Legg Mason Investments Ireland Limited
Sun, 28 Feb 2010 07:59:10 +0000
By Pooja Thakur
Aug. 13 (Bloomberg) -- Lone Pine Capital LLC, run by Stephen Mandel, and Traxis Partners LLC are among 56 overseas funds that registered to buy shares in India in July, the most in six months.
Helios Capital Management Pte and Stonewater Capital LLC also won approval from the nation's regulator, nine months after authorities forced hedge funds to register. The Securities and Exchange Board of India reviewed the rules today without making changes, Chairman C.B. Bhave told reporters after a board meeting in Mumbai.
India's stock market recovered its $1 trillion in market value last month, helped by the biggest drop in commodity prices in 28 years. Record stock sales by overseas investors led to the biggest first-half slump in the benchmark Sensitive Index since its 1979 creation.
``India is one of the bigger beneficiaries of commodity and oil weakness as money flows from commodity-producer countries to consumers,'' said Samir Arora, who oversees $1 billion at Helios Capital Management in Singapore and received regulatory approval on July 21. ``Foreign institutional-investor selling has normally marked a bottom, it will be the same again.''
The $1.9 trillion hedge fund industry is heading for its worst year in two decades after bets on U.S. financial stocks backfired. Banks and brokerages have written down $493 billion and raised $353 billion in capital since the start of 2007 as the U.S. subprime-mortgage market collapsed.
Halted Trading
Proposals by the regulator in October to curb offshore investment vehicles used by hedge funds triggered a panic among investors that halted trading on Mumbai exchanges for an hour and wiped out $100 billion of value in a day.
The funds were ordered to register in India to buy stocks, or given 18 months to sell their holdings. The tighter rules helped spark a sell-off of shares by investors based outside India, which have sold $6.4 billion of equities this year. Last year, global investors bought a record $17.2 billion of stocks, according to the regulator.
Caxton Associates LLC, an $11 billion fund started by Bruce Kovner, and Daniel Loeb's Third Point LLC are among 293 funds approved to buy shares in India this year, according the regulator's Web site. That's 20 percent of all registrations since the market was opened to foreign investment 15 years ago, according to calculations by Bloomberg News.
Middle East
Middle East investors including the Brunei Investment Agency, the Abu Dhabi Investment Council and Qatar Insurance Co. can also buy equities in India for the first time, according to the regulator.
The Gulf Cooperation Council states, which together pump about one-fifth of the world's crude, earn more than $1.2 billion a day from oil sales.
The Bombay Stock Exchange's Sensex has gained 20 percent since falling to a 16-month low on July 16, as oil declined by 23 percent from its July 11 peak. India was the only market among the so-called BRIC nations of Brazil, Russia, India and China that gained in the past month as the MSCI Emerging Markets Index slumped to the lowest in almost a year.
``The major factor behind the rally in Indian stocks is the price of oil,'' said Uri Landesman, who oversees international equities at ING Investment Management in New York. ``If oil continues to fade, and I think it is likely we see $110 before $125, Indian stocks will continue to outperform. If, however, oil heads back up, Mumbai will plummet.''
The following table is a list of funds registered with the Securities & Exchange Board of India since January.
