FirstGroup investor hits out over chief’s pay (Scotsman)
Sandell Asset Management, which owns about 3.1 per cent of FirstGroup, said it would be voting against its remuneration report at next month’s annual meeting. FirstGroup chief executive Tim O’Toole saw his total pay package almost double to £2 million last year – a period that saw it launch a deeply-discounted rights issue to defend its credit rating – but Sandell said the firm’s shares have lagged behind its rivals. In a letter to FirstGroup’s board, the hedge fund’s chief executive, Tom Sandell, said O’Toole is the highest paid chief amongst his peers, but investor returns from the company’s shares have fallen 8 per cent in the past five years, compared with a 231 per cent increase for its peer group, including Go-Ahead, National Express, Stagecoach and Student Transportation of America.
Activist Investor Peltz Builds Stake in Bank of New York Mellon (NYTimes)
The activist investor Nelson Peltz has built up a nearly 2.5 percent stake in The Bank of New York Mellon Corporation (NYSE:BK), according to a person close to the firm. On Monday, Mr. Peltz’s hedge fund, Trian Partners, disclosed that as of March 31, it had a 0.8 percent stake in the bank, according to a filing with the Securities and Exchange Commission. The hedge fund requested permission from the regulator to keep the stake confidential, the filing said. The disclosure comes as the confidentiality period expired.
Pioneering Liquid Alternative Mutual Fund & First No-Load Hedge Fund Replication Fund (IQHIX / IQHOX) Celebrates Sixth Anniversary (FortMillTimes)
The mutual fund that helped launch the liquid alternatives product category, IndexIQ’s IQ Alpha Hedge Strategy Fund (IQHIX – Institutional Class; IQHOX – Investor Class), is today celebrating its sixth anniversary, according to the fund’s sponsor, IndexIQ. The Fund was the first no-load, open-end hedge fund replication mutual fund and was a trailblazer for what has become one of the fastest-growing product categories on the investment landscape, the liquid alternatives space.
Jim Rogers: ‘Depressed’ palladium one of best commodity investments (EconomicCollapseNews)
Jim Rogers, financial guru and founder of Rogers International Commodity Index (RICI), believes the “supercycle” of the commodities market will continue to push ahead, while “depressed” palladium remains one of the best investment picks in the sector. Speaking in an exclusive interview with the Bullion Desk late last week, Rogers discussed how most bull markets come with stages of consolidation and hindrances and the commodity market is really no different. Rogers noted that there have been corrections in equities between years 1982 and 2000 and there are parallels between the stock market then and the commodity market now.
Ex-SAC COO Readies $1 Billion Hedge Fund (Finalternatives)
A former top SAC Capital Advisors executive is set to launch his own hedge fund with up to $1 billion in initial assets later this summer. Solomin Kumin, who served as chief operating officer at the troubled hedge fund, now a family office, is in talks with several possible partners. The most advanced discussions are with Leucadia National Corp. (NYSE:LUK), which is likely to invest about $400 million in Kumin’s new firm in exchange for a substantial ownership stake. A deal hasn’t been finalized, but moved forward over the past week with discussions of investment size and profit-sharing.
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