Hedge funds gained 2.1 percent on average in May, a new index shows, and are now up 0.1 percent for the year, their worst start since 1990.
Fairfield County has among the five largest clusters of hedge funds in the world.
Energy hedge funds were the top performers on Chicago-based Hedge Fund Research Inc.”™s monthly survey, gaining 5.2 percent. Funds with a strategy of taking short positions were down 2.8 percent.
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Report: Shively joins Sasco
Hunter Shively reportedly has stepped down as co-head of UBS AG”™s commodity”™s business in Stamford to join a Westport hedge fund called Sasco Energy Partners L.L.C., which according to Bloomberg is planning to raise $750 million in capital.
Todd Morakis will become the sole chief of the UBS commodity”™s unit, Bloomberg reported citing a UBS memo.
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Funding forecast
Institutional investors could increase their hedge-fund allocations by half, a University of Pennsylvania researcher reportedly predicted, as they seek to generate better returns for the pensions and endowments they manage.
Christopher Geczy, who directs the Wharton School”™s Investment Management Consultants Association, made the forecast at a panel presentation covered by HedgeFund.net.
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Hedges and bunkers
The Connecticut Hedge Fund Association is sponsoring a pro-am golf tournament June 21, with the $2,000-per-participant proceeds to benefit the Hole In the Wall Gang Camp.
The tournament will take place at The Course at Yale in New Haven, where the Hole in the Wall Gang Camp parent nonprofit is based.
Participants will be matched with PGA golfers playing this week in the Travelers Championship at TPC River Highlands in Cromwell. A separate pro-am tournament at TPC River Highlands is scheduled to include ESPN broadcaster Chris Berman and Heisman Trophy winner Doug Flutie.
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