Citadel Founder Splits With Wife (Finalternatives)
Citadel Investment Group founder Kenneth Griffin has filed for divorce from his wife of 10 years. Griffin’s lawyers filed the petition for dissolution yesterday, they said in a statement. His wife, Anne Dias Griffin, said through her attorney that the divorce filing was unilateral and made “with no notice to either me or my client.” Robert Cohen said Griffin’s filing came after “she had just left for summer vacation with their three young children and would therefore be unable to respond.”
Getting Over Hedge Funds (BloombergView)
During the past few months, we have posted a few words here on the quandary that is hedge funds. The first such effort was titled “The Hedge-Fund Manager Dilemma,” and it explored the public’s fascination with the hedge-fund crowd. The second, “Why Investors Love Hedge Funds,” looked at why, despite stunning underperformance during the past decade, so much money was still flowing to the hedge funds. Now, we are seeing early signs that some institutional investors are losing patience. Case in point: California Public Employees’ Retirement System…
Activist Elliott Management sets its sights on IPG (Reuters)
Activist hedge fund Elliott Management has taken a 6.7 percent stake, worth about $570 million, in advertising firm Interpublic Group of Companies Inc (NYSE:IPG), setting up a showdown that could result in a sale. The $24 billion hedge fund run by Paul Singer disclosed in a regulatory filing on Thursday that IPG’s shares “are undervalued and represent an attractive investment opportunity.” Elliott said it wants to “engage in a constructive dialogue” with the company’s board of directors to maximize shareholder value.
Nelson Peltz Gets California Teachers Pension On His Side In His War Against PepsiCo (JewishBusinessNews)
Activist investor Nelson Peltz has won the support of the California State Teachers’ Retirement System, one of the largest pension funds in the US, in his campaign against PepsiCo, Inc. (NYSE:PEP), the NY Times reported. Last month the retirement system, known as Calstrs, sent a letter to a senior PepsiCo director, demanding that the company put Peltz on the board. Mr. Peltz’s hedge fund, Trian Partners, which owns a 0.8 percent stake in the company, has locked horns with PepsiCo management for a year, calling on it publicly to separate its snacks and beverage businesses – but to no avail.
How To Get A Job At A Hedge Fund (Forbes)
Though quite a few hedge funds were severely battered by the Great Recession, the business still holds a powerful allure. Mysterious and secretive, hedge funds dangle the possibility of enormous paydays and a work environment populated by intense math geniuses who dwell in giant Connecticut mansions or Upper East Side townhouses studded with artworks by Jeff Koons and Damien Hirst. What’s the hiring picture at these firms? Must you be a financial wiz with an IQ of 140 to even get a foot in the door?
Alternative investments in low-rate world (CNBC)
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.”
Recommended Reading:
Altai Capital Discloses New Position in TerraForm Power Inc. (TERP)
Paul Singer’s Elliott Management Initiates Position in Interpublic Group of Companies Inc. (IPG)
Havens Advisors Top New Positions: Covidien plc (COV), Idenix Pharmaceuticals Inc. (IDIX) and Others
