UBS Set To Unveil Asia Hedge Fund (Finalternatives)
UBS AG (ADR) (NYSE:UBS)‘s hedge fund unit has launched its first Asia-focused hedge fund and will open it to outside investors later this year. UBS O’Connor launched the O’Connor Asia Fund in August with internal capital. The fundamental, tactical long/short equity fund is headed by John Bradshaw in Singapore and David Perrett in New York, Bloomberg News reports. All told, the fund’s team numbers 10, including a presence in Hong Kong. The group has traded for O’Connor’s flagship hedge fund since April of last year. Bradshaw and Perrett are former members of UBS’ proprietary-trading operation, and have worked together since 2005.
Icahn Chasing More Dell Cash Shows Rise of Appraisal Arbitrage (BusinessWeek)
Carl Icahn’s plan to seek a higher price for his stake in Dell Inc. (NASDAQ:DELL) put the spotlight on a section of Delaware law that is being used by a growing group of money managers to squeeze more cash from corporate buyouts. Icahn, 77, has vowed to petition the Delaware Chancery Court for an independent valuation of his 8.9 percent stake in Dell, the computer maker that won shareholder approval last month for a $24.9 billion buyout led by founder Michael Dell. Should he proceed, Dell would have to pay him whatever the court decides his stake, valued at $2.2 billion under the buyout terms, is worth. Icahn would get accrued interest of almost 6 percent on the award, regardless of whether it is more or less than he would have received through the original deal.
Marc Faber: 7 Key Insights About Today’s Debt Bubble (ETFDailyNews)
Based on a diversity of recent interviews with Marc Faber we could paint a picture of how the Swiss investor thinks about the ongoing debt crisis and especially its implosion. This article provides a summary on seven critical points. The dangers of a market crash: “Unlike the ’50s and ’70s when there was relatively less overall debt, a financial market crash did not inflict great damage on the economy. Debt levels are significantly higher these days, and so a market crash can inflict serious damage on economies. We’ve gone through a period of huge asset inflation, in stocks, bonds, commodities, and real estate, and we essentially now have in the world, a huge asset bubble. So everything is grossly inflated.”
Doctor Doom warns of Spanish debt trap (IFAMagazine)
Speaking at a conference, New York University (NYU) Economics Professor Nouriel Roubini has offered his economic forecasts for Spain, stating that growth will not surpass 1 per cent during the next three or four years, Spanish daily El Economista reports. Roubini added that growth will not be enough to reduce the excessive unemployment rate. Although he acknowledged that exports have improved, Roubini explained that Spaniards will find themselves in a debt trap as salaries fall in an internal devaluation necessary to improve competitiveness and as home prices fall, making households more indebted in turn hurting domestic demand.
BlueCrest Hires Nomura’s Head of Emerging Market Credit Trading (BusinessWeek)
BlueCrest Capital Management LLP, the $36 billion hedge-fund firm run by former JPMorgan Chase & Co (NYSE:JPM) trader Michael Platt, is hiring Nomura Holdings, Inc. (ADR) (NYSE:NMR)’s head of emerging markets credit trading, Marcel Kfoury. Kfoury, who joined Nomura in July 2009, resigned on Oct. 1 to become credit portfolio manager for the hedge fund, he said today in a phone call from London. He’ll be based in the U.K. capital and will start his new post in January, he said.
Einhorn’s Is Positive On Vodafone Group Plc (NASDAQ:VOD) (GDPInsider)
The hedge-fund manager, David Einhorn, said that AT&T Inc. (NYSE:T) might target Vodafone Group Plc (ADR) (NASDAQ:VOD) for a takeover bid once the British company breaks its Verizon joint-venture. Verizon has acquired Vodafone Group Plc (NASDAQ:VOD) Verizon’s Wireless stake in a deal worth $130B. Now it just seems like the company has an attraction quotient attached to it, especially for companies that are seeking to expand into Europe, said Einhorn. The hedge fund manager is Greenlight Capital’s president. The hedge fund has a stake in the communications company. Lucrative market On Bloomberg, Einhorn said that if you take away Verizon Communications Inc. (NYSE:VZ) from the Vodafone Group Plc (NASDAQ:VOD) equation, what is left is the European business and this makes the company a very attractive proposition.
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