Activist Hedge Fund Legion Partners Pushes for Big Returns (Los Angeles Business Journal)
Legion Partners Asset Management is at it again. The Brentwood-based activist hedge fund is pressing for independent directors on the board of OneSpan Inc. to sell off a chunk of the business to raise as much as $100 million in cash. With the Chicago-based cybersecurity technology business rejecting a settlement proposal, Legion Partners is angling for a proxy fight to shake up C-suite executives and the board’s make-up.
World’s Biggest Wealth Fund Won’t Demand Full Office Return (Bloomberg)
Norway’s sovereign wealth fund, the world’s biggest, will let its employees continue working from home a couple of days a week once the pandemic is over, Chief Executive Officer Nicolai Tangen said. Staff at the Oslo-based investor, which oversees $1.3 trillion in assets, will be allowed to spend “up to two days” a week working from home, Tangen told lawmakers in Norway’s parliament during a hearing on Monday. But there will also be “two set office days for everyone,” he said, so that “we can have the meetings we need to have in the office.”
Activist Starboard Seeks to Nominate Directors to Box Board (Reuters)
(Reuters) –Starboard Value LP plans to nominate directors to the board of cloud services provider Box Inc, the activist investor said on Monday, saying the company had fallen short on meeting expectations of profitable growth. Starboard, which owns about 7.7% of Box, said the company had failed to capitalize on the work-from-home trend during the COVID-19 pandemic as many of its cloud computing peers have done.
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Inside the Network of Dozens of Spin-off Hedge Funds from Billionaire New York Mets Owner Steve Cohen (Business Insider)
Steve Cohen ‘s decades-long career in finance has made him billions of dollars across two different hedge funds and led to the creation of more than 80 other firms. Dozens of people who have worked for the famed stock picker – who was forced to close his first fund after a yearslong battle with the Justice Department – have gone on to found their own funds.
“Fruitful” Opportunities Ahead for Macro Hedge Funds, but Credit Strategies Face Q2 Challenges (Hedge Week)
Discretionary macro hedge funds can expect a “fruitful opportunity set” over the next three months thanks to continued market unpredictability, but falling default rates have soured the Q2 outlook for distressed credit strategies, according to Man FRM’s quarterly hedge fund outlook. The second quarter outlook is “generally positive” for hedge funds, said Jens Foehrenbach, managing director, Man Solutions. Man Group’s hedge fund investing unit FRM has taken a positive stance on event driven strategies, especially merger arbitrage managers, which are now well-placed to tap into the rising levels of deal activity, wider spreads, and a competitive M&A environment.
Bain Capital Raises $11.8 bn for New flagship Fund (Opalesque)
US multistrategy investment manager Bain Capital LP said it has raised $11.8 billion from outside investors and employees for its latest flagship North America buyout fund. Bain amassed $10 billion from outside investors for its 13th buyout fund, Bain Capital Fund XIII, exceeding an initial $9 billion target by 31%. The Boston-based private equity firm’s present and former employees also committed $1.8 billion in additional capital to the fund, said a report by Reuters.
