Steven Cohen Cuts Asking Price For His New York Apartment To $98 Million – It Wont Fetch The Nine Figures Originally Demanded (Jewish Business News)
The Corcoran group is currently listing for sale a gorgeous 9,000 square feet duplex apartment in New York City, with views of Central Park at 151 East 58th Street. The apartment is currently listed for the modest price of US$98 million. While that is a great deal of money it is already US17 million less than the original asking price a few months ago. The apartment belongs to hedge fund SAC owner Stephen Cohen, who has recently been forced by the US Department of Justice and the Securities and Exchange Commission to privatize his multi billion dollar hedge fund and turn it into a private office for his own estimated US$9 billion in personal family wealth.
Which hedge funds beat the S&P 500 this year? (Yahoo!7 News)
A roaring S&P 500 Index (^GSPC), up close to 30 percent in 2013, left many hedge funds in the dust. But a number of players managed to top the index with smart stock-picking or distressed investing nonetheless. Driven by large, aggressive positions in a handful of hospitals, health care and consumer services names, the Glenview Capital Opportunity Fund, run by money manager Larry Robbins, churned out returns of 97 percent through late Monday, says someone familiar with the matter.
Higgs Capital Commodities Hedge Fund Closing After 18 Months (San Francisco Chronicle)
Higgs Capital Management LLP, a $250 million commodities hedge fund founded by Neal Shear and Jean Bourlot, is closing after 18 months due to “a lack of capital stability.” Staying open would have required “a significant reduction in expenses along with a restructuring of the fund,” Bourlot, 40, said by e-mail today. The fund returned 7.5 percent since inception, he said. Investors were notified on Dec. 20, he said. “There is a lack of capital stability, and we would have had to change our management culture significantly if we had chosen to go forward,” Bourlot said by phone today. “I still think there is a need for a multi manager commodity hedge fund in alternative management or active management with stable capital.”
Hedge fund top brass pocket £317m (The Sunday Times)
Staff at one of Britain’s top hedge funds have shared a £317m payout despite a bust-up that led to the departure of one of its star managers and co-founders. Jeremy Hosking is believed to have pocketed about one-third of the windfall at Marathon Asset Management after abruptly retiring last year. It is understood that his departure after 26 years was prompted by a fallout with Neil Ostrer and Bill Arah, his co-founders, over control of one of Marathon’s funds. The company delivered record profits in his final year. The accounts for 2012-13 show distributions to members were £317m. The amount paid to the “member with the largest entitlement to profit” — thought to be Hosking — was £104m.
Activism in 2013: The Money Pours In (Wall Street Journal)
The activist investor is becoming Mr. Popular. In 2013, activists grabbed some of the biggest headlines and investors looking to get in on the action poured money into their funds. Through the first three quarters of the year, activist hedge funds added $7.2 billion in net asset inflows, the most since Hedge Fund Research began tracking activist funds. Total assets in activist funds — a small sliver of all hedge-funds assets — stand at $89 billion, an all-time high and up 36% from last year, HFR data show. Marcos Veremis, a managing director at Cambridge Associates, which advises large institutions, endowments and families on where to invest, has also recorded the growing popularity. Since the start of 2010, a list of top activist funds he tracks have grown by about 65% from asset inflows, he said, outpacing the broader hedge fund world.
