hedge fund mangers

ray-dalioBridgewater Associates sued Howard Wang and Wenquan “Robert” Wu in federal court in Manhattan on Tuesday, saying they tried to publicize their newly-formed hedge fund, Convoy Investments, by lying about their former roles at Bridgewater. Bridgewater claims that Wang and Wu tried to pass themselves off as “former key figures responsible for core aspects of Bridgewater’s business,” but “they were nothing of the sort.” Bridgewater is asking a federal judge to order Wang and Wu stop misrepresenting their role at Bridgewater and pay the hedge fund firm damages…Bridgewater says that Wang joined Bridgewater in 2008 as an entry-level junior analyst in the client services department that is responsible for managing the hedge fund’s relationships with clients. Wang left in 2012 and Bridgewater says he told the hedge fund “that he intended to pursue ballroom dancing ‘full time as a competitor.’” Wu joined Bridgewater’s internal finance department in 2007 as a software developer, coding software that calculated Bridgewater’s fees. Wu was later transferred to the core tech department at the hedge fund and dealt with discrete coding projects until he left the hedge fund firm in 2010, telling Bridgewater that he was unemployed and traveling, the hedge fund claims. [Forbes]

  • 02 Jan 2014 at 9:15 AM

Steve Cohen Doesn’t Need Your Pity!

Steven A. Cohen is exiting the hedge-fund stage with a 2013 performance that is ahead of the pack. As the beleaguered hedge fund manager’s SAC Capital Advisors prepares to return outside money and manage only its billionaire founder’s cash beginning next month, it is closing in on a banner year relative to its peers. The firm’s flagship fund is up more than 20% through Dec. 27, a person familiar with its returns confirmed. Just this month, the fund is up approximately 2%, the person said. The median multistrategy hedge fund was up 9% through the end of November, according to the Absolute Return Multistrategy Index. [WSJ]

Whether they want to accept the olive branch or not is their choice. Read more »

…and has issued a missive of her own in response to the hedge fund manger’s open letter to President Obama:
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A lack of sailing opportunities. Read more »

  • 27 Jan 2011 at 4:16 PM

Which Wall Streeters ‘Run’ The Art Market?

With few exceptions (thinking about how they could do things like buy a random restaurant just to fire the rude waiter who serviced them, having an IHOP built in their bedroom), few things are more satisfying to financiers than buying multi-million dollar pieces of art to hang above their toilets. Every now and then it’s important to recognize who the most important people in this game are; today the Observer has ranked the Top 50 New York buyers who “move the art world.” You’re allowed two guesses as to who comes in at number one but you”ll only need one. Hint: no profile of him shall be written without mentioning that he owns expensive art; his tastes range from Warhols to animals-in-formeldahyde to pieces of ass; if he so much as smells a drop of grease within 200 feet of his pictures he’ll shut down the area and interrogate every suspect; and his greatest gift to the world, upon retirement, will be a self-created multi-media nude, expected to fetch upwards of 9 figures. Read more »

Absolute Return has published its annual list of the top hedge fund earners of the year and while you might’ve thought differently at the time, it turns out keeping a pair of brass testicles on your desk and rubbing them at various intervals throughout the day for good luck isn’t so silly or homoerotic afterall. (Kidding, of course it still is, but doing so might score you a $4 billion take-home so, perhaps its worth it.) Other takeaways: Paul Tudor Jones is gonna make it hailstorm chicken and someone just stuck an extra pin in the voo-doo doll shaped like her ex-husband.

10. Phil Falcone, Harbinger Capital, $825 million

9. John Arnold, Centaurus Advisors, $900 million

8. Ken Griffin, Citadel, $900 million

7. Eddie Lampert, ESL Investments, $1.3 billion

6. Carl Icahn, Icahn Capital, $1.3 billion

5. Steve Cohen, SAC Capital, $1.4 billion

4. John Paulson, Paulson&Co, $2.3 billion

3. James Simons, Renaissance Technologies, $2.5 billion

2. George Soros, Soros Fund Management, $3.3 billion

1. David Tepper, Appalossa Management $4 billion

Related: 2008’s Highest Earning Hedge Fund Managers
2008’s Top Losers (Lampert, Please Report To Clean Up In Aisle 8, Clean Up In Aisle 8 Please)