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Statement on Amendments to Form PF

- SEC

It has been over a year since the Commission first proposed the amendments to Form PF that we seek to adopt today.[1] And, what a difference a year makes.[2] Since the filing of the proposal, we have seen a major geopolitical crisis unfold as Russia invaded Ukraine;[3] the U.S. Federal Reserve raised interest rates by nearly 5 percent;[4] and, we have witnessed the unraveling of three regional U.S. banks and one international financial institution, compelling government intervention to stem turbulence, losses, and to promote market confidence.[5],[6]

SEC to vote on boosting disclosures by private funds, hedge funds

- Reuters

The U.S. Securities and Exchange Commission will decide on Wednesday whether to adopt new rules for advisors to hedge funds and private equity funds aimed at increasing transparency, competition, and efficiency in the $25-trillion marketplace. The SEC will vote on a proposal to update so-called Form PF, which was put in place following the financial crisis of 2008-2009 to monitor risks in the private fund sector, to boost the quality of disclosures by large funds about their investment strategies and leverage…

Hindenburg Research blasts Carl Icahn’s hedge fund as ‘Ponzi-like’ in latest short-seller campaign

- NY Post

Billionaire corporate raider Carl Icahn’s hedge fund has allegedly created a “Ponzi-like economic structure” that has falsely inflated the value of his investments, according to bombshell allegations from a prominent short-seller on Tuesday. Hindenburg Research — whose other targets lately have included Indian billionaire Gautam Adani and electric-car company Nikola — revealed that it has taken a short position on Icahn Enterprises (IEP) – and said it has “uncovered clear evidence” of “inflated” valuations for some of the holding company’s assets…

Hedge fund cage fighter quits for the sell-side

- efinancialcareers

It’s not often you see someone leaving a hedge fund for a bank. It’s even rarer to see a former UFC fighter doing it. Sean George, not to be confused with the (much more renowned) bare knuckle boxer “The Outlaw Sean George”, first left banking in 2017 to join a small Swedish hedge fund. In turn, he left that for Millennium in 2021…

SEC’s Gensler Blasts Hedge Fund Fees as Agency Readies Rules

- Bloomberg

Gary Gensler is again blasting hedge funds and private equity firms for the fees they charge investors, as the Securities and Exchange Commission plows ahead with plans to boost oversight of the private fund industry. “Today, private fund advisers receive multiple levels and types of fees—from management to performance to portfolio company fees.,” the SEC chief said in remarks…

Brookfield’s Los Angeles Office Company Is Roiled by Defaults

- WSJ

A major Los Angeles office owner operated by Brookfield Asset Management is struggling to make mortgage payments as vacancies and rising interest rates disrupt the city’s commercial real-estate market. The company, known as Brookfield DTLA Fund Office Trust Investor Inc., owns six Los Angeles office buildings and a retail center. Five of the office buildings face the risk of foreclosure, according to its public filings, and at least two of its mortgages are in default…

He Was a Quant at Citadel. Now He Agitates for GameStop Investors

- WSJ

Dave Lauer was once a quant at hedge fund Citadel. Now he is a thorn in the side of Wall Street in a battle over how individual investors’ trades are handled in the U.S. stock market. Mr. Lauer is the co-founder of We the Investors, an advocacy group that draws much of its energy from apes—investors active on social media who tend to favor meme stocks such as GameStop Corp. and AMC Entertainment Holdings Inc…

Ardian, Blackstone and Apollo Are Top Buyers of $5 Billion Private-Equity Portfolio

- WSJ

A group of blue-chip buyers is set to acquire one of the largest portfolios to trade on the market for secondhand fund stakes. Healthcare provider Kaiser Permanente in Oakland, Calif., is selling about $5 billion of private fund positions to a group that includes buyout firms Ardian, Blackstone Inc. and Apollo Global Management Inc., according to several people familiar with the matter. The assets are held by the company’s pension plan…

Hedge Fund Company Man Group Brings in $1.1 Billion From Clients in First Quarter

- WSJ

Man Group raked in more than $1 billion in inflows into its funds in the first quarter, the company said Wednesday, a sign that demand from investors is returning after a difficult year for hedge-fund strategies in 2022. The London-based company said its assets under management rose to $144.7 billion in March from $143.3 billion at the end of last year. The increase came from clients allocating a net $1.1 billion to its funds, along with $700 million in performance gains. The company said positive currency moves were hit by performance-linked leverage movements. Man Group’s shares, which are listed in London, rose about 2% Wednesday afternoon…

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