Richard Perry, one of the longest tenured and best-known hedge fund managers, is shutting down his flagship fund amid his worst period of performance in his 28 years running New York-basedPerry Capital。
“Although I continue to believe very strongly in our investments, process and team, the industry and market headwinds against us have been strong, and the timing for success in our positions too unpredictable,” Perry told clients in a letter, according to a Bloombergreport。The former Goldman Sachs risk arbitrageur racked up double-digit gains in 14 of his first 19 years without suffering a down year and at one time managed about $15 billion.
In 2008, however, Perry lost about 28 percent. It also lost more than 7 percent in 2011, 3.4 percent in 2014, 12.6 percent last year and 2.6 percent this year through July. Assets had fallen to $4 billion as of the end of August, compared with $6.4 billion at the beginning of the year and nearly $10 billion at the beginning of 2015.
Altogether, Perry qualified for Alpha’sRich Listof top-earning hedge fund managers four times. At Goldman, Perry worked on Robert Rubin’s famed risk arbitrage desk and helped make several hires who also went on to hedge fund glory, including Daniel Och ofOch-Ziff Capital Management Group, Eric Mindich of New York-basedEton Park Capital Managementand Thomas Steyer, founder ofFarallon Capital Management(who has since retired from the firm). Christopher Hohn previously worked at Perry before leaving in 2003 to foundTCI基金管理。According to Bloomberg, Perry Capital will return most of its investors’ money next month.
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The war on hedge fund fees has taken a new turn.布瑞恩霍华德Capital Management根据一份报告，告诉投资者在其旗舰宏基金会中，不会向现有投资者收取现有投资者的管理费，根据Dow Jones。更重要的是，英国的公司据报道称，英国的公司总部位于英国的公司不打算为现有资金产生的收益收取管理费，引用熟悉此事的人。但是，它将继续收取20％的绩效费用。Brevan Howard是一家日益增长的对冲基金公司清单，这些公司正在削减其费用，包括纽约为基础Caxton Associates, Greenwich, Connecticut-basedTudor Investment Corp.and New York-based Och-Ziff Capital Management. Meanwhile, Preqin recently reported that the average management fee is now down to 1.57 percent while the average performance fee is 19.29 percent. What’s more, just 37 percent of all active funds charge a 2 percent management fee although 82 percent still have a 20 percent performance fee.
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与此同时,Connectic格林威治ut-basedTudor Investment Corp.根据A的情况，它遭到了相当大的赎回，削减费用和下岗的15％，现在已关闭其十个人的新加坡交易台。Bloombergreport. Tudor, however, will retain its staff in Singapore that is engaged in computer-related research.
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参议员投资组disclosed it owned nearly 923,000 shares of Comstock Resources, or 7.32 percent of the total outstanding as of September 13. The New York hedge fund firm did not own any shares of the independent energy company as of the end of June. The filing was made in a 13G, suggesting it is a passive investment.
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Shares of controversial drug maker缬草医药国际plunged 6.6 percent, to close at $25.89. However, there does not seem to be significant news on the company to justify this sharp price move. However, one分析师thinks Valeant may take an impairment charge of as much as 90 percent on Sprout, the maker of Addyi, the female libido pill. Valeant had shelled out $1 billion for the company, yet recent reports said that in July, for example, sales were only $696,235.
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Shares of hedge fund favorite GW Pharmaceuticals surged more than 17 percent, to close at $126.06, after the drug company reported positive results for a treatment for a rare form of epilepsy. Among its largest shareholders are New York-based-Deerfield Management, which counted the stock as its third-largest among U.S. longs, and Greenwich, Connecticut-basedViking Global Investors。