with the Securities and Exchange Commission on Friday shows. The hedge fund owned 29.4 million shares of Consol as of May 12, making it the company’s third-largest shareholder, according to data compiled by Bloomberg.

Consol has spent recent years shifting its focus away from coal and toward natural gas. The Canonsburg, Pennsylvania-based company capitalized on the surging production of the heating and power-plant fuel in the surrounding Marcellus and Utica shale regions. The driller was one of Greenlight’s most profitable positions in the first quarter. Just a month ago, the hedge fund wrote in a letter that it had taken a bet that the price of natural gas will rise as energy drilling subsides.

Jonathan Gasthalter, a spokesman for Greenlight, declined to comment. Brian Aiello, a spokesman for Consol, also declined to comment.

Consol rose 55 cents, or 3.6 percent, in New York trading to close at $15.66 on Friday. The stock has more than tripled its value since falling on Jan. 15 to $4.99, its lowest level since the 1990s. Shares are gaining just as natural gas futures rebound, rallying 2.6 percent this year.

— Tim Loh

NTT Urban Development Corp., a Japanese property developer, could rally at least 40 percent, York Capital

David Einhorn’s Greenlight Shrinks Stake in Consol 

NTT Urban Could Rally 40%, Says York's Yamaguchi

 

MARKET CALLS, REVISITED BY HEMA PARMAR

Health-care focused tends to look for small companies RA Capital Managementthat have unique technologies to make drugs for various diseases, as well as companies that have just one compelling product, according to , Peter Kolchinskyportfolio manager at the Boston-based hedge fund. Kolchinsky said in an interview last May that the firm would invest in companies like Regulus Therapeutics Inc. and TG Therapeutics Inc. Regulus "has an inhibitor for Hepatitis C that with a single injection has been able to cure some patients in as little as four weeks," he said at the time, adding that the leading regimens on the market require most patients take the drug for as much as 12 weeks. "We like to see companies aspiring to dominate a disease," he said, citing TG’s pipeline of drugs targeting different vulnerabilities of non-hodgkin’s lymphoma.

Since May 26, 2015, Regulus has fallen almost 54 percent through June 6, and TG is down about 48 percent through the same time period. Kolchinsky was not available for comment.

Management partner Masahikosaid.Yamaguchi

The upside can be achieved by including real estate professionals among its management, delisting the company or selling a stake to another real estate developer to form an unlisted joint venture, he said last week at the 2016 Sohn Conference Hong Kong presented by the Karen Leung Foundation. The real estate industry benefits from a low-rate

environment and interest rates will be suppressed for a long time, he said.

The company is very cheap at 0.64x net-asset-value, he said, adding that NTT Urban historically has higher vacancy rates than its competitors, and it may get 5 trillion yen of asset injection over next couple of years, Yamaguchi said.

Read more investment picks from the conference .here

— Bei Hu

 

Source: Bloomberg

For a live version of this chart, click on image or run .G #HF.BRIEF 16

June 7, 2016 Bloomberg Brief Hedge Funds 10

REGULATORY/COMPLIANCE

Strike $6 million from the total that Manhattan U.S. Attorney Preet Bharara extracted from hedge funds and executives caught in his seven-year insider-trading dragnet.  

U.S. prosecutors have agreed to return that amount to Diamondback Capital in a deal approved by a federal judge on Thursday. The hedge fund Management LLC

paid the $6 million to the government as part of a 2012 non-prosecution agreement related to Bharara’s insider-trading probe. The fund, which at its peak managed $5.8 billion, closed later that year. The U.S. government has been made several of these unusual repayments in the aftermath of its historic pursuit of insider trading, which led to 80 convictions, brought down at least five hedge funds and resulted in more than $2 billion in payments from defendants. Fourteen of those convictions have now been overturned — including two that were struck down by an appeals court in 2014, opening the door for the victors and others to claw back penalties and fines from the Justice Department and the U.S. Securities and Exchange Commission. The government has now handed back more than $40 million in all, including to three individuals whose convictions were overturned and two of the hedge funds where they worked.

"Reversals are uncommon in general," said Stephen Miller, an attorney with Cozen O'Connor. "That would make the return of money even more uncommon."

Jim Margolin, a spokesman for Bharara, declined to comment on the repayment.“We recognize that it is highly unusual for the government to voluntarily take this

action and appreciate their efforts to bring fair and final closure to the matter,” Steve Bruce, a spokesman for Diamondback, said in a statement Friday.

