Exclusive: TI Automotive owners hire Blackstone to weigh IPO, sale – sources (Reuters)
Hedge fund owners of TI Automotive have hired the advisory arm of The Blackstone Group L.P. (NYSE:BX) to evaluate a range of options for the auto parts maker, including an initial public offering or a sale to private equity, according to people familiar with the matter. TI Automotive’s owners enlisted Blackstone Advisory in recent weeks to weigh competing buyout offers from Bain Capital LLC and Pamplona Capital Management LLP, and compare any deal against the merits of going public, the people said.
Hedge-Fund Canosa Said Poised to Surpass $1 Billion in Assets (Bloomberg)
Canosa Capital LLP, the global macro hedge-fund manager created by two former Rubicon Fund Management LLP executives, is poised to triple assets under management to $1 billion within its first year, said two people with knowledge of the matter. Inflows at the London-based firm that started in May are coming from institutional and wealthy investors in Europe and the U.S., said the people, who asked not to be identified because the details are private. Canosa, founded by Tim Attias, 48, and Santiago Alarco, 50, with backing from Stockholm-based hedge fund manager Brummer & Partners, began with $272 million in assets, with Brummer supplying about $250 million of that.
Hedge Fund Launch: Humanitarianism Through Capitalism (HedgeCo.net)
Food Fund Advisors is rolling out of the U.S. Food Fund, LLC, a hedge fund with the investment goal of “Humanitarianism Through Capitalism”. The USFF has multiple main purposes, as stated in its investment goal of “Humanitarianism Through Capitalism®”. The first purpose is humanitarian aid and is designed to help create an international network of food, water, shelter and power reserves, while reducing cost and improving efficiency of the support network. Other purposes include disaster response and insurance pooling.
Elliott makes 13 percent profit on Celesio deal: analyst (Hedgeworld)
Hedge fund Elliott International has made a return of about 13 percent on the bonds and shares it bought in Celesio, the German drug distributor being taken over by U.S rival McKesson Corporation (NYSE:MCK), according to estimates by an analyst at Market Securities. After a fierce standoff, Elliott last week called an end to its fight with McKesson over Celesio. Though McKesson hiked its offer price for Celesio shares by just 2.1 percent and Elliott bought most of its stake at or above the original offer price of €23 a share, the hedge fund made the bulk of its profit from selling the convertible bonds, a person familiar with the transaction said.
Hedge fund composite performance was positive in 2013 – Citi Prime Finance (Opalesque)
According to the latest data from Citi Prime Finance, composite hedge fund performance, equal-weighted across funds, was up in December 2013 with performance ranging from +0.56% to +1.1%. Returns were on par previous month which experienced +0.55% to +1.05% over the same period. YTD hedge fund indices saw positive performance ranging from +6.7% to +9.6% compared to +4.4% to +6.7% for 2012. In terms of top performing strategies, Equity Long/Short performed the best at +1.67%, Distressed +1.34%, Multi Strategy +1.22%, Global Macro at +1.16%. The lowest performing strategies include Dedicated Short -1.33%, Equity Market Neutral +0.65%, Fixed Income Arbitrage at +0.71%.
