BloombergBrief HF Newsletter 201458

1 2 3 4 5 6 7 8 9 10 11 12
INSIDE
OCH-ZIFF FUNDS POST MIXED RETURNS
The Master Fund fell in July, while the Asia
Master Fund and the Europe Master Fund rose:
Returns in Brief, page 2
FUNDRAISING
Fort Warren Capital Management starts trading
its first fund with $200 million in assets; Tricadia
Capital Management raises $300 million for its
Tricadia Financials Opportunities Fund, page 3
ON THE MOVE
James Whitecross, a former senior analyst at
Myriad Asset Management, rejoins Impala As-
set Management; TCI hires Sourav Choudhary
from Theleme Partners, page 4
FROM THE MINUTES
Pennsylvanias Public School Employees
Retirement System is scheduled to discuss
hedge fund due diligence process at its
finance committee meeting today, page 4
PERFORMANCE SNAPSHOT
The best performing long-short equity funds by
3-year annualized returns, page 7
CALENDAR
pages 9-10
SPOTLIGHT
Michelle McCloskey, senior managing director
at FRM, the fund-of-funds business within Man
Group, on its search for event-driven and com-
modities managers, page 11
BY KELLY BIT
Howard Wang, a former analyst at Bridgewater Associates LP, says most hedge fund
performance mirrors the broader market, failing to justify the high fees collected.
Thats why Convoy Investments LLC, the global macro fund he started in November
with former Bridgewater software engineer Robert Wu, isnt charging a performance fee
to investors and only a 1.25 percent management fee, he said. The New York-based firm
will even manage money pro bono for foundations and underfunded pensions for up to
25 percent of the firms assets.
Many hedge funds simply repackage or lever cheap benchmark indices and sell it as
expensive outperformance, Wang, 28, said. While true uncorrelated active management
is more valuable than ever, investors need to make sure they are getting what they pay
for. Convoy explicitly structured a portion of its strategy to contain market beta exposure,
or performance in line with the market, said Wang. It currently manages internal and
friends-and-family money and is seeking to raise as much as $200 million.
Wang is betting his offer will hit a nerve with investors who have been paying an aver-
age of 1.5 percent of assets and 18 percent of profits, according to Hedge Fund Research
Inc., for funds that in aggregate have trailed the S&P 500 for more than five years.
Its refreshingly honest, said Simon Lack, founder of investment firm SL Advisors and
the author of The Hedge Fund Mirage: The Illusion of Big Money and Why Its Too Good
to Be True. Theres a lot of funds that charge fees they probably dont deserve.
Wang worked for $160 billion Bridgewater from 2008 to 2012 and was an analyst on
the investment team for the Westport, Connecticut-based firms $80 billion All Weather
strategy. Wu, 32, worked at Bridgewater from 2007 to 2010 on the operations team.
The Convoy Funds LP, which bet on and against diversified holdings of stocks, bonds,
commodities and currencies, rose 10 percent this year through June and returned an an-
nualized 14 percent since starting in November. The strategy aims to post annual returns
of 10 percent. Comparatively, macro managers gained 1 percent this year through the
same period, according to data compiled by Bloomberg.
Ex-Bridgewater Analyst Starts No-Fee Fund
NEW MANDATES
10 11
23
27
15
6 7
45
64
106
95
95
49
32
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
120
Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014
R
a
t
i
o

N
e
w

M
a
n
d
a
t
e

C
o
u
n
t

Global Macro All Hedge Funds Ratio
Source: Bloomberg Mandates
Institutional searches for global macro hedge funds have re-
bounded this quarter from their lowest level since Bloomberg
began tracking the data. Since July 1, there have been seven
new mandates for macro funds, more than there were in the
entire second quarter. This corresponds to 22 percent of all
hedge fund mandates this quarter, the most since the fourth
quarter of 2014 when the ratio was 28 percent.
Nathaniel E. Baker
Institutional mandates for hedge funds are now available on the Bloom-
berg terminal via MND<GO>. Access is provided to Bloomberg Any-
where clients at buyside firms whose primary responsibility is to market
in-house alternative investment funds. Contact your sales representa-
tive for questions about accessing the function. For more information
about Bloomberg Mandates, e-mail [email protected].
BRIEF
Hedge Funds
NEWS, ANALYSIS AND COMMENTARY
08.05.14
www.bloombergbriefs.com
For use by [email protected] only. Redistribution only allowed with firm license. Call +12126179030 for info.
1 2 3 4 5 6 7 8 9 10 11 12
RETURNS IN BRIEF
Steven A. Cohens Point72 Asset Management LP, the family office he started to
oversee his own wealth, has gained about 9 percent this year, according to two people
with knowledge of the matter. The gains, close to $1 billion, equal more than half the
record $1.8 billion his hedge fund paid to settle U.S. allegations of insider trading. While
Cohens firm has shrunk to about 850 people from 1,000 in its transition to a family
office, the 58-year-old is showing few signs of losing a competitive edge and has made
a few key hires. This year, he profited from investments including drugmaker Intercept
Pharmaceuticals Inc., said the people. A spokesman for Stamford, Connecticut-based
Point72 declined to comment. The firm manages between $9 billion and $10 billion.
