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A hedge fund is a pooled investment fund that holds liquid assets and that makes use of complex trading and risk management techniques to improve investment performance and insulate returns from market risk. Among these portfolio techniques are short selling and the use of leverage and derivative instruments. In the United States, financial regulations require that hedge funds be marketed only to institutional investors and high-net-worth individuals.
Private equity (PE) is capital stock in a private company that does not offer stock to the general public. In the field of finance, private equity is offered instead to specialized investment funds and limited partnerships that take an active role in the management and structuring of the companies. In casual usage, "private equity" can refer to these investment firms rather than the companies that they invest in.
Net asset value (NAV) is the value of an entity's assets minus the value of its liabilities, often in relation to open-end, mutual funds, hedge funds, and venture capital funds. Shares of such funds registered with the U.S. Securities and Exchange Commission are usually bought and redeemed at their net asset value. It is also a key figure with regard to hedge funds and venture capital funds when calculating the value of the underlying investments in these funds by investors. This may also be the same as the book value or the equity value of a business. Net asset value may represent the value of the total equity, or it may be divided by the number of shares outstanding held by investors, thereby representing the net asset value per share.
A "fund of funds" (FOF) is an investment strategy of holding a portfolio of other investment funds rather than investing directly in stocks, bonds or other securities. This type of investing is often referred to as multi-manager investment. A fund of funds may be "fettered", meaning that it invests only in funds managed by the same investment company, or "unfettered", meaning that it can invest in external funds run by other managers.
Victor Niederhoffer is an American hedge fund manager, champion squash player, bestselling author and statistician.
Bridgewater Associates, LP is an American investment management firm founded by Ray Dalio in 1975. The firm serves institutional clients including pension funds, endowments, foundations, foreign governments, and central banks. As of 2022, Bridgewater has posted the second highest gains of any hedge fund since its inception in 1975. The firm began as an institutional investment advisory service, graduated to institutional investing, and pioneered the risk parity investment approach in 1996.
Man Group plc is an active investment management business listed on the London Stock Exchange. It provides investment funds in liquid and private markets for institutional and private investors. It is the world's largest publicly traded hedge fund company, reporting $178.2 billion in funds under management as of June 2024. The firm is headquartered at Riverbank House in London and employs over 1,800 people in various locations. The company was a sponsor of the Man Booker Prize from 2002 to 2019.
Citadel LLC is an American multinational hedge fund and financial services company. Founded in 1990 by Ken Griffin, it has more than $63 billion in assets under management as of June 2024. The company has over 2,800 employees, with corporate headquarters in Miami, Florida, and offices throughout North America, Asia, and Europe. Founder, CEO and Co-CIO Griffin owns approximately 85% of the firm. As of December 2022, Citadel is one of the most profitable hedge funds in the world, posting $74 billion in net gains since its inception in 1990, making it the most successful hedge fund in history, according to CNBC.
Fund administration is the name given to the execution of back office activities including fund accounting, financial reporting, net asset value calculation, capital calls, distributions, investor communications and other functions carried out in support of an investment fund, which may take the form of a traditional mutual fund, a hedge fund, a private equity fund, a venture capital fund, a pension fund, a unit trust, or other pooled investment vehicle.
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Jacob Ezra Merkin is an American investor, hedge fund manager and philanthropist. He had been a fund manager and capital raiser until 2008 when one of the funds in Gabriel Capital LP, his $5 billion group of hedge funds became insolvent because a large portion of its assets was invested with the convicted Ponzi scheme operator Bernard Madoff. The fallout from his investment with Madoff has been extensive. He navigated a series of lawsuits without a finding of fraud or knowledge of the scheme, but agreed to repay any fees earned from the investment in Madoff historically. He had to resign a series of positions including his role as non-executive chairman of GMAC.
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The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
The recovery of funds from the Madoff investment scandal has been underway since the scandal broke in December 2008. That month, recovery trustee Irving Picard received funds from the Bank of New York account where Bernard Madoff held new investments into his Ponzi scheme. As it has been concluded that no legitimate investments were made on the investors' behalf for at least the last 12 years of operation, recovery has proceeded on a "money in/money out" basis. Investors are entitled to receive no more than the nominal cash amounts that they paid in and did not subsequently withdraw, without regard to inflation, interest, opportunity cost or the false statements that Madoff provided them. Those statements combined to a total balance of approximately $64 billion, while the admitted claims amount to $19.5 billion. As of March 2024, the trustee had recovered $14.7 billion toward these claims through legal action against Madoff associates, feeder funds and beneficiaries of the scheme, and had made fifteen distributions to investors. Action by the Department of Justice has recovered an additional $4 billion.
