Success of ValueAct Hedge Fund Has Dented Its Maneuverability (Wall Street Journal)
Activist investor ValueAct Capital Management has long flown under the radar, working behind the scenes to turn companies around. After it nabbed a board seat at Microsoft Corporation (NASDAQ:MSFT) in August, the first time a shareholder not affiliated with Microsoft landed a director post, appreciation has spread notably beyond its investor base. Chief executives seem more willing to take calls, said ValueAct founder Jeffrey Ubben, a lanky former Fidelity portfolio manager who grew up outside Chicago.
Billionaire Singer Gives Rove’s Super-PAC $1 Million (Bloomberg)
Billionaire hedge-fund manager Paul Singer donated $1 million to a super-political action committee advised by Republican strategist Karl Rove. Singer, who leads New York-based Elliott Management Corp., provided most of the $1.7 million that the super-PAC American Crossroads raised in May, according to a filing yesterday with the Federal Election Commission in Washington. American Crossroads, which is aiding the Republican bid to hold the party’s U.S. House majority and gain control of the Senate, has raised more than $11 million for the 2014 elections. Singer gave $250,000 to the super-PAC in March.
Icahn Insider Probe Expands With New Subpoena (FINalternatives)
Federal investigators have not been deterred by difficulties and setbacks in an insider-trading probe involving Carl Icahn, famed golfer Phil Mickelson and a noted gambler. Federal authorities in recent weeks issued a subpoena to Dean Foods Co (NYSE:DF), one of the two companies in the investigation, The Wall Street Journal reports. The request for information comes three years after the Securities and Exchange Commission sought information from The Clorox Co (NYSE:CLX) and Icahn.
US hedge fund billionaire to launch distressed debt IT (Investment Week)
US hedge fund billionaire Marc Lasry is planning to launch a distressed debt-focused investment trust for the UK market in September, Investment Week understands. Lasry is expected to seed it with several hundred million dollars of his own money, while J.P. Morgan Cazenove is tipped to act as a broker. Lasry has been meeting investment trust buyers over the past six months to canvass support for the launch.
Winton Capital pays out £150m to Harding and staff (Financial News)
Staff at Winton Capital Management, Europe’s fourth-largest hedge fund, have enjoyed a bumper payout after strong financial performance in 2013. Winton paid dividends on Class A shares – which are around 70% owned by founder David Harding and employees, according to a person familiar with the situation – of £93.7 million for 2013, around twice the previous year’s £46.6 million, according to a Companies House filing. The 2013 dividends come on top of £84 million in remuneration for the firm’s 281 employees, up from £69.9 million the previous year.
Patterson’s best idea (CNBC.com)
Obama will play up his climate change agenda (Washington Times)
With congressional elections looming, President Obama increasingly is catering to a staunch part of his political base: environmental groups, hard-core opponents of the proposed Keystone XL oil pipeline and others who share the administration’s lofty goals surrounding climate change. White House officials will meet Wednesday with billionaire activist Tom Steyer, who is poised to pour $100 million into campaigns of congressional Democrats to help pursue the climate change agenda that he and the president share. Mr. Obama is scheduled to address the powerful League of Conservation Voters on Wednesday night, one year to the day after laying out his ambitious climate change agenda during a speech at Georgetown University.
Rauner Donor’s Hedge Fund Group Received $200 Million in Bailout Funds (Gapers Block)
The Sun-Times reported on Friday that Citadel, a hedge fund founded by Kenneth Griffin, received $200 million in bailout funds in 2009 from AIG. Griffin recently gave Bruce Rauner’s gubernatorial campaign $2.5 million in campaign contributions. Griffin has also given more than $1 million previously to Rauner’s campaign as well as allowing Rauner to use Griffin’s private jet for campaigning in Illinois.
Harvard Seeks Fund Chief for the Long Haul (Wall Street Journal)
After the surprise announcement earlier this month that its chief executive is stepping down, Harvard University’s $33 billion endowment is searching for a replacement willing to sign on for the long term, according to a person familiar with the matter. Jane Mendillo, 55, told Harvard Management Co. board members months ago that she was leaving, before a succession plan was in place, according to a person familiar with the matter. At least two directors tried to convince her to stay on longer but she agreed to remain only through the end of the year, according to people familiar with the conversations.
Why hedge funds are under attack by cyber-criminals (CNBC.com)
For about two years, US hedge funds have been under stealthy attacks from cyber-criminals intent on intercepting trading strategies in order to profit from front-running and other illicit maneuvers, cyber-security experts say. That hidden cyber-crime trend was highlighted Thursday when an unnamed US-based hedge fund was reported to have been hacked and its stream of high-speed trade data intercepted by cyber-criminals. They, in turn, apparently used the data to make their own trades first, according to a British cyber-security company.
Allergan Urges Rejection Of Valeant Tender Offer (FINalternatives)
For the third time in six weeks, Allergan, Inc. (NYSE:AGN) has flatly rejected an offer from Valeant Pharmaceuticals Intl Inc (NYSE:VRX) backed by its largest shareholder, Pershing Square Capital Management. In what amounted to a reiteration more than another refusal, Allergan called Valeant’s hostile $53 billion tender offer “grossly inadequate.” The company earlier this month declined an unsolicited bid at that price in similar terms.