NAME OF THE FUND REGISTRATION DATE
AXA ROSENBERG INVESTMENT MANAGEMENT 13-Aug-08
AXA ROSENBERG INVESTMENT MANAGEMENT 24-Jul-08
ASIA PACIFIC LIMITED
ABSOLUTE ASIA ASSET MANAGEMENT LIMITED 7-Jan-08
ALTAMIRA GLOBAL DISCOVERY FUND 4-Jan-08
ARGYLE STREET MANAGEMENT LIMITED 4-Jan-08
AVENUE ASIA CAPITAL MANAGEMENT, L.P. 7-Jan-08
BAER CAPITAL PARTNERS INTERNATIONAL 10-Jul-08
BANK JULIUS BAER & CO. LTD. 6-May-08
BARCLAYS MULTI-MANAGER FUND PLC 15-Jan-08
BLUEBAY MAURITIUS INVESTMENT LIMITED 8-Jan-08
BRADFORD AND BINGLY STAFF PENSION 13-Mar-08
BRAHMA MANAGEMENT LTD 17-Jul-08
BRITISH AIRWAYS PENSION TRUSTEE LIMITED - 17-Mar-08
CUSTODIAN TRUSTEE OF AIRWAYS PENSION
BRITISHAIRWAYS PENSION TRUSTEES LIMITED - 25-Feb-08
CUSTODIAN TRUSTEE NEW AIRWAYS PENSION
BROOKFIELD REDDING LLC 18-Mar-08
BRUNEI INVESTMENT AGENCY 20-Feb-08
CALDWELL INVESTMENT MANAGEMENT LTD 11-Mar-08
CALVERT ASSET MANAGEMENT COMPANY, INC. 26-May-08
CANADA PENSION PLAN INVESTMENT BOARD 22-May-08
CANYON CAPITAL ADVISORS LLC 28-May-08
CAPITAL INTERNATIONAL GLOBAL 22-Jan-08
CARMIGNAC GESTION 15-May-08
CASEY FAMILY PROGRAMS 16-Jun-08
CAVENDISH ASSET MANAGEMENT LTD 8-May-08
CAXTON ASSOCIATES, L.L.C. 5-Aug-08
CDC FINANCIAL SERVICES (MAURITIUS) LIMITED 22-Jan-08
CENTAURUS CAPITAL LIMITED 28-Jul-08
CENTRAL ASSET INVESTMENTS & MANAGEMENT 17-Jul-08
HOLDINGS (HK) LIMITED
CERES ASSET MANAGEMENT 9-Jul-08
CHARLES SCHWAB INVESTMENT MANAGEMENT 18-Sep-08
CHEYNE CAPITAL MANAGEMENT (UK) LLP 15-Feb-08
CHINA INTERNATIONAL FUND MANAGEMENT CO 18-Jan-08
CITADEL INVESTMENT GROUP (HONG KONG) LTD 11-Jan-08
COLLEGE RETIREMENT EQUITIES FUND 30-Jun-08
COLONIAL FIRST STATE INVESTMENTS LIMITED 19-Mar-08
COMGEST ASIA 7-Apr-08
CONSULTING GROUP CAPITAL MARKETS FUNDS- 29-Jul-08
EMERGING MARKETS EQUITY INVESTMENTS
CONVERSION CAPITAL PARTNERS LTD 21-Apr-08
COOPERATIEVE CENTRALE RAIFFEISEN- 19-Feb-08
BOERENLEENBANK B.A.
COPTHALL MAURITIUS INVESTMENT LIMITED 8-Jan-08
CREDIT SUISSE ASSET MGMT (SINGAPORE) LTD. 15-Jan-08
CREDIT SUISSE SYDNEY BRANCH 22-Jan-08
CREDO CAPITAL PLC. 24-Feb-08
D.B.ZWIRN ASIA PARTNERS LIMITED 26-Feb-08
DECCAN VALUE ADVISORS L.P. 24-Jun-08
DEKA FUNDMASTER INVESTMENTGESELLSCHAFT 28-Jan-08
DEUTSCHE BANK (PAM) UCITS III 23-Jul-08
DEUTSCHE INVESTMENT TRUST MANAGEMENT 26-May-08
DEUTSCHE SECURITIES MAURITIUS LIMITED 7-Jan-08
DORIC CAPITAL CORPORATION 4-Jan-08
DSC ADVISORS, L.P. 28-May-08
