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In the week ending September 8th 2023, G20 risk watchdog Financial Stability Board (FSB) warned that leverage is now very high in parts of the $7 trillion hedge fund sector, while noting that significant data gaps make it hard to get a full picture of vulnerabilities among "non-banks". Many of the underlying flaws seen in non-bank financial institutions (NBFI) during the COVID-19 pandemic in March 2020 that forced central banks to inject liquidity into markets were still largely in place, the FSB said in a report. Meanwhile, trade groups for the world's biggest hedge funds and private equity firms are taking the US Securities and Exchange to court over new restrictions it placed on the industry last month. The American Investment Council and the Managed Funds Association are among the groups alleging the SEC went too far by rolling out sweeping rules mandating disclosures and barring firms from doing sweetheart deals with some investors. In performance news, Citadel posted solid results for August and continued to lead major multistrategy funds for the year - the hedge fund giant led by Ken Griffin is one of the only funds in the strategy that has posted double-digit performance gains this year, although all of the other funds made money in August; Said Haidar's macro hedge fund suffered a further 15.7% slump in August, extending the worst-ever phase of trading losses since it started more than two decades ago, while Greenlight Capital, the value-driven hedge fund firm headed by David Einhorn posted a strong 7.3 percent gain in August. In new launches, Reuben Abrams, a former portfolio manager at Singapore sovereign wealth fund GIC, is set to launch a hedge fund by year-end in London, according to a note to clients from BNP Paribas; Bobby Jain is filling key roles and locking down office space around the world as he prepares for what could be one of the biggest hedge fund launches in industry history, and Urban Partners, ...................... To view our full article Click here |
Alternative Market Briefing Weekly
Saturday, September 09, 2023
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