Hot Hedge Fund Activity March 6th
Goldman’s (NYSE:GS) Blankfein On Rajaratnam Trial Witness list (FinAlternatives)
One of the biggest names on Wall Street is set to testify against Raj Rajaratnam at the Galleon Group founder’s insider-trading trial. Goldman Sachs CEO Lloyd Blankfein has agreed to testify for the prosecution in the trial, set to begin on Tuesday. News of Blankfein’s possible appearance comes as Rajaratnam’s lawyers complained about a Securities and Exchange Commission action over the very issue Blankfein is likely to testify about.
Charlemagne profit rise defies fleeing funds (Reuters)
Emerging markets equity manager Charlemagne Capital Ltd saw pretax profit jump 51 percent in 2010 as growth in high-margin business including hedge funds helped offset net withdrawals. The group posted net outflows of $64 million as investors moved money to developed economies because of mounting concerns about the sustainability of growth in some emerging markets.
Tech. Hedge Fund Andor Capital To Return (FinAlternatives)
After more than two years on the shelf, Dan Benton is dusting off Andor Capital Management. Benton, who closed Andor during the worst of the financial crisis in 2008, plans to relaunch the technology-focused hedge fund. Andor Capital Management’s Dan Benton, speaking at his alma mater, Colgate College. The Greenwich, Conn.-based firm’s general counsel, Kevin O’Brien, has spent the last few months reaching out to former Andor investors via e-mail to gauge their interest in reupping with the hedge fund. Benton hopes to restart Andor with a small number of investors, according to MarketWatch.
Eurekahedge Sells To Muziho (FinAlternatives)
Japan’s Mizuho Financial Group is to buy the lion’s share of hedge fund research outfit Eurekahedge, it said yesterday. Mizuho Corporate Bank will pay between US$20 million and US$30 million for 95% of Singapore-based Eureka, which publishes a series of widely-followed industry indices, according to published reports. The terms of the deal were not disclosed.
Guggenheim May Hire as Many as 150 Prop Traders Fleeing Banks (Bloomberg)
Guggenheim Partners LLC, the closely held investment bank and asset manager, plans to hire as many as 150 staff being pushed out of banks’ proprietary-trading units because of U.S. financial rules enacted last year. Loren M. Katzovitz and Patrick Hughes, 49-year-old managing partners who have worked together since 1993, are launching Guggenheim Global Trading LLC in Purchase, New York, with an initial investment of $500 million as soon as June 1, they said yesterday in an interview. The firm plans to hire 100 to 150 traders and manage as much as $2 billion, they said.
This is a guest post by Insider Monkey.