Activist Investor Barry Rosenstein to Join Walgreen Board (NYTimes)
The activist investor Barry Rosenstein will join the board of Walgreen, the drugstore chain announced on Monday. Mr. Rosenstein, founder of the $11 billion hedge fund Jana Partners, will also recommend an additional director to the board, the company said. He joins as Walgreen Company (NYSE:WAG) completes an acquisition of the British pharmacy chain Alliance Boots. “We are very pleased to welcome Barry to the board,” said Gregory D. Wasson, Walgreen’s president and chief executive. Mr. Rosenstein’s expertise will “add tremendous value to our board and help drive value for shareholders,” he said.
Hertz CEO Exits Amid Activist Investor Pressure (Investors)
Hertz Global Holdings, Inc. (NYSE:HTZ) Chairman and CEO Mark Frissora is stepping down from those posts effective immediately as the company recovers from a series of accounting problems. Hertz Equipment Rental head Brian MacDonald was named interim CEO, and board director Linda Fayne Levinson will serve as chairman while the car and equipment rental company searches for a permanent successor to Frissora. Hertz had been under pressure to make changes from activist investors Carl Icahn and hedge fund Fir Tree Partners.
Hedge-Fund Mogul’s Divorce Spells End for Chicago Foundation (Philanthropy)
A Chicago philanthropy that has pledged more than $100-million in the 15 years since its launch is a likely casualty of the split between its founding couple, hedge-fund billionaire Kenneth Griffin and his wife, Anne Dias Griffin, reports the Chicago Tribune. Sources told the newspaper that the Kenneth & Anne Griffin Foundation’s work will be folded into Mr. Griffin’s personal giving and that of his company, Citadel.
Steve Cohen Money Manager Exits After McLaren Reckless-Driving Arrest (BusinessWeek)
Paul Orwicz, a money manager at billionaire Steven A. Cohen’s investment firm, departed Point72 Asset Management LP a week after he was arrested for reckless driving in his McLaren supercar in Connecticut. Paul Orwicz, 46, said in a telephone interview that he resigned last week after his two-year contract with the firm, which manages Cohen’s fortune, expired. Orwicz said he’s pursuing other opportunities within the hedge-fund industry. He said the driving incident was an “unfortunate coincidence” with his exit from Point72, and that he hoped to resolve the matter with the authorities.
DB Study Says Investors Poised To Pour $50B Into Liquid Alts (Finalternatives)
Investors continue to thirst after hedge fund liquid alternatives, according to a new survey from Deutsche Bank AG (USA) (NYSE:DB). The study, From Alternatives to Mainstream (Part Two), surveyed 212 investor entities worldwide managing more than $804 billion in hedge fund assets and 86 global hedge fund managers representing $6 trillion in firm wide assets. Over half (51%) of the participants said they were allocating to liquid alternatives products, up from 28% in 2013.
Faber Report: Jack Lew speaks out (CNBC)
Hedge funds reduce bullish gas bets as volatility slides (FinancialPost)
Hedge fund bulls accelerated their withdrawal from U.S. natural gas markets as volatility and prices declined on abundant supply. Speculators cut their net-long position across four benchmark contracts by 11 percent in the week ended Sept. 2, the most in three weeks, U.S. Commodity Futures Trading Commission data show. Bullish wagers have declined for six consecutive months, the most in data compiled by Bloomberg since 2010. Short positions rose to a nine-month high.
DHR Hires Hedge Fund Recruiter Quinn (Finalternatives)
Executive search firm DHR International has hired Kate Quinn for its financial services group. Quinn joins as executive vice president and will be based out of the firm’sNew York office. Prior to joining DHR, Quinn was a partner at the executive search firm Boyden, which she joined in 2013. Before that she worked with CTPartners, Westwood Partners and Options Group, where she focused on originating and completing searches for capital markets and hedge fund clients.
Under Gov. Chris Christie, New Jersey’s Wall Street Investments Trailed S&P 500 (IBTimes)
New Jersey investment officials have directed increasingly large slices of state pension money into riskier investments, such as hedge funds, touting their strategy as a means of limiting exposure to a volatile stock market. They’ve argued that their approach would maximize overall returns and justify the higher fees paid to Wall Street money managers. But in seven of the eight years since the state began shifting pension funds into so-called alternative investments, returns have fallen well short of the broader stock market, an analysis of state financial records shows.
Third Point Re considering setting up a U.S. presence (Artemis)
Bermuda-based hedge fund backed reinsurance firm Third Point Re is looking to establish a U.S. presence, either through establishing a separate U.S. domiciled company or a Bermudian entity which is a U.S. tax payer, to improve access to business. Third Point Reinsurance Ltd (NYSE:TPRE), backed by hedge fund manager Dan Loeb’s Third Point LLC, is one of the more interesting hedge fund backed startups to watch. With an ambition to underwrite profitably as well as leverage the returns possible through Dan Loeb acting as investment manager, the firm seeks to outperform its peers.
Corn appeal ends hedge fund’s bearish spree on ags (Agrimoney)
Hedge funds took a break from extending bearish bets on farm commodities for the first time since June, reflecting improved sentiment on soft commodities and livestock – but also on corn, which they appear to be spreading against soybeans. Managed money, a proxy for speculators, raised its net long position in futures and options in the top 13 US-traded agricultural commodities, from soybeans to sugar, by nearly 29,000 contracts in the week to last Tuesday, the day after the US Labor Day holiday.
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