Diamondback originally agreed to pay the penalties to end Bharara’s criminal investigation and a regulatory probe by the U.S. Securities and Exchange Commission. As part of the $9 million deal, Diamondback obtained a non-prosecution agreement in January 2012 just as the government was announcing criminal charges against Diamondback fund manager and co-Todd Newman Level Global Investors LPfounder . Diamondback continued operating until December 2012, Anthony Chiassonabout 10 months after Newman and Chiasson were charged.

The SEC repaid Diamondback $3 million earlier this year. Level Global, which closed after federal prosecutors raided its offices, also won judicial approval earlier this year to get back $21.5 million it had paid to the SEC. The SEC didn’t oppose the requests. Newman got back $1.73 million that he’d been ordered in 2013 to put in escrow by US. District Judge Richard Sullivan, pending the outcome of his his appeal, said his attorney John Nathanson. Chiasson was repaid $6.38 million in criminal fines and forfeitures he’d placed in escrow in 2013 pending his appeal, his attorney, Greg Morvillo, said.

— Patricia Hurtado and Neil Weinberg

U.S. money managers are bracing for the fallout of looming financial regulation in Europe. That’s according to a report by research firm Tabb Group LLC, which found that 66 out of 100 hedge fund and asset managers surveyed expect Europe’s vast regulatory overhaul to change their American business, too, even if similar rules never make it to the U.S. That’s up that’s up from 38 percent last year, according to the report.

The Tabb report, released Wednesday, specifically focused on the European Union’s plans to separate research from execution spending. The EU’s revamp of market rules known as MiFID II, expected to go into effect in January 2018, is part of regulatory efforts to prevent another financial crisis. The rules are designed to shift trading onto exchanges where regulators can better track it, boost transparency to protect individual investors and level the playing field for professionals. The plans will reach U.S. money managers who will have to, among other things, provide more detailed reports on research spending and how they choose brokers, according to the survey.

“The biggest impact that is going to bite everybody in the butt is the reporting requirements,” said one large asset manager quoted anonymously in the report. “It’s a real challenge to have clean data dictionaries and, going from there, it’s getting to either developing things internally or farming it out.”

— Annie Massa

U.S. Repays $6M to Hedge Fund in Insider-Trading Turn

EU Bank Research Rules Seen Biting U.S. Managers

Hedge fund manager Tim G. Leslieand his firm James Caird Asset

will pay more than $2.5 Managementmillion over U.S. Securities and Exchange Commission claims that they misallocated trades between two funds and misled investors.

Leslie, 49, misallocated trades between his main $2 billion fund, which made shorter-term investments, and a $100 million closed-end credit fund designed to make long-term investments in hard-to-sell assets, according to an SEC complaint issued Friday. Leslie will pay $2.1 million and his London-based James Caird will pay $400,000, the SEC said.

Leslie benefited from the trades as he had invested twice as much of his own money in the credit fund and owned a larger part of it than he did with the main fund, JCAM Global, the SEC said. The owner of an investment firm, which the regulator identifies as Advisor A and where Leslie had previously worked since 2003, indirectly owned a 50 percent stake in the credit fund, according to the complaint.

At that time, Leslie worked at , run by Moore Capital Management

billionaire and Louis M. Baconwhere Leslie had started JCAM Global in 2003. Leslie spun it out in 2008 when he started his own firm, James Caird, and started liquidating it in 2011 following losses.

Leslie and his firm settled the SEC’s claims without admitting or denying wrongdoing, the agency said. He didn’t respond to a voice message left on his mobile phone, or an e-mail. His office line was dead. Sharron Silvers, a spokeswoman for Moore Capital, wasn’t able to immediately comment.

James Caird managed $3.5 billion at its peak, according to the SEC. Leslie currently owns and runs a firm called JCAM Investments, which is registered in the U.K.

