PE Fund Dyal Capital Nabs Stake In $2.3B Investment Firm (Law360)
Private equity fund Dyal Capital Partners LP has acquired a minority stake in New York-based Waterfall Asset Management, an investment firm managing approximately $2.3 billion in assets, the companies announced Wednesday. The transaction is one of several such investments Dyal has made since its launch little more than a year ago. Terms of the deal, including the size of Dyal’s minority stake and the purchase price, were not disclosed. Dyal, which is managed by Neuberger Berman Group LLC, acquired its stake in Waterfall from M.D. Sass-Macquarie…
Tiger Asia Accused of Insider Trading in Hong Kong Tribunal (SFGate)
Tiger Asia Management LLC, which admitted in the U.S. to illegally using inside information to trade Chinese bank stocks, was accused of the same offense in a Hong Kong tribunal. The New York-based hedge fund firm, its founder Bill Hwang and its officers Raymond Park and William Tomita traded on advance information from bankers arranging placements of China Construction Bank Corp. and Bank of China Ltd. shares in 2008 and 2009, according to a notice today by Hong Kong’s Securities and Futures Commission.
RAB Capital hit again by worries over the Fed (Standard)
Worries over the US Federal Reserve easing back on money printing left RAB Capital, the hedge fund hammered by an ill-fated bet on Northern Rock, nursing fresh losses last month. RAB’s Special Situations fund, which is heavily exposed to commodities, slid 11.3% in June and is down 19.8% over the quarter, according to its latest update. The manager of the fund, Philip Richards, stepped down as chief executive of RAB Capital in 2008 after founding the company with Michael Alen-Buckley in 1999. They managed several billions at the high-water mark of the business but now have a few hundred million under management.
Soros son raises nearly $2 million for super PAC (USAToday)
A super PAC co-founded by George Soros’ son has raised $1.8 million during the first six months of this year, the group announced Thursday. Its objective: to reduce the outsized role money plays in politics. The fundraising haul by Friends of Democracy puts the super PAC on track to achieve its goal of collecting $5 million to back congressional candidates in 2014 who support overhauling the nation’s campaign-finance system, said Jonathan Soros, who runs a private-investment firm. He co-founded the group last year.
George Soros and Tamiko Bolton’s marriage will spare no expense, and you won’t need a gift (NYDailyNews)
Billionaire investor George Soros is going full-steam ahead with a September wedding to his much younger girlfriend, Tamiko Bolton. Soros, 82, and Bolton, 41, have had 1,000 invitations printed for their upcoming bash, a source tells Confidenti@l. The duo met in 2008 and became engaged in August 2012, when Soros presented her with a giant Graff diamond at his Southampton mansion. Soros is sparing no expense for his upcoming third wife. But the money is being spent in a targeted way: Bolton is only using local vendors in and around New York City, where the wedding will be held.
Investors Shoveled A Whopping $18.5 Billion Into Hedge Funds In May (BusinessInsider)
While the monthly numbers can be volatile, it’s nevertheless worth noting that investors opened the floodgates on their investment cash and directed the flow to hedge funds. TrimTabs and BarclayHedge note that hedge funds got a whopping $18.5 billion of net investment infllows in May. …BarclayHedge and TrimTabs Investment Research reported today that hedge funds took in a net $18.5 billion (1.0% of assets) in May, more than a forty-fold increase from April’s $430 million inflow. The results are based on data from 3,368 funds.
CalSTRS names BlackRock to run $50 million in global macro hedge fund (PIOnline)
CalSTRS, West Sacramento, invested $50 million in BlackRock, Inc. (NYSE:BLK) Fixed Income Global Alpha, a global macro hedge fund, confirmed Steven Tong, director of innovation and risk for the California State Teachers’ Retirement System. BlackRock, Inc. (NYSE:BLK) is the fourth hedge fund manager hired to manage one-quarter of the $166 billion pension fund’s $200 million global macro hedge fund portfolio.
Party boys’ battle for Haiti: Bid war reaches $45K for celeb-led charity tour of island (NYPost)
Party-crazed, sex-tape-making billionaire Stewart Rahr got in a bidding war Wednesday night with hedge-fund playboy Marc Leder. The two were spotted at Unik Ernest’s Edeyo Gives Hope Ball bidding on a charitable trip to Haiti guided by Ernest and “24” star Kiefer Sutherland. When the bids reached $45,000, it was decided Rahr and Leder could both go paying $45,000. Both moguls are known as much for hard partying as their bulging bank accounts.
