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Alternative Market Briefing Weekly

Opalesque Roundup: Banks helped hedge fund avoid $8bn in taxes: hedge fund news, week 31

Saturday, July 26, 2014

In the week ending 25 July, 2014, legal reports said Deutsche Bank and Barclays Bank are accused of helping hedge funds avoid paying more than $8bn in taxes by selling them “basket options"; Peter Brown testified that the complex financial instruments has helped Renaissance Technologies claim billions in tax savings; legal experts said the acquittal of Rengan Rajaratnam limits the power of the insider trading law; BlueMountain Capital has joined the legal fight against Puerto Rico’s new debt-restructuring law; federal judge Thomas Griesa urged both Argentina and hedge funds to avoid default; and U.S. District Judge Ronald Guzmán has refused to overturn the conviction of Eric Bloom.

TLC Capital said it was preparing the launch of new option-hedge market neutral fund Salvus Hedged Yield Fund; Davidson Kempner said he was preparing to launch a long-only distressed credit fund; and European Credit focused asset management firm LNG Capital announced the launch of LNG FX fund; Insparo Asset Management has launched Africa Fixed Income Fund.

Funds of hedge funds are reporting positive performance after evolving into a different breed; a Preqin study showed hedge fund returns are slowly bouncing back; Chrispin Odey continues to struggle in 2014 as his European fund was down 12.5% YTD; Lone Pine’s Steve Mandel also continued to experience frustration in the second quarter; Millstreet Capital’s Millstreet Credit Fund generated a net return of 1.52% in June (+8.58% YTD); the Lion Star Family Fund had massively outperformed established hedge funds; Balestra Capital is down 14% for this year through the end of June; Greenwich Associates said low rates and new regulations ......................

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