Saijel Kishan
Fortress Investment Group LLCs macro hedge fund lost 3.2 percent this year
through last week, and the companys Asia macro fund declined 4.8 percent, the firm
said in a statement last week.
Devin Banerjee
Man Group Plcs AHL Diversified rose 8.7 percent in the six months through June,
it said in a statement announcing earnings for the first half of the year. AHL Evolution,
another of Man Groups quantitative funds, climbed 13 percent and AHL Alpha rose 6
percent. GLG Multi-Strategy fund fell 1.9 percent, it said.
Lindsay Fortado
Och-Ziff Capital Management Group LLCs OZ Master Fund fell 0.1 percent in
July, paring year-to-date returns to 2 percent, according to a regulatory filing. The OZ
Asia Master Fund climbed 2.4 percent last month to bring year-to-date returns to minus
4.4 percent, the filing said, while the OZ Europe Master Fund gained 0.3 percent, par-
ing year-to-date losses to 1.7 percent. The firm, run by Daniel Och, manages $45.7
billion in assets as of Aug. 1, the filing said.
Janet Freund
It was a PR failure.
Bill Ackman, on his July 22
Herbalife Ltd. presentation.
QUOTE OF THE WEEK
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Hedge Fund Index Returns
STRATEGY BLOOMBERG INDEX CODE 2013 2014 JUNE 2014
Long-Biased Equities BBHFLONG 9.8 7.7 1.7
Capital Structure Arbitrage BBHFCRED 14.3 7.0 0.5
Distressed Securities BBHFDIST 12.7 7.0 1.7
Asset-Backed Securities BBHFASTB 13.0 6.8 1.0
CTA/Managed Futures BBHFMGDF -8.4 6.4 1.5
Event-Driven/Special Situations BBHFSPEC N/A 5.6 0.5
Mortgage-Backed Arbitrage BBHFMARB 5.1 4.7 -0.5
Multi-Strategy BBHFMLTI 6.8 4.5 1.1
Convertible Arbitrage BBHFCARB 2.6 4.1 0.4
Fixed-Income BBHFFIXD N/A 4.0 0.8
Merger Arbitrage BBHFMERG 6.4 3.8 1.9
Long-Short Equities BBHFLSEQ 10.7 2.7 1.4
Global Aggregate Hedge Funds BBHFUNDS 7.4 2.5 1.1
Fund of Funds BBFHFNDS 8.0 1.5 1.0
Fixed-Income Arbitrage BBHFFARB 5.9 1.2 0.2
Global Macro BBHFMCRO -2.2 1.0 0.8
Emerging Market Equities BBHFEMEQ -5.3 0.8 2.9
Market-Neutral BBHFMNFL 5.7 0.6 0.4
Emerging Market Debt BBHFEMDB -5.5 -0.7 0.6
Equity Statistical Arbitrage BBHFSTAT 5.17 -2.3 -0.3
Short-Biased Equities BBHFSHRT N/A -9.1 0.2
Source: BAIF<GO> Information on methodology available on the Bloomberg terminal under IDOC #2072204.
08.05.14 www.bloombergbriefs.com Bloomberg Brief | Hedge Funds 2
Bloomberg Brief Hedge Funds
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Hedge Funds
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Reporters Kelly Bit
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1 2 3 4 5 6 7 8 9 10 11 12
Tricadia Raises $300 Million for
Financials Fund
Tricadia Capital Management LLC,
the $3.9 billion New York-based credit-fo-
cused investment firm, raised $300 million
for its Tricadia Financials Opportunities
Fund, according to a person familiar with
the matter.
The fund, which invests in financial
services companies, including commu-
nity and regional banks, as it bets on a
strengthening U.S. economy, started this
year with $100 million in commitments.
Carissa Felger, a spokeswoman for
Tricadia, declined to comment.
The firms co-chief investment officers,
Michael Barnes and Arif Inayatullah,
manage the fund, which has a three-year
investment period. They founded Tricadia
in March 2003.
Kelly Bit
Fort Warren Starts Fund with
$200 Million
Fort Warren Capital Management LP,
the Boston-based firm started by Eugene
Lee and Paul Singh, former senior ana-
lysts at Regiment Capital Advisors LLC,
started trading last week with $200 million
in assets, according to a person familiar
with the matter.
The assets include an allocation from
The Investment Fund for Foundations,
which oversees about $11 billion for non-
profits, said the person.
Fort Warren separately hired Marc Volpe
as chief financial officer. Volpe previously
held the same role at Regiment, the credit
fund founded by Tim Peterson after he
left Harvard Universitys endowment, the
person said.
