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Hedge Funds

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Hedge Fund Investors Sue Ernst & Young for Fraud

A group of investors on Wednesday sued the accounting giant Ernst & Young for allegedly misrepresenting the financial status of the defunct hedge fund Parkcentral Global after they lost a total of $17 million in the fund.

Long-Short Strategies Beat the Market

Long-short strategies are outperforming—or at least underperforming less—than traditional equity plays, according to a white paper by Credit Suisse. The firm points out that year-to-date results for the MSCI World Index in May were down by 9.5%. Over the same period, the Dow Jones Credit Suisse Long/Short Equity Hedge Fund Index was down too, but by a comparatively slight 3.2%. …

New CEO at the Helm for Rockefeller Financial

Rockefeller Financial has named Reuben Jeffery III chief executive officer. Jeffery will also oversee subsidiaries Rockefeller Wealth Advisors, Rockefeller Asset Management, Rockefeller Capital Partners and Rockit Solutions.

Hedge Funds See Modest Declines in June

The HFRI Fund Weighted Composite Index lost 0.81% in June, more than offsetting the gains in the first five months of the year to leave the index down 0.18% for the first half of 2010.

Hedge Funds Begin to Target Operational Efficiency

The operational strength of a hedge fund is now just as important to institutional investors as the pedigree and track record of its manager.

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Articles

Wary Investors Demanding CRM from Hedge Funds

Bernie Madoff and financiers of his ilk have changed the landscape for hedge fund managers forever.

Editor's Desk: Stating the Case for Small Hedge Funds to Register

The SEC is only going after the big guns. States are another matter. Just look at the tug-of-war to attract hedge funds between Connecticut and New York. Take "Hedge Hogs! NY fund honchos wined and dined by Conn. Gov." -- today's front-page headline in the New York Post.

BNY Mellon Aims to Curb Costs, Expand Wealth Unit

As it waits for the fee income that will come once interest rates rise, Bank of New York Mellon will continue to try and control costs and focus on expanding its asset management and asset servicing businesses overseas, the firm said during an earnings call last Wednesday. Robert Kelly, BNY Mellon's chief executive, said the firm will cut expenses by $100 million, or 4.3%, this year. "There are a lot of opportunities to drive efficiencies in our businesses," he said. "Executives will re-engineer operations to make us more efficient."

New Financial Regulations to Create Unprecedented 'Sea Change' at SEC

BOSTON -- Mutual fund companies must stay on top of their compliance programs, particularly because Congress is likely to pass new financial regulations, executives warn. "Regulation writing is about resolving tensions and balancing purposes,' said Michael Novey, associate tax legislative counsel at the Office of Tax Policy at the Department of Treasury. "Our task is to implement legislative purpose, recognizing that Congress' acts ought to be workable. There is a tremendous amount of misunderstanding about many of the proposed regulations."

Hedge Funds Up 25%, Best Performance in a Decade

Hedge funds had their best year last year since 1999, according to the Hennessee Group. The Hennessee Hedge Fund Index gained 24.6% in 2009. Equity indices also gained in 2009, with the S&P 500 up 24.7%, the Dow Jones Industrial Average up 18.8%, and the Nasdaq Composite Index gaining 43.9%. In 1999, the Hennessee Hedge Fund Index was up 30.78%. "Hedge funds competed very well with the stock market, with a lot less risk. Whenever you can achieve market returns with a third less risk, that is professional money management, as opposed to the traditional money managers who are long-only and who achieve market returns with 100% net exposure," said Charles Gradante, managing principal of the Hennessee Group.

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