Latest news with #hedgefund
Bloomberg
a day ago
- Business
- Bloomberg
Millennium Backs Two External Hedge Funds With $4.2 Billion
Multistrategy hedge fund giant Millennium Management is backing two more external investment firms with a combined $4.2 billion, adding to a growing roster of trading firms it gives money to manage. Ravi Naresh, who previously managed money for Marshall Wace, will receive about $3 billion from Millennium for his equity long/short strategy, according to people with knowledge of the matter. Millennium is also handing about $1.2 billion to Thomas Wong's hedge fund Optimas Capital Management, the people said asking not to be identified because the details are private.
Bloomberg
a day ago
- Business
- Bloomberg
Ex-Citadel Money Manager Wins Qube's Backing to Start Hedge Fund
Former Citadel money manager Sean Murphy is preparing to start his own hedge fund with backers including multistrategy investment firm Qube Research & Technologies. Murphy is seeking regulatory approval for Jerpoint Capital, with an aim to start trading during the final quarter of the year, according to people with knowledge of the matter. Initially he will run a $200 million separately-managed account for Qube and take in cash from other investors, the people said, asking not to be identified because the information is private.
Bloomberg
a day ago
- Business
- Bloomberg
Hedge Fund's Payments for Ideas Drew Tipsters From the Dark Side
Squarepoint Capital collects ideas for its quant hedge fund from all over the world, with gleaming offices in London, Singapore, Dubai, New York and one above a Paris art gallery near the Champs Elysees. It also paid for stock tips from an Albanian day trader working in a cramped flat on the other side of London that she shared with her brother. Oerta Korfuzi toiled there on a large curved screen in the corner of her living room, squeezed between an alcove and a grey L-shaped sofa.
Yahoo
3 days ago
- Business
- Yahoo
Asia Hedge Fund New Silk Road Shuts After US Investor Pullback
(Bloomberg) -- One of Singapore's longest-running hedge funds, New Silk Road Investment Pte, is shutting down after weak returns and a pullback by US investors in Asia led to a sharp drop in assets. Why the Federal Reserve's Building Renovation Costs $2.5 Billion Milan Corruption Probe Casts Shadow Over Property Boom Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom How San Jose's Mayor Is Working to Build an AI Capital The firm, started by two finance veterans about 16 years ago, saw assets under management plummet to $615 million as of December, from almost $2 billion as recently as 2021. The closing comes as smaller hedge funds face increasingly tough conditions, from turbulent markets and geopolitical strife to the popularity of giant rivals whose myriad investment pods have attracted much of the available money. 'Our traditional source of funding from the US institutions had over the last several years been less enthusiastic about liquid equity investments in Asia, in no small part due to geopolitical reasons,' said co-founder Yik Luen Hoong. All remaining capital will be returned to investors and the vehicles shuttered, he added in an email. New Silk Road was a relative pioneer in Singapore's finance scene when it was founded in 2009 by Hoong, former head of Hong Kong-China equity products at Deutsche Bank AG, according to his LinkedIn profile, and Raymond Goh, ex-head of Asian equities at GIC Pte. At the time, the entire hedge fund market in Singapore managed just S$59 billion ($46 billion), a far cry from S$327 billion as of December, according to the latest available data from the Monetary Authority of Singapore. The fund was among the early foreign investors in China, with a team on the ground in Shanghai. When it was approved for investing in yuan-denominated mainland Chinese stocks and bonds under the Qualified Foreign Institutional Investor program in 2012, fewer than 200 firms had received such licenses from the China Securities Regulatory Commission. But in recent years performance suffered. Three of the past five years saw negative returns for both the Asia Landmark Fund and the China Fund, with declines of 28% and 19% respectively in 2022, according to people familiar, who requested not to be named because the matter is private. That same year, China's benchmark CSI 300 Index plummeted by 22%. The slump stretched into 2023, hitting many veteran China investors and forcing some to close shop. The firm had been particularly popular with US institutional investors, many of whom became wary of investing in Asia and began redeeming their funds, according to people familiar. 'We are just one of many active value funds in Asia that have not been the favor of the time,' Hoong said. The market has changed in such a way that it 'disfavors longer-term fundamental investing approach with value bias.' New Silk Road attempted to scale back earlier this year, reducing staff in Shanghai and shuttering a South East Asia fund it had launched more recently, Hoong added. It's not clear how many staff will be affected. While acknowledging that 'active management in Asia has been tough,' Hoong said the firm wasn't forced to wind down due to deficits. He added that Singapore is still a successful hub for hedge funds. Instead, the two founders, both 'crossing 60' years old, opted for a slower pace, and their successors weren't ready to take the reins. 'We had just decided to hang up our boots to return the capital to our investors so that they can pursue a more appropriate strategy of the time,' he said. 'It's as simple as two veterans choosing a different path in life.' --With assistance from Bei Hu. Elon Musk's Empire Is Creaking Under the Strain of Elon Musk A Rebel Army Is Building a Rare-Earth Empire on China's Border Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All What the Tough Job Market for New College Grads Says About the Economy ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
Asia Hedge Fund New Silk Road Shuts After US Investor Pullback
One of Singapore's longest-running hedge funds, New Silk Road Investment Pte, is shutting down after weak returns and a pullback by US investors in Asia led to a sharp drop in assets. The firm, started by two finance veterans about 16 years ago, saw assets under management plummet to $615 million as of December, from almost $2 billion as recently as 2021.