DWS BALANCED FUND 22-May-08
DWS COMMUNICATIONS FUND, INC. 28-May-08
DWS INSTITUTIONAL FUNDS 27-Feb-08
DWS RREEF WORLD REAL ESTATE & TACTICAL 27-May-08
STRATEGIES FUND, INC
DWS VARIABLE SERIES II 19-Mar-08
EIGHT CAPITAL MANAGEMENT, LLC 28-Jul-08
EMERGING SOVEREIGN GROUP, LLC 24-Jul-08
EMPLOYEES' RETIREMENT PLAN OF DUKE 8-Jan-08
UNIVERSITY
ENHANCED INVESTMENT PRODUCTS LTD 4-Jan-08
ENSO CAPITAL MANAGEMENT LLC 25-Jun-08
ESSEX COUNTY COUNCIL 28-Jan-08
EUROPEAN ORGANIZATION FOR NUCLEAR 28-Jan-08
RESEARCH (CERN)
F&C MANAGEMENT LIMITED 30-Jul-08
FARALLON CAPITAL MANAGEMENT, L.L.C. 30-Apr-08
FIDELITY ACTIVE STRATEGY 19-Feb-08
FIM ASSET MANAGEMENT LTD. 6-Feb-08
FINANCIAL & INVESTMENT MANAGEMENT GROUP 2-May-08
FIREMEN'S ANNUITY & BENEFIT FUND CHICAGO 19-Feb-08
FIRST AMERICAN INVESTMENT FUNDS, INC. - 21-May-08
GLOBAL INFRASTRUCTURE FUND
FIRST GULF BANK 29-Feb-08
FIRST INTERNATIONAL GROUP PLC 12-Jun-08
FIRST PRIVATE INVESTMENT MANAGEMENT KAG 6-May-08
FIVE OCEANS ASSET MANAGEMENT PTY LIMITED 19-Feb-08
FOREST INVESTMENT MANAGEMENT, LLC 9-Jan-08
FRED ALGER MANAGEMENT, INC 15-Jan-08
FUTURE FUND BOARD OF GUARDIANS 22-Jul-08
GAM FUND MANAGEMENT LIMITED 8-May-08
GAMLA LIVFORSAKRINGSAKTIEBOLAGET 23-Jan-08
SEB TRYGG LIV (PUBL)
GANDHARA ADVISORS EUROPE LLP 20-Jun-08
GAVEKAL UCITS FUND 24-Jul-08
GIM INDIA 3-Apr-08
GOTHIC CORPORATION 9-Jan-08
GOVERNMENT SUPERANNUATION FUND 28-May-08
HANSBERGER GLOBAL INVESTORS, INC. 2-Jun-08
HARDING LOEVNER MANAGEMENT L.P. 25-May-08
HAWKESBURY ADVISORS PTY LTD 29-Apr-08
HBK EUROPE MANAGEMENT LLP 25-Jul-08
HELABA INVEST KAPITALANLAGEGESELLSCHAFT 26-Jun-08
HELIOS CAPITAL MANAGEMENT PTE. LTD 21-Jul-08
HERMES INVESTMENT MANAGEMENT LIMITED 4-Jun-08
HIGHBRIDGE CAPITAL MANAGEMENT, LLC 4-Jan-08
HIGHFIELDS CAPITAL MANAGEMENT LP 2-Jul-08
HIGHSIDE CAPITAL MANAGEMENT, L.P. 5-May-08
HLG ASIA-PACIFIC INFRASTRUCTURE FUND 31-Jan-08
HONG KONG BAPTIST UNIVERSITY 7-Mar-08
HSBC GLOBAL ASSET MANAGEMENT (SINGAPORE 29-Apr-08
HSBC INVESTMENTS (CANADA) LIMITED 29-Jan-08
HUNTER GLOBAL INVESTORS L.P. 10-Mar-08
HUNTER HALL INVESTMENT MANAGEMENT LTD 14-Jul-08
ICBC CREDIT SUISSE ASSET MANAGEMENT CO., 28-May-08
INDIA CAPITAL MANAGEMENT INC. 14-Jan-08
INDIA INFRASTRUCTURE OPPORTUNITIES FUND 19-Mar-08
INDIA INTERNATIONAL INSURANCE PTE LTD 16-Feb-08
ING ASSET MANAGEMENT B.V. 3-Jun-08
ING BANK N.V. 18-May-08
INVESTOR FUNDUSZ INWESTCYJNY ZAMKNIETY 16-Jun-08
