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Emerging markets most popular trade for first time in BAML survey

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Emerging markets most popular trade for first time in BAML survey

A view shows a Russian one rouble coin in this picture illustration taken October 26, 2018. REUTERS/Maxim Shemetov

LONDON (Reuters) – Fund managers named emerging markets as the most crowded trade for the first time, ahead of the U.S. dollar and technology stocks, according to Bank of America Merrill Lynch’s February survey released on Tuesday.

Investors have piled into emerging market assets this year amid growing worries about rising corporate debt, falling inflation and weaker global economic growth. BAML did not specify whether the trade referred to bonds, equities or both.

Trade war topped the list of biggest tail risks for the ninth straight month, followed by a slowdown in China, the world’s No. 2 economy, and a corporate credit crunch.

The bank said the survey did not show any improvement in investor sentiment, with global equity allocations last month falling to their lowest levels since September 2016.

Reporting by Josephine Mason and Helen Reid, Editing by Helen Reid

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Timothy Olyphant recalls working with Luke Perry on ‘Once Upon a Time in Hollywood’

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Timothy Olyphant recalls working with Luke Perry on 'Once Upon a Time in Hollywood'

Luke Perry’s last role will be in Quentin Tarantino’s “Once Upon a Time in Hollywood,” and his co-star Timothy Olyphant got a front-row seat to the late actor’s final performance.

Perry, who died this March after suffering a massive stroke, had completed all of his scenes in the upcoming film prior to his sudden death.

Once Upon a Time in Hollywood,” which hits theaters this summer, stars Brad Pitt and Leonardo DiCaprio as a washed-up actor and his longtime stunt double. The film is set in 1969 Hollywood against the backdrop of the rise of the Charles Manson cult, with Pitt and DiCaprio’s character living next door to Sharon Tate (played by Margot Robbie), the actress famously killed in the Manson murders.

Perry will play the role of real-life actor Wayne Maunder, who co-starred in the late ’60s TV western “Lancer” with actor James Stacy, who will be portrayed by Olyphant.

Given their storylines, Olyphant shared many of his scenes with Perry.

“What a lovely guy. Just a lovely guy. I’m going to miss him at that premiere. I’m going to miss him. I’m going to miss him anyway,” Olyphant recently told Variety at the New York City premiere of his animated film “Missing Link.”

“We just met on the film, but the two of us showed up, and we kept looking at each other like, ‘How’d we get in? I don’t know who let us in, but they let us in,’” Olyphant said with a smile, recalling his time working opposite Perry, calling the Tarantino film a “dream come true.” He continued, “There were so many moments where it just felt like the two of us would look at each other and we both had the same look on our face, which is, ‘Not bad. Here we are.’”

Olyphant said although he and Perry are not particularly close, they spent time together on set talking about their families. He also remembered Perry for his genuine kindness and work ethic.

“I haven’t met anyone who’s ever said a bad thing about the guy, and that was my experience hanging out with him and working with him,” Olyphant said. “He was the best kind of actor. He was a craftsman. He was all about the work. No bulls—. He showed up early and did his work, and we spent most of our time talking about our families and just enjoying the job. Just a lovely guy.”

Perry’s was not the only death to hit “Once Upon a Time in Hollywood.” The late Burt Reynolds was attached to appear in the star-studded film, but hadn’t filmed his scenes prior to his death in September 2018. Bruce Dern replaced Reynolds in his role.

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Collapsed hedge fund Columna sues Permira-backed former managers

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LONDON (Reuters) – The new managers of Columna Commodities Fund, a Luxembourg hedge fund which went into liquidation in early 2017, have said they are suing its former managers Alter Domus for $56 million in lost assets and fees.

Columna, launched in 2013, was a top-performing fund in a stable known as LFP I SICAV, managed by Luxembourg Fund Partners.

Alter Domus, a Luxembourg fund platform and administrator that has financial backing from private equity giant Permira, bought Luxembourg Fund Partners in December 2017, after Columna’s collapse, when LFP I SICAV’s assets under management totaled nearly 400 million euros ($450 million).

In a statement released earlier this week, the new directors said they had launched a claim to recover investment losses, management and performance fees from Alter Domus Management Company. LFP I SICAV’s assets under management now total around 80 million euros.

Columna made double-digit gains in 2014, 2015 and 2016 investing in a range of commodity products, according to information it sent its investors. But it then closed abruptly in December 2016 without returning any of its assets.

An Alter Domus spokesman said the firm was only aware of “significant issues” with Columna between 2013 and 2016 after buying Luxembourg Fund Partners.

The spokesman declined to comment on the legal claim.