The firm also hired two analysts:
Peter Kim, who was most recently vice
president at GLC Advisors & Co. LLC and
Doug Wooden, who was a research ana-
lyst at DDJ Capital Management LLC.
Lee and Warren left Regiment Capital in
2013 to start Fort Warren Capital with plans
to launch its first hedge fund this year. The
fund would be focused on credit with equi-
ties making up as much as 40 percent of
assets, they said at the time.
Lee worked at Regiment from 2008 to
2013. Before that, he was a managing
director at GSO Capital Partners LP from
2006 to 2008 and a managing director at
Evercore Partners Inc. from 1999 to 2006.
Singh worked at Regiment from 2007 to
2013. Prior to that, he was a senior analyst
at Hammerman Capital Management LLC
from 2002 to 2007.
A spokesman for Fort Warren declined
to comment.
Kelly Bit
FUNDRAISING ITEMS MAY BE SUBMITTED TO [email protected].
1 2 3 4 5 6 7 8 9 10 11 12
Myriad Portfolio Manager Whitecross Rejoins Impala
James Whitecross, a former senior analyst at Myriad Asset Management Ltd. rejoined
$3.1 billion New Canaan, Connecticut-based long-short equity hedge-fund firm Impala
Asset Management LLC, according to a person familiar with the matter.
Whitecross, 50, is an analyst for Impala covering mining companies and is based in
New York, said the person.
Whitecross worked for Impala when the firm was founded in 2004 by former Tiger
Management LLC portfolio manager Bob Bishop. Impala now employs the six original
analysts it had at its inception, the person said.
Whitecross worked at Myriad from 2012 until earlier this year, according to the person.
Before that, he was a portfolio manager and analyst at Och-Ziff from 2010 until 2012.
The Impala Fund rose 5.6 percent this year through June, the person said. The firm
employs 22 analysts.
Steve Bruce, a spokesman for Impala, declined to comment.
Kelly Bit
Hohns TCI Fund Hires Choudhary From Theleme Partners
The Childrens Investment Fund Management UK LLP, the London-based hedge-fund
firm run by billionaire activist investor Chris Hohn, hired Sourav Choudhary as a partner.
Choudhary, 36, joined the fund, known as TCI, last month, according to a filing with
Companies House that was made public this week. He previously worked for Theleme
Partners LLP, according to the British markets regulators register of people approved
to work in the industry. Theleme Partners, another London-based hedge fund, is run by
Patrick Degorce, one of Hohns former partners at TCI.
Choudhary was a managing director at Karsch Capital Management LP until January
2013 and a vice president at Old Lane LP from March 2006 to December 2008, accord-
ing to his LinkedIn page. He declined to comment on his new job.
Hohn is known as one of the few Europe-based activist investors, buying stakes in
companies and pressuring management to make changes that might drive up the share
price. TCI owns stakes in Moodys Corp. and Royal Mail Plc, according to data compiled
by Bloomberg. The fund has about $8 billion in assets under management.
Linsday Fortado
RBS Sales Chief Tang Said Moving to Element Capital
Richard Tang, the head of North America sales at Royal Bank of Scotland Group Plcs
securities arm, is leaving the bank for hedge fund Element Capital Management LLC,
according to two people with knowledge of the move.
Tang, who has spent almost two decades at the bank, is one of 16 members of the
Treasury Borrowing Advisory Committee that the U.S. government consults with on its debt
sales. His departure was confirmed by Sarah Lukashok, a Stamford, Connecticut-based
spokeswoman for Britains largest state-owned lender. He will be joining New York-based
Element Capital, which manages about $4.3 billion in its macro fund, said the people.
Tang didnt return messages left at his office at RBS, and telephone calls to numbers
listed for his home and mobile phones. Elemental Capital founder and Chief Investment
Officer Jeffrey Talpins didnt immediately return a message seeking comment.
Jody Shenn and Cordell Eddings
ON THE MOVE
Pennsylvanias Public School
Employees Retirement System is
scheduled to discuss hedge fund
due diligence process at its finance
committee meeting today, according
to the agenda. Aksia LLCs Simon
Fludgate, Patrick Adelsbach and
Bruce Ruehl will lead the talks.
http://bit.ly/1mfpClb
Aetna Inc. had $306.5 million, or
1.5 percent of its investment port-
folio, allocated to hedge funds as
of June 30, according to a second
quarter financial supplement.
http://bit.ly/1nkJjHH (see page 9)
The Health Foundation, the
London-based charity working to
improve the quality of healthcare in
the U.K., awarded a new contract to
Cambridge Associates Ltd. in Janu-
ary, according to its annual report.
