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ALTERNATIVES SEP 25, 2008
SEC demands records from hedge funds

The Securities and Exchange Commission has ordered more than two dozen hedge funds to turn over trading records and e-mail communications made between Sept. 1-19, The Wall Street Journal reported today.

ALTERNATIVES SEP 24, 2008
Existing home sales, prices continue to fall

Sales of existing homes fell to a seasonally adjusted rate of 4.91 million units in August, down 2.2% from July and 10.7% from a year ago, according to the National Association of Realtors of Chicago.

ALTERNATIVES SEP 23, 2008
KKR loses $1.1 billion in first six months

Kohlberg Kravis Roberts posted a total investment loss of $1.1 billion for the six months ended June 30, down from a net gain of $3.4 billion in the first half of 2007, according to a prospectus filed with the SEC.

MUTUAL FUNDS SEP 23, 2008
Third Avenue files suit against Reserve

Third Avenue Institutional International Value Fund LP, a fund of Third Avenue Management LLC, filed a class action Friday against Reserve Management Corp. hinging on the firm's redemption process last week, when the net asset value of the Reserve Primary Fund fell to 97 cents.

MUTUAL FUNDS SEP 22, 2008
Money market fund redemptions taper off

Redemptions from U.S. money market mutual funds declined on Friday, with investors pulling out $5.2 billion compared to $47.7 billion the day before, according to the Westborough, Mass.-based research firm iMoneyNet.

ETFS SEP 22, 2008
Barclays said to steer clear of Lehman ETNs

Barclays PLC won’t be “assuming the obligation” of traditional structured products and exchange traded notes issued by Lehman Brothers Holdings Inc., according to a source close to the situation.

MUTUAL FUNDS SEP 22, 2008
Ameriprise: Reserve tipped off big clients

A suit filed by Ameriprise alleges that The Reserve gave special treatment to its largest clients just as the Primary Fund was losing value and about to “break the buck,” or dip below $1 per share.

ALTERNATIVES SEP 22, 2008
Hedge funds set to sue U.K. regulator

A group of the world's largest hedge funds are planning to sue the Financial Services Authority for millions of pounds of losses allegedly resulting from the regulator's ban on short selling, according to a report in the Sunday Telegraph.

ALTERNATIVES SEP 22, 2008
Report: Legg Mason eyeing private sector move

Baltimore-based Legg Mason is weighing a privatization move that could include one or two private-equity investors, with Kohlberg Kravis Roberts & Co. being one of the interested parties, the New York Post reported.

MUTUAL FUNDS SEP 22, 2008
Tax-exempt money market funds to be covered

The Department of the Treasury’s plan to back money market funds will include both taxable and tax-exempt funds.

MUTUAL FUNDS SEP 22, 2008
The Reserve to halt redemptions on funds

Reserve Management Corp. New York filed with the SEC on Friday to suspend all redemptions from its Primary Fund and the U.S. Government Fund and postpone the date of payment of redemption proceeds for a period longer than seven days after the tender of shares for redemption.

MUTUAL FUNDS SEP 22, 2008
As asset levels drop off, funds act to cut costs

Mutual fund families are cutting expenses because asset levels have dropped, reflecting the rocky markets.

ESG SEP 22, 2008
Congressional caucus asks funds to divest in Sudan

The Congressional Human Rights Caucus is pressuring mutual fund companies voluntarily to divest their holdings in companies that do business in Sudan.

MUTUAL FUNDS SEP 22, 2008
Asian markets may be due for a rebound

Most investors will probably look at the recent performance of Asian stocks and run screaming, but some industry experts recommend that they stand pat.

ALTERNATIVES SEP 22, 2008
Bright spot in the dark

In a year of seemingly endless bad news for hedge funds, many hedge-fund-of-funds managers, especially institutionally focused firms, actually thrived.

MUTUAL FUNDS SEP 19, 2008
Bold government rescue steps buoy markets

U.S. markets are poised to open sharply higher this morning after top government officials from the administration and Congress announced a several actions last night intended fight the mounting financial crisis, according to published reports.

MUTUAL FUNDS SEP 19, 2008
Bankers riled by backing for money markets

Say government $50 billion backstop makes funds more attractive — and makes it tougher for banks to attract deposits.

FIXED INCOME SEP 19, 2008
Treasury: Firms to roll out covered bonds

“This is a tough environment to launch a new financial product,” said Neel Kashkari, assistant secretary of the Department of the Treasury, but “never has the market needed this financial product as much as we need it now.”

MUTUAL FUNDS SEP 19, 2008
Legg pumps $630M into money market funds

Legg Mason Inc. has entered into agreements to support three money market funds: Citi Institutional Cash Reserves, Western Asset Institutional Money Market Fund and a fund for offshore investors, CILF U.S. Dollar Liquidity Fund.

MUTUAL FUNDS SEP 19, 2008
Reserve Management freezes funds

The Reserve Management Co. Inc. won’t accept new investors in any of its group of money market funds, the firm said yesterday.