In a previous email, he said Alter Domus was looking into the issues with Columna and had “engaged various external firms to assist with our investigation, the findings of which has led to the commencement of legal actions”. He declined to comment further on the legal actions, saying they were ongoing.

Permira declined to comment.

After being asked by Columna investors to help, asset recovery specialist David Mapley was one of three directors appointed to a new board of LFP I SICAV late last year and authorized by the Luxembourg regulator in February 2019 to take over management of the fund stable from Alter Domus.

Luxembourg’s financial regulator declined to comment on individual firms or court cases.

Reporting by Carolyn Cohn, Simon Jessop and Maiya Keidan; editing by David Evans

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Michael Jackson’s children investigating sexual abuse accusers for potential fraud, emotional distress lawsuit

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Michael Jackson's children investigating sexual abuse accusers for potential fraud, emotional distress lawsuit

While the late Michael Jackson’s children continue to explore legal options against his accusers Wade Robson and James Safechuck, Page Six has learned they’re also quietly investigating Robson and Safechuck in advance of filing a lawsuit.

Robson and Safechuck made headlines when they appeared in HBO’s “Leaving Neverlanddocumentary, which aired earlier this year, to recount alleged sexual abuse by the King of Pop. Now Prince, Paris and Prince Michael Jackson II, aka “Blanket,” are on a mission to find out if the men were paid, in any capacity, for their participation, and to look for any inconsistencies in their accounts of the alleged abuse.

The film’s director, Dan Reed, has previously said they weren’t compensated, several outlets have reported.

According to a source close to the family, the children are said to be preparing a lawsuit for fraud, emotional distress, slander and misrepresentation.

We’re also told that in the potential suit, Prince, 22, Paris, 21, and Blanket, 17, are not looking for money, but want Robson and Safechuck to accept “responsibility” and give an “apology.” Any funds awarded will be given to charity.

Paris Jackson and Prince Jackson are reportedly investigating James Safechuck and Wade Robson for their sexual abuse allegations against Michael Jackson in "Leaving Neverland."

Paris Jackson and Prince Jackson are reportedly investigating James Safechuck and Wade Robson for their sexual abuse allegations against Michael Jackson in “Leaving Neverland.”

Jackson’s three heirs feel the documentary violated their privacy as they are mentioned in it. “All of these things take away their privacy,” said a source.

As part of their investigation, the famous siblings are also digging into Robson’s Hawaii-based charity.

Around the time the documentary was released, Robson set up the “Robson Family Fund” through the Hawaii Community Foundation, reports The Blast.

Robson and his wife, Amanda, have been accused of capitalizing on the documentary’s popularity, as it was initially unclear where donations would go. Shortly thereafter, Robson changed the name to the “Robson Child Abuse Healing and Prevention Fund.” The charity’s website says funds are required by law to be distributed to 501(c)3 non-profit organizations.

An insider close to the family tells Page Six Robson’s charity faces possible scrutiny from investigators in Hawaii. Requests for comment from the charity and the office of Hawaii’s attorney general weren’t immediately returned.

n this Jan. 24, 2019, file photo, Wade Robson, from left, director Dan Reed and James Safechuck pose for a portrait to promote the film "Leaving Neverland" at the Salesforce Music Lodge during the Sundance Film Festival in Park City, Utah. Michael Jackson accusers Robson and Safechuck say that the Sundance Film Festival is first time they've ever felt public support for their allegations the King of Pop molested them. The documentary which premiered at the festival last month and will air on HBO in two parts on March 3 and 4, chronicles how their lives intersected with Jackson's.

n this Jan. 24, 2019, file photo, Wade Robson, from left, director Dan Reed and James Safechuck pose for a portrait to promote the film “Leaving Neverland” at the Salesforce Music Lodge during the Sundance Film Festival in Park City, Utah. Michael Jackson accusers Robson and Safechuck say that the Sundance Film Festival is first time they’ve ever felt public support for their allegations the King of Pop molested them. The documentary which premiered at the festival last month and will air on HBO in two parts on March 3 and 4, chronicles how their lives intersected with Jackson’s.
(AP)

A rep for the Jackson siblings told us, “The three children say that all they want is to preserve their father’s musical legacy. They feel that the ‘documentary’ was one-sided and the two men have made numerous claims that aren’t true. As for the allegations, they believe that per their own investigation and other news sources, money raised by the two men and maybe others has not gone to a charity or to promote anything positive. They want formal answers on the ‘charity’ issue of Mr. Robson and his ‘donation’ and more. They certainly haven’t used their new platform and that is the point. The Jacksons use theirs to help others. It’s the principle, but it’s also possibly illegal and they want answers.”

While this looms, the family is preparing a special tribute to Michael Jackson, who died 10 years ago on June 25.

This article originally appeared on Page Six.

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