Editor’s Note: Related tickers: Agrium Inc. (NYSE:AGU), Google Inc (NASDAQ:GOOG), Facebook Inc (NASDAQ:FB), Dell Inc. (NASDAQ:DELL), Skechers USA Inc (NYSE:SKX), Herbalife Ltd. (NYSE:HLF)
Germany’s economy will probably be in a recession by elections scheduled for the end of September because monetary policy officials in the euro area aren’t providing the necessary stimulus, said billionaire investor George Soros. “Germany itself remains relatively unaffected by the deepening depression that is enveloping the eurozone,” Soros said in a speech at the Johann Wolfgang Goethe-University in Frankfurt. “I expect, however, that by the time of the elections, Germany will also be in recession.”
MIK Fund Solutions & PortfolioScience Collaborate: High-Performance Risk Analysis via MIK (PRNewsWire)
MIK Fund solutions, a leading provider of data aggregation and reporting software for asset managers and PortfolioScience, a provider of on-demand risk management systems for hedge funds and hedge fund service providers, today announced the integration of PortfolioScience’s RiskAPI platform into the MIK Data Warehouse solution. The completed integration enables hedge funds that utilize MIK’s data warehouse to access a full suite of multi-asset risk analysis capabilities, seamlessly embedded within a fully flexible, multi-feature data warehouse. The collaboration with PortfolioScience allows clients of MIK to generate highly customizable and fully integrated suite of risk calculations such as: multi-model Value-at-Risk (“VaR”), multi-dimensional stress testing, exposure analysis, and option analytics. All calculations are available across funds, portfolios, sub-portfolios, and individual positions.
Aurelius Capital Management LP Offers Financing Cash to Clearwire (IVCPost)
The hedge fund Aurelius Capital Management LP had offered US$80 million in financing last Tuesday to Clearwire Corp, This is the alternative offered to the wireless service provider from the convertible financing offered by its majority shareholder Sprint Nextel. Sprint Nextel is trying to acquire the rest of Clearwire and has instituted a loan package financing for shareholdings swap with the company. This move by the hedge fund is the latest chapter of in the Clearwire saga which involves purchase of 49% of the shares that the company does not own by Sprint.
New York hedge fund snaps up ex-BlackRock rates chief (CityWire)
Hedge fund specialist Mariner Investment Group has announced the hire of BlackRock’s former head of global rates investments Eric Pellicciaro. The fixed income specialist joins the New York-based outfit in a fund management role and has been handed a global macro portfolio, called the Alarium Mariner Global Macro fund. Pellicciaro left the US giant in December last year, his departure coinciding with Euro Stars AAA-rated manager Matthew Marra ceasing active managements, and saw Pellicciaro relinquish roles on both the BGF US Dollar Core Bond and BGF US Government Mortgage funds.
Activist hedge fund Jana Partners fails to gain seats in Agrium (Opalesque)
U.S. activist hedge fund Jana Partners suffered defeat Tuesday despite early confidence of a victory after it failed to gain two board seats in Canadian agricultural supplies company, Agrium Inc. (NYSE:AGU). According to a report by the Financial Times, it was a rare defeat for the $4.5bn hedge fund firm run by Barry Rosenstein. Jana’s Rosenstein accused Agrium of changing the rules that resulted to his defeat. He was quoted as saying, “We have learnt however that after the vote deadline, enough votes for us were apparently revoked to change the outcome.”
Longboard Asset Management grows managed futures fund, sees opportunities in currencies (Opalesque)
Liquid alternatives are one of the fastest growing sectors of the alternative investment space. They offer fee conscious, risk averse investors a means of access to hedging strategies and hedge fund managers without all the fuss of actually investing in hedge funds. Many of these products offer a strategy-lite version of common hedge fund strategies like long/short equity, within a mutual fund structure. As Opalesque has reported, putting managed futures strategies in to a mutual fund structure is also gaining traction with both managers and investors.
