Bill Gross said Pacific Investment Management Co., manager of the world’s biggest bond fund, has been betting that volatility across asset classes will remain very low, as gauges of price swings fall to their lowest levels on record.
Michael Trotsky, like many other investors in hedge funds, is tired of paying superstar fees for mediocre returns. As chief investment officer of the $59.1 billion Massachusetts Pension Reserves Investment Management Board, he’s in a position to do something about it.
Pacific Investment Management Co. hired Geraldine Sundstrom, formerly of Brevan Howard Capital Management LP, as the world’s biggest bond manager bolsters its ranks after a leadership shakeup earlier this year.
When Alan Howard set off for a business trip to India as a young Salomon Brothers bond trader in the late 1980s, colleagues advised against drinking local water. When he got back, the buzz on his trading desk was about the huge tab Howard had run up buying cases of Evian water, according to a person who worked with him at the time.
HSBC Holdings Plc’s private bank unit, which invests $25 billion in hedge funds globally, sees opportunities in backing new Asia-based managers, said Henry Lee, its regional head of alternative investment group.