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

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 created challenges for U.S

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