Activist investor takes stake in Roper Industries (BizJournals)
Third Point LLC, a hedge fund controlled by activist investor Daniel Loeb, has bought more than 1 million shares of the common stock of Roper Industries, Inc. (NYSE:ROP). The 1.15 million shares Third Point reported it owned as of May 15 were valued at $153.5 million, according to a filing with the U.S. Securities and Exchange Commission. Roper had about 99.7 million shares outstanding as of April 25, giving Third Point control of slightly over 1 percent of Roper’s stock. Roper (NYSE:ROP) is a Sarasota-based firm that designs, manufactures and distributes a variety of products for niche markets including medical, energy, water, and technology…
The Fund of Hedge Funds is … Back? (Barrons)
The surprising argument by colleague Lawrence C. Strauss is that the expensive, complicated approach to investing known as the “fund of hedge funds” is making a comeback. Actually, that’s not quite his argument. Funds of hedge funds give access to sought-after managers, freeing institutions and wealthy families from doing their own manager homework, and the industry has never quite recovered from the suckering administered by Bernie Madoff to some high-profile funds which invested with the disgraced former head of Bernard L. Madoff Investment Securities.
Deutsche Bank Hires Morgan Stanley’s Yoshida (Finalternatives)
Deutsche Bank AG (USA) (NYSE:DB) has snagged Morgan Stanley (NYSE:MS)’s former point man for hedge fund coverage of interest rates. Chris Yoshida will join the bank in September as global head of rates sales, based in New York. “His significant global experience in rates products and deep client relationships further strengthens our ability to meet and exceed client needs across the rates business.” Yoshida was most recently head of interest rate distribution in Europe, the Middle East and Africa at Morgan Stanley. Formerly, he lead European global macro distribution at the firm, after beginning his career at Goldman Sachs Group, Inc. (NYSE:GS).
SFP Value Realization Fund Wins Best Asian Hedge Fund, Best Event Driven Fund (HedgeCo)
The Eurekahedge Asian Hedge Fund Awards 2014 returned to Capella Singapore for its 11th run on 23 May 2014. 300 hedge fund players got together to celebrate the region’s 76 top performing Asian hedge funds. A total of 14 awards were presented on the night with The SFP Value Realization Fund clinching two of the three awards they were nominated for; the Best Asian Hedge Fund award, along with the Best Asian Event Driven Fund award for the second consecutive year. Their double win was closely followed by Fortress Asia Macro Fund who held on to their titles from 2013 (Best Asia-based Macro Fund and Best Singapore-based Hedge Fund; both for the second consecutive year)…
Why This Hedge Fund Sold Its Huge Groupon Stake (DailyFinance)
There are stocks that struggle after their IPOs, and there are stocks that crash. None in recent memory has caused as much investor pain as Groupon Inc (NASDAQ:GRPN). After hitting a record high the first day shares were on the market, the company’s stock sank 91% over the next 12 months. Not coincidentally, it was right around the time Groupon shares were hitting their all-time low that Tiger Global Management announced that it had established a 10% stake in the Daily Deals and e-commerce company. Over the years, Tiger has made a name for itself by investing in out-of-favor technology stocks. Usually, these plays have worked out in the organization’s favor. That has helped the hedge fund grow its total value to about $7.5 billion.
Coller’s Kutty Dutta joins HSBC Alternative Investments (VCCircle)
British multinational bank HSBC Holdings plc (ADR) (NYSE:HSBC)’s private equity and hedge fund arm HSBC Alternative Investments Ltd (HAIL) has hired Kutty Dutta as a director, as per his LinkedIn update. Dutta quit private equity firm Coller Capital in December last year where he was an investment manager. He continues to be based out of London. The development was first reported by online news service Financial News. Dutta was associated with Coller Capital, a secondaries-focused PE firm, for over seven years. At HAIL, Dutta will be responsible for the origination and due diligence of secondary, primary and co-investment opportunities for the firm’s private and institutional clients.
Is It Game Up for Hedge Funds? (YouTube)
Rise of the showboat donor (Politico)
The fast-talking hedge fund manager, who stands about 5 feet 8 inches on a good day, was recounting for a small clutch of well-wishers the conversation he’d just had with Magic Johnson (6 feet 9) at the hedge fund conference Scaramucci was hosting at the Bellagio hotel and casino here this month. The height disparity couldn’t be overcome even by “standing on my wallet,” Scaramucci quipped. His back-slapping braggadocio and shrewd marketing — he’s a regular CNBC contributor who is starting his own weekly TV show — have made him a star on Wall Street. He also paid more than $100,000 to place his firm’s logo in Oliver Stone’s 2010 sequel in the “Wall Street” movie franchise. And his big giving and ability to get his pals on the street to do the same have made him a big deal in Republican finance circles.
Allergan Rips Valeant’s Biz Model As Heftier Bid Looms (Law360)
Allergan, Inc. (NYSE:AGN) on Tuesday attacked Valeant Pharmaceuticals Intl Inc (NYSE:VRX)‘s management and business strategy, criticism that adds to ongoing discord between the companies and comes just one day before Valeant and activist investor Bill Ackman plan to beef up their $46 billion bid for the Botox maker. The companies have traded jabs in recent weeks, since California-based Allergan formally rejected the cash-and-stock offer from Valeant and Ackman, who runs the Pershing Square Capital Management LP hedge fund. Both sides have buckled down, appealing to shareholders and the…
Executives at failed Connecticut hedge fund plead guilty (Reuters)
Three former executives of New Stream Capital LLC, a failed Connecticut hedge fund, have pleaded guilty to conspiring to mislead their clients to keep their largest investor, federal prosecutors said on Thursday. David Bryson, Bart Gutekunst and Richard Pereira each pleaded guilty on Wednesday in the New Haven, Connecticut, federal court to one count of conspiracy to commit wire fraud, said the office of U.S. Attorney Deirdre Daly in Connecticut. Bryson and Gutekunst were managing partners of Ridgefield, Connecticut-based New Stream, while Pereira was its chief financial officer.
3 Reasons The New Yorker Is Wrong About Hedge Funds (Forbes)
The New Yorker clearly has a bone to pick with “hedge funds.” Journalist John Cassidy has recently written not one, but two, broadsides against the industry’s top earners as well as the entire industry itself. These articles have a not-so-subtle sense of exasperation over the industry’s growth and the not-so-subtle sense of indignation that the general investing public is getting rooked without really knowing it. If there’s one critical point of agreement between Cassidy and myself, it is that the debate over hedge funds is not a trivial matter. Not only is the industry now huge, nearing $3 trillion assets under management, but also the thrust of those who benefit or suffer from these investments has gone mainstream…
Palm Beach’s Kennedy Compound Hits Market at $38.5 Million! (GossipExtra)
Until now, the sale of Palm Beach‘s historic Kennedy compound on the north side of the island was a private affair. Hedge fund guru John Castle, the property’s first and only owner since the family of former President John F. Kennedy, wouldn’t have it listed officially — and only people who knew people knew it was on the market. Suddenly, the sale’s open to the general public — for as long as public members who are interested have $38.5 million to spend on it! That’s Castle’s asking price, according to the real estate trade’s listings. What do you get for that amount?
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