Convergence Opens Hedge Fund To Qualified Investors (HedgeCo)
California-based hedge fund manager, Convergence Capital Management Group LLC., is opening its absolute return diversified multi-strategy fund, Convergence Capital Partners Fund I LP. to qualified investors. The Fund was launched in May 2013 and has since returned 20.8% gross in fees. Richard Hawkins, CAIA, and Alexander Olson are the managers of the Fund. “The Fund is designed for the preservation of capital and will offer investors the advantage of an uncorrelated, stable return stream.” Richard Hawkins, co?founder and fund manager, said…
Hedge Fund, American Apparel Appoint New Board (Finalternatives)
Struggling retailer American Apparel Inc (NYSEMKT:APP) has named most of its new board of directors under a $25 million rescue agreement with hedge fund Standard General. Under that agreement, Standard General has the right to pick three of the seven members of the board. It named partner David Glazek and turnaround specialist Thomas Sullivan to the panel, and is expected to name its third director shortly. Sullivan sits on the board of Media General, Inc. (NYSE:MEG) with Standard General chief investment officer Soo Kim.
Testing Time has Begun for ValueAct’s Microsoft Play (InstitutionalInvestorsAlpha)
Jeffrey Ubben and Mason Morfit at ValueAct Capital Partners wanted to see a change in direction at Microsoft Corporation (NASDAQ:MSFT), and now they’re getting glimpse of what change might mean under CEO Satya Nadella. The new chief executive, who has been in the job for just five months, sounded fired up when he said “we’re going to change the world” during the quarterly earnings call this week. That’s standard patter for a technology executive, but to bring on long-term value he will have to truly change the world, at least from a technology perspective, not to mention Microsoft’s corporate culture.
Hound Partners’s Woes Familiar to Other Tiger Colleagues (InstitutionalInvestorsAlpha)
The New York-based Tiger Seed, so called because the manager started with money from Tiger Management founder and hedge fund legend Julian Robertson Jr., lost 1.35 percent in June, pushing down its gain for the year to slightly less than 1 percent, according to its most recent client reports, obtained by Alpha. The blame for the June setback lies squarely on the firm’s short book, which lost 3.30 percent on a gross basis versus a gain of 2.03 percent for the long book.
Apple [AAPL] analyst claims iPhone maker likely ‘obsolete’ (CommDigiNews)
Another day, more nonsense, and heavy earnings reports en route. Stocks are up only a few points on all averages as of noonish today, making this just another summer doldrums afternoon on Wall Street. Likely bored with stocks’ meandering, the chattering classes spiced up the action this morning by trotting out the latest version of stupid Apple Inc. (NASDAQ:AAPL) pundit tricks. As CNBC reported on its website this morning, it was Pedro de Noronha’s big chance to bloviate on that network’s less and less popular cable channel and website. The managing partner at hedge fund Noster Capital, said “he was unsure about the Silicon Valley-based company’s long-term potential.”
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