Hedge Funds Seek Safe Harbor

Normally seen as risk seeking, Citigroup is estimating that Hedge Funds have $600 billion in cash with $100 billion of that amount parked in the safety relative safety of money market funds.

Hedge funds move $100bn into safe havens

Hedge funds charging hefty fees for sophisticated trading strategies aimed at outperforming the wider market have collectively parked $100bn in simple money market funds typically used by investors seeking safe rather than spectacular returns.

Citigroup estimates that hedge funds have now placed $600bn in cash, and that $100bn of this is held in money market funds, normally seen as some of the safest places to invest cash.

Source: Financial Times

Former Tonight Star sidekick Ed McMahon is set to star in two commercials for Free Credit Report.com as a rapper warning about the perils of bad credit. McMahon was in the news over the summer for defaulting on a $4.8 million mortgage on his six bedroom Beverly Hills mansion.

In photos taken from the video, McMahon is dressed in baggy clothes and wears flashy gold jewelry.

In the first video, titled “Big Check,” McMahon and his bodyguard cruise through a neighborhood looking for past winners of a million-dollar sweepstakes McMahon once promoted to see if they will give some money back to McMahon.

Part two is “Ed McGangsta,” and it finds McMahon having undergone a financial rebirth because the company has helped him put his financial house in order.

Source: Reuters

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