RenTech Has Been Pulling Money Out of Deutsche Bank for Months (Bloomberg)
Renaissance Technologies, the hedge fund giant that Deutsche Bank AG has counted as one of its largest clients, has been taking money out of its prime brokerage accounts with the German lender over the past few months, according to people familiar with the move. While Renaissance, the secretive firm known for its unrivaled Medallion Fund, remains a major client of Deutsche Bank, it has been moving business to Barclays Plc and Bank of America Corp., among others, according to the people, who asked not to be identified because the information isn’t public.
Osram Accepts $3.8 Billion Offer From Bain and Carlyle (Bloomberg)
Osram Licht AG’s supervisory and managing boards accepted a 3.4 billion euro ($3.8 billion) takeover bid from Bain Capital and Carlyle Group LP, ending the German lighting company’s relatively brief and at times contentious period as a standalone company. Bain and Carlyle are offering 35 euros a share, 21% more than the stock’s close on Tuesday, amid reports about the latest offer. The price is still 15% lower than its peak this year in February. They’ve put a minimum acceptance level of 70% on the deal, excluding shares owned by Osram, and the acceptance period will run until early September. The stock rose 1.4% to 32.94 euros at the open of trading in Frankfurt.
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Why did hedge funds lose their lustre in South Africa? (Briefly.co.za)
The recent decline of hedge funds has sparked mixed reactions among stakeholders with most of them raising unending concerns as to why this glorious form of investment is speedily losing its long-lived glory. The recent trend in the hedge fund market has surprised many people, particularly those that believe in this form of investment as being a haven with minimal risks. Why did hedge funds lose their shine in South Africa? Hedge funds in South Africa are now at the crossroads of regaining their reputation, which has long been impaired by a significant drop in asset value. While several reasons may have contributed to this historical drop, their credibility as a pool of capital from accredited investors remains in question.
These Stocks Contributed to Pershing Square’s Stellar Performance (Market Realist)
Bill Ackman’s Pershing Square is having an even better year with year-to-date gains of 45.3%, as per the fund’s performance report, which is a significant outperformance as compared to the S&P 500 (SPY), which has gained 6.4% in the first half of the year. The fund’s remarkable performance came after a series of disappointing years, with losses of 20.5%, 13.5%, 4%, and 0.7%, respectively, in 2015, 2016, 2017, and 2018, respectively.
FN Weekend: The Very Best of Financial News (FNLondon)
How many funds would a Woodford freeze if a Woodford could freeze funds? Well, just the one for now is the answer to this question, which has clearly only been posed to force in some novelty wordplay. Unfortunately for investors in Neil‘s flagship income fund, they won’t be getting their money out for at least another month. There’s bad news too for employees of Woodford Investment Management, as the fallout from the early June fund suspension continues to spread – including across the wider equity income universe.
