ValueAct Partner Steps Down from Board at Citi Credit Rival (Reuters)
(Reuters) – Credit card and loyalty programs firm Alliance Data Systems Corp (ADS.N) said a board member representing ValueAct Capital has stepped down, removing one conflict of interest which could have prevented it gaining a board seat at Citigroup Inc (C.N). Alliance, which competes with Citi in issuing credit cards for retailers, said in a regulatory filing filed late on Thursday that Kelly Barlow, a partner at ValueAct, had stepped down from its board.
George Soros Doesn’t Think Wall Street will Determine the 2020 Election (Business Insider)
George Soros, the billionaire philanthropist and former investor, doesn’t think that Wall Street will determine the next president of the US in 2020. “There are more Main Streets in America than there are Wall Streets,” Soros said in an interview with Andrew Ross Sorkin that The New York Times published Friday. “So I don’t think that Wall Street, other than being a source of money, will have its way in choosing the president.”
Fisher Divestment Tops $3 Billion After Texas Pension Bolts (Bloomberg)
The state pension fund of Texas is pulling $350 million from Fisher Investments as more investors flee the firm following vulgar comments from its founder. “With respect to our fiduciary duty, we are defunding Fisher Investments,” the pension said in a statement Friday. Fisher had served as an external manager in the international equities portfolio with $350 million under management as of Sept. 30.
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U.S. Activist Fund Laments Sony’s Rejection of Spinoff Proposal for ‘Uncut Rough Stone’ Chip Unit (The Japan Times)
NEW YORK – U.S. activist hedge fund Third Point LLC expressed frustration Thursday over Sony Corp.’s decision to stick with the status quo and turn down a proposal to spin off its lucrative semiconductor business. “It is difficult for us to imagine that a company of Sony’s size and complexity could not find a single concrete action to improve its business and valuation,” the New York-based fund, run by U.S. investor Daniel Loeb, wrote in a letter to investors. The fund has invested $1.5 billion in Sony.
Scaramucci Slashes his Sights on His Opportunity Zone Fund (TheRealDeal.com)
Anthony Scaramucci’s SkyBridge Capital initially sought to raise $3 billion in Opportunity Zone funds to invest nationwide through a REIT, but so far said he has only raised about $30 million. And he has reduced his target to $300 million. “A lot of people misplaced and outsized the demand for what we thought we could achieve,” said Scaramucci, the keynote speaker at an NAIOP South Florida event at the Ritz-Carlton in Fort Lauderdale Beach on Wednesday. “I still think it’s a success for us, but it’s nowhere near as successful as we thought it would be.”
Here’s What Hedge Funds Pitched at C4K Investors Conference (Bloomberg)
Some of the biggest hedge fund names pitched their strongest wagers and concerns to an audience in Toronto — from Jimmy Levin’s long view on telecom giant China Tower Corp. to Rob Citrone calling Elizabeth Warren the single biggest risk to the market. Over two days, investors gathered at the C4K Investors Conference to hear trade ideas. Here’s a rundown of some of the most prominent calls.
Galaxy Digital to Launch 2 New Bitcoin Funds in November (Coin Desk)
Galaxy Digital Asset Management, a division of the merchant bank Galaxy Digital, is launching two bitcoin funds in November, according to a source with direct knowledge of the matter. Headed by billionaire ex-hedge fund manager Michael Novogratz, Galaxy is offering the funds to give accredited investors low-fee, institutionally managed bitcoin exposure and will make a seed investment into both funds. Novogratz hinted that the funds were in the works on CNBC.
Eaton Vance Corp (EV) Pres & CEO EV Distributors Inc Matthew J Witkos Sold $1.6 million of Shares (Guru Focus)
Pres & CEO EV Distributors Inc of Eaton Vance Corp., Matthew J Witkos, sold 34,761 shares of EV on 10/24/2019 at an average price of $45.06 a share. The total sale was $1.6 million. Eaton Vance Corp is engaged in providing asset management and investment advisory services to institutional and individual investors, high-net-worth clients, institutional separate accounts, and retail managed accounts.
The President & CEO of WesBanco Inc (NASDAQ: WSBC) is Buying Shares (Analyst Ratings)
Today, the President & CEO of WesBanco Inc (WSBC), Todd Clossin, bought shares of WSBC for $273.5K. Following Todd Clossin’s last WSBC Buy transaction on February 06, 2014, the stock climbed by 12.9%. Following this transaction Todd Clossin’s holding in the company was increased by 13.3% to a total of $2.34 million.
Former Senior Provincial Official Sentenced to 16 Years for Bribery, Insider Trading (XinhuaNet.com)
DALIAN, Oct. 24 (Xinhua) — Bai Xiangqun, former vice chairman of the government of northern China’s Inner Mongolia Autonomous Region, was sentenced to 16 years in prison by the Intermediate People’s Court of Dalian in northeast China’s Liaoning Province Thursday. Bai was convicted of taking bribes, embezzlement of public funds, inside trading and leaking of insider information. He was fined 62.5 million yuan (about 8.84 million U.S. dollars), and his illegal gains will be confiscated, according to a court statement.
Westamerica Bancorp (WABC) SVP/CFO John A Thorson Sold $954,822 of Shares (Guru Focus)
SVP/CFO of Westamerica Bancorp., John A Thorson, sold 14,467 shares of WABC on 10/23/2019 at an average price of $66 a share. The total sale was $954,822. Westamerica Bancorp is a regional community bank. The bank focuses on commercial clients, such as smaller businesses across the United States. Westamerica Bancorp has a market cap of $1.79 billion; its shares were traded at around $66.35 with a P/E ratio of 22.75 and P/S ratio of 8.60. The dividend yield of Westamerica Bancorp stocks is 2.45%.
