Ackman’s Pershing Square Said to Gain 25% in First Half (Bloomberg)
Pershing Square Capital Management LP, the hedge-fund firm run by Bill Ackman, posted a 25 percent gain in its main fund for the first six months of the year, according to a person with knowledge of the returns. The fund climbed 2.4 percent in June, said the person, who asked not to be identified because the information is private. Pershing Square is based in New York and manages $14.7 billion. The returns were reported earlier today by the Wall Street Journal.
Ex-CQS veteran re-emerges at credit hedge fund (Financial News)
Paul Casey, the ex-chief investment officer for convertible bonds and fixed income at CQS, has returned to the finance sector four-and-a-half years after leaving the $12 billion-plus multi-strategy hedge fund manager, where he was part of Sir Michael Hintze’s senior team. Casey, who worked at CQS from 2000 to the end of 2009, has re-emerged as a partner at Palmerston Capital Management, a long/short credit hedge fund launched at the start of this year by Stuart Wain, former head of European credit trading at JP Morgan.
Hedge fund executive to join Wausau Paper board (Milwaukee Journal Sentinel)
In the latest shake-up at Wausau Paper Corp. (NYSE:WPP), the company announced that a partner at New York hedge fund, which already has forced a break-up of the once-massive Wisconsin paper company, will join the Wausau board of directors. The Mosinee-based papermaker has been under public pressure for over three years by Starboard Value LP, which has forced the company to close or sell all of its Wisconsin paper mills, and all its timberlands in the state.
HFR: Hedge Funds Add Just 1.77% In First Half (FINalternatives)
Hedge funds had a very uninspiring first half of the year, missing out on most of the gains enjoyed by stocks during 2014’s first six months, an industry index shows. The HFRX Global Hedge Fund Index returned just 1.77% in the first half, Hedge Fund Research said. During the same period, the Standard & Poor’s 500 Index returned better than 6%, as stocks continued to rally on the heels of last year’s impressive gains, taking many managers by surprise. And it could have been worse: Much of the index’s first-half return came just last month, when it rose 0.93%.
TPG takes stake in Asia hedge fund investor HS Group (Reuters)
Global private equity firm TPG Capital is buying a stake in Hong Kong-based hedge fund sponsor HS Group Ltd (HSG) and establishing a strategic relationship with the company, HSG said in a statement on Thursday. The deal is TPG’s first dedicated Asia hedge fund investment and signals a move to diversify its range of alternative assets in the region, pushing into a sector where rivals like Blackstone Group LP and Goldman Sachs already have a strong presence.
Private equity leverage ‘creeping up rapidly’: Pro (CNBC.com)
Citigroup Equity Derivatives Head Leaving to Join Hedge-Fund Firm (Wall Street Journal)
Simon Yates, head of equity derivatives at Citigroup Inc (NYSE:C), is leaving the bank to become an executive at Two Sigma Investments LLC, a roughly $20 billion hedge-fund firm based in New York. According to a statement from the investment firm, Mr. Yates will join as CEO of Two Sigma Securities, the firm’s market-making arm. The move is the second high profile departure from Citigroup’s equities business in just over a month and represents the latest in a trend of Wall Street traders moving from more regulated banks to less regulated companies such as hedge-fund firms that manage money for clients.
Hedge Fund Finds Asset-Backed Bargains in Subprime Debris (Bloomberg)
Swooping into sectors left cratered by the global financial crisis, hedge funds have found that the surest bets in recent years are in mortgages and other asset-backed securities. Greg Richter, who co-manages the $950 million Candlewood Structured Credit Fund, says the reason lies in the mix of return and risk in securitized debt, Bloomberg Markets magazine will report in its July/August issue. “Some of it’s the opportunity, the beta,” Richter says.
Pacific View Expands Marketing Team (FINalternatives)
San Francisco, Calif.-based fund of funds Pacific View Asset Management has tapped Brendan J. Contant and Tracey L. Daly to build-out the firm’s marketing team. Both new hires will be based in New York. Contant, an industry veteran with over 25 years of experience in the money management business, will serve as the firm’s head of marketing and business development. He was previously a co-founder of Bennett Lawrence Management and prior to joining Pacific View was with Klingenstein, Fields & Co.
Olacabs to secure investment from Hong Kong-based hedge fund Steadview Capital (Economic Times)
Hong Kong-based hedge fund Steadview Capital is close to making its first investment in taxi services aggregator – Olacabs – which is looking to raise about Rs 300 crore in its latest round of funding. The money will be disbursed in tranches, according to people briefed on the negotiations, who estimate that the Bangalore-based company, owned and operated by ANI Technologies, is being valued at about Rs 600 crore in this deal.
KPMG Acquires Rothstein Kass’ Hedge Fund Assets (HedgeCo.net)
Audit, tax and advisory firm has acquired some of the assets of hedge fund specialist Rothstein Kass and most of its principals and employees. “Adding Rothstein Kass’s team to KPMG significantly enhances the services we provide to hedge funds of all sizes, all around the globe, and at every stage of the fund lifecycle,” said John Veihmeyer, Global Chairman of KPMG. “With the explosive growth of capital moving into hedge funds, enhancing trust has never been more important to investors, regulators, and the broader industry.
