A P&G-Style Makeover Is a Big Ask for Unilever (The Wall Street Journal)
Unilever has similar problems to those Procter & Gamble faced four years ago, and now has the same activist investor on its board. But times otherwise have moved on. On Tuesday, Unilever said Trian Partners founder Nelson Peltz will take a seat on the company’s board of directors from July. After months of speculation that the activist had bought shares in Unilever, the company confirmed that his hedge fund owns a 1.5% stake, currently valued at around $1.6 billion. Mr. Peltz will join Unilever’s compensation committee and may want changes to pay incentives. At P&G, he criticized targets that rewarded top executives for sales growth that was below the industry average.
US Alleges $39 Million Fraud by Metro Detroit Hedge Fund (Big News Network)
DETROIT, Michigan: A Detroit-area hedge fund has been accused of a $39 million fraud by the U.S. Securities and Exchange Commission. In court filings last week, the Securities and Exchange Commission accused Andrew M. Middlebrooks, the owner of EIA All Weather Alpha Fund I Partners LLC, of “allegedly engaging in a multi-year scheme that included the misappropriation and misuse of investors’ funds,” according to the federal agency.
U.S. Investment Firm Redbird Buys AC Milan from Elliott – Report (Reuters)
(Reuters) – The U.S. investment firm RedBird has bought Serie A champions AC Milan from the U.S. fund Elliott after a deal was reached in the last few days, ANSA here reported on Tuesday. Asset manager Investcorp had also been in the running to buy seven-times European champions Milan earlier this month but they could not agree on certain terms, paving the way for Redbird to pursue a deal.
Rawpixel.com/Shutterstock.com
Macquarie Asset Management Raises $4.2bn for Asia-Pacific Fund (Opalesque)
The world’s largest infrastructure asset manager Macquarie Group Ltd.’s asset-management arm closed a US$4.2 billion Asia-Pacific regional infrastructure fund that exceeded the US$3.0 billion target. “The successful fundraise brings total capital managed under the manager’s Asia-Pacific Infrastructure Fund series, dedicated to investing in Asia-Pacific infrastructure, to over $US15 billion,” said the Australian global financial services group in a press release. The fund received the commitments from a diverse range of returning and new institutional investors, including pension funds, insurance companies, and sovereign wealth funds, Macquarie said.
Hedge Fund Star’s Bullish Turn Points to End of China Stock Rout (Bloomberg)
A top-performing Chinese macro hedge fund that held zero stock exposure earlier this year is turning more positive, saying a benchmark index has probably seen its low for the year though volatility will persist. Shanghai Banxia Investment Management Center rebuilt long positions to as much as 65% in early May after steep declines last month pushed stock valuations to historical lows, founder Li Bei said. The fund has since trimmed some holdings and pocketed gains.