The 807 million pound ($1.4 billion)
foundation has a 22 percent target
allocation to alternative assets,
which are managed by Cambridge
Associates through Victoria Fund
LP, a vehicle to invest in a combi-
nation of hedge funds and private
equity. Victoria Funds general
partner is Brook Street Ltd.
http://bit.ly/1s585A0
Baltimore Community Foun-
dation, which invests between 20
percent and 30 percent in hedge
funds, was allocated to three
managers as of July 31: Evanston
Capitals Weatherlow Fund, Forester
Diversified Ltd. and Mason Capital
Management. The foundations
chair is Credo Capital Management
LLC chairman Tedd M. Alexander
III. Cambridge Associates LLC pro-
vides investment consulting.
http://bit.ly/1xXE3zF
FROM THE MINUTES
For news on mandates type NI MANDATE
on the Bloomberg terminal
1 2 3 4 5 6 7 8 9 10 11 12
InterContinental Shareholder Marcato to Review Strategy
Marcato Capital Management LP, a hedge fund that owns about 4 percent of InterCon-
tinental Hotels Group Plc, hired Houlihan Lokey to help it conduct a strategic review of the
worlds largest provider of hotel accommodation.
The San Francisco-based hedge funds review will focus on ways of enhancing share-
holder value, including improving capital structure and strategic transactions, Marcato
Capital said in a statement Aug. 4. The firm said it intends to engage in direct dialogue with
InterContinental regarding its proposals, as well as hold broad discussions with share-
holders and industry participants.
InterContinental Chief Executive Officer Richard Solomons said in a June interview that
the Denham, England-based hotelier can grow without a merger or takeover, and its $10
billion market capitalization has returned a ton of value to shareholders.
Sky News reported on May 24 that InterContinental received a bid that valued the com-
pany at 6 billion pounds ($10.1 billion). The hotel operator rejected the offer, from a U.S.
company, as too low, according to Sky News, which didnt say where it got the information
or identify the suitor.
Marcato, responding to the report, said in a May 29 statement that a combination with a
larger hotel operator would have compelling strategic and financial merit and represents a
unique opportunity to reshape the global hospitality industry.
Jeffrey St.Onge
LAUNCHES
Ex-Goldman Banker Turnbull Said to Plan Hedge Fund
Alex Turnbull, a former executive director of Goldman Sachs Group Inc.s special situ-
ations group, is planning a Singapore-based hedge fund, said people with knowledge of
the matter.
Turnbull, son of Australian Communications Minister Malcolm Turnbull, will be the chief
investment officer of Keshik Capital Pte, said the people. The fund, which will be fo-
cused on Asia with the flexibility to invest globally, may start as early as January and will
invest in equity and credit, including convertible bonds, they added.
Keshik is at least the third hedge-fund startup tapping Asian opportunities in recent years
involving a former member of the Goldman Sachs unit that invests in distressed debt and
companies with its own capital. The Special Situations Group, known as SSG, is part of
Goldman Sachss investing and lending operation, which generated $4.3 billion of pretax
earnings last year, the most of the New York-based banks four business segments.
Turnbull, who is based in Singapore, worked for SSG for four years until earlier this
year, according to his LinkedIn profile, which was verified by one of the people. SSG
made investments including in Japans largest golf-course operator Accordia Golf Co. and
pizza-chain Sbarro Inc.
Connie Ling, a Hong Kong-based spokeswoman for Goldman Sachs, declined to com-
ment on his departure.
The Sydney native educated at Harvard University also had a stint at Mount Kellett
Capital Management LP, the investment firm founded by former SSG executives Mark
McGoldrick and Jason Maynard. Turnbulls other former employers include Deutsche
Bank Group AG and Fortress Investment Group LLC, according to his LinkedIn profile.
Malcolm Turnbull was co-chairman of Goldman Sachss Australian unit between 1997
and 2001.
Bei Hu
ACTIVISM
There has been a pick-up in
investors reconsidering investing in
commodities, a report by Newedge
said. The increased interest came
as commodity funds, as repre-
sented by the Newedge Commodity
Trading Index, were the best per-
formers in June, finishing the month
up 0.6 percent. The index has also
has its best performance since 2012
so far this year, Newedge said.
Darshini Shah
North America-based firms are
continuing to dominate fund launch
activity, representing approximately
70 percent of all hedge fund launch-
es in the first six months of 2014,
according to a report by Preqin Ltd.
North America is the most estab-
lished hedge fund region and it is
likely that this region will continue
to drive the growth of the industry
moving forward, the report said.
http://bit.ly/1AoN2Ok
Darshini Shah
Activist shareholders are increas-
ingly targeting companies n the
$250 million to $2 billion market
cap range as investor disruption
looks set to reach record levels in
2014, law firm Linklaters LLP said
in a report July 28. These inves-
tors started 272 campaigns against
companies in the first six months of
2014, putting this year on track to
beat last years total of 520 cam-
paigns, the report said. The U.S.
accounted for 81 percent of public
investor activism in the first six
months of the year, according to the
report, which also said that a large
number of activist campaigns in Eu-
rope are thought to remain secret.
