Billionaire hedge fund boss denies Vanity Fair allegations he crashed into a child and was jailed while holidaying in Cuba (DailyMail)
One of America’s richest businessmen has denied claims that he was detained following a car accident in Cuba after ‘hitting a local kid with his car’. Daniel S. Loeb, the hedge fund manager who founded Third Point LLC, was involved in an accident while enjoying a weekend trip to Cuba, according to Vanity Fair. The piece, written for the magazine’s December edition, alleges that the incident happened while Loeb, 51, was on holiday with friends in 2002. But Mr Loeb’s lawyer told the New York Post that the allegations are ‘entirely untrue’.
Funds of hedge funds recast dismal model (FT)
How many investments have yet to recover from 2008? Most – if not all – major markets are well beyond their pre-crash peaks, at least in absolute terms. Most investment strategies too, have bounced back. Five years on, the idea that anyone should have failed to recover from the collapse of Lehman, and its attendant crises, is almost absurd, even given the volatile and difficult conditions in the years since. Spare a thought, then, for the fund of hedge fund managers of this world. And spare some tears for their clients.
Here’s How Hedge Funds Are Trading Puerto Rico (BusinessInsider)
There has been a recent flurry of activity regarding Puerto Rico, involving their debt, rating agency views of that debt, the bond insurers that have been insuring their debt, the state-specific mutual funds that are holding Puerto Rico debt, and the projected plans of the Puerto Rican government to improve their deteriorating credit picture and economic situation. We have new (August) economic information from Puerto Rico; see here. And we have the October 18 detailed financial report linked below.
Hey Banksy: Hedge Fund Manager To Go Ahead With Sandy Donations (HedgeCo)
Hedge fund manager Nelson Saiers has updated us here at HedgeCo saying, “ On the eve of Sandy, I’ve decided to waive the criterion on Banksy and just donate the money to benefit underpriviledged children. I still have 142,000 of anonymous donations whose donors are waiting for Banksy.” The official statement reads: “As the anniversary of Hurricane Sandy is upon us, I’ve decided to waive the criterion on my original letter and will donate the original $100,000 to World Vision to benefit underprivileged children in Sandy affected areas.
SEC sues investor over alleged Carter’s insider-trading scheme (GlobalPost)
The Securities Exchange Commission filed a civil complaint Tuesday against a retired hedge-fund investment consultant and market analyst who allegedly participated in an insider trading scheme involving Atlanta-based clothing marketer Carter’s Inc. Dennis Rosenberg, 70, was able to trade in advance of marketing-moving news from Carter’s based on tips received from a former executive at the company between 2005 and 2010, according to the complaint in federal court in Georgia. Rosenberg passed along tips to investment advisers at two hedge funds, who also traded on the information, the complaint said.
Hedge Funds Shorting World Acceptance Urge Consumer Bureau Probe (BusinessWeek)
Hedge funds betting against shares of World Acceptance Corp. (NASDAQ:WRLD) have been pressing the U.S. Consumer Financial Protection Bureau to investigate the installment-loan firm, according to people briefed on the discussions. The overtures from funds including New York-based Kase Capital Management and Boston-based North Run Capital make the bureau the latest target of investors trying to prod Washington regulators and policy makers to take actions that could benefit their trading strategies. Some funds also have met with congressional aides and consumer advocacy groups to encourage them to focus on World Acceptance, the people said.
Schapiro: More & better quality capital in system (CNBC)
SEI Named ‘Most Innovative Fund Administrator’ at HFMWeek Hedge Fund Services Awards (MarketWatch)
SEI Investments Company (NASDAQ:SEIC) +0.29% today announced that it was named “Most Innovative Fund Administrator” in the 2013 HFMWeek U.S. Hedge Fund Services Awards among service providers with over $30 billion in assets under administration. The committee chose SEI in part for its flexible open-architecture technology platform, automated workflow application, and the reporting capabilities within the SEI Manager Dashboard and Investor Dashboard. “We are extremely gratified to receive independent industry recognition of our efforts.
SAC Capital to admit to securities fraud (FierceFinance)
One of the big mysteries about the in-the-works SAC Capital settlement is what exactly the hedge fund would admit to. The fund has been willing to admit guilt, which might be seen as a prosecutorial victory in and of itself. But the U.S. attorney in Manhattan wants to go one step further apparently. According to the WSJ and other media reports, Phreet Bharara has held firm, and SAC Capital will admit to actual securities fraud, something that seemed inconceivable not too long ago. The conventional wisdom held that Steven Cohen, the founder of the troubled firm, would rather go to trial than to admit to actual fraud related to insider trading.
D.E. Shaw Launches New Funds (InstitutionalInvestorsAlpha)
D.E. Shaw, the $32 billion New York–based firm that is reportedly closing its longest-running hedge funds to new investors, is launching two new funds, according to a regulatory filing. The funds, named D. E. Shaw Alkali Fund II and D. E. Shaw Alkali International Fund II, require a $1 million minimum investment but have not yet raised any money. The new funds seem to be the next iteration of the firm’s Alkali Fund and its offshore equivalent. Those funds were introduced last year, according to regulatory filings. No other information is available, and the firm declined to comment.
Carl Icahn Still Agitating For More Share Buy-Backs At Apple : Warren Buffet And Bill Gross Rebuke Him (JewishBusinessNews)
In recent months Carl Icahn has been agitating for a stronger rate of share buy-backs by Apple Inc. (NASDAQ:AAPL), in which he currently holds a 4.7 million share position, or about one half of one percent. His general argument is a familiar one, based on the financial engineering consequences of a company buying back its own shares when they are perceived to be relatively cheap, thus enhancing earnings per share and encouraging a stronger eventual multiple as improved business results subsequently flow through.
Oakley Capital Said to Close Fund of Hedge Funds in Commodities (TradersMagazine)
Oakley Capital Management Ltd. closed its commodities fund of hedge funds as a gauge of performance across the industry retreated for a third year, according to two people with direct knowledge. The London-based fund shut in July and Portfolio Manager Fabio Cortes left the company at about the same time, said the people, who asked not to be identified because the information is private. The fund managed $10 million of assets, one of the people said. An e-mail seeking comment sent to a LinkedIn Corp (NYSE:LNKD) account in Cortes’ name on Oct. 25 wasn’t answered.
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