Hedge Funds
With global hedge fund assets at roughly $3.45 trillion (and growing by double-digit percentages each year), money managers have a greater influence on public and private markets than ever before. DailyAlts covers every element of the hedge fund industry – from changing performance structures to manager strategies, from regulatory oversight to activist holdings, and from new fund launches to the liquidation of underperformers. This channel is your one-stop-shop for daily news and insights for the influential and topical hedge fund space.
Top Story
European investors, both retail and institutional, are showing a growing interest in hedge funds and alternative investment options, as indicated by recent findings from Cerulli Associates. In the UK, Italy, and Switzerland, there’s a notable preference for semi-liquid funds for private market investments, with 50% of UK wealth managers favoring this approach.
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More Stories on Hedge Funds
Prison For the Man Who Tried to Scam The Mooch
Premium Point Investments trader receives 40 months in prison for a mismarking scheme. Anthony Scaramucci has received justice from the firm that caused Skybridge Capital about a $79 million loss. Scaramucci’s fund of funds had sued Premium Point Investments on claims that the investment firm inflated the value of its hedge fund assets. Skybridge announced…
Alden Global Capital Buys Stake in Tribune Publishing
Alden Global Capital has purchased Michael Ferro’s 25.2% stake in Tribune Publishing. Ferro was the largest shareholder of the newspaper company. The deal priced the stake at 9 million shares at $13 each. That brings the value of Ferro’s stake to $117 million.
Icahn Capital, Berkshire Hathaway and the Battle Over Occidental
Icahn Capital and Berkshire Hathaway were among the asset managers to release 13Fs last week. While Warren Buffett boosted his stake over Occidental Petroleum, Carl Icahn faced a setback in his legal battle against the company.
ExodusPoint Will Reopen and Raise Another $2 Billion
ExodusPoint Capital Management will reopen its arms in 2020 to add a few billion to its AUM. The hedge fund was the industry’s largest in 2018 at $8 billion.
Hedge Fund Scandal Triggers Run on South Korean Firms
South Korea hedge funds are experiencing the worst run on assets in history. A scandal at Lime Asset Management has fueled outflows on local hedge funds.
Another Shot to Icahn – HP Rejects Xerox Takeover Bid
Carl Icahn and Xerox will have to do more to convince HP to accept a takeover bid.
On Sunday, HP’s board of directors rejected an unsolicited $22 per share offer for the company.
Hawaiian Electric to Activist Fund: We’re Not Looking Outside for New Leader
Hawaiian Electric slammed activist hedge fund ValueAct this week. The company responded to the activist fund’s call to locate a successor for its President and CEO Constance Lau. ValueAct has a $50 million stake in the company.
Carl Icahn Takes Stake in HP, Pushes for Xerox Merger
Activist investor Carl Icahn has purchased roughly $1.2 billion in HP Inc. stock. Icahn is now pushing the personal computer maker to merge with printing giant Xerox. Icahn now owns a 4.2% stake in HP. He also owns 10.6% of Xerox.
Hedge Fund Whitebox Advisors is Making a Big Bet on Gunmaker Remington
Whitebox Advisors is replacing a number of banks as a lender to Remington Outdoor Company. While Wall Street turns away from gun producers, the credit-focused hedge fund sees opportunity on the horizon.
Carl Icahn: Gee… Occidental Petroleum is a lot like WeWork
Occidental Petroleum took a shot from activist investor Carl Icahn in more ways from one. Icahn slashed his stake in the company and threatened to launch a proxy fight.
Elliott Management Supports Split of Nielsen Holdings
Nielsen Holdings has announced plans to split itself into two separate public companies. The plan – backed by Elliott Management – will unlock shareholder value.
Praesidium Investment Management Pushes for Sale of Instructure
Praesidium Investment Management is the latest firm to push for a sale of education software firm Instructure. The activist hedge fund has reportedly found “dozens” of private equity or other strategic buyers.
Emerson Electric Concedes to Activist Fund, Appoints Mark Blinn to Board
Emerson Electric, a U.S. factory automation company, has appointed Mark Blinn to its board of directors.
Ray Dalio Thinks the World Has Gone Mad
Bridgewater Associates chief Ray Dalio issued a lengthy warning to the global markets. In a LinkedIn post date November 5, Dalio said that the “World has gone mad and the system is broken” in his title.
Leon Cooperman: Stop Vilifying Billionaires
Hedge fund manager tears up while discussing the political divide Hedge fund manager Leon Cooperman teared up on CNBC Monday while discussing his spat with Elizabeth Warren. The U.S. Senator and Democratic candidate called Cooperman out recently as part of her broader vilification of billionaires. Cooperman recently sent a letter to Warren discussing his career…
Francesco Trapani to Launch Bluebell Active Equity Fund
Francesco Trapani will launch a hedge fund alongside two advisors of Elliott Management. The former head of Italian jeweler Bulgari SpA is partnering with Marco Taricco and Giuseppe Bivona to start the Bluebell Active Equity Fund. The fund will launch Nov. 11 with roughly 50 million euros ($55.7 million) under management.
Leon Cooperman Writes Scathing Letter to Senator Elizabeth Warren
Leon Cooperman rips Elizabeth Warren in new letter for ‘soak-the-rich positions,’ and treating him like ‘an ungrateful child’
Nelson Peltz Sells 2.1 Million Shares of P&G Stock
Activist investor Nelson Peltz has sold about $267 million in Proctor & Gamble stock over three days. The CEO of the Trian Fund dropped about 2.1 million shares.
Alan Howard Steps Down from His Post
Alan Howard, the founder of Brevan Howard Asset Management, is stepping down from his role as CEO. According to reports, Aron Landy, the firm’s chief risk officer, will assume the CEO role.
Activist Bill Ackman: WeWork is Worth “Zero”
Activist Bill Ackman thinks that WeWork might be worthless. During a talk at the Robin Hood investor conference, the hedge fund manager raised concerns about the work-sharing firm’s balance sheet.
AT&T Defuses Hedge Fund Elliott Management Pressure With Three-Year Plan
Activist hedge fund Elliott Management took aim at AT&T Corporation in September. Elliott had proposed cost cuts, divestment of certain businesses, and a freeze on further acquisitions. Now, the telecom giant has pushed back with a three-year plan to diffuse Elliott’s activist pressures.
AECOM-Canyon Partners Raise $500 Million for Flagship Fund
AECOM-Canyon Partners has closed a $500 million fund. The fund is a joint venture between the AECOM and California-based hedge fund Canyon Partners.
AllFunds Reaches New Partnership With BNP Paribas
AllFunds has announced a partnership with BNP Paribas. According to terms, BNP is taking a 2.5% stake in the world’s largest fund distribution network.
AT&T and Activist Elliott Management Said to Be in Talks
According to the sources, AT&T and Elliott Management have held discussions, and there is an ongoing dialogue. The two parties may likely agree as early as this month, the Wall Street Journal said. However, there is still a risk that talks could break down.