Hedge Fund Manager Sues Ex-Wife Over Footwear [eVestmentHFN] A hedge fund manager is suing his ex-wife over her huge collection of designer heels that he claims she hid from him during their marriage and their divorce. Daniel Shak, founder of New York-based SHK Asset management, is suing Beth Shak for 35% of what he estimates to be an approximately $1 million shoe collection, according to an ABC News report.
NY Attorney General: Victims in Madoff Fraud to Get $405M Within 3 Years, With More Expected [WashingtonPost] Investors in four funds that lost more than $1.2 billion in Wall Street swindler Bernard Madoff’s Ponzi scheme will receive $405 million in payouts over the next three years, New York’s attorney general said Monday..
Einhorn All In for Poker Charity Tournament [eVestmentHFN] David Einhorn is employing his poker-playing skills for a more benevolent purpose. The head of $7.8 billion hedge fund Greenlight Capital is taking part in a $1 million buy-in charity tournament next month at the World Series of Poker in Las Vegas, according to Bloomberg.
Insurance to Cover Void Left by Star Managers [eVestmentHFN] A touchy subject for many hedge funds but a fact of life – the loss of a top manager and how it impacts upon business. Insurance advisory firm SKCG Group, which serves as a broker between insurance companies and about 160 hedge funds, thinks more and more funds are purchasing “key man” life insurance to protect against that possibility.
Report Says HF Redemptions Lowest in Four Years [eVestmentHFN] Hedge fund administrator GlobeOp has found that redemptions from hedge funds are lower in June this year than around the same period last year. Reuters reported that the GlobeOp Forward Redemption Indicator, a monthly indicator of clients withdrawing their investments as a percentage of GlobeOp’s assets under management, measured 3.71% in June — the lowest number for this month in the past four years.