King Ken: Recovered Citadel Chief Takes The Hedge Fund Throne (CNBC)
In April, a hedge fund firm in Chicago snagged arguably the most sought after economic mind in the world: Ben Bernanke. “He has extraordinary knowledge of the global economy,” Citadel founder and CEO Ken Griffin crowed in a statement announcing that his investment shop had hired the former Federal Reserve chairman as a senior advisor. “His insights on monetary policy and the capital markets will be extremely valuable to our team and to our investors.”
Third Point Sells Stakes in Alibaba, Hertz (The Wall Street Journal)
Daniel Loeb’s Third Point LLC has sold off its stake in Chinese e-commerce giant Alibaba Group Holding Ltd., according to a securities filing Friday. In addition to selling its 10 million shares in Alibaba, the New York hedge fund also exited its stake in car-rental company Hertz Global Holdings Inc. and Citigroup Inc. Third Point had opened the 4.25-million-share Hertz stake, valued at nearly $106 million as of March 31, and 5-million share Citigroup stake, valued at $270.6 million, in the previous quarter.
Carl Icahn Invests $100 Million In Ride-Sharing Service Lyft (Reuters)
Ride-sharing company Lyft Inc said it raised $150 million, led by a $100 million investment from activist investor Carl Icahn‘s Icahn Enterprises LP. Icahn joins a long list of backers for the three-year old startup, including Andreessen Horowitz, New York-based technology hedge-fund Coatue Management, Chinese e-commerce giant Alibaba, and hedge fund Third Point Management. One of Icahn’s managing directors, Jonathan Christodoro, will join Lyft’s board, Lyft said in a statement on Friday.
Druckenmiller Adds to Energy, Cuts Consumer Stocks in Quarter (Bloomberg)
Stan Druckenmiller bought shares of energy companies and sold retail stocks in the first quarter as the billionaire anticipates oil prices will rise by next year. The former chief strategist for George Soros purchased 561,600 shares of natural gas and crude oil producer EOG Resources Inc. valued at $51.5 million at the end of March, according to a regulatory filing. Druckenmiller’s Duquesne Family Office also bought a stake in Pioneer Natural Resources Co.
NYC Hedge-Fund Manager to Host Manhattan Events for Christie, Kasich (The Wall Street Journal)
Republican donor Paul Singer is hosting events for two potential 2016 presidential candidates in Manhattan later this month. Mr. Singer is co-hosting a morning roundtable discussion for Ohio Gov. John Kasich next Wednesday at the Park Hyatt Hotel, according to an invitation viewed by The Wall Street Journal. On May 26, Mr. Singer is scheduled to co-lead a luncheon for New Jersey Gov. Chris Christie at the Metropolitan Club.
Ray Dalio’s Bridgewater: This Is Not A Bubble (CNBC)
The largest hedge fund manager in the world is convinced the market is not a bubble about to burst. “We think asset prices are high and, as a result, the future expected returns of passive investing are likely to be low. But … we do not see current conditions as a bubble,” Greg Jensen and Jacob Kline of Bridgewater Associates wrote in a private note to clients on May 1 obtained by CNBC.com. Jensen is co-chief investment officer of Bridgewater along with founder Ray Dalio and Bob Prince.
Jana Reports $2.2 Billion Increase in Stocks, Adds Brookdale (Bloomberg)
Jana Partners, the hedge-fund firm run by Barry Rosenstein, saw the value of its U.S. public equity holdings increase by $2.2 billion last quarter to almost $11.5 billion. Jana took new stakes in companies including United Rentals Inc., Brookdale Senior Living Inc., Lions Gate Entertainment Corp. and Starwood Hotels & Resorts Worldwide Inc. with a combined market value of more than $1.2 billion as of March 31, according to a regulatory filing today.
Blackstone Buys Minority Stake in Hedge Fund Magnetar Capital (The New York Times)
The Blackstone Group is taking a minority stake in Magnetar Capital, the $13.6 billion hedge fund run by the former Citadel trader Alec Litowitz. It is the latest deal for the hedge fund arm of Blackstone, a unit run by J. Tomilson Hill. Blackstone, based in New York, has been building up a portfolio of minority stakes in hedge funds and has raised more than $3 billion to do so.
Ackman’s Firm Said to Plan Move to NYC’s Dealership Row (Bloomberg)
A group including Bill Ackman’s Pershing Square Capital Management agreed to buy a Ford dealership building on Manhattan’s far west side, where the hedge-fund firm intends to move its headquarters, two people with knowledge of the negotiations said. The partnership is led by New York-based developer Georgetown Co., with Ackman’s firm acting as co-investor and anchor tenant, said the people, who asked not to be named because the deal is private. The purchase means Pershing Square won’t move to Boston Properties Inc.’s 250 West 55th St., where in late March it was close to agreeing to a lease, one of the people said.
