Activist Hedge Fund TCI Gains Cellnex Board Seat (Reuters)
Spain’s Cellnex on Wednesday said it gave a board seat to activist hedge fund TCI, the mobile phone tower operator’s largest shareholder, which has pressured the company’s top management leading to the resignation of two independent members this month. Internal turmoil has marred Europe’s largest mobile phone tower operator after TCI in March sought to remove its chair and two board members, arguing the board had mishandled the search for a new CEO, resulting in insufficient progress.
Boaz Weinstein Preps for Credit Crunch After Wins on Banking Turmoil (Bloomberg)
Even after netting a tidy profit from the recent banking turmoil, Boaz Weinstein isn’t gloating. In fact, he says, the big gains for those wagering on a credit crunch are only just getting started. That’s how his hedge fund, Saba Capital Management, is positioned — with bets on stress he says is probably already ripping through private credit and insurers. Saba runs a tail-risk strategy that thrives in dislocated markets, one of a handful that feed his flagship fund which gained 73% in 2020’s pandemic. The $4.3 billion hedge fund clocked up returns in March from banking turmoil including a trade on Credit Suisse Group AG, according to a person familiar with the matter.
Hedge Fund Company Man Group Brings in $1.1 Billion From Clients in First Quarter (The Wall Street Journal)
Man Group raked in more than $1 billion in inflows into its funds in the first quarter, the company said Wednesday, a sign that demand from investors is returning after a difficult year for hedge-fund strategies in 2022. The London-based company said its assets under management rose to $144.7 billion in March from $143.3 billion at the end of last year. The increase came from clients allocating a net $1.1 billion to its funds, along with $700 million in performance gains. The company said positive currency moves were hit by performance-linked leverage movements.
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Restaurant Group Investor Urges Vote Against Andy Hornby’s ‘Unpalatable’ Pay (The Times)
A Hong Kong-based hedge fund has almost doubled its stake in The Restaurant Group as it urges fellow shareholders to vote against chief executive Andy Hornby’s pay package, which it describes as “disproportionate” and “unpalatable”. Oasis Management Company, which has just upped its holding in the Wagamama and Frankie & Benny’s operator from 6.5 per cent to 12.3 per cent, claims Hornby’s tenure has failed to generate value creation, instead contributing to a 73 per cent fall in the share price.
Harvest Lane, Wesfarmers’ Old Hedge Fund Foe, Pops Up at Silk Laser (AFR.com)
The hedge fund that made life difficult for Wesfarmers last year, as the Perth-based group pursued Australian Pharmaceutical Industries, has begun building a position at the conglomerate’s latest target. Brokers said Harvest Lane Asset Management had been buying up Silk Laser Australia shares since last Wednesday, when Wesfarmers lobbed a $3.15 a share bid for the laser and cosmetics procedures chain.
