Simonses give $50 million to Cold Spring Harbor lab (NewsDay)
Long Island hedge-fund investor James Simons and his wife have given $50 million to the Cold Spring Harbor Laboratory to establish a center that uses quantitative tools to understand fundamental biology, including studying disease and illness, the lab said Monday. The Simons Center for Quantitative Biology will support research and education programs, bringing together “experts in applied mathematics, computer science, theoretical physics and engineering to further basic research and investigation into illnesses including cancer, autism, bipolar disorder and depression,” the lab said in a news release.
Ackman’s Hedge Fund Offers Slate of Directors for Botox Maker Allergan (NYTimes)
Pershing Square Capital Management unveiled a proposed slate of directors that it hopes to elect to the Allergan, Inc. (NYSE:AGN) board. Pershing Square, which is working with Valeant Pharmaceuticals Intl Inc (NYSE:VRX) on a $53 billion hostile bid for the Botox maker Allergan, is still working to secure enough shareholder support to call a special meeting. Should the meeting be called, Pershing Square, which owns about 10 percent of Allergan, will attempt to dismiss without cause six existing board members, and elect six new ones. The proposed slate includes executives with varied backgrounds.
Soros Fund sued by former portfolio manager (Reuters)
A former portfolio manager at Soros Fund Management sued the hedge fund firm founded by billionaire George Soros for nearly $20 million, accusing it of reneging on promises to pay him performance and other fees. Aaron Cowen was employed by Soros Fund Management, which manages Soros’ money, from November 2010 through July 2011, according to the lawsuit, filed July 3 in New York state court in Manhattan. Cowen claims he was fired without cause, that he never received performance and management fees due him, and that the firm’s refusal to pay and provide his track record has hampered his ability to raise capital to start a new fund.
Why Billionaire Leon Cooperman’s Large Stake in Chimera Investment Corporation Isn’t a Good Reason t (DailyFinance)
Despite a litany of problems at Chimera Investment Corporation (NYSE:CIM), the high-yielding mortgage REIT has nevertheless caught the eye of hedge-fund billionaire Leon Cooperman. In the last few years, the renowned investor has accumulated over 66 million shares in Chimera, equal to 6.44% of its outstanding share count. Before calling your broker and following suit, however, I’d advise you to keep two things in mind. First, Chimera is a highly speculative stock that remains mired in an accounting debacle dating back to its inception as a publicly traded company. And second, Cooperman’s resources give him an edge that simply isn’t available to the average investor.
PetSmart Shareholder Longview Joins Jana Calling for Sale (BusinessWeek)
PetSmart, Inc. (NASDAQ:PETM) investor Longview Asset Management LLC joined hedge fund Jana Partners LLC in calling for the pet-supply retailer to consider a sale. PetSmart would be more highly valued by private holders than investors in public markets, and a sale would prevent a protracted activist battle that would distract executives and erode value, Chicago-based Longview said today in a letter included in a securities filing. Longview said its clients own about 9 percent of the company’s shares and would consider contributing some or all of their stock into a deal.
Box raises $150 million as it puts off IPO (CNBC)
The online storage start-up Box can put off its IPO for a bit longer. The company has raised $150 million in funding from the hedge fund Coatue Management and the private equity firm TPG, according to a Wall Street Journal report. The funding values Box at about $2.4 billion, slightly more than the company’s valuation in December of $2 billion. Box publicly filed for its IPO in March, but delayed its plans after tech stocks took a hit in April this year. According to the report, the company will go public sometime after Labor Day.
Hedge funds: Who’s delivering? (CNBC)
Hard-Hit Macro Hedge Funds Stage Nascent Turnaround (WSJ)
Global macro hedge funds are showing signs of life after weathering a difficult period. These funds, which bet on movements in instruments as diverse as bonds, equities, currencies and commodities, are famous for large, double-digit returns and big directional trades by the likes of billionaire George Soros. In recent years, the funds’ returns have been hurt by the difficulty of predicting the moves of politicians and lawmakers. The early signs this year were not especially encouraging. Bets that the dollar would continue its rise against the yen and that U.S. Treasury yields would move higher—both trades that worked last year—proved badly wrong.
Gas Bulls Cut Bets by Most Since November as Supply Gains (Bloomberg)
Hedge fund managers’ retreat from bullish natural gas bets is becoming an exodus as mild weather and rising production erode a record supply shortfall. Money managers cut net-long positions, or wagers on rising prices, by 15 percent in the seven days ended July 1, according to the Commodity Futures Trading Commission data. Net-long bets fell by the most since November. Long positions slumped 9.2 percent while bearish bets dropped by 2.7 percent. A deficit to five-year average gas stockpiles has narrowed to 29 percent from an all-time high of 55 percent in April at the end of a frigid U.S. winter…
Highbridge Capital brings on former Fortress managing director (PIOnline)
Jonathan Ashley joined Highbridge Capital Management’s London office as a portfolio manager in the alternative investment manager’s principal strategies unit. Mr. Ashley’s position is new, said a source with knowledge of Mr. Ashley’s appointment who requested anonymity. He is on the investment team that manages Highbridge Capital’s non-hedge fund strategies, including mezzanine debt, leveraged loans, credit and growth equity. Mr. Ashley was a managing director on the London-based private equity team of Fortress Investment Group. Gordon Runte, a Fortress spokesman, could not be reached for comment about Mr. Ashley’s replacement by press time.
Tiger Global Up, Discovery Down in Mixed Year for Tiger Offspring (InstitutionalInvestorsAlpha)
Tiger Global Management is on a roll of late. The New York-based asset management firm, headed by Charles (Chase) Coleman III and Feroz Dewan, posted a 6.1 percent gain in its flagship Tiger Global hedge fund in June and is now up 15.25 percent for the year to date. It was up only 0.5 percent through April. As a result, it is one of the top performing hedge funds in what has been an otherwise rough first half, especially for the Tiger Management offspring – who have ties to Julian Robertson Jr.’s fabled hedge…
Will bet on India over US in 5-10 years horizon: Marc Faber (MoneyControl)
Investment guru Marc Faber is gung-ho on Indian equities and prefers betting his chips on India rather than the US. Faber, the author of Gloom Boom & Doom Report, said he doesn’t see the latter giving good returns in the next five-10 years horizon. The key near-term trigger for the Indian market is pro-reform Modi government’s maiden Union Budget on July 10. Investors are closely watching the event and with the countdown in its last leg, Faber expects the Indian government to look at simplifying tax code . Also, to boost the subdued investment climate, team Modi will have to fix a slew of issues, he added.
Wife of hedge-fund boss in £1bn divorce claims she made him a philanthropist (Telegraph)
The ex-wife of one of the UK’s leading philanthropists suggested she was the reason he had directed so much of his vast wealth towards good causes. Jamie Cooper-Hohn claimed during what could be Britain’s first billion-pound divorce case that when she met her former husband, Sir Christopher Hohn, he had only been interesting in becoming rich. She suggested that it was due to her influence that he had turned his attention to charitable giving.
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