Google Inc (GOOG), Broadcom Corporation (BRCM): To Call This Fund a ‘Tech Bull’ Would Be Saying it Lightly (InsiderMonkey)
Empire Capital Management, run by Scott Fine and Peter Richards, invests heavily in the technology sector, with more than three-quarters of the entire value of the fund’s equity portfolio in tech stocks. This strategy seems to be paying off nicely for the duo’s 13F-reportable assets, as it has grown in value by roughly 15% since the third quarter of 2012. In addition, all of the top five holdings in Empire’s equity portfolio are from the technology sector. At number two is Google Inc (NASDAQ:GOOG), a new addition to the Empire equity portfolio, with 77,911 shares—a $55 million value. Google Inc (NASDAQ:GOOG) has been very active lately, following the release of the Samsung Galaxy and Facebook Inc (NASDAQ:FB)’s Home, both of which use Google Inc (NASDAQ:GOOG)’s Android as their operating system…
Dr Doom warns wealthy could face 60% savings haircut (CityWire)
The wealthy could suffer haircuts of up to 60% on their bank deposits after profiting from widespread money printing by central banks, Marc Faber has warned. The esteemed economist and author of the Gloom, Boom and Doom report said investors would soon have to consider the ‘quality’ of institutions holding their cash. It follows events in Cyprus, where savers were targeted in exchange for a €10 billion bailout package, although the conditions for this were later revised.
Unhappy Dell shareholder urges company’s board to scrap $24.4B deal, pursue alternate bids (WashingtonPost)
Dell Inc. (NASDAQ:DELL)’s largest independent shareholder is leaning toward supporting one of the two bidders trying to scuttle the slumping personal computer maker’s proposed $24.4 billion sale to a group including CEO Michael Dell. Southeastern Asset Management expressed its preliminary support for the alternative offers in a letter sent Tuesday to the four-person committee overseeing the negotiations. The development doesn’t come as surprise, given that Southeastern has been the most vocal opponent to Dell Inc.’s plan to sell itself to Michael Dell and Silver Lake Partners for $13.65 per share.
KPMG Says Los Angeles Partner Fired for Leaks (Bloomberg)
KPMG LLP fired the head of its Los Angeles audit practice after learning that he provided inside information to someone who used it to trade stocks. The partner, Scott London, was the lead auditor for Skechers USA Inc (NYSE:SKX), according to David Weinberg, the shoemaker’s chief financial officer. Herbalife Ltd. (NYSE:HLF) and Skechers (SKX) said in statements that KPMG is withdrawing as their auditor. The U.S. Justice Department and the Securities and Exchange Commission are investigating the partner’s actions, according to people with knowledge of the situation.
Mary Jo White Sworn in as Chair of SEC (SEC)
The Securities and Exchange Commission today announced that Mary Jo White was sworn in this morning as the 31st Chair of the SEC. Chairman White comes to the SEC with decades of experience as a federal prosecutor and securities lawyer. She was nominated to be SEC Chair by President Barack Obama on Feb. 7, 2013, and confirmed by the U.S. Senate on April 8. “It is an honor to lead the talented and dedicated SEC staff on behalf of America’s investors and markets,” said Chairman White. “Our markets are the envy of the world precisely because of the SEC’s work effectively regulating the markets, requiring comprehensive disclosure, and vigorously enforcing the securities laws.”
Proactis Holdings Plc : Global Hedge Fund Firm Manages Corporate Spend with PROACTIS (4-traders)
PROACTIS, a global Spend Control and eProcurement provider, today announced that one of the largest hedge fund firms in the world has placed a further order against an initial three-year contract which brings their total investment in PROACTIS’ software and consultancy to over $2million. The institution is actively deploying PROACTIS software and services to manage their corporate spending to achieve cost savings and business process efficiency. …Rod Jones, CEO of PROACTIS, commented: “I am delighted to announce this milestone which is testament to our expertise in understanding the Spend Control and procurement needs of large, complex organisations. This extended contract clearly demonstrates our strong reputation of providing a tangible return on investment for global companies from day one.”
