ION Seals Acquisition of Italy’s Prelios from Davidson Kempner in Estimated $1.5 Billion Deal (Reuters)
U.S. hedge fund Davidson Kempner Capital Management (DK) said on Friday it had agreed to sell Prelios to fintech firm ION Group, in a long-awaited deal which two sources said valued the Italian credit manager at 1.35 billion euros ($1.5 billion). DK, which did not disclose the sale price, had been looking for a buyer for years, and held discussions for several months with ION. Dublin-based ION Group was in turn in talks with banks for months to secure funding for the deal.
Oaktree Targets Record Private Debt Fund of Over $18 Billion (Bloomberg)
Oaktree Capital Management is looking to raise more than $18 billion in what would be the largest-ever private credit fund, according to people with knowledge of the matter. The $179 billion alternative investment manager is raising a 12th fund, called the Oaktree Opportunities Fund XII, for its opportunistic credit strategy, said the people, who asked not to be identified because they’re not authorized to speak about it.
Deutsche Bank Rehires Ex-Head of Distressed Debt from Hedge Fund Solus (Hedge Week)
CJ Lanktree, who ran distressed debt trading for Deutsche Bank between 2003 and 2012, is back in a similar role at the bank, running its US distressed business, after parting company with hedge fund Solus Alternative Asset Management, according to a report by eFinancial Careers. Mark Doria, Head of US Distressed Trading, and Brad Sweeney, Head of US Research will both report to Lanktree, while Lanktree will report to Dan Crowley, Head of US Flow and Distressed Trading.
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They Co-Own A $60 Billion Hedge Fund. They Hate Each Other. One Is Getting Divorced (With No Prenup). And It’s A Huge Mess. (CelebrityNetWorth)
John Overdeck and David Siegel have run a hedge fund called Two Sigma for over two decades. Today they manage $60 BILLION in assets. According to wikipedia’s list of the world’s largest hedge funds, they are the seventh largest hedge fund in the world. BUT Wikipedia assumes Two Sigma’s assets under management are $40 billion, when in fact the current number is $60 billion. If we use $60 billion, Two Sigma is the third-largest hedge fund in the world, and the second-largest hedge fund in America.
Jefferies Financial Group Receives Investments from Pinnacle Associates Ltd. And other Hedge Funds (ClaytonCountyRegister.com)
Pinnacle Associates Ltd. recently purchased 7,300 shares of Jefferies Financial Group Inc. (NYSE:JEF) during the first quarter, adding approximately $232,000 to their position. In addition to Pinnacle Associates Ltd., other hedge funds have also bought and sold shares of Jefferies Financial Group. These include BlackRock Inc., First Trust Advisors LP, State Street Corp, Dimensional Fund Advisors LP, and Charles Schwab Investment Management Inc., among others. Jefferies Financial Group Inc.’s stock opened at $35.58 on Tuesday, with a 50-day moving average of $33.77 and a 200-day moving average of $33.71. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 18.34, and a beta of 1.42.
Hedge Fund Alum George Noble Shutters New ETF After 59% Plunge (Bloomberg)
Hedge-fund veteran George Noble’s foray into the exchange-traded fund industry has come to a quick, and painful, end. The Noble Absolute Return ETF (ticker NOPE), which took long and short equity positions and which has dropped 59% since its September debut, is set to liquidate, according to a Wednesday announcement. Its plunge has happened even as the S&P 500 rose 23% over that stretch and the Nasdaq 100 jumped some 36%.
Embattled Louisiana Law Firm Raised $40M from Florida Hedge Fund, Partner Says (Insurance Journal)
McClenny Moseley & Associates, the embattled law firm that filed thousands of hurricane-damage lawsuits in Louisiana, raised a total of $40 million from private investors, one of its founding partners said during a court hearing on Tuesday. Zachary Moseley provided that information under direct questioning from US District Judge James D. Cain Jr., according to insurance defense attorney Matthew Monson, who attended the hearing in Lake Charles, Louisiana. Cain asked specifically about how much money MMA had obtained from the Equal Access to Justice Fund. Moseley replied, “we raised $40 million in total,” another person who attended the hearing, who asked to remain anonymous, said.
Pictet Adds to Total Return Offering with Launch of Lotus Offshore Fund (Hedge Week)
Pictet Asset Management has expanded its $9bn actively managed Total Return franchise with the launch of the Lotus Offshore Fund Ltd, an event-driven, special situations Asia Long/Short equity fund, offered as a quarterly-dealing Cayman-domiciled strategy. According to a press statement, Lotus Offshore Fund Ltd seeks to “capture the distinctive opportunity in Pan-Asian equities”. This includes short to medium-term corporate catalysts, and longer-term themes such as the improving corporate governance in Japan, the growth of South East Asia leading to increased corporate activity as well as capital markets reforms in China improving its attractiveness.
Friday 8/11 Insider Buying Report: SRPT, VFC (Nasdaq.com)
At Sarepta Therapeutics, a filing with the SEC revealed that on Thursday, Director Michael Andrew Chambers purchased 34,867 shares of SRPT, for a cost of $106.15 each, for a total investment of $3.70M. Chambers was up about 4.8% on the purchase at the high point of today’s trading session, with SRPT trading as high as $111.24 at last check today. Sarepta Therapeutics is trading up about 4.9% on the day Friday. Before this latest buy, Chambers bought SRPT at 2 other times during the past twelve months, for a total cost of $10.96M at an average of $106.15 per share. And at VFC, there was insider buying on Wednesday, by Director Richard Carucci who purchased 40,000 shares at a cost of $19.09 each, for a trade totaling $763,644. VFC is trading up about 2.8% on the day Friday. Carucci was up about 8.1% on the purchase at the high point of today’s trading session, with VFC trading as high as $20.64 in trading on Friday.
Massive Insider Trade At Domino’s Pizza (Benzinga)
ANDREW BALSON, Director at Domino’s Pizza (DPZ), reported a large insider sell on August 10, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that BALSON sold 5,063 shares of Domino’s Pizza. The total transaction amounted to $2,010,101.