— Saijel Kishan

Ex-Moore Trader, Firm to Pay $2.5 Million in Case

OVER THE HEDGE

June 7, 2016 Bloomberg Brief Hedge Funds 11

OVER THE HEDGEDonald Trump supporters are courting

powerful conservative donor Robertto be a central part of a yet-to-be-Mercer

formed super-PAC to support the presumptive Republican presidential nominee, two people familiar with the effort said. Mercer, the co-CEO of New York hedge fund Renaissance

, initially backed Texas TechnologiesSenator Ted Cruz for president. He is one of the biggest donors in the 2016 presidential race so far, federal records show. If Mercer, 69, were to jump on board with Trump, it would send a message to other conservative donors who are either uncertain about whether to back the candidate, or uncertain about which pro-Trump political organization is

the best place to park their money.Kellyanne Conway, a spokeswoman for

Mercer, had no immediate statement on the effort, and it’s still unclear whether

Mercer will agree to get involved. Meanwhile, donors who organized a fundraiser for Trump in California last

month are forming another new super-PAC, and that one is likely to come together sooner, one of the people familiar with the effort said. That super-

PAC would likely become the favorite place for a variety of donors to maximize

contributions to Trump, while the possibleMercer-backed PAC would be predominantly funded by his family, the person said. Mercer has spent $16.7 million funding outside groups in the 2016 election cycle, according to the nonpartisan Center for Responsive Politics. Although Mercer hasn't publicly taken a position on Trump, his family has

continued to take part in anti-Hillary Clinton activities since Trump became the de facto nominee in early May.

— Jennifer Jacobs and Zachary Mider

A Lion of Judah pin is a symbol of women’s philanthropy at UJA-Federation of New York. As for men, they got boutonnieres at UJA’s Investment Management Division event at the Plaza on June 2. of Jeffrey Keswin Lyrical

received the Partners Daniel S. OchAward and of Forum Jeffrey M. SternCapital Partners received the the Lifetime Achievement Award. Also seen: Bruce

, , Richards Marc Utay Andrew , and Rabbi Rechtschaffen Brett Barth

Angela Warnick Buchdahl.

— Amanda Gordon (To see Amanda Gordon's

full Scene Last Night columns on the Bloomberg

terminal, click .)here

 

Significant Actions at Companies Targeted by Activist Investors

COMPANY ACTIVIST WHAT HAPPENED

NorthStar Asset Management Group Inc.

Land & Buildings Investment Management

Activist with a 0.5 percent stake  the company's board in a June 6 letter to engage with shareholders to address the urged"woefully inadequate nature" of its planned merger with Colony Capital Inc., adding that the "announced transaction price and consideration for NSAM does not fully reflect its intrinsic value today."

EON SEKnight Vinke Institutional Partners

Shareholders of Germany's largest utility, which has heard calls from the activist to further separate its regulated business network, are scheduled to vote on its breakup on June 8, Bloomberg News June 6.reported

JBG Cos.Investors Michael Ashner and Steven Witkoff

Pair of dissident New York REIT investors said in a  June 6 that they are against a planned merger with the statementclosely held owner of Washington-area properties, and may run their own slate of candidates for the copmany's board.

Chico's FAS Inc. Barington Capital Group

Activist investor a letter June 2 recommending that the retailer cut costs more aggressively, repurchase stock, releasedexpand its Soma brand while boosting sales at its Chico's and White House Black Market stores and better align compensation with performance targets. The letter expands proposals the activist outlined last month, and signals a ramps up in its campaign for two board seats at the retailer.

Inflobox Inc.   Starboard Value  U.S. network and cyber-security software compare targeted by activist investor with a 7 percent stake hired Morgan Stanley for activist defense, Bloomberg New  June 6, citing people familiar with the matter. The hiring may delay reporteda sale of the Santa Clara, California-based company, the people said.  

ConAgra Foods Inc Jana Partners LLCActivist  its pact with the company through a May 31 filing, and the company agreed to include activist's two amendedboard nominees in its proxy statement for the 2016 annual meeting of stokcholders.

Source: Bloomberg News, NI SHRHOLDACT<GO>, BI BESG <GO>

This story was compiled by a Bloomberg LP employee involved with data collection and was edited by the News department. To suggest ideas or provide feedback, contact the editor for this story: Melissa Karsh at [email protected]. For more on activist investors from Bloomberg Intelligence, run on the terminal.      BI BESG <GO>

ACTIVIST SITUATIONS COMPILED BY PATRICK BROWN, BLOOMBERG DATA

 

DEAL ARBITRAGE

June 7, 2016 Bloomberg Brief Hedge Funds 12

 

TARGET ACQUIRERDEAL

SIZE (M)

EXPECTED COMPLETION

DATE

OFFER PER

SHARE

TARGET PRICE

PAYMENT TYPE

SPREADPROJECTED ANNUALIZED

RETURN

1W CHANGE

IN SPREAD

MAJOR MOVE

AGL Resources Inc Southern Co/The 11,937 12/31/16  66.00 65.73 Cash 0.4% 0.7% -0.1%