Seeking boardroom representation
is the most popular tactic among
activists, accounting for 41 percent
of all campaigns in 2014.
Dinesh Nair
RESEARCH ROUNDUP
1 2 3 4 5 6 7 8 9 10 11 12
Paul Britton, founder of Capstone
Investment Advisors, is selling his house
in the Hamptons. Hes looking for quieter
spots in Montana and Litchfield County,
Connecticut, he said last week at the
fifth annual Take Em to School Poker
Tournament. The winner of the tourna-
ment was Laurent Ghouzi, head of U.S.
sales and trading at Exane. Greg Gliner
of AQR Capital
Management was
the runner-up,
and Kevin Han of
Visium Asset Man-
agement placed
fourth. John Sabat,
a portfolio manager
at Cubist Systemat-
ic Strategies, played
at a table where he
hosted John Starks,
a National Basket-
ball Association All-
Star and New York
Knicks fan favorite.
Other attendees in-
cluded Jim Rodney of Highline Capital
Management, Mee Warren, a trader at
Two Sigma Investments, Boaz Wein-
stein, founder of Saba Capital Manage-
ment, Whitney Tilson of Kase Capital
and Jason Mudrick, founder of Mudrick
Capital Management, who finished
ninth. The event at Manhattans Gotham
Hall raised funds for the nonprofit Edu-
cation Reform Now,
which advocates for
excellence in public
schools. It starts
with 250 seats at
$1,000 apiece, and
finishes with a final
table of 10 play-
ers vying for prizes
that include power
lunches with
hedge-fund manag-
ers David Einhorn,
Leon Cooperman
and Seth Klarman.
Amanda Gordon
Upcoming Events
BY ARIE SHAPIRA
Zweig Dimenna Associates LLCs
Joseph Dimenna and MSD Capital LPs
Glenn Fuhrman are co-chairs for the
Piaget Hamptons Cup Polo Match at
Equuleus Polo Club in Watermill, New
York on Sunday. The event benefits the
Robin Hood Fouundation. Tickets start
at $1,000. Contact NGK Global at 212-
650-0007 for more information.
http://bit.ly/147roNl.
Eton Park Capital Managements
Avery Salisbury is co-chair of the
Museum of the City of New Yorks Big
Apple Bash on Thursdsay night. Van Eck
Associates Celina Apostolo Merrill is
on the committee. Tickets are $90 for
non-members.
http://bit.ly/1ud4gKo
Visit NI REDDOT for weekly listings.
OVER THE HEDGE
Mee Warren and Whitney Tilson
Source: Bloomberg/ Amanda Gordon
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1 2 3 4 5 6 7 8 9 10 11 12
PERFORMANCE SNAPSHOT: LONG-SHORT EQUITY
By 3-Year Returns
FIRM FUND MANAGER INCEPTION DATE
MAX 3-YEAR
DRAWDOWN
ANNUALIZED
RETURN %
venBio Partners LLC venBIO Select Fund LLC Behzad Aghazadeh 7/1/2010 -18.26 68.06
Krensavage Asset Management LLC Krensavage Partners LP Michael Krensavage 7/1/2008 -6.33 43.15
Cushing Asset Management LP
The Cushing MLP Opportunity Fund
LP
Jerry Vane Swank,
Kevin Patrick Gallagher
11/1/2006 -7.24 25.94
Perceptive Advisors LLC Perceptive Life Sciences Fund LP Joseph Eric Edelman 7/1/1999 -7.87 25.56
Horizon Asset Management LLC Polestar Fund LP
Murray Stahl,
Fredrik Tjernstrom
1/1/2003 -20.32 23.27
Zimmer Partners LP ZP Master Utility Fund Ltd Stuart Jason Zimmer 10/1/1997 -4.71 21.09
Arbiter Partners Capital Management
LLC
Arbiter Partners QP LP
Paul J Isaac,
Ross B Levin
4/1/2001 -22.92 20.98
Kayne Anderson Capital Advisors LP
Kayne Anderson Midstream Institu-
tional Fund LP
JC Frey 1/15/2009 -7.18 20.45
Iguana Healthcare Management LLC Iguana Healthcare Partners LP
Stuart T Weisbrod,
Daniel Chai
1/1/2010 -15.01 20.2
Ardour Asset Management LLC Ardour Sustainability Fund LP Joseph Di Virgilio 11/23/2009 -5.11 19.92

A look at some of the best-performing U.S.-managed long-short equity funds that report to Bloomberg data. Only funds with assets of $100 million
or more that have reported performance through at least June 30 are included. All returns are converted to U.S. dollars. For questions, contact Anibal
Arrascue at [email protected]
Establishing a 40 Act
Alternative Fund
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Topics at a Glance
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HEDGE FUNDS ADDED TO BLOOMBERG THIS WEEK
The following hedge funds were added to Bloombergs database this week. Access the Hedge Fund Database Portal by typing HFND <GO> on your
Bloomberg Terminal. To view U.S. hedge fund managers, users must fill out an Accredited Investor Form (Option 13).
