Billionaire Och Sues Former Firm Sculptor Over Escalating CEO Pay (Reuters)
The billionaire Daniel Och on Wednesday sued Sculptor Capital Management Inc, accusing the asset manager he helped found of letting its chief executive officer wield his power over its board to extract “ever-escalating” pay despite subpar performance. In a complaint filed in Delaware Chancery Court, Och said James Levin was paid $145.8 million in 2021, more than most other CEOs including Apple’s (AAPL.O) Tim Cook, Goldman Sachs’ David Solomon and JPMorgan Chase’s (JPM.N) Jamie Dimon.
Minerva Neurosciences Shares Leap 72% After Point72 Stake Disclosed (Morning Star)
Shares of Minerva Neurosciences Inc. soared nearly 73% to $7.81 per share on Wednesday. After the bell Tuesday, billionaire hedge fund manager Steven Cohen‘s Point72 Asset Management L.P. disclosed that it has an 8.8% stake in the company. On Monday, the Minerva’s stock closed with a 47.83% gain after it submitted a new drug application with the U.S. Food and Drug Administration for roluperidone as a treatment for patients with schizophrenia.
Five-Year-Old Nordic Cross Fund to Merge (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic Cross Total Return Bond Fund, one of the funds managed by Swedish hedge fund boutique Nordic Cross, will merge into Carnegie Fonder’s Carnegie Corporate Bond fund. The decision to merge and close Nordic Cross Total Return Bond Fund “leads to streamlining of operational processes of all funds managed by the same investment manager (i.e. Carnegie Fonder AB),” according to a notice to investors.
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Warren Buffett Notches a $4 Billion Gain on Occidental Petroleum in Under 6 Months – as the Energy Stock Nears a 4-Year High (Business Insider)
Warren Buffett‘s Berkshire Hathaway has racked up a $4 billion gain on Occidental Petroleum in under six months, thanks to the energy stock surging to nearly a four-year high. The famed investor’s conglomerate poured about $10 billion into the oil-and-gas explorer and producer between February 28 and August 8, a Markets Insider analysis of company filings shows. It amassed 188 million shares, or just over 20% of Occidental, at prices ranging from $41 to $60.
Robertson’s Contribution to Hedge Funds: Research Intensity (AI-CIO)
The death of Julian Robertson this week marks the passage of one of the pioneers of the hedge fund industry, which now has just under $4 trillion in assets. Robertson, who exuded old-style Southern gentility and a fiery competitive spirit, was notable for his emphasis on deep research, a quality that now embodies hedge operations far and wide. Robertson “was like a sponge, constantly soaking up as much information as he could,” wrote Daniel Strachman in his biography of the man, “Julian Robertson: A Tiger in the Land of Bulls and Bears.” During the 20-year run of Robertson’s Tiger Management, which ended in 2000 with his decision to just manage his own money, the hedge operation averaged a 25% return annually.
