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Hedge Fund

BUSINESS
January 18, 2006 | By Todd Mason INQUIRER STAFF WRITER
A Boston hedge fund participated in an illegal scheme to drive down the share price of American Business Financial Services Inc., according to the bankruptcy trustee who is liquidating the former Philadelphia mortgage lender. Boston Partners Asset Management L.L.C. sent anonymous letters and posted Internet comments in a "vicious pattern of conduct" to damage ABFS, Trustee George L. Miller alleged in a civil lawsuit filed Dec. 30 in federal court in Wilmington. Cynthia Perl, a spokeswoman for Boston Partners' parent, Robeco Investment Management Inc., would not comment on the lawsuit.
BUSINESS
January 7, 2006 | By Todd Mason INQUIRER STAFF WRITER
The hedge-fund industry has achieved considerable success selling investments designed to make money no matter how the stock market fares. So far, the relative handful of mutual funds using hedge-fund strategies has not made market inroads, although that could change. These funds will be easier to identify next month after Morningstar Inc. creates a new category for them in the Chicago firm's influential rankings. That is good news for Richard J. Gates, a portfolio manager at TFS Capital L.L.C.
BUSINESS
December 2, 2005 | FROM INQUIRER WIRE SERVICES
Millennium Partners L.P., a $5 billion hedge-fund company accused of improper mutual-fund trading, will repay $121.4 million in "ill-gotten revenues" under an agreement with New York and federal authorities, New York Attorney General Eliot Spitzer said yesterday. In addition, Millennium's founder, Israel Englander, 57, will pay $30 million, and two management companies will pay a total of $26.6 million. The combined $178 million will go to mutual-fund shareholders. "It dwarfs the size of any disgorgement I've ever seen in the hedge-fund arena," said Scott Berman, an attorney at Friedman Kaplan Seiler & Adelman L.L.P.
BUSINESS
November 7, 2005 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Here's what some of corporate America's biggest investors are saying about the CEOs who work for them: Time Warner Inc. chief executive officer Richard Parsons has "a dismal record of mistakes" and "bloated" spending, and his board should be replaced. Sovereign Bancorp Inc. chairman Jay S. Sidhu and his board have "become the model of poor, autocratic corporate governance," and should put Sidhu's "dubious" plans for the company to a shareholder vote. Knight Ridder Inc. chairman P. Anthony Ridder and his board have "failed to achieve" even average results, and should step aside to let shareholders approve a potential sale of the company.
BUSINESS
October 8, 2005 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Hedge funds are famously secretive, using offshore tax havens to shelter their investments from public scrutiny. When the funds go bad, that can lead to international complications - as investors in troubled Philadelphia Alternative Asset Management Co. L.L.C. have learned since federal regulators seized the firm in June. A court-appointed receiver in Philadelphia is battling British investors; Cayman Island lawyers; and banks from France, Switzerland and the Netherlands over what's left of the $275 million invested since 2004 in three hedge funds run by the company from its former offices in King of Prussia and Toronto.
BUSINESS
July 7, 2005 | By Todd Mason INQUIRER STAFF WRITER
John F. Wallace, vice chairman of the Philadelphia Stock Exchange, is a part owner of a King of Prussia hedge fund closed last month in a legal challenge by commodities regulators, court records indicate. Wallace played a minimal role at the fund's investment adviser, Philadelphia Alternative Asset Management Co. L.L.C., said his attorney, Alexander Kerr. "Mr. Wallace was not a principal of the firm; he never raised any money for the fund," Kerr said. "He never raised any money for the management firm.
BUSINESS
June 16, 2005 | By Todd Mason INQUIRER STAFF WRITER
Merrill Lynch & Co. Inc. and a Chicago hedge fund have agreed to buy 10 percent each of the Philadelphia Stock Exchange, people familiar with the deal said yesterday, in a move that that could provide new life for the nation's oldest exchange. Merrill, the giant brokerage, and the exchange declined to comment, pending a meeting late yesterday of the exchange's board of governors. An announcement of the deal could come as soon as today. Citadel Investment Group L.L.P., the Chicago hedge fund, did not return phone calls.
NEWS
July 27, 2004 | By Roger Brown
Last year, Pennsylvania taxpayers paid more than $350 million into the state's two largest public pension funds, the Public School Employees Retirement System (PSERS) and the State Employees Retirement System (SERS). This amount was needed to subsidize pension costs not covered by investment profits. The subsidy was necessary even though the two funds were paying more than $250 million in fees to 300 private money managers to manage them. Board members of both pension funds refuse to disclose the criteria used to select the people who manage what amounts to more than $70 billion in assets.
BUSINESS
May 23, 2004 | By Joseph N. DiStefano INQUIRER STAFF WRITER
The New Jersey Pine Barrens aren't known as a financial center. But a hedge fund based in a Medford home enjoyed a brief and improbable reign atop lists of the nation's best-performing investments this year, before regulators and a federal judge in Camden shut it down. Shasta Capital Associates' claims of double-your-money yearly profit evaporated last month when the federal Commodity Futures Trading Commission won a court order from Judge Robert B. Kugler to freeze its assets and suspend its operations.
BUSINESS
April 25, 2004 | By Joseph N. DiStefano INQUIRER STAFF WRITER
Two for you, One for me . . .. Pennsylvania hasn't gotten rich yet from its $5 billion investment in hedge funds. But the hedge funds have. For every dollar they made for the state pension plan last year, hedge-fund operators collected more than 50 cents in fees, says a report filed with the Securities and Exchange Commission by the manager of 55 of the plan's 183 hedge investments. That compares with less than 3 cents in fees for every dollar produced by the pension system's $20 billion in other investments (such as stocks)
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