Hedge funds cut bullish commodity bets to a six-month low as mounting concern that slowing economic growth will erode demand drove prices toward the first fourth-quarter retreat since the global recession.
Legg Mason To Buy Fauchier Partners From BNP Paribas Unit (Fund News)
Asset manager Legg Mason Inc. on Thursday said the company and its alternative asset managing affiliate Permal Group have entered into definitive agreement to acquire Fauchier Partners from BNP Paribas Investment Partners, an affiliate of French lender BNP Paribas. The company did not disclose the terms of the deal.
Tiger Asia enters guilty plea in insider trading charges (Fund News)
Tiger Asia Management LLC, the New York-based hedge fund run by Bill Hwang, admitted illegally using inside information to trade Chinese bank stocks and agreed to criminal and civil settlements of more than $60 million.
SAC Capital told its investors on Wednesday that it had been notified of possible enforcement action by the Securities and Exchange Commission. The hedge fund with $14bn under management held a 20-minute phone call with investors to tell them that it had been notified that the regulator intended to bring civil fraud charges â?? a procedure known as a Wells Notice.