Alere Inc Abbott Laboratories 8,040                 -   56.00 42.96 Cash 30.4% - -0.9%

Amaya IncConsortium led by David Baazov

6,487                 -   21.00 19.24 Cash 9.1% - -2.5% ▼

Anacor Pharmaceuticals Inc Pfizer Inc 4,633 09/30/16  99.25 99.15 Cash 0.1% 0.3% 0.3%

Cablevision Systems Corp Altice NV 17,835 06/30/16  34.90 34.66 Cash 0.7% 10.5% 0.0%

Cigna Corp Anthem Inc 50,382 12/31/16  171.63 129.63 C&S 32.4% 56.9% 0.1%

Colony Capital IncNorthStar Asset Management Group Inc

6,024 03/31/17  17.32 17.24 Stk 0.5% 0.6% 0.5%

Columbia Pipeline Group Inc TransCanada Corp 12,026 07/01/16  25.50 25.51 Cash 0.0% -0.6% 0.1%

EI du Pont de Nemours & Co Dow Chemical Co/The 65,591 12/31/16  68.75 68.75 Stk 0.0% 0.0% 0.4%

EMC Corp/MA Dell Inc 63,491 10/31/16  30.99 27.97 Cash 10.8% 26.8% 0.6%

Humana Inc Aetna Inc 28,906 12/31/16  227.42 189.38 C&S 20.1% 35.3% -4.1% ▼

IHS Inc Markit Ltd 9,774 12/31/16  120.07 119.91 Stk 0.1% 0.2% 0.9%

IMS Health Holdings IncQuintiles Transnational Holdings Inc

12,559 12/31/16  25.81 26.17 Stk -1.4% -2.4% -2.3% ▼

Ingram Micro IncTianjin Tianhai Investment Co Ltd

6,133 12/31/16  38.90 34.86 Cash 11.6% 20.3% -0.3%

ITC Holdings Corp Fortis Inc/Canada 11,150 12/31/16  46.69 45.17 C&S 3.4% 5.9% -0.3%

Johnson Controls Inc Tyco International Plc 28,667 09/30/16  40.12 44.64 C/S -10.1% -31.9% -0.5%

KLA-Tencor Corp Lam Research Corp 10,955 06/30/16  73.16 72.74 C&S 0.6% 8.8% -0.1%

Media General IncNexstar Broadcasting Group Inc

4,474 12/31/16  17.17 17.97 C&S -4.5% -7.8% -1.0%

Medivation Inc Sanofi 8,766                 -   52.50 59.63 Cash -12.0% - 1.7%

Monsanto Co Bayer AG 61,698                 -   122.00 108.76 Cash 12.2% - 0.7%

NorthStar Realty Finance Corp

NorthStar Asset Management Group Inc

10,055 03/31/17  12.99 12.95 Stk 0.3% 0.3% 0.3%

Piedmont Natural Gas Co Inc Duke Energy Corp 6,536 12/31/16  60.00 60.17 Cash -0.3% -0.5% -0.3%

Questar Corp Dominion Resources Inc/VA 5,965 12/31/16  25.00 25.02 Cash -0.1% -0.1% 1.1%

Rite Aid Corp Walgreens Boots Alliance Inc 16,708 12/31/16  9.00 7.77 Cash 15.8% 27.8% -0.3%

St Jude Medical Inc Abbott Laboratories 30,108 12/31/16  80.86 78.15 C&S 3.5% 6.1% -0.1%

Talen Energy Corp Riverstone Holdings LLC 5,045 12/31/16  14.00 13.84 Cash 1.2% 2.0% 1.2%

TECO Energy Inc Emera Inc 10,361 06/30/16  27.55 27.61 Cash -0.2% -3.3% -0.3%

Valspar Corp/The Sherwin-Williams Co/The 11,206 03/31/17  113.00 108.37 Cash 4.3% 5.2% -0.8%

Westar Energy Inc Great Plains Energy Inc 12,117 12/31/17  59.92 56.32 C&S 6.4% 4.1% 6.8% ▲

Williams Cos Inc/The Energy Transfer Equity LP 58,093 06/30/16  29.06 23.38 C/S 24.3% 369.3% 5.8% ▲  MARB <GO> North American deals

*Spread moved by more than 2% of price target: = up, = down  C/S=cash or stock▲ ▼

DEAL ARBITRAGEThe table below tracks pending corporate mergers in North America and the deal spreads — the difference between the offer price and the target's stock price. The table shows the week-over-week change in those spreads through yesterday. Spreads that have moved by 2 percent or more are flagged in the far right "major move" column by an arrow indicating the direction of movement. Projected annualized returns are based on the spread and the deal's expected completion date.    

