LAS VEGAS (Reuters) – After a year break, the scmooze festival industry returned the hedge fund, which was organized by Anthony Scaramucci, the investment manager who served as President Donald Trump's communications director, Las Vegas strip this week.
PHOTO FILE: Anthony Scaramucci, managing partner of Skybridge Capital, speaks at a SALT conference in Las Vegas 14 May, 2014. REUTERS / Rick Wilking / Photo File
However, the atmosphere at the 10th annual SALT Conference was much more difficult than in recent years, when famous hedge fund managers rubbed with former US Presidents at private dinners, with lakeside parties and late night gaming. in Bellagio hotel.
This time, the organizers and attendees said that they focused this party vibe to discuss investment ideas and listen to former White House officials to discuss geophitics.
“The vast majority of institutional investors prefer to sit around and discuss structured credit tranches instead of going to exciting parties,” said Eric Nierenberg, chief strategy officer at the state pension fund for $ 74 billion for Massachusetts. , in an outgoing interview.
“The thing we are trying to do is very sober,” he said.
For the first time ever, SALT investors have been increasingly inundated with hedge fund managers, said Ray Nolte, SkyBridge Capital's joint investment officer, the established and affiliated investment company Scaramucci. There were also more panels on the cost of longer network breaks.
The superstar managers did not attend previously – including Daniel Loeb, David Tepper, William Ackman, Ken Griffin and Steven A. Cohen -. Marc Lasry, Avenue Capital Group, said he chose to watch the co-owned Milwaukee Bucks, the Boston Celtics, instead of flying to Vegas.
And at the party where there were musical artists like the Kings Gipsy once, they made disc spinning discs. In the past there were private concerts involving Republican One and Duran Duran.
“We want to represent the view that this is a boogoggle with the reality being offered here,” Nolte told Reuters.
The conference is of new importance as hedging funds are of some kind.
Having criticized more than ten years for high fees and indifferent returns, some institutional investors are returning to funds that seek to hedge niche strategies, where there is less correlated performance with market movements.
Among those who pay $ 8,000 per ticket to hear some of these ideas were representatives from the Canadian Pension Plan Investments Board, California Public Employees Exit System (CalPERS), Colorado Public Employee Retirement Association, known as Colorado PERA, El City. Paso Employee Retirement Trust and West Palm Beach Policing Fund. Many of them were for the first time.
Scaramucci's friends and business colleagues were others, celebrating the relaunch of SALT after two durable years.
Scaramucci joined the Trump administration in 2017 as a communications director, a post which lasts just 11 days. He also tried SkyBridge, which invests $ 10 billion, to sell to the Chinese HNA conglomerate Group, but failed the effort.
In reviving its signature event, Scaramucci was delighted to report that it had the second highest attendance of its history.
“The country has to fix many problems,” he said in an interview. “I don't know if we decide them here, but we will certainly talk about them.”
The panels included former chief executive of President Donald Trump, General John Kelly, released by Scaramucci, and former Attorney General Jeff Sessions, former Governor of New Jersey Chris Christie and former US ambassador to Russia Michael McFaul.
Much of the convoy focused on potential economic growth concerns, increased volatility and the end of stock market growth.
Nolte is betting that investment grade debt will lose value and that assets such as residential mortgages will function well. Amy McGarrity, Colorado PERA's chief investment officer, enjoys multi-strategy funds aimed at Asia. Nierenberg from MassPrim is scoping emerging markets for opportunities.
On one panel, economist Nouriel Roubini described cryptocridges as "the mother and father of all the bubbles." In another, the Chief Finance Officer of a Finance Corporation nationwide, Angelo Mozilo, defended himself against a further accusation that he was the chief architect in the 2007-2009 financial crisis. "Somehow, for some unknown reason, I got blamed him," he said.
Some people present with Reuters said that they liked the program faster and felt that the prohibited tone was more appropriate for the present.
“The real test will be if the pool party has jugglers and fire heaters,” a hedge fund manager made one comedy.
Reporting by Svea Herbst-Bayliss; edited by Lauren Tara LaCapra AND CYNTHIA OSTERMAN
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