Archive for the ‘Real Estate’ Category

BlackRock Go-Anywhere Strategy

January 26, 2011

Chidem Kurdas

Where do investors want to be?  If we take BlackRock’s asset inflows as an indicator, investors want to be in any market that looks promising—taken there by managers able to move swiftly from one market to another. (more…)

Angelo Gordon Steel Turnaround

January 3, 2011

Chidem Kurdas

When Angelo, Gordon & Co. lent to United States Steel Corp. in the Spring of 2009, the steel maker was in serious trouble. The steel business slumped in tandem with construction. US Steel’s stock went into a tailspin after hitting a high of $187 in late 2008. It has not recovered; it is fluctuating around $60 now.  Yet Angelo, Gordon did well with the US Steel notes. (more…)

Distressed Credit Woes Influence Investors

December 8, 2010

Once burnt, twice shy, goes an old adage. Bad experience with distressed credit investments – considered very promising at the start of the real estate downturn – has put fund clients off this strategy. (more…)

Investors Brace for Foreclosure Losses

October 26, 2010

By Chidem Kurdas

Managers of credit funds at Goldman Sachs and other asset management firms are warning their clients that litigation and government actions to prevent or restrict residential foreclosures could reduce returns. The funds do not hold or service mortgages but are buyers of mortgage-backed securities. (more…)

New Fund Despite Tough Conditions

September 15, 2010

Chidem Kurdas

A very difficult environment for raising money, in particular for fund of funds, has not stopped the launch of investment vehicles. But the new products tend to come from firms with established distribution networks, which gives them a better chance of finding clients. They also tend to have a broader investment agenda than hedge funds-only vehicles. (more…)

Some Funds Make Good Collateral

August 17, 2010

Chidem Kurdas

It’s hard to get a loan these days. Even borrowers with substantial assets find that banks are picky about what they’ll accept as collateral.

Certain hedge funds are widely used for this purpose, says an investor. But others are out of the question—banks won’t touch them with a 10 ft pole. This factor is influencing investors’ decisions as to which funds to put money into. (more…)

Ladenburg Thalmann Real Estate Hybrid

July 27, 2010

Chidem Kurdas

Investment bank Ladenburg Thalmann is to start a fund that will blend real estate and natural resource investments with hedge funds. The manager is Philip Blancato, who is the president of the firm’s asset management arm. (more…)

Tudor, Caxton Like China

May 18, 2010

Chidem Kurdas

Big global macro funds stayed with China even as hedge fund people talked about a bubble in that country. Paul Tudor Jones’ Tudor Corp. and Bruce Kovner’s Caxton Associates held significant investments in Chinese companies as well as market indexes in the first quarter. (more…)

Altman Questions Debt Market Conditions

May 14, 2010

Chidem Kurdas

The latest research on credit markets was presented this week at New York University’s business school. The conference was held at the appropriately named Paulson Auditorium—as in hedge fund manager John Paulson, graduate of ’78, who gave the school $20 million of the several billions he made betting against the housing bubble.

(more…)

Gottex Pushes Ahead with US Venture

May 10, 2010

Chidem Kurdas

Fund of hedge funds manager and service provider Gottex Group has resumed an ambitious program to raise multi-asset investment vehicles in the US as well as in other countries. The new funds’ portfolio manager is William Landes, a former managing director at Putnam  Investments. (more…)