Find money owed to you from old accounts (Today)
Mark Zuckerberg of Facebook Inc (NASDAQ:FB) has misplaced some. So has hedge fund billionaire John Paulson. Locked in various state comptrollers’ vaults are billions of dollars owed to millions of people, ranging from the average Joe to Wall Street heavyweights like hedge fund manager Bill Ackman and former Citigroup Inc (NYSE:C) CEO Vikram Pandit. …By law, businesses including banks, insurance companies, utilities, investment companies, are required to turn over inactive accounts to the applicable state after a dormancy period. In many states, the comptroller’s office then serves as the custodian of this money until the person, person’s heir or business comes to claim it.
Yahoo’s Media Head Leaves (WSJ)
All Things Digital is reporting that Mickie Rosen Yahoo! Inc. (NASDAQ:YHOO) -4.49% top executive for for media, is leaving the company. The news comes the same day Third Point investor Daniel Loeb and two associates at the hedge fund sold 40 million shares and exited the company’s board. As senior vice president for global media and commerce, Rosen had a large portfolio that included the heavily trafficked content sites for Finance, Sports and News. Rosen isn’t taking another job it seems, and Yahoo! Inc. (NASDAQ:YHOO) has no one on tap to immediately fill the post, according to Kara Swisher at All Things D. Rosen is one of the highest-ranking executives to depart Yahoo! Inc. (NASDAQ:YHOO) in recent months, Swisher says.
Illinois Teachers looking to enroll hedge fund consultant (PIOnline)
Illinois Teachers’ Retirement System, Springfield, launched a search for its first hedge fund consultant. The $39.6 billion fund has a total of $2.2 billion invested directly in single and multistrategy hedge funds as well as in hedge funds of funds. Investment staff has relied on the advice of its hedge funds-of-funds managers, Grosvenor Capital Management and K2 Advisors, about direct investment in individual hedge funds. In May, trustees accepted the recommendation of Kenneth Musick, absolute-return investment officer, to search for a consultant to assist with a planned overhaul of the hedge fund portfolio.
White Elm’s White-Hot Streak (InstitutionalInvestorsAlpha)
White Elm Capital’s Matthew Iorio continues to have one of the hottest hands among the Tiger Management offspring. Iorio — who is unofficially called a Tiger Grandcub because he worked with Tiger Cub Stephen Mandel Jr. of Greenwich, Connecticut–based Lone Pine Capital for six years — posted gains of between 5 and 6 percent in the second quarter of 2013 in his main fund, White Elm Capital Partners, depending on the share class. This was nearly double the nearly 3 percent increase posted by the S&P 500. For the first half of the year, the hedge fund is up between 10 and 11 percent compared with 13.8 percent for the S&P 500.
To hedge or not to hedge, that is the question (IVCPost)
It is highly recommended that for smooth investment returns, it is imperative that hedges be put in place in order to manage the currency risks present. Foreign exchange is hard to forecast and the short term projections can go awry at a moment’s notice. “Automatic hedging may also prove to be expensive in the long run. Thus, it is recommended that viewing the movements of the exchange rate in the long term and projecting its possible direction would be used as the basis of any action, whether to hedge on a position or withdraw,” according to FXWELLS, a corporate FX hedging service provider based in New York.
Billionaire Batista’s Battered OGX Bonds Lure Hedge Funds (BusinessWeek)
CarVal Investors LLC, the hedge-fund manager with $8 billion in assets, is buying bonds sold by Brazilian oil producer OGX Petroleo & Gas Participacoes SA (OGXP3) after they posted the worst selloff in emerging markets. Notes due in five years from OGX, controlled by billionaire Eike Batista, have plunged 82 cents from their January high to 16 cents on the dollar, the biggest drop among all developing-nation securities in Bank of America Corp (NYSE:BAC)’s Global Corporate and High Yield Index. Their price is the lowest of any performing corporate bond in the world. Credit Suisse Group AG (NYSE:CS) estimates OGX, which has $3.6 billion of dollar debt due in 2018 and 2022, may have about $13 million left in cash by year-end.