TICKER BLOOMBERG ID FUND MANAGER MANAGEMENT COMPANY STRATEGY
MANAGER
LOCATION
INCEPTION
DATE
PRIME BROKER
QQGGHKB KY BBG006WRMBH4 Team Managed
China Yinsheng Asset Manage-
ment Ltd
Macro Diversified Hong Kong 5/4/2014 N/A
ESDSMRW VI BBG006MJD7Q2 Team Managed Early Stage Managers LLC
Statistical Arbi-
trage
Switzerland 6/30/2014 Interactive Brokers LLC
STRGLRA KY BBG006VZJF64 Team Managed FAMC Ltd Macro Diversified Switzerland 8/31/2014 N/A
K12GLOA KY BBG006W3QMS7 Team Managed Genevensis Capital SA Multi Strategy Switzerland 8/31/2014 N/A
GDOFL57 BH BBG006TK09Y3 Team Managed IIFL Capital Pte Ltd Multi Strategy Singapore 6/27/2014 N/A
NANJIAD BH BBG006WS8KN1 Team Managed Incu Capital Management Ltd
Managed Futures
Systematic
Hong Kong 2/10/2014 N/A
SPARTLP US BBG006WSG2G0
Tripp Rudisill,
Allen Hewett
Spartan Capital Advisors LLC
Long Short
Equity
United States 1/1/2007 Goldman Sachs & Co
TCACRLQ KY BBG006WXZM65 Robert Press TCA Fund Management Group
Fixed Income
Diversified
United States 6/26/2014 Daniel Stewart & Co
SEP 4, 2014
ALTMAN BUILDING
NEW YORK
Request an invitation.
SPEAKERS
VAL ACKERMAN / BIG EAST CONFERENCE
GARY BETTMAN / NHL
STEPHEN PAGLIUCA / BAIN CAPITAL, LLC
MARC LASRY / AVENUE CAPITAL GROUP
sponsored by:
1 2 3 4 5 6 7 8 9 10 11 12
DATE EVENT FEATURING LOCATION CONTACT / REGISTRATION
Aug.
18-19
BNP Paribas's
Southeast Hedge Fund Forum
Participating managers Joseph Zupan, Birch
Grove; Joshua Friedman, Canyon; Gene
Salamon, Three Bridges; Shelley Greenhaus,
Whippoorwill; Paul Twitchell, Whitebox.
Durham, North Caro-
lina (location provided
to attendees)
Private event by invitation only.
Sept. 10 China Forum 2014
Theodore Shou, Skybound Capital; Qing Wang,
Chongyang Investment Management; Ling
Yang, Star Rock Investment Management.
Grand Hyatt Hotel,
Shanghai
http://bit.ly/1mcLsKz
Sept.
14-16
Institutional Investor's 11th Annual
Family Office Wealth Conference
David Levy,Jerome Levy Forecasting Center;
Ron Suskind; Shaun Tomson.
Montage Resort & Spa,
Laguna Beach, Calif.
http://bit.ly/1lKKwvk
Sept.
15-16
BHA Select Hedge Funds: Boston "Private, invitation-only cap intro event"
Fenway Park,
Boston
Managers may apply online:
http://bit.ly/1jypcJ1
Sept.
17-18
Financial Research Associates' Estab-
lishing a '40 Act Alternative Fund
"The ultimate guide to tapping into the growing
liquid alternative space."
Princeton Club,
New York
http://bit.ly/SbBOdZ
Sept.
17-19
Institutional Investor's European
Investment Roundtable
Gustaf Hagerud, AP3; Martin Sanders, Unilever
Pensioenfonds.
Ritz Carlton,
Berlin
http://bit.ly/1rXLgz9
Sept. 18
iGlobal Forum's Distressed Debt
Investing Summit: Europe
Adam Shah, Starwood Capital; Gali Velimukha-
metova, GLG Partners; Cutler Cook, PAAMCO;
Khing Oei, Eyck Capital.
The Waldorf Hilton,
London
http://bit.ly/1hyMkrR
Sept.
21-23
Alpha Hedge West
Brian McQuade, Calpers; Gareth Henry,
Fortress; Ronnie Jaber, Carlyle; Andrew Ross,
PAAMCO; Sean Bill, City of San Jose.
Ritz Carlton,
San Francisco
http://bit.ly/1fmLw1m
Sept. 22
Catalyst Cap Intro: L/S Equity | Event
Driven
Introductions through private meetings ar-
ranged prior to the event
Capital Grille Wall
Street, New York
Private event by invitation only.
Sept.