CALENDAR TO SUBMIT AN EVENT E-MAIL [email protected]

June 7, 2016 Bloomberg Brief Hedge Funds 13

DATE ORGANIZER EVENT SPEAKERS/ATTENDEES OF NOTE/DETAILS LOCATION

June 7   Markets Group  2nd Annual Pacific Credit & Hedge Fund Investor Forum

Christopher L. Winiarz, University of California; , Arn AndrewsSan Jose Federated City Employees' Retirement System.  

San Francisco  

June 7 BloombergMiddle Market Direct Lending Forum Chicago 

Ian Fowler, Babson Capital; , NXT Capital; John Kal KilgastMartin, Antares Capital.

Chicago

June 8 BloombergHedge Fund Marketing Forum

Kristen VanGelder, Evanston Capital; , 50 South; John FredeDianna Henrich, Grosvenor; Anthony Lombardi, Aon Hewitt.

JW Marriott Chicago

June 8-9 RG+Associates 13th Annual ConsortiumEast Michael Silva, Calpers; , GCM Grosvenor. Kelly Williams Intercontinental, New York

June 15 Fidelity Investments'16 Alternative Investments Forum

Theodore P. Enders, Goldman Sachs AM; , Anthony ScaramucciSkyBridge; , Morgan Creek.Mark Yusko

The Pierre New York

June 15 BattleFin Discovery Day Intrepid Anthony Scaramucci, SkyBridge; Michael Kieffer, Kieffer Capital. New York

June 16 RavenPack4th Annual Research Symposium

Gordon Ritter, GSA Capital; , Deutsche Bank;  , Yin Luo Matt OberMillennium Partners.

New York

June 21 Markets GroupNew England Credit & Hedge Fund Investor Forum

Eric Nierenberg, Massachusetts PRIM; James Mnookin, Cambridge Associates; Kamal Suppal, NEPC.

Boston

June 21   Managed Funds Association Forum 2016Brian Hurst, AQR;  , Neuberger Berman;  , Ian Haas Sandy RattrayMan AHL;  , KKR Prisma.  Jackie Rosner

Four Seasons, Chicago  

June 23 Hedge Fund AssociationCybersecurity Challenges and Solutions for Emerging Managers

Discussion of threats facing managers and practical steps to protect their business from cybersecurity threats.

Boston

June 23-24 Storm-7 ConsultingHedge Funds: Regulatory, Risk and Compliance

Overview of key EU and U.S. regulatory frameworks, and third party administration.

New York

June 28 Hedge Fund AssociationMitigating Risks Caused by Rogue Employees

Paul Neale, DOAR; , Gibbons; , Mark S. Sidoti R. Scott GarleyGibbons.

Harvard Club, New York

June 29 NYSSAAnnual Benjamin Graham Conference

Jason Karp, Tourbillon Capital; , Omega Leon CoopermanAdvisors; , Halcyon Capital.John Bader

New York

June 30 NYHFR, Bloomberg June Roundtable Maureen Sherry, author of "Opening Belle." New York

July 11-14 Risk.net Quant Summit 2016 USA Maurizio Ferconi, BlackRock; , KKR.Attilio Meucci New YorkDISCLAIMER: 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

CALENDAR TO SUBMIT AN EVENT E-MAIL [email protected]

The "event" column links to websites, where available. "Attendees of note" links to the individual's BIO page, where available, on the Bloomberg terminal.  

 

 

 

Bloomberg Brief Managing Editor

Jennifer Rossa

[email protected]

+1-212-617-8074

Hedge Funds Editor

Melissa Karsh

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Contributing Editor

Nathaniel E. Baker

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Reporter

Hema Parmar

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Contributing Reporters

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Suzy Waite

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Contributing News Reporters

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Saijel Kishan

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Simone Foxman

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Johnna Ayres

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Contributing Data Editors

Anibal Arrascue

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Sean Casey

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Advertising

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June 7, 2016 Bloomberg Brief Hedge Funds 14