Former Shanghai Ghetto Moves To Turn Itself Into China’s Hedge Fund Hub (ChicagoTribune)
Shanghai’s Hongkou district was home before the country’s Communist revolution to thousands of often stateless immigrants fleeing Hitler that lived in what was called the Jewish ghetto. Landmark pre-war buildings in the area such as the Broadway Mansions and the Astor Hotel are still standing, open as tourist sports and represent fairly well-preserved throwbacks to another era of the storied city’s history. Since China launched its economic reforms in the 1980s, Hongkou has lacked the success of Shanghai’s wealthier areas such the Lujiazui financial district located directly across from it on the other side of the Huangpu River that divides Shanghai into two halves.
Hedge fund assets surpass new milestone in third quarter (CPI)
Hedge fund capital rose to $2.51 trillion in 3Q13, an increase of $94 billion over the prior quarter, with growth distributed across all strategy areas, according to the latest HFR Global Hedge Fund Industry Report, released today by HFR. “Investors allocated over $23 billion of net new capital to hedge funds in 3Q13, the highest quarterly inflows since 2Q11,” it said. “The HFRI Fund Weighted Composite Index gained +2.2 per cent in 3Q13 and has gained +5.5 per cent YTD through September, with performance leadership from Equity Hedge and Event Driven strategies.
Asian Hedge Funds’ Returns Top U.S., Europe Counterparts (WSJ)
Asia’s fledgling hedge-fund industry is springing to life, attracting the most money this year since before the global financial crisis and beating returns in the U.S. and Europe. Net inflows of $14.4 billion in the nine months ended Sept. 30 have brought total assets under management in Asia to $140.8 billion, according to data provider Eurekahedge Pte. Ltd. Asia’s hedge-fund industry is closer to the peak of $176 billion reached in 2007 than it has ever been in the last five years, a reflection of growing confidence in the region’s hedge-fund managers and the prospect of high returns as economic growth in Asia remains far stronger than the rest of the world.
Soros-Backed Essent Seeks $1.2 Billion Valuation in IPO (Bloomberg)
Essent Group Ltd. (ESNT), the mortgage insurer backed by George Soros and Goldman Sachs Group, Inc. (NYSE:GS), is seeking a valuation of $1.2 billion in an initial public offering as the company adds capital to expand sales. Essent and its investors are selling 19.7 million shares for $13.50 to $15.50 apiece, according to a regulatory filing today from the Bermuda-based firm. At the midpoint, that would raise about $286 million for a 24 percent stake.
Carl Icahn Cuts WebMD Below 5%, No Longer an Activist Stake (InsiderMonkey)
Carl Icahn, WebMD: In an amended 13D just filed with the SEC, Carl Icahn announced that he has agreed to sell back 5.5 million shares of WebMD Health Corp. (NASDAQ:WBMD) at a price of $32.08 each. Icahn held 6.7 million shares of WebMD at the end of the last 13F filing period, and the cut drops his stake far below the 5% threshold needed to carry out any sort of activist agenda.
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