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  • Mr. Theo Jeurissen appointed new Chairman of the EDHEC Risk and Asset Management Research Centre’s International Advisory Board
  • Gardner Energy MacroIndexR (GEMIR) Gains 3% In April
  • CITADEL Appoints Head of Securitized Products
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Interested in some continuing education sessions about the issues faced by hedge funds and their advisers?  You are in luck.  Now there such a series being hosted in conjunction with Opalesque and many of the leaders in the hedge fund industry.  This seems like a good opportunity to come together and explore issues such as troublesome provisions encountered in private placement memoranda, tax and accounting concerns such as the unrelated business tax and valuation issues, planning for hedge fund managers and investors, and new and unique issues encountered in investing in alternative alternatives. 

This series begins on July 22, 2008 and runs over four consecutive Tuesday mornings through August 12, 2008, at the Yale Club in New York City.   

You can take one or two or all of these workshops.  Each one will give you 4 hours of continuing legal or accounting education and if you attend all four sessions, you will obtain 16 hours for a total price of $995–or pay just $295 for each individual workshop.

Click Here for More Info

hedge fund, opalesque, workshops

The EDHEC Risk and Asset Management Research Centre is pleased to announce that seven new members have joined its international advisory board, which brings together high-level representatives from regulatory bodies, leading pension funds, professional organisations and business partners.

The role of the international advisory board is to validate the relevance and goals of the research programme proposals presented by the centre’s management and to evaluate research outcomes with respect to their potential impact on industry practices. The 34 members of the board also advise on the objectives and contents of projects deriving from the expertise of the research centre, thereby ensuring that graduate and executive programmes remain at the forefront of developments in the marketplace.

Read More.

advisory board, EDHEC, hedge funds, pension funds

The market these days does not lend any great cause for celebration, though investors should take some time to enjoy some weekend fireworks just the same.  With the 3rd quarter beginning much the same way as the 2nd quarter ended, investors are left scratching their heads about how to overcome the ongoing financial woes and surging oil prices.  The major indexes are all down double-digits for the year and, given the fragile state of the international markets, investors see few strong alternatives for their equity allocations.  Maybe earnings season will bring some positive surprises.   (It could happen.)  Enjoy the 4th. 

Coming up in the week ahead:  Consumer Credit (Tuesday), Trade Balance (Thursday).

Attached/linked please find And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended July 3, 2008.

consumer credit, credit crisis, oil, trade balance

So much for a quick end to the credit crisis.  Just three short months ago, the Fed’s creative moves lent optimism that the credit crisis was nearing an end.  Unfortunately, Merrill, Lehman, Citi, UBS and their “partners in crime” didn’t do their parts.  As write-downs and losses continued to mount, Bernanke quickly lost cult hero status and the markets turned sour for a horrendous June.  (Can you say bear market?)  Oil prices keep surging through the proverbial roof and some ill-timed projections by Goldman Sachs and others surely haven’t helped matters.  The Fed shifted course on monetary policy by taking a break from the rate cuts and many “experts” believe the next move will be higher (though the jury is still outon the exact timing).  Politics will rule the news for the next few months as voters learn about the policies of two competing Senators who continue to debate “change” vs. “experience.”  Just why would anyone want to leave that “cush” job in the Senate to become “leader of the free world?”  (Then again, the country still has an opening for a new cult hero.)  

 Attached (linked) please find And That’s The ‘Quarter’ That Was, the Brounes & Associates market/economic commentary for the period just ended June 30, 2008.

Citi, credit crisis, Fed, lehman, mccain, Merrill, obama, oil prices, UBS

Attached/linked please find And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended June 13 2008.  At least Friday the 13th did not turn out to be nearly as frightening for the markets as Friday June 6th.  With oil trading safely within a range this week (a relatively wide range, that is), investors did not have to cope with those huge market gyrations that have been experienced as of late.  Lehman again highlighted the news from the financial sector (a trend that should continue for a while) as “doom and gloomers” predict the worst for the investment giant.  (Surely a few key layoffs had to help?)  On the transaction front, while Yahoo broke off its courtship with Microsoft and instead turned to Google, Anheuser Busch also looked for a more appropriate suitor than the one who has been calling.   And, with each piece of news, the politicians look for more pandering opportunities. 

Coming up this week:  Housing Starts (Tuesday), PPI (Tuesday), Industrial Production (Tuesday), Leading Economic Indicators (Thursday)

Economics, investments, lehman, oil

EDHEC is pleased to announce the appointment of Mr. Theo Jeurissen as Chairman of the International Advisory Board of the EDHEC Risk and Asset Management Research Centre.

