In the Press
From New York Post
He's sorry all right. Sam Israel, the hedge-fund manager convicted of running a $450 million Ponzi scheme who faked his own suicide to avoid the slammer, apologized for dragging the industry through the mud.
Four years after he was sent to prison, the Bayou Group's Samuel Israel has emerged once again. As with his June interview with The New York Times, in which the fraudster, who was convicted of ripping investors off to the tune of $450 million, said he'd killed some one, blamed the Central Intelligence Agency for the assassination of President John F. Kennedy and said word around the prison yard was that Bernard Madoff is "not a nice dude," his latest communication with the outside is connected with a book about him released in the summer. To mark the author's appearance before the New York Hedge Fund Roundtable last week, Israel sent a letter of apology.
From Enterprising Investor
Korea-style hedge funds and prime brokers were a popular topic within Korean financial circles long before their launch in December 2011. In mid-June, the subject become the talk of the town as two conferences that focused on Korean hedge funds took place in Seoul: the Korean Hedge Fund Conference, hosted by Korea's Financial Services Commission (FSC), the Financial Supervisory Service (FSS), the Korea Capital Market Institute (KCMI), and the New York Hedge Fund Roundtable (NYHFR); and the Korea Investment Conference, hosted by CFA Korea and CFA Institute. The Korea Financial Investment Association (KOFIA), an industry group, was also involved in both events.
Market professionals in Seoul are complaining that Korea's rules for its new onshore hedge-fund industry are too onerous, while leading investors say they want the industry to improve before they allocate money to it.
New York's highest court recently threw out a suit by a hedge fund compliance officer, Joseph Sullivan, who claimed he was fired for complaining to his boss about alleged improper stock trades. No matter that bringing to light potential compliance issues is a key part of a compliance officer's job.
From The Wall Street Journal
Hedge funds have emerged as a force in New York state politics in the past seven years, funneling tens of millions of dollars to political parties, pet causes and candidates from both major parties, according to a report set to be released on Wednesday.
New York Hedge Fund Roundtable Announces Formation of Management Committee and Engagement of Association Management Firm
From NYHFR Press Release
The New York Hedge Fund Roundtable (the Roundtable) announced today that its Board of Directors had re-appointed Timothy P. Selby, Partner at Alston & Bird LLP, to serve as President of the Roundtable for an additional one-year term. In addition, the Roundtable reorganized its governance. Specifically, the Board of Directors approved the formation of a Management Committee responsible for leading and implementing the Roundtable's strategic direction. The Management Committee is comprised of 13 members: Stanley Goldstein (Chairman), Timothy P. Selby (President), David M. Cielusniak (Treasurer), Megan K. Flynn (Membership), Gabrielle Guttman and Eric S. Lazear (Industry Liaisons), Jason Jones (Sponsorship), Young Lee (Education and Best Practices), Colin W. Roberts (Secretary), Timothy G. Sledge (Director of Governance), Stephen D. Susano (Director of Programs), Carol Van Atten (Director of Philanthropy), and Adam Weinstein (Chief Financial Officer). The Roundtable will continue to hold quarterly open meetings for any members interested in contributing to Roundtable initiatives and becoming members of the Management Committee.
Click here to read the article.
From The Capitol
"The current deficit and national debt are among the biggest challenges today to the financial services sector, as is the overhang of regulation. The bank and financial services community wants to understand what is going to happen with taxes and spending, and from a regulatory perspective what will or will not apply. Until solutions and answers are reached, there will be a bit of a deadlock on how to move forward for the business community. Specifically, budgetary issues (taxing and spending policies) and what comes out of the Securities and Exchange Commission and Commodity Futures Trading Commission are going to be critical to understand how Wall Street will truly be reshaped." -Adam Weinstein, Chief financial officer of the New York Hedge Fund Roundtable
Pershing Square Capital Management LP founder William Ackman won his first hand in the Take 'Em to School Poker Tournament last night but he didn't last long. "I want to lose quickly so I can get home and see my kid," Ackman said. Six hours later, Stephen Susano won the tournament and selected his prize: a seat at the 2012 World Series of Poker.
Earlier this week, a hedge fund manager asked me what I thought some of the best networking opportunities were for industry professionals. I jotted down list of a few not-for-profit industry organizations as well as some events that I often attend and find useful. Below are five of my recommendations. New York Hedge Fund Roundtable...
From CAIA Press Release
The Chartered Alternative Investment Analyst (CAIA) Association, sponsor of the CAIA designation, the highest standard of education in alternative investments, has formed an alliance with the New York Hedge Fund Roundtable. Through this alliance, CAIA has become the official designation of the Roundtable and members of the Roundtable will receive a 10 percent discount on standard exam registration fees for both levels of the CAIA exams.
From Ilya Marritz, New York Public Radio - WNYC
For well over a year, prosecutors have been investigating insider trading in the hedge fund industry. Last month, the FBI searched the offices of several funds in the New York area and arrested and charged a New Jersey man. The FBI said there are large networks of information-peddling yet to be uncovered. The investigation has made use of a tool that makes many people on Wall Street uncomfortable: wiretaps.
From The New York Post
Representatives of 15 city-based financial firms were lured to a private meeting in Darien with Gov. Jodi Rell to hear her pitch to move their businesses to the Nutmeg State -- and avoid a tax on their industry that's being considered in New York.
From The Economist
The governor of Connecticut . . . recently sent a letter to the New York Hedge Fund Roundtable, an industry group, encouraging its members to consider moving their offices to Connecticut....
New York Governor David Paterson is retreating from a plan to tax hedge-fund managers who commute into the state, which was projected to raise $50 million a year to help balance an overdue budget.