Boston Partner Todd Bourell to Leave ValueAct Capital (InstitutionalInvestorsAlpha)
Todd Bourell, one of the partners at activist hedge fund firm ValueAct Capital Partners, is leaving at the end of the year, according to reliable sources. Bourell, who has been with the San Francisco-based firm since 2001, is the only person working out of ValueAct’s Boston office. Sources say this set-up was not working even in the information age. The move won’t affect ValueAct. In fact, this is not very surprising given that in recent years many hedge fund firms have been…
Hedge fund Oceanwood raises $2 bln, to close to new investors (Reuters)
Europe-focused hedge fund Oceanwood Capital Management is closing its fund to new investors after its assets under management hit $2 billion recently, a source with direct knowledge of the matter said. Oceanwood, a multi-strategy hedge fund spinout from Tudor Group, started the year at $1.28 billion and raised money this year from clients including a $50 million investment from School Employees Retirement System of Ohio (SERS). “We plan to take some time to digest the recent growth, as well as ensure that we have the appropriate level of infrastructure and resources in all areas of the organisation,” the source said, citing a letter to investors sent by Oceanwood.
TransCanada Faces Spinoff Pressure From Hedge Fund (WSJ)
New York hedge fund Sandell Asset Management Corp. suggested Monday that TransCanada Corporation (NYSE:TRP) could boost its share price by 31% if it spun off its power-generation business and accelerated the transfer of more U.S. pipeline assets into a more tax-efficient structure. Sandell, which oversees about $1 billion in assets, outlined its ideas in a letter to the Calgary, Alberta, company’s board, arguing the stock would trade at its “intrinsic value” of 75 Canadian dollars if the plan was adopted, up from the C$57.18 level it traded at recently in Toronto. It made the letter public two days before TransCanada is set to meet analysts and investors Wednesday to review the company’s strategy.
Sliced Investing Raises $2 Million to Simplify Hedge Fund Investing for Accredited Investors (DigitalJournal)
Sliced Investing, an investment platform connecting accredited investors to hedge fund investments, announces today that it has closed seed financing of $2 million to expand the platform and grow its user base. Venture capital firms Khosla Ventures, Triple Point Ventures and Data Collective invested alongside technology incubator Y Combinator. Sliced Investing will use the seed round to develop new funds for investors and accelerate their growth. Co-founders Michael Furlong and Akhil Lodha are applying their financial backgrounds from Citigroup Inc (NYSE:C) and Motif Investing to help accredited investors, who have historically not had streamlined access to hedge funds, gain exposure to the asset class.
BofAML: Hedge Funds Underperform S&P 500 (Finalternatives)
Hedge funds trailed the S&P 500 for the week ending November 12, according to the latest Bank of America Merrill Lynch Hedge Fund Monitor. The diversified hedge fund index was up 0.1% for the week while the S&P 500 was added 0.7%. Macro funds were the best hedge fund performers for the monitored period, adding 0.3%, while convertible arbitrage were the worst, shedding 0.9%. BofAML analyst MacNeil Curry said market neutral funds trimmed their market exposure to a negative 2% net short position from 0% net long. Equity long/short funds cut their exposure to 34% net long from 42% net long, below the 35-40% benchmark level.
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