23-24
Mercer's Global Investment Forum
Keynote speaker Brad Katsuyama, Investors
Exchange.
Toronto (location pro-
vided to attendees)
http://bit.ly/1oQ7GQm
Sept. 24
Hedge Funds Care's UK Golf at The
Grove
Golf tournament.
The Grove Golf Course,
Hertfordshire
http://bit.ly/1kL1dUw
Sept. 29
FBN Securities Capital Introduction
Event
Invitation-only capital introduction event.
New York (location
provided to attendees)
Greg Naso, [email protected]
Sept.
29-30
Quant Invest 2014
"The premier business event in Europe for
quant and CTA investors and managers."
The Dorchester Hotel,
London
http://bit.ly/1ii8aJU
Sept. 29-
Oct. 1
Context Summits West 2014
Focused on meetings between managers and
investors, with speakers only during meals.
St. Regis Monarch
Beach, Dana Point, CA
http://bit.ly/1j2LCOD
Oct. 7
Great Investors' Best Ideas Founda-
tion Symposium Dallas
Bill Ackman, David Einhorn, Richard Perry,
Boone Pickens.
Dallas (location pro-
vided to attendees)
www.gibidallas.com
Oct. 8
A Leg To Stand On's 3rd Annual
Rocktoberfest Chicago
"Rock & roll and acoustic music performed by
key players in the hedge fund industry."
Crossroads at House
of Blues, Chicago
http://bit.ly/1hfotx2
Oct.
14-16
Context Summits Las Vegas 2014 Liquid alternatives.
Cosmopolitan,
Las Vegas
http://bit.ly/1j2M7rW
Oct. 16 MFA Outlook 2014 Agenda and speakers to be announced.
The Pierre Hotel,
New York
http://bit.ly/1n2FxZa
Oct.
21-23
Salt Asia Conference John Paulson, Ben Bernanke, Larry Summers
Marina Bay Sands,
Singapore
www.saltconference.com
CALENDAR TO SUBMIT AN EVENT E-MAIL [email protected]
continued on next page
1 2 3 4 5 6 7 8 9 10 11 12
CALENDAR...
DATE EVENT FEATURING LOCATION CONTACT / REGISTRATION
Oct.
20-22
Global Arc Boston
Speakers include Myron Scholes, Joseph
Stiglitz, Paul Volcker.
Boston www.global-arc.net
Oct.
22-23
Goldman Sachss
Alternatives Conference
Agenda and speakers to be announced. New York Private event by invitation only.
Oct. 22,
6:45pm
A Leg To Stand On's 11th Annual
Rocktoberfest NYC
"Rock & roll and acoustic music performed by
key players in the hedge fund industry."
Capitale,
New York
http://bit.ly/1i69rVs
Oct.
28-30
Alternative Asset Summit 2014 Agenda and speakers to be announced.
Caesar's Palace,
Las Vegas
http://bit.ly/V0W6IX
Oct. 30 AsiaHedge Awards 2014
"Celebrate the top performing hedge funds in
the Asia-Pacific hedge fund industry"
Island Shangri-La,
Hong Kong
http://bit.ly/1r4fG4u
Nov. 3-4 Hedgeopolis New York
Ted Seides, Protg Partners; David Saunders,
K2; Tom Williams, Pine Grove A.M.; Ronan
Cosgrave, PAAMCO;
The Roosevelt Hotel,
New York
http://bit.ly/1qEUKAS
Nov. 5-6
International Business Review's Alter-
native Investments Conference
Gareth Abley, MLC; Andrew Weisman, Janus
Capital; John Corr, Aurora Funds.
Grace Hotel,
Sydney
http://bit.ly/1nZw9oR
Nov. 6-7
Sixth Annual Women's Alternative
Investment Summit
Keynote speakers Afsaneh Beschloss, Rock
Creek Group; Barbara Novick, BlackRock; San-
dra Robertson, Oxford University Endowment.
The Pierre Hotel,
New York
http://bit.ly/QYf6iu
Nov. 18
Fourth Annual DMS Offshore Invest-
ment Funds Summit
Agenda and speakers to be announced.
Tivoli Sao Paulo-
Mofarrej, Sao Paulo
Kate Bohner, +1 345-749-2589,
[email protected]
Nov. 19 Sohn Investment Conference Agenda and speakers to be announced.
Grosvenor Square,
London
http://bit.ly/1h8wBjf
Dec. 4
Bloomberg Alternative Investment
Conference
Agenda and speakers to be announced. New York http://bit.ly/1jXdCs0
Dec. 4
Hedge Funds Care UK's 9th Annual
London Benefit
Gala dinner.
Natural History Mu-
seum, London
http://bit.ly/1hIq1JB
Jan. 26 MFA Network 2015 Agenda and speakers to be announced. Intercontinental Miami
Jan
28-30
Context Summits Miami 2015 Speakers to be confirmed
Fontainebleau Miami
Beach
http://bit.ly/1lrkDfI
March
30-31
Middle East Investment Summit 2015 Agenda and speakers to be announced.
