The News: New York Retaining Hedge Fund Jobs, While London Erodes
Although the financial crisis began in the United States, New York and other U.S. financial centers are gaining market share among hedge funds. London, meanwhile, is falling behind.
"The Yanks are winning in the battle to attract the biggest hedge funds," declares Forbes. Among funds with more than $1 billion under management, New York's numbers have barely slipped - to 118 from 120 a year ago. During the same period, London's count shrank to 55 from 65, according to data from London-based research firm Hedge Fund Intelligence.
Gauged by value of assets managed, New York holds an even greater lead: 46.6 percent of global assets managed by $1 billion-plus funds as of January, compared with 15.9 percent for London.
It looks like the big bounce-backs will be seen in cities across the United States rather than locales in Europe and Asia. Connecticut is the third-largest location in asset terms for hedge funds in the $1 billion club, with a total of $159 billion under management in January. California, Maryland and Texas are next in the rankings, followed in seventh place by Hong Kong, which has just $8.1 billion managed by mega hedge funds.
Big Hedge Funds Heart New York [Forbes]
Exclusive: Wells Wealth Chief Wants 10,000 More Advisers [Reuters]
The New China Hands [AmLaw Daily]
ABS Recovery Continues With Alliance & Leicester Deal [Financial News]
Buoyant Asian-Pacific Bourses Overtake European Exchanges [FT]
PR Head Parodied on Twitter, Goldman Mulls New Moves [FierceFinance]
Another View: Vice Chancellor Strine Gets It Right [NY Times]
A pair of attorneys at Jones Day argue that Delaware's corporate judges have a better legal approach to corporate governance and executive compensation than the Obama administration or Congress.