In line with best practices of corporate governance, the EDHEC Risk and Asset Management Research Centre’s international advisory board brings together distinguished scholars, representatives of regulatory bodies and senior executives from business partners and other leading institutions to validate the relevance and goals of the research programme proposals presented by the centre’s management and to evaluate research outcomes with respect to their potential impact on industry practices. The board also advises on the objectives and contents of projects deriving from the expertise of the research centre, thereby ensuring that graduate and executive programmes remain at the forefront of developments in the marketplace.

Mr. Jeurissen is Chief Investment Officer at PMT, the industry-wide Dutch pension fund in the engineering and related technical sectors, where he is responsible for the fund’s investment policies, and oversees the investments handled by PMT’s management company. PMT is the third largest pension fund in the Netherlands, with over a million participants, and PMT’s total assets under management exceed €33 billion.

Read More here

edheck, jeurissen, pension

Zug, Switzerland, June, 10th, 2008:Gardner Finance AG (Gardner) reports that the Gardner Energy MacroIndex^® (GEMI^®), an Index which tracks the performance of energy hedge funds across a number of carefully selected strategies, gained 3.0% in April, 2008. The GEMI^®’s gains were attributed to performance in the Relative Value Trading, Long/Short Equity and Mezzanine Debt components of the multi-strategy index.

energy, Gardner Finance, hedge funds

Bill King to join Citadel from JPMorgan

May 28, 2008, Chicago - Citadel Investment Group, L.L.C. announced today that Bill King will join the firm as a Senior Managing Director and Head of Securitized Products.  Mr. King previously served as Global Co-Head of Securitized Products at JPMorgan.

“This is an unprecedented time in the securitization markets, and we are committed to putting our firm in the very best position to identify opportunities today and in the future,” said Ken Griffin, President and CEO of Citadel Investment Group. “Outstanding team members like Bill King and others are critical to our success.”

“Citadel’s strong track record of innovation and results are well known in the industry,” said Mr. King. “I look forward to helping expand this business and contributing to the firm’s continued success.”

Mr. King joined JPMorgan in 2000, where he served as head of Pass Through Trading, Head of Mortgage Trading, and Co-Head of U.S. Securitized Products before being promoted to his role as Global Co-Head of Securitized Products.  His trading responsibilities included mortgages, asset-backed securities, collateralized-debt obligations and commercial mortgage-backed securities. Prior to that, Mr. King traded mortgages at Donaldson Lufkin & Jenrette Inc. and Merrill Lynch & Co.

Mr. King has an MBA from New York University and a bachelor’s degree from Syracuse University. He will be based in New York and will begin with Citadel in August.

About Citadel Investment Group, L.L.C.
Citadel is a leading global financial institution focused on alternative investment strategies and services. The Citadel group of companies employs 1,200 professionals worldwide in Chicago, New York City, San Francisco, Bermuda, London, Hong Kong and Tokyo.      

###
Media Contact: Katie Spring, katie.spring@citadelgroup.com; 312.395.2596

bill king, citadel

Attached/linked please find And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended May 30, 2008. Aha.those oil prices may, in fact, be inflated!!!  Leave it to the Commodity Futures Trading Commission to get to the bottom of this speculation mess (after a long drawn out and expensive investigation, of course).  Then again, oil export data released during the week confirmed that the supply/demand issues are very real.  So, the debate continues (and unfortunately gas prices moved even more into unchartered territory).  With oil prices falling from their recent record highs, equity investors returned from the long Memorial Day holiday and searched out some bargains that may have emerged over the past few weeks.   Bonds took it on the chin as inflation suddenly became a greater fear than recession (and inflation is bad for bondholders).  A upwardly revised GDP release brought a collective sign of relief for some economists, though next week’s hectic economic calendar  an shift that sentiment in a heartbeat.  Any news to report from the CFTC? 

Coming up in the week ahead:  Construction Spending (Monday), ISM - Manu (Tuesday), ISM - Services (Wednesday), Unemployment Rate (Friday), Non-farm Payroll Additions (Friday)

analysis, economic, gas prices, invesmtent, oil

Fans of the Sugarman Saga should know that it is not over - yet.  The phrase “I don’t get no respect” certainly applies to Stuart Sugarman. Seems that Stu was in court this week to testify about his being assaulted by enraged stock broker, Christoper Carter, during a spin class workout last year.   Both the NY Times and NY Post have reported on it. DealBreaker and Wall Street Figher have also picked it up.  Some interesting commentary there.

Originally, it was misreported that Sugarman was a hedge fund manager.  Naturally, we were interested if one of our own was involved since we publish updates about people in the industry.  Thankfully, it turns out that Sugarman is not a hedge fund manager — our industry seems to get enough bad press as it is.  We certainly don’t need incidents like this one to pull it down even further. 

All the sordid details are over at our sister site Hedge Fund Launch.  Read it and weep.

chris carter, stuart sugarman, sugarman