Ackman Says He’ll Return SPAC Funds If New Vehicle Approved (Bloomberg)
Billionaire investor Bill Ackman said he’s prepared to return the $4 billion he collected from investors in his blank-check company if regulators approve a new vehicle that will allow him to continue to search for deals without the pressure of a definitive deadline for a transaction. Ackman posted a letter to investors in his Pershing Square Tontine Holdings Ltd. late Thursday, saying a lawsuit filed this week challenging the legality of his blank-check company hurt his chances of finding a deal.
Hedge Fund Star Whiffs at the Plate (The Wall Street Journal)
Oh, somewhere in this favoured land the sun is shining bright. The band is playing somewhere, and somewhere hearts are light. And somewhere men are laughing, and somewhere children shout, but there is no joy at Mudrick – mighty Jason has struck out. Hedge-fund manager Jason Mudrick is about as clutch a player as you can find in the financial world, named among “the hottest hands in hedge funds” by Institutional Investor and even one of “the sexiest hedge-fund managers alive” by Business Insider. But his attempt to snap up a piece of baseball history was a swing and a miss.
Ray Dalio Finally Deigns to Let RIAs Allocate AUM to Bridgewater Funds But with a Coy Approach; He’ll Use iCapital’s Software to Sell Through a Virtual Mystique Boutique (RiaBiz.com)
Ray Dalio is finally ready to sell his investment sorcery to RIAs, but they still need to click their way to him — for now. The founder, co-chief investment officer, and chairman of Bridgerwater Associates in Westport, Conn., has green lit a means for high-net-worth advisors to invest in its previously for-institutions-only hedge fund products. “[Alts for RIAs] is essentially the big “pitch” among consultants, money managers and the like,” says Lorenzo Esparza, CEO and founding principal of Los Angeles RIA, Manhattan West.
Photo by Austin Distel on Unsplash
Brummer Onboarding Sector Specialists (Hedge Nordic)
Stockholm (HedgeNordic) – Brummer & Partners is well on track to onboard two fundamental market-neutral long/short equity sector specialists based out of London: Kersley Street Capital and Pantechnicon Advisors. Kersley Street Capital will launch a financials-focused fund at the beginning of September and industrials-oriented Pantechnicon Advisors plans to launch its fund at the beginning of October, with both funds set to join Brummer Multi-Strategy’s portfolio of funds.
Exclusive: Activist Hedge Fund Starboard Hires Analyst from BlackRock’s Stewardship Team (Reuters)
BOSTON (Reuters) – Activist investor Starboard Value LP poached an analyst from asset manager BlackRock’s investment stewardship team, which exerts great influence on issues such as climate change and board makeup that often are critical to the hedge fund’s campaigns, two sources familiar with the matter said on Thursday. Starboard hired Mack Abbot, a vice president at BlackRock who worked for the world’s largest asset manager for nearly four years, for its investment team, the sources said, speaking on condition of anonymity.
