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FTA small group of Cayman Islands “jumbo directors” are sitting on the boards of hundreds of hedge funds as demand for independent directors booms in the Caribbean tax haven, reports the FT. At least four individuals hold more than 100 non-executive directorships each, and 14 have more than 70 – each worth as much as $30,000 a year. One has been listed as on the boards of 567 Cayman entities, almost all of which were hedge funds.
Hedge funds cut bullish commodity bets by the most in seven weeks on mounting concern that Europe’s debt crisis will restrain global economic growth and demand for raw materials, writes Bloomberg. Money managers reduced combined net-long positions across 18 US futures and options by 10% to 754,558 contracts in the week ended 15 November, Commodity Futures Trading Commission data show. That’s the biggest decline since the seven days ended 27 September. Sugar wagers fell 30%, the most since December 2008, and bets on lower copper prices almost doubled.
Just as some former customers of MF Global Holdings look set to regain access to their cash, others remain in the dark about when they will get their money back, writes the Wall Street Journal. Most of the company's ex-customers now expect to get at least some of their missing money, after a bankruptcy court judge on Thursday unlocked access to 60% of the cash in thousands of MF Global accounts.
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http://www.hfmweek.com/news/1701017/hfmweek-daily-snapshot-21-november.thtml
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