Ritz-Carlton DIFC,
Dubai
http://bit.ly/1nOjsNn
REAL ESTATE Q2
OUT NOW
>>>
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continued from previous page
1 2 3 4 5 6 7 8 9 10 11 12
SPOTLIGHT
Michelle McCloskey, senior managing direc-
tor at FRM, the fund of funds business within
Man Group Plc, the worlds largest publicly
traded hedge-fund firm, spoke to Bloombergs
Kelly Bit about its search for event-driven
and commodities managers. Man Group runs
$57.7 billion in assets, of which FRM manages
about $11.5 billion.
Q: Where is Man currently finding oppor-
tunities in hedge funds?
A: We cover all the different types of hedge
fund strategies, ranging from quantitative
to discretionary commodities and macro
trading. We also look at household name
managers all the way down to the smallest
of emerging managers and have a history
of seeding and being day one investors. If
youre talking about things were focused on
and some of the strategies right now that
are interesting, we, like others, have had a
lot of success and are continuing to allocate
to event-driven strategies. Thats largely be-
cause the deal flow has been so good this
year. M&A activity is set to hit 2007 levels.
Q: Do you think the volume of M&A
activity is sustainable?
A: As we look at the different opportuni-
ties that are presenting themselves to the
mangers, we dont think were near the
end of the cycle yet. Were probably about
midway through.
Q: What other strategies is Man inter-
ested in?
A: One of the things that has been a good
opportunity for managers both on the
discretionary side and the systematic side is
the China A share/H share trade. People are
looking at whats going on in the regulatory
regime and the tying of those two markets
together and the opportunity to arbitrage
potential conversions there. Thats been a
big theme for a number of our discretion-
ary managers and its also showing up
in the return patterns in our quantitative
managers as well. Another theme that has
worked very well and come back into favor
is some of our commodities managers. We
have a view toward investing with specialist
commodities managers that focuses on a
Man Group Focusing on Agriculture, Energy Managers, McCloskey Says
Age:52
Hometown/Residence: San Antonio, Texas/New Suffolk, New York
Education: Texas Tech University, Chemical Engineering
Family: Married, two children
Favorite Restaurant: 44 in Hells Kitchen, New York
Hobbies: Biking, fishing and bird watching
Vacation Destination: Cabo San Lucas, Long Island North Fork
particular sector of the commodities space,
and there have been a number of very size-
able moves in those markets, particularly
in the agricultural markets this year that the
specialty managers have really been able to
capitalize on.
Q: Are there certain commodities
youre looking to get exposure to the
most right now?
A: We have a tendency to hire commodities
managers across the various sectors, then
we swing our allocations between the vari-
ous subsectors of commodities. We came
in this year really focused on our agriculture
and energy managers and in particular the
agricultural managers have had a very good
recent few months.
Q: Are you looking more for large or
smaller hedge funds?
A: We are definitely seeing an increased
interest in managed accounts. Its some-
thing weve been doing for 16 years,
mainly because we felt like it was the best
way to invest in hedge funds the most
control, the most transparency. What we
see increasingly, particularly now in North
America, is the very large sophisticated
plans have made the decision that they
want to go direct into hedge funds and
also look at all the attributes that managed
accounts bring. Were definitely seeing an
increased interest in the utilization of these
structures for hedge fund investing.
Q: How many hedge funds is Man
invested in?
A: 100 names. Were always on the lookout
for talented managers. Its not to say that
somebody doesnt get replaced from time
to time. Turnover has averaged over mul-
tiple years to be about 10 to 15 percent.
We do such a variety of different things for
our clients that its not necessarily a clear
cut statistic.
Q: Whats the average size of allocation
Man will give to its managers?
A: There isnt really an average it can be
very small and very large. We have some
client portfolios that make investments in
the $10 million to $15 million range and go
up to multiple hundreds of millions.
Q: What macro themes are you currently
concerned about?
A: There are no huge overriding themes
such as what was seen in the Japan trade
last year. One seemingly common the-
matic exposure is a bias towards emerg-
ing markets in general both in rates and
equities. Strategically, we are discussing the
extremely low volatility environment, and
the possibility and timing of a rate rising
environment.
Q: Are more acquisitions in the works
after the latest example of Man agree-
ing to buy Pine Grove Asset Manage-
ment in June?
A: Our management team has been fairly
transparent about that opportunistically
well look at things that might be accretive to
the company but its not part of the funda-
mental business plan. If things make sense
from a value perspective and are accretive
then well have a look. Theres always op-
portunity in the fund of funds space.
1 2 3 4 5 6 7 8 9 10 11 12
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What funds posted mixed returns in July?

What two hedge funds recently raised capital?

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