, by Steve Bergsman, is reviewed.
An ex-trustee and former Wyly family financial adviser told the subcommittee that some trustees questioned "recommendations" by the Wylys that the trustees invest in money-losing Green Mountain. Yet Senate investigators found no evidence that the supposedly independent trustees ever bucked the wishes of the Wylys. "The trust protectors identified no instance in which a trustee initiated a business investment on its own," the report says, "and no instance in which a trustee actually declined to supply [Wyly] requested funding." The report cites 2001 correspondence between [Charles Wyly] and then-Green Mountain CEO Dennis Kelly as evidence that Charles Wyly directed untaxed funds to be shipped offshore and then "brought back onshore to invest in Green Mountain." The Senate report suggests...
...., insurer Scottish Re Group Ltd., Ranger Capital Group, Maverick Capital Ltd., and Green Mountain. ...
HONG KONG (Reuters) - Top hedge funds Moore Capital, Maverick Capital, Viking Global Investors and Stark Investments are planning to open offices in Asia over the next few months to meet investor appetite for a slice of Asia's growth, bankers said. Louis Bacon's Moore Capital, which manages $14.6 billion, is the biggest among the new arrivals. Maverick Capital run by Lee Ainslie reportedly has about $10 billion in assets, while Viking Global had $9.6 billion in early 2009.
Security Properties Inc. of Seattle has acquired the 200-unit Totem Lake Apartments in Kirkland, Wash., for $24.5 million. Ken Mattheis of Maverick Capital brokered the transaction. SPI acquired the property in a partnership with Capmark Finance, which, represented by Jason Krupoff, provided the debt and equity on the transaction.
BOSTON (Reuters) - Maverick Capital Management, one of the world's biggest hedge funds, is not being investigated by financial regulators who charged the firm's billionaire co-founder Samuel Wyly with fraud, a person familiar with the matter said on Friday [July 31]. The hedge fund firm, with $11.4 billion in assets, sought to reassure clients including pension funds and wealthy individuals who had called with questions about the Wyly situation, said this person, who was not authorized to speak about the firm publicly.
BOSTON (HedgeWorld.com) - Legg Mason Inc. is making its first foray into the 130/30 market. The firm recently announced it has completed the launch of its new 130/30 US Large Capitalization Equity strategy, a product offered through Legg Mason's quantitative investing subsidiary, Batterymarch Financial Management Inc. Legg Mason follows other large asset managers that recently have entered the 130/30 fray. Those include State Street Global Advisors, Barclays Global Investors, AXA Rosenberg and Goldman Sachs Asset Management. Even hedge funds, such as DE Shaw Investment Management and Maverick Capital Ltd., have launched similar products, although less frequently than long-only managers.
NEW YORK/CHARLOTTE, N.C. (Reuters) - Hedge fund manager Lee Ainslie swapped a bet on one big bank for another in the second quarter, selling off all his shares of Bank of America Corp. and investing in Citigroup Inc. instead. Mr. Ainslie's Maverick Capital was joined by a number of other top hedge funds that shifted dollars away from BofA and toward Citi in the quarter, potentially signaling a shift in fortunes for the two financial service giants.
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