Bond-King Pimco Plans to Push ‘Alternative Funds’ (Wall Street Journal)
Pacific Investment Management Co., the world’s largest bond-fund manager by assets, wants to hang more with the hedge-fund crowd. The firm, based in Newport Beach, Calif., is planning an expansion of its alternative-investments business in the coming months aimed at both individual and institutional clients, including potentially launching new funds invested in assets such as distressed debt in Europe. Douglas Hodge, Pimco’s chief operating officer, called alternative investments “a very important area for us” in an interview with The Wall Street Journal. He said the firm is responding to increased demand from investors of all types, as well as to changing regulations.
Investcorp brings in hedge fund principal (Pensions & Investments)
Elena Ranguelova joined Investcorp’s hedge fund unit as principal and head of credit and equity strategies. Ms. Ranguelova’s position is new and brings with it oversight of the firm’s investments in emerging managers’ hedge funds and in its seeding activities with individual managers, confirmed James Cheston, an Investcorp spokesman, in an e-mail. Ms. Ranguelova was global head of credit and event-driven strategy research at Pioneer Investments.
Hedge Funds Emerge From The Bunker (Wall Street Journal)
While many investors have been running away from emerging markets, one set of money managers is seeing opportunity: hedge funds. Hedge fund assets invested in emerging markets jumped 25% year-on-year to hit a new record in the June quarter, according to Hedge Fund Research. In contrast, many emerging-markets investors have lost their nerve since late May as taper talk around the Federal Reserve has grown and now Syria has moved into sharper focus.
FRANKLIN TEMPLETON LAUNCHES HEDGED GLOBAL BOND FUND (Advisor.ca)
Franklin Templeton has announced the launch of a hedged global bond fund, which was designed for investors who want to mitigate the effects of currency fluctuations on their portfolios. This new fund is a version of the Templeton Global Bond Fund, and the new offering is available as an alternative to the Templeton Global Bond Hedged Yield Class. Recently, the hedged class was closed to new investments due to the 2013 federal budget’s measures affecting character conversion transactions.
Hedge Funds Still Holding Big Penney’s Horde (FINalternatives)
J.C. Penney Company, Inc. (NYSE:JCP) may have rid itself of its most turbulent hedge fund shareholder—Pershing Square Capital Management’s William Ackman—but it has others that could take his place should its turnaround founder. There are more than a dozen hedge funds among Penney’s 100 largest shareholders. None has anywhere near the stake—more than 18%—that Pershing Square owned, and none will, given the company’s new poison pill. But together, they make up some formidable numbers. Soros Fund Management owns a 9.1% stake and Perry Capital a 7.3% stake, The New York Times reports. Glenview Capital Management owns 3.8% of the troubled retailer. Others on the roster include Balyasny Asset Management, Citadel Investment Group, SAC Capital Advisors and Wexford Capital.