IRONBOUND CAPITAL MANAGEMENT LP 19-Mar-08
IZARA CAPITAL MANAGEMENT, LLC 28-Jan-08
JANA PARTNERS ASIA, LIMITED 31-Jul-08
JF ASIA ABSOLUTE RETURN FUND 15-Jul-08
JF ASIA DOMESTIC OPPORTUNITIES FUND 15-Jul-08
JF ASIA NEW FRONTIERS FUND 14-Jul-08
JF ASIAONE FUND 15-Jul-08
JF EASTERN SMALLER COMPANIES FUND 15-Jul-08
JF FIVE ELEMENTS FUND 15-Jul-08
JF PACIFIC SMALLER COMPANIES FUND 15-Jul-08
JF PACIFIC TECHNOLOGY FUND 15-Jul-08
JL CAPITAL PTE LTD 9-May-08
JLF ASSET MANAGEMENT LLC 18-Jan-08
JNL INVESTORS SERIES TRUST 24-Jul-08
JPM ULTRA GLOBAL EMERGING MARKETS FUND 15-Jul-08
JPMORGAN ASIAN INVESTMENT TRUST PLC 4-Jan-08
KBC ALTERNATIVE INVESTMENT MANAGEMENT 16-Jun-08
KINGFISHER INVESTORS LLC 29-Jul-08
KUVERA CAPITAL PARTNERS LLP 24-Jun-08
KYOBO INVESTMENT TRUST MANAGEMENT CO. 4-Mar-08
LANSDOWNE PARTNERS LIMITED 2-Jul-08
LCM GLOBALLY DIVERSIFIED FUND I LP 7-Jan-08
LEGG MASON ASIAN ENTERPRISE TRUST 8-Jan-08
LEGG MASON SOUTHEAST ASIA SPECIAL 8-Jan-08
SITUATIONS TRUST
LINDEN ADVISORS LP 17-Jul-08
LONE PINE CAPITAL LLC 22-Jul-08
LONG TERM INVESTMENT FUND (SIA) 18-Feb-08
LOS ANGELES CITY EMPLOYEES' RETIREMENT 25-Jul-08
LOUVRE MULTI SELECT 5-May-08
LUCROS CAPITAL ADVISORS LTD. 2-Jul-08
LYDIAN ASSET MANAGEMENT LTD 16-Jan-08
MACQUARIE CAPITAL INVESTMENT MANAGEMENT 13-Mar-08
MANAGED PENSION FUNDS LIMITED 28-May-08
MARVIN & PALMER ASSOCIATES, INC. 25-Feb-08
MAVRIX FUND MANAGEMENT INC. 6-Feb-08
MD FUNDS MANAGEMENT INC. 18-Mar-08
MEDITOR CAPITAL MANAGEMENT LIMITED 23-Jul-08
MELLON ASSET MANAGEMENT LIMITED 9-Jan-08
MET INVESTORS SERIES TRUST - 23-Jan-08
LOOMIS SAYLES GLOBAL MARKETS PORTFOLIO
MET INVESTORS SERIES TRUST - 7-Jan-08
MFS EMERGING MARKETS EQUITY PORTFOLIO
MGI FUNDS PUBLIC LIMITED COMPANY 5-Jun-08
MIZUHO SECURITIES ASIA LIMITED 4-Aug-08
MONSOON CAPITAL, LLC 31-Jul-08
NAISSANCE JAIPUR FUND 13-May-08
NALANDA INDIA FUND LIMITED 2-Jul-08
NATIONAL PENSIONS RESERVE FUND COMMISSION 21-May-08
NATIONAL SOCIAL SECURITY FUND (NSSF) 9-Jul-08
NATIONWIDE FUND ADVISORS 18-Feb-08
NATIXIS 11-Jul-08
NEON LIBERTY CAPITAL MANAGEMENT LLC 29-Jul-08
NEVSKY CAPITAL LLP 16-Jun-08
NEW IRELAND ASSURANCE COMPANY PUBLIC 25-Jul-08
NEWEDGE GROUP 14-Jul-08
NEWSMITH CAPITAL PARTNERS (HONG KONG) 29-May-08
NEWSQUEST PENSION SCHEME 18-Feb-08
NOVASTAR INTERNATIONAL FUND 7-Jan-08
OBERWEIS ASIA OPPORTUNITIES FUND 10-Mar-08
OHIO POLICE AND FIRE PENSION FUND 28-Jan-08
