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
The results of a poll of hedge fund managers conducted by Hedge Fund Research showed that 53% of them (687 managers) incorporated ESG factors and sustainability metrics into their investment processes. However, 47% (609 managers) said they did not do so. The results are significant, coming as they do ahead of the 2021 UN Climate Change Conference (COP26) in Glasgow this weekend.
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More Stories on 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.
Climate Change Protests in London: Activists Glue Themselves to BlackRock’s Doors
Climate change activists took on the world’s biggest financial institutions today, specifically BlackRock and the Bank of England, in London. They demanded the cessation of funding of a looming environmental crisis.
Martin Taylor and Hedge Fund Crake Asset Management Start Trading
Martin Taylor shut down Nevsky Capital three years ago. But he’s proven that top-performing managers – rare as they are – can stay away for too long. Taylor has returned to the markets with Crake Asset Management. The firm started trading last week after it raised $1.6 billion.
Hedge Elliott Management May Join Apollo Global Management to Save EP Energy Corp.
The EP Energy bankruptcy might have a pair of saviors. Apollo Global Management and Elliott Management have put together a rescue plan for the bankrupt firm. A deal would allow Apollo to keep control of the oil and gas developer.
Hedge Fund Manager David Tepper Lays Out Family Office Plan
David Tepper, the billionaire hedge fund manager, will soon return capital to investors as he shifts toward a family office. However, Tepper will continue to manage money for 15 lucky investors.
Hedge Fund Solel Partners Launches with $600 Million AUM
Solel Partners began trading this week with $600 million AUM. According to Bloomberg, former Highfields Capital Management partners Craig Peskin and Peter Fleiss are leading the fund.