Summer in the Hamptons is as much of a tradition for most New York managers as charging 2/20 and complaining about cap intro. However, all things must pass, and, whether it be down to the vagaries of fashion or a fresh outlook, post-financial crisis, the Hamptons is no longer the only game in town for managers seeking a New York retreat.
One of better-known benefactors of those seeking a break from the norm, has been Adirondacks-based The Point Resort. Dragging in managers for client entertainment or board meetings, The Point has garnered a reputation as a place to do business the old fashioned, face-to-face way – with its log cabin ethos and lack of city distractions.
One of the few places left in America where mobile phones don’t work, The Point’s guests are free to talk about the business matter in hand, without distraction from buzzing BlackBerries. Managers can entertain clients overlooking the lake or by the fireplace, or in the main dining room, or, if they are feeling more sporty, engage in various activities including water skiing, swimming and tennis, just to name a few.
For more information on the options available,…
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An economist once said, “Wall Street’s favourite scam is pretending luck is skill”, and while there’s no denying the talent it takes to successfully manage a hedge fund, few
would argue that Lady Luck doesn’t have a helping hand in the good fortunes of many a manager.
It’s a fact that Japanese firm Eifuku Investment Management were happy to acknowledge in their very name, with the word ‘eifuku’ meaning ‘eternal luck’, deriving from
‘Ei’ which means ‘long time’ and ‘Fuku’ which means ‘luck’.
And it started off smoothly enough. In 2001, its first year of trading, Eifuku rose 18% before growing a further 76% in 2002, and boasted a wealth of high-profile investors including hedge fund
veteran George Soros.
The fund’s shamelessly optimistic moniker turned out to be painfully inaccurate, however, after huge bets on Japanese blue-chip companies, said to be worth a combined total of $1bn, went
spectacularly wrong, and the firm’s Tokyo-based Eifuku Master Fund, run by former Lehman Brothers trader John Koonen, was forced to close after losing 98% of its $200m value in just seven
days.
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Simone Lowe, fund manager, Thames River Capital
CAN YOU DESCRIBE YOUR CURRENT ROLE?
I am currently part of the multi-manager alternative team at Thames River Capital. My main focus is Africa – I search for talented money managers who consistently generate superior risk-adjusted returns by investing across the African continent. I spend a lot of my time travelling across Africa, to ensure that I fully understand the opportunity set and risks involved in managing money in the region.
WHAT DO YOU LIKE MOST ABOUT WORKING IN THE HEDGE FUND SECTOR?
I get to interact with some of the smartest people in the financial industry on a day-to-day basis. I find this very stimulating, as I am constantly learning and growing. The industry is constantly developing and changing and I thrive in this kind of dynamic environment.
IF YOU WERE DOWN TO YOUR LAST £1000, HOW WOULD YOU INVEST IT?
Assuming that I was making a long-term decision with this money, I would invest it in some of the incredible opportunities we are seeing in the distressed market at the moment. Alternatively, I would invest in some of the cash-starved Zimbabwean companies that are…
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Volatile markets, demanding investors and the frustrating inability to shake the label of financial industry ‘bad guy’; it’s fair to say that hedge fund managers don’t have the most relaxing of jobs. Even those rare moments of downtime are flecked with work-related blackberry messages, compliance calls and the need to brainstorm with peers.
It was probably on a rare night off back in 1991, then, that fund managers Barry Sternlicht and Dan Stern stopped at a friend’s house in Aspen, and climbed into the hot tub – an act that proved to be a moment of inspiration for the pair who decided then and there then that Starwood, the name of their friend’s property, would be a perfect name for their new joint enterprise.
Such tranquil times must now seem like a very distant memory for the pair, who are said to be striving to escape from the luxury hotel sector, while the debt of the firm’s Louvre Group subsidiary now stands at over $2bn, according to reports.
Starwood Capital has total assets under management (AuM) of $25bn with offices in six regions:…
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