Client News Release
U.S. hedge funds anxious as redemption deadline looms (Reuters) and Retirement investors turn to bonds for balance (AP)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/17/2008 - Funds industry news provided by Financial News USA (OTC: FNWU). By Svea Herbst-BaylissBOSTON (Reuters) - Anxiety is sweeping the hedge fund industry before a crucial deadline on Saturday, when investors angered by recent heavy losses are expected to demand the return of billions of dollars.
"Managers have a pretty good feeling for what is coming, and there are significant redemption requests out there," said Stewart Massey, founding partner of Massey, Quick & Co., an investment consultant that puts money into hedge funds.Saturday is the last day for thousands of investors to notify hundreds of hedge funds if they want their money back by year's end.Hedge funds that require three months notice from investors who wanted to exit by year's end had a similar deadline on September 30 -- also known in the industry as "D-Day."More such deadlines loom for funds that allow investors to give less notice before taking their money out, fund managers said.In the last two days, several prominent fund managers made public predictions that illustrate the depth [Read the full article]
The fluctuating markets have confounded many of us and questions from readers indicate continued insecurity about what to do to protect retirement funds. Questions have come from people in a wide range of ages and stages of life, but many say losses have made them rethink their risk threshold and some are finding it's lower than they thought.
Q: I realize now I should have had more of my 401(k) money in fixed-income investments, or bond funds. How do I get started looking at bond funds as part of my reallocation?A: The type of bond fund you choose depends in large part on your financial goal. You need to first ask yourself whether you're seeking safety with little growth or more robust growth at higher risk. [Read the full article]
By Soyoung KimDETROIT (Reuters) - Goldman Sachs suspended its rating on General Motors Corp on Thursday and said the automaker needs at least $22 billion in federal aid, while Chrysler said it would be "very difficult to survive" without government support.
But U.S. lawmakers remained deeply split over whether to bail out the U.S. auto industry, and U.S. Treasury Secretary Henry Paulson said any federal aid for the U.S. automakers must ensure their long-term viability.Chrysler LLC Chief Executive Bob Nardelli said Chrysler was losing money due to a decline in U.S. auto sales to 25-year lows, and said Chrysler would seek federal money for its liquidity and restructuring needs.In one of his few appearances since merger talks between GM and Chrysler broke off, Nardelli said Chrysler must have broader ties with U.S. [Read the full article]
The top Democrat on the Senate Banking Committee said Thursday there is not enough support among Republicans to pass a proposed bailout package for the auto industry.Sen. Christopher Dodd, D-Conn., suggested that Democrats should reconsider plans to push legislation during next week's congressional session if it's likely to fail.
"Right now I don't think [we have] the votes," he told reporters. "I don't know of a single Republican willing to support" it.Dodd's assessment is significant because Democratic leaders in the House and Senate want to vote on a bill giving the Treasury Department authority to spend funds from the Troubled Asset Recovery Program, or TARP, on the auto industry.It's unclear how much Republican opposition there is to the bill. One moderate GOP senator, George Voinovich of Ohio, announced Thursday he supports the proposal. But other Republicans strongly oppose it. Sen. [Read the full article]
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