High-earners struggle to beat the market, defining an emerging manager, Passport firings, MF Global bonuses and more
By Chris ClairWhat’s news around the hedge fund industry for Wednesday, March 21, 2012:
Around the web
The highest-earning hedge fund managers are struggling to beat the market rally. (Forbes)
Public pension funds’ definition of an ‘emerging manager’ is still a work in progress. (Pensions & Investments)
Illinois pensions’ hedge funds under scrutiny. (HFMWeek)
MassPRIM eyes hiking direct investments in hedge funds. (Pensions & Investments)
Passport Capital said to fire 14 employees after hedge fund loss. (Bloomberg)
Convicted FrontPoint manager Joseph F. “Chip” Skowron ordered to pay Morgan Stanley $10.2 million. (DealBook)
Madoff’s lament: I was an honest money manager once. (Forbes)
Dallas Fed – Choosing the Road to Prosperity: Why We Must End Too Big to Fail—Now. (Dallas Fed)
One-third of land in debt-ridden Greece is up for sale. (MSNBC)
Currency fund turnaround accelerates in February. (WSJ.com)
MF Global’s assistant treasurer, Edith O’Brien, subpoenaed by House panel. (DealBook)
How much stress is in financial system right now? (WSJ’s Real Time Economics blog)
European banks would have passed Fed’s stress test. (DealBook)
MF Global errors were insured. (Futures Magazine)
Fortress’ Springleaf looks to restructure. (WSJ.com)
Schutt’s & Bowen sues Platinum Partners Value Arbitrage Fund over legal fees. (South Florida Business Journal)
Dan Loeb won’t let go of that Microsoft thing. (Deal Journal)
MF Global still set to pay bonuses. (WSJ.com)
U.K. budget provides comfort for managers. (HFMWeek)
Banks seek delay on Volcker rule. (WSJ.com)
Geithner says no meaningful liquidity risk from Volcker rule. (Bloomberg)
Volcker rule refugees. (Forbes)
On Wall Street, keeping a tight rein on Twitter. (DealBook)
Oregon Health & Science University Foundation looking to reshuffle its hedge funds portfolio. (Hedge Fund Alert, via the MFA Blog)
Buffett seizes lead in bet on stocks beating hedge funds. (Bloomberg)
Top 100 hedge funds list rebounds. (Hedgetracker)
JPMorgan to pay $150 million over failed Sigma SIV. (Reuters)
Ex-Shumway Capital Partners exec Neil Shah sets up March Altus Capital Management. (HFMWeek)
Morgan Sze’s Azentus Capital bounces back after 2011 AUM drop. (HFMWeek)
Highland Capital Management in fight to keep Citi CLO. (FINalternatives)
The SEC rule that broke Wall Street. (CNBC)
GlobeOp spurns TPG, accepts SS&C offer. (FINalternatives)
Alternatives: America’s most wanted. (AI CIO)
JPMorgan employees join Goldman Sachs among top Obama donors. (Bloomberg)
West Virginia Investment Management Board boosts hedge fund portfolio. (HFMWeek)
What does the current heightened regulatory environment mean for private investment funds. (Forbes)
Oaktree Capital’s Howard Marks on contrarian signals and common sense. (Market Folly)
GlobeOp Forward Redemption Indicator: March notifications 3.23%. (GlobeOp)
Michael Kinsley wrote Bloomberg’s Greg Smith op-ed. (Politico)
How hedge funds have changed in a decade. (eFinancialNews)
Goldman’s Jan Hatzius says that Americans haven’t learned anything from the crisis. (ZeroHedge)
Fund managers expect growth to eclipse QE. (Financial Times)
Dealing with clients’ scandal anxiety. (Reuters)
People moves
Goldman Sachs trader Raj Sethi said to quit, may join hedge fund. (Bloomberg)
Russia’s Otkritie Capital hires ex-Goldman Sachs fixed income head Michael T. Workman. (FINalternatives)
Highland Capital Management taps Artis Terrell, Jr., as director of business development. (FINalternatives)