OPPENHEIM KAPITALANLAGEGESELLSCHAFT 9-Jun-08
MBH ON BEHALF OF OP-FONDS AWL
OPPENHEIMER & CLOSE, INC 9-Jun-08
OPTIMAL FUND MANAGEMENT PTY LIMITED 23-Apr-08
OSK-UOB ASIA ACTIVE ALLOCATION FUND 16-Apr-08
OWL CREEK ASSET MANAGEMENT, L.P. 22-Jan-08
PACIFIC ALTERNATIVE ASSET MANAGEMENT CO 25-Jun-08
PARKCENTRAL CAPITAL MANAGEMENT, L.P 31-Jul-08
PENSIONDANMARK 23-Jan-08
PENSIONSFORSIKRINGSAKTIESELSKAB
PINE RIVER CAPITAL MANAGEMENT L.P 14-Feb-08
PIONEER GLOBAL LONG/SHORT EQUITY 5-May-08
PMA CAPITAL MANAGEMENT LIMITED 4-Jan-08
POLUNIN CAPITAL PARTNERS LIMITED 21-Jan-08
POWERSHARES CAPTIAL MANAGEMENT LLC 21-Jan-08
PRINCIPAL GLOBAL INVESTORS, LLC 5-Mar-08
PROMETHEAN INVESTMENTS LLP. 11-Mar-08
PRUDENTIAL ASSET MANAGEMENT CO., LTD. 22-Apr-08
PUBLIC GLOBAL SELECT FUND 5-May-08
PYRENEES INVESTMENT MANAGEMENT 11-Jan-08
QATAR INSURANCE COMPANY S.A.Q 16-Jun-08
QUAM SECURITIES COMPANY LIMITED 23-Jul-08
QUEST MANAGEMENT INC. 14-Jul-08
QVT FINANCIAL LLP 18-Feb-08
RMB MULTIMANAGER SICAV 21-Apr-08
RMF UMBRELLA SICAV 21-Apr-08
ROYAL BANK OF CANADA 25-Apr-08
RP CAPITAL PARTNERS CAYMAN ISLANDS LTD 23-Jul-08
RS INVESTMENT TRUST 21-Apr-08
RUSSELL INVESTMENT COMPANY PLC - 23-Jan-08
THE WORLD EQUITY FUND II
RUSSELL INVESTMENT MANAGEMENT LTD AS 25-Jan-08
THE TRUSTEE OF THE GPF (THAILAND) FUND
RUSSELL INVESTMENT MANAGEMENT LTD AS 8-May-08
TRUSTEE OF THE RUSSELL INTL SHARES FUND
RUSSELL JADWA SHARIAH BASED FUNDS PUBLIC 4-Jan-08
LIMITED COMPANY - THE WORLD EQUITY FUND
SAMSUNG INVESTMENT TRUST MANAGEMENT CO. 22-Feb-08
SATTVA INVESTMENT ADVISORS LIMITED 31-Jul-08
SCHRODER INVESTMENT MANAGEMENT 21-May-08
(HONG KONG) LIMITED
SEI INSTITUTIONAL INTERNATIONAL TRUST 21-Feb-08
EMERGING MARKETS EQUITY FUND
SEI INSTITUTIONAL INTERNATIONAL TRUST 21-Feb-08
INTERNATIONAL EQUITY FUND
SEI INSTITUTIONAL INVESTMENTS TRUST 21-Feb-08
INTERNATIONAL EQUITY FUND
SH ASSET MANAGEMENT CO., LTD 31-Jan-08
SIFTER FUND 6-Feb-08
SKAGEN AS 1-Feb-08
SOCIETE GENERALE 28-Jan-08
SOCIETE GENERALE INVESTMENT FUNDS LTD 23-May-08
SOMERSET ADVISERS AND MANAGERS LTD. 19-Mar-08
SOUTHERN CALIFORNIA EDISON CO NUCLEAR 22-May-08
FACILITIES QUALIFIED CPUC DECOMMISSIONING
MASTER TRUST FOR SAN ONOFRE & PALO
SOUTHERN CALIFORNIA EDISON COMPANY 17-Mar-08
RETIREMENT PLAN
SPARX INVESTMENT & RESEARCH, USA, INC. 6-Feb-08
SPINNAKER CAPITAL LIMITED 7-Jan-08
STARR INSURANCE AND REINSURANCE LIMITED 19-Feb-08
