The World Series of Poker $1 Million Buy-In Tournament: The Big One for One Drop (PokerFuse)
Hedge fund manager David Einhorn now has the best bad beat story in poker after exiting the $1 million buy-in Big One for One Drop after just 45 minutes of play. Einhorn three bet a Sam Trickett pre-flop raise, Trickett called and the flop came down 2-J-6. The two were well aware of each other’s game having finished 3rd and 2nd respectively in the first One Drop event in 2012, so Trickett’s call of Einhorn’s continuation bet was not unexpected. Einhorn had flopped a set of jacks, and the three of spades on the turn filled out the rainbow board texture and looked as unthreatening as any card could be.
Is George Soros dipping his toe into shareholder activism? (TheGlobeAndMail)
Is George Soros turning activist? His $29-billion (U.S.) hedge fund has famously confronted governments. But facing off with a $1-billion U.S. oil and gas company is novel. The move gives underperforming corporate bosses another scourge to fear. A bellicose letter from Soros Fund Management to Penn Virginia Corporation (NYSE:PVA) on Wednesday could easily have come from an established activist like Carl Icahn. Scott Bessent, the chief investment officer at Mr. Soros’s firm, wrote that chief executive officer Edward Cloues has presided over “investor relations disasters” and is responsible for “egregious” strategic choices.
Hedge Fund Charged With Manipulating Futures Contract Prices (HedgeCo)
Federal Judge Analisa Torres has rejected arguments put forward by a hedge fund-like firm and cleared the way for a lawsuit filed by the FTC in New York, Reuters reports. The CFTC claims that Donald R. Wilson and his company, DRW Investments, profited by at least $20 million, while their trading counterparties suffered losses of an equal amount. “Traders cannot engage in manipulative acts to affect the price of futures contracts to achieve their desired profits, regardless of the so-called motive.
Implications Of AIFMD For U.S.-Based Hedge Fund Managers (Finalternatives)
For most people in the Northern Hemisphere, July is a month to rest and relax, but for fund managers subject to new EU regulations, July has been a month to meet deadlines. The European Directive on Alternative Investment Fund Managers came into force in July 2011 and was required by law to be implemented in all 28 EU member states (plus Norway, Iceland and Liechtenstein) by July 2013. July 2014 brings further requirements, specifically for hedge fund managers based outside of the EU.
Hedge fund manager reinvents himself into luxury shuttle service owner (InAutoNews)
At any given moment, Richard Fertig, before 2009, was the fortunate manager of a hedge fund portfolio worth $4 billion – and he found out it was not nearly enough to get back in the race after the latest Great Recession took his job. So, in a usual American style, he took the time to reinvent. He decided the best course of action would be to address one of his previous employments biggest headaches – the painful low-quality of ground transportation. He moved to establish Brilliant Transportation, which is another take on the shuttle business – albeit definitely one that can only be afforded by those seeking luxury…
Bank of NY Mellon is Trian’s new core position (CNBC)
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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