And if you thought it was just secretaries bearing getting the boot, think again! Continue reading »
DE Shaw
As previously mentioned, I did a little interview with CNBC’s Trish Regan. We discussed, among other things, her time at DE Shaw and whether or not Charlie Gasparino and Dennis Kneale are necrophiliacs. Continue reading »
The men, women and vampire squids at Goldman Sachs posses a lotta talent among them. Many of them can tie a maraschino cherry stem into a knot in under ten seconds. They pioneered the buddy system between the prime brokerage and prop desk so as to maximize front-running of clients. A not insignificant number of them are quite skilled at charades. Sportsmen, however, they are not. This has been evident at many an impromptu stick ball game among the banks (don’t feel bad about that Viniar, it could have happened to anyone) and continued to be clear last night at the JPMorgan Corporate Challenge, where Goldman failed to place any employees in the top 5. Putting a fine point on it was one JPMorgan staffer who it should be noted snapped the photo above, and the ones later on of Team GS circle JO&C’ing in the bathroom of the bar everyone congregated at. But hey, look! Moragan Stanley won something! Continue reading »
December and YTD performance:
SAC Capital International:
December 2009: 2.18%
YTD: 28.39%
Moore Global Investments:
December 2009: 3.6%
YTD: 20.6%
Paulson Advantage Ltd. :
December 2009: 0.23%
YTD: 13.75%
It should come as no surprise that the Madoff losses have resulted in a big spikey-spike in “we promise we have a bunch of investments, just ask Bob over there” shifts to third party administrators. Lots of larger funds had integrated substantial administration and back office services into their own operations at least for cost savings purposes (if not for less savory reasons). Now that move is being unwound all over, pushed somewhat belatedly by financial institutions like Union Bancaire Privée. DE Shaw is just the latest in a number of firms moving in this direction.
Since Bernard Madoff was arrested and charged with fraud in New York in December, US hedge funds have been under unprecedented scrutiny from investors concerned about possible repeats of the problem. Earlier this year Millennium Management, the $11bn New York hedge fund, appointed London’s GlobeOp to act as an independent administrator, to reassure investors.
We suppose going long administrators is already played out.
Fund plans third-party checks [The Financial Times]
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