The United States of America v. Jerome O'Hara and George Perez is a federal court case for the ongoing trial of Jerome O'Hara and George Perez, two computer programmers who previously worked for Bernard L. Madoff Investment Securities LLC (BLMIS) until the arrest of the company's chairman, Bernard Madoff, on December 11, 2008.
Winton Group, Ltd is a British investment management firm founded by David Harding. In the United States, Winton is registered with the Securities and Exchange Commission as an investment advisor and with the Commodity Futures Trading Commission as a CTA, and is authorised by the Financial Conduct Authority in the UK. The company trades on more than 100 global futures markets in a wide variety of asset classes and on global equity markets. The firm was launched with $1.6 million in 1997, reached a peak of $28.5 billion in assets under advisement, before dropping to $7.3 billion by late 2020. Winton Group has six offices around the world: London, New York, Hong Kong, Shanghai, Sydney, and Abu Dhabi.
Lars Jaeger was a Swiss-German author, entrepreneur, financial theorist, and alternative investment manager. He published on the history and philosophy of science, technology, and has in the past been an author on hedge funds, quantitative investing, and risk management. In his widely read blog as well as other media he frequently wrote on issues concerning scientific developments, new technologies, and their meaning for society. He was the author of many books on various topics. In 2014, Jaeger published a universal history of science, and in September 2016 a book on the interplay of science and spirituality. His next book "Supermacht Wissenschaften" outlines scenarios of mankind's technological future. His 2018 book "The Second Quantum Revolution - From Entanglement to Quantum Computing and Other Super-Technologies" deals with the latest quantum technologies. His 2019 book "Mehr Zukunft wagen" is a confrontation with the impending technological upheavals that lead to what Jaeger calls “The Human Crisis”. In 2020 he published "Sternstunden der Wissenschaft. A Success Story of Thinking" in which he describes the triumph of science on the basis of four essential intellectual virtues. His 2021 book "Ways Out of the Climate Catastrophe - Ingredients for a Sustainable Energy and Climate Policy" provides an outlook on a possible climate-friendly economy of the future. In 2022 Jaeger published two books: 1. "Emmy Noether - Her rocky Path to the top of Mathematics" and 2. "The Stumbling Progress of 20th Century Science - How Crises and Great Minds Have Shaped Our Modern World". The first gives a biography - readable also for non-mathematicians - of the greatest female mathematician in history. The second books describes the revolutionary development of ALL sciences from around 1880 to 1950. Two more books are in the process of being published.
Jeffrey Glynn Tarrant was an American investor. He was the founder and chairman of MOV37 and Protégé Partners, firms specializing in identifying, seeding and early stage investing in investment funds. He was also a founding partner of film production company Candescent Films. He died from brain cancer in 2019.
References
- ↑ Laura Wood (October 12, 2005), "Research and Markets: Marhedge- Analysis of Global Hedge Fund, Fund of Funds and Managed Futures Markets", M2 Presswire
- ↑ "ARHedge Closing Hedge Fund Publication, P.S. We Are Hiring". FIN Alternative. November 9, 2006.
- ↑ "MARHEDGE". Research and Markets. Retrieved November 1, 2009.
- ↑ Brian Jordan (September 19, 2005), "Hedge funds take losses after Katrina drives big moves in spark spreads, power spreads", Power Markets Week, p. 1
- ↑ Michael Ocrant (December 21, 2008), "I rang the alarm bells seven years ago but people kept rushing to invest;", The Sunday Times, p. 2
- ↑ Michael Ocrant (May 2001), "Madoff tops charts; skeptics ask how" (PDF), MarHedge: 5
- ↑ Helen Avery (November 2006), "AI market round-up: Bling bling! - how managers blow their money", Euromoney, p. 2
- ↑ Paul Waldie (November 10, 2006), "Hedge funds try hand at charity fundraising", The Globe and Mail, p. 1
- ↑ Amoryn Engel (November 25, 2006), "Loadsa dough for the kids: Hedge Funds Care: Hedge-fund experts get together to fight child abuse", National Post's Financial Post & FP Investing, p. 1
