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BUSINESS
By JAY HANCOCK | July 11, 2004
It had to happen sometime, and sometime is now. Hedge funds have invited peons off the street, up the paneled staircase and into the tabernacle of leverage, derivatives and arbitrage. And why wouldn't they? Hedge-fund managers rake off 2 percent of the assets and 20 percent of the profits. Mutual funds, by contrast, are often considered expensive when they charge 2 percent of assets, period. In that light a hedge-fund dollar invested by Joe Schlub is as good as a dollar from Bill Gates - maybe better!
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NEWS
June 14, 2014
I have been reading with much interest the letters to the editor regarding the MarylandCAN organization ( "Misunderstanding charter schools," June 8). Some parents blasted it and a member of the other side defended it. However, in my mind, the most interesting part of the debate was when letter writer Dave Ross wrote "throwing around buzzwords that to some have a negative connotation like 'pro-corporate,' 'hedge fund' and 'pro-privatization' not only is misleading but it is unhelpful in facilitating a productive discussion about how to improve the public education landscape for Baltimore City children.
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BUSINESS
By Gail Marksjarvis and Gail Marksjarvis,Chicago Tribune | October 29, 2006
Imagine hedge funds without brainy managers maneuvering artfully through short-lived market opportunities day in and day out. You might think the flashy hedge-fund arena could never evolve into this. But with about $1.2 trillion in assets, the industry is maturing. And as it does, analysts are looking for ways to capture the advantages of hedge funds without the tremendous fees and egos that go with the territory. Attention is turning to what is known as passive investing. That's the term that applies to index mutual funds, and that means setting up a portfolio and keeping it intact without human tinkering day to day. What's envisioned for hedge funds tends to be somewhat different than mutual funds.
NEWS
By George W. Liebmann | February 19, 2014
The state pension system is Maryland's financial Achilles heel and has been for decades. All bond rating services have noted that rising pension debt endangers the state's AAA bond rating, and the Pew Center on the States rates Maryland as among the most under-funded states. The pension board is a semi-professional board made up of 15 people, a third of whom have investment expertise. It is presided over by the state treasurer, who is elected by the General Assembly. Traditionally, state treasurers were boring but capable bankers.
BUSINESS
By Peter Healy | June 6, 2004
Hedge funds aren't just for the big boys anymore. Formally limited by law to participation by wealthy investors, true hedge funds are designed to make money even in down and falling markets. Now the financial industry has developed mutual funds that use hedging techniques. The reason that hedge funds are regulated differently from other investment vehicles is that they're dangerous to the small investor. Their managers wager on short stock sales, play leverage and arbitrage games, and count the incomprehensible cards of derivatives to turn a profit.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 16, 2013
Kris H. Jenner, the manager of T. Rowe Price Health Sciences Fund until his resignation in February, has raised more than $100 million to launch a Baltimore-based hedge fund, Bloomberg News reported. The hedge fund, which will be called Rock Springs Capital, will have a similar investing strategy as Price's Health Sciences Fund, said Bloomberg, quoting an unnamed person knowledgeable about Jenner's plans. Jenner had managed the Health Sciences Fund since 2000. It has been one of Price's top funds, achieving a 15.3 percent annualized return over 10 years, according to Morningstar.
BUSINESS
April 22, 1998
Legg Mason Inc. is in talks to buy a hedge fund to satisfy its clients who want an investment vehicle that can protect them when the stock market sours.Edward A. Taber III, who heads the Baltimore-based brokerage's $40 billion-plus management operation, told investors yesterday at an industry conference in New York that Legg is negotiating to buy a hedge fund that has more than $1 billion in assets under management, according to Bloomberg News."The average client is asking, 'What's out there more than mutual funds?
BUSINESS
By BLOOMBERG NEWS | October 2, 1998
WASHINGTON -- Federal Reserve Chairman Alan Greenspan said yesterday that Long-Term Capital Management LP's banks and other creditors played a significant role in the hedge fund's near collapse by lending money without fully understanding the risks they faced.The institutions "misjudged the state of potential losses that could occur under extreme circumstances," Greenspan said at a House Banking Committee hearing into the $3.6 billion takeover of Long-Term Capital.Greenspan defended the Fed's role in brokering last week's takeover by arguing that bankers are best situated to understand the risks of lending to hedge funds.
BUSINESS
By JAY HANCOCK and JAY HANCOCK,jay.hancock@baltsun.com | December 14, 2008
Hedge-fund selling is a huge culprit in this fall's stock market decline, and everybody wants to know when it'll be over. Reports are mixed. "The bad news is in for hedge fund managers," reports Pensions & Investments. "Come Dec. 31, many could lose up to one-quarter of their assets if investors indeed take back all that they've requested." Investment strategist Ed Yardeni is optimistic. "I don't know," he says in a letter to clients who ask when the hedge-fund hemorrhage will end. "But I suspect the bulk of their selling is over, and that redemption gates have been closed when possible."
FEATURES
By Rob Kasper | October 3, 1998
Hedge funds and I go way back. When I was a kid I got paid$1.25 every time I trimmed a neighbor's hedge. I squirreled the money away and tapped the hedge fund whenever I wanted to buy myself a small treat. Squirreling away money is a practice I have continued over the years, even though I often end up paying myself for yard work.So when I saw the "Hedge funds send stocks plummeting" headline about John Meriwether's hedge fund losing billions and threatening the collapse of world credit markets, my first thought was, "Man, that guy must be up to his neck in shrubbery."