STATE OF NEW JERSEY COMMON PENSION FUND 1-Feb-08
STI CLASSIC FUNDS 22-Apr-08
STICHTING BEDRIJFSTAKPENSIOENFONDS VOOR 25-Feb-08
DE METALEKTRO
STICHTING SHELL PENSIOENFONDS 9-Feb-08
STONEWATER CAPITAL LLC 31-Jul-08
STRATEGIC VALUE PARTNERS (UK) LLP 22-Jul-08
SYMPHONY ASSET MANAGEMENT LLC 6-Jun-08
SYMPHONY FINANCIAL PARTNERS CO., LTD 28-May-08
TANTALLON CAPITAL ADVISORS PTE LTD 7-Jan-08
TD ASSET MANAGEMENT INC. 2-Jan-08
TEACHER RETIREMENT SYSTEM OF TEXAS 18-Aug-08
THE BLACK ANT GROUP LLP 18-Jan-08
THE BROAD FOUNDATION 14-May-08
THE CITY OF EDINBURGH COUNCIL AS 12-Aug-08
ADMINISTRATORS OF LOTHIAN PENSION FUND
THE DUKE ENDOWMENT 6-Feb-08
THE EMPIRE LIFE INSURANCE COMPANY 22-Apr-08
THE FINANCIAL CORPORATION CO. SAOG 4-Jun-08
THE ROBERT WOOD JOHNSON FOUNDATION 8-Jan-08
THE ROLLS-ROYCE PENSION FUND 27-Mar-08
THE ROYAL BANK OF SCOTLAND PLC AS 29-Jan-08
DEPOSITARY BAILLIE GIFFORD GILT PLUS FUND
A SUB-FUND OF BAILLIE GIFFORD BOND FUNDS
THE ROYAL BANK OF SCOTLAND PLC AS 13-Feb-08
TRUSTEE OF BARING EASTERN TRUST
THE ROYAL BANK OF SCOTLAND PLC AS TRUSTEE 26-Mar-08
FF&P GLOBAL EMERGING MARKET EQUITY FUND
THE VANGUARD GROUP, INC 7-Apr-08
THE WALT DISNEY COMPANY RETIREMENT PLAN 22-May-08
MASTER TRUST
THE WEIR GROUP PENSION & RETIREMENT 12-Mar-08
SAVINGS SCHEME
THE WELLCOME TRUST LIMITED 3-Jul-08
THE WILLIAM PENN FOUNDATION 29-Feb-08
THIRD POINT LLC 25-Jan-08
THREADNEEDLE INTERNATIONAL LIMITED 28-Jan-08
THRIVENT PARTNER WORLDWIDE ALLOCATION 22-Jul-08
TIG ADVISORS LLC 9-Jan-08
TPG CAPITAL, L.P. 4-Jun-08
TPG-AXON CAPITAL (HK), LIMITED 31-Jul-08
TRAXIS PARTNERS LP 23-Jul-08
TUDOR CAPITAL AUSTRALIA PTY LTD 21-Jan-08
UNIVERSITIES SUPERANNUATION SCHEME LTD 3-Mar-08
TRUSTEE OF UNIVERSITIES SUPERANNUATION
UPMC HEALTH SYSTEM BASIC RETIREMENT PLAN 2-Jul-08
VAM FUNDS (LUX) 5-May-08
VANDERBILT UNIVERSITY 27-Jun-08
VICTORY CAPITAL MANAGEMENT INC 28-May-08
VONTOBEL FUNDS INC. 19-Jun-08
WALTER CAPITAL MANAGEMENT LLP 30-Jun-08
WANGER ADVISORS TRUST 22-Jan-08
WARHOL LIMITED 19-Mar-08
WCM FUND PLC 5-May-08
WCM TRUST 5-May-08
WELLS FARGO FUNDS TRUST 25-Jul-08
WESSEX ASSET MANAGEMENT LIMITED 12-Mar-08
WINNINGTON CAPITAL LIMITED 11-Jul-08
WMG ASIA LIMITED 14-May-08
WYPER CAPITAL MANAGEMENT, L.P. 14-Feb-08
YORK ASSET MANAGEMENT LIMITED 31-Jan-08
YORK CAPITAL MANAGEMENT UK ADVISORS LTD 15-Jan-08
To contact the reporter on this story: Pooja Thakur in Mumbai at pthakur@bloomberg.net.