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | November 7, 2013
Men's Wearhouse disclosed Thursday that its largest shareholder has demanded the company negotiate with Jos. A. Bank Clothiers over the Hampstead-based retailer's acquisition offer. New York hedge fund Eminence Capital, which owns 9.8 percent of Men's Wearhouse stock, said in a letter Thursday that it wants the company to "immediately" start talks with Bank and consider alternatives, such as soliciting other bids. "We intend to exercise our rights as shareholders to hold you accountable if you fail to take these actions by close of business on November 11 t h ," wrote Ricky C. Sandler, Eminence Capital's chief executive.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 16, 2013
A decade ago, Taymour Tamaddon was an MBA. student with a background in physics trying to convince Baltimore-based money manager T. Rowe Price to hire him as an intern. Not only did Price give him the internship and hire him later as a health care analyst, but six months ago the company chose Tamaddon to head up the Health Sciences Fund, one of the firm's top-performing funds with $7.4 billion in assets. "It's overwhelming, as you can imagine. Exciting, challenging," he said.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 3, 2013
Timothy E. Parker, manager of T. Rowe Price's New Era Fund for the past three years, will leave the the Baltimore-based money manager by the end of September, the company said. Parker will be replaced as manager by Shawn T. Driscoll, an energy analyst with the fund. "I had a wonderful 12 years here and learned a lot of things," said Parker, 38. "It's a good organization. Sometimes you need to part ways to pursue different challenges. " Parker said he doesn't have any firm plans at this point.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 16, 2013
Kris H. Jenner, the manager of T. Rowe Price Health Sciences Fund until his resignation in February, has raised more than $100 million to launch a Baltimore-based hedge fund, Bloomberg News reported. The hedge fund, which will be called Rock Springs Capital, will have a similar investing strategy as Price's Health Sciences Fund, said Bloomberg, quoting an unnamed person knowledgeable about Jenner's plans. Jenner had managed the Health Sciences Fund since 2000. It has been one of Price's top funds, achieving a 15.3 percent annualized return over 10 years, according to Morningstar.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 13, 2012
Baltimore-based Legg Mason Inc. announced Thursday morning it has agreed to acquire Fauchier Partners, a manager of funds of hedge funds based in Europe. The terms of the deal were not disclosed. Fauchier will be merged into Legg's subsidiary Permal, an alternative asset manager. As a result of the combination, Permal will have about $24 billion assets under management and offices in nine locations worldwide, Legg Mason said. The deal is expected to close in the first quarter of next year.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | August 2, 2010
A wide-reaching and drawn-out legal fight over alleged trading violations in the mutual fund industry could soon be over, with federal judges in Baltimore expected to decide this fall whether to approve settlements that could total hundreds of millions of dollars. Numerous class-action lawsuits were filed on behalf of millions of investors across the U.S. as early as 2003, accusing mutual fund companies of breaching securities laws. Investor complaints in separate cases against 17 mutual fund families were transferred in 2004 to U.S. District Court in Baltimore for coordinated proceedings.
NEWS
By NEW YORK TIMES NEWS SERVICE | November 27, 2005
Faced with growing numbers of retirees, pension plans are pouring billions into hedge funds, the secretive and lightly regulated investment partnerships that once managed money only for wealthy individuals and elite institutions. The plans and other large institutions are expected to invest as much as $300 billion in hedge funds by 2008, up from just $5 billion a decade ago, according to a study by the Bank of New York and Casey Quirk & Associates, a consulting firm. Pension funds account for about 40 percent of all institutional money.
BUSINESS
By JENNY ANDERSON and JENNY ANDERSON,NEW YORK TIMES NEWS SERVICE | June 2, 2006
Talk about minting money. In 2001 and 2002, hedge fund managers had to make $30 million to gain entry to a survey of the best paid in hedge funds that is closely followed by people in the business. In 2004, the threshold had soared to $100 million. Last year, managers had to take home - yes, take home - $130 million to make it into the ranks of the top 25. And there was a tie for 25th place, so there were actually 26 hedge fund managers who made $130 million or more. Just when it seems as if things cannot get any better for the titans of investing, it gets better - a lot better.
BUSINESS
November 11, 2009
NEW YORK - Two former Bear Stearns hedge fund managers were found not guilty of fraud, a decision that could make government prosecutors less likely to bring criminal charges against Wall Street executives for their role in the financial crisis. The case - the first major prosecution arising from the meltdown of major U.S. financial institutions - was seen as a test of whether a jury, presented with evidence from e-mails and other communications, would convict individuals for corporate collapses.
NEWS
By Annie Linskey and Annie Linskey,annie.linskey@baltsun.com | April 3, 2009
Baltimore City Council President Stephanie C. Rawlings-Blake called Thursday for the city's fire and police pension board to sue to recover funds lost in the Bernard L. Madoff financial scandal. The pension fund lost about $3.1 million after a hedge fund in which it was invested, Union Bancaire Privee Asset Management, placed money in another fund that invested with Madoff. During a council meeting she called to discuss the matter, Rawlings-Blake pointed to a recent Wall Street Journal article that alleges UBP researchers warned its money managers not to do business with Madoff.
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