US Hedge Fund Plans to take on Big Pharma Over Patents (CNBC)
U.S. hedge fund manager Kyle Bass, who won fame for predicting the subprime mortgage crisis in 2008, plans to take on some of the world’s biggest drug producers by challenging the patents of their top brands, he said on Wednesday. Bass, the founder of Dallas-based Hayman Capital Management, L.P., said some drug firms were hanging onto patents in questionable ways and he planned to take around 15 firms into a so called Inter Partes Review (IPR) process created by the America Invents Act. in 2012.
Hedge Fund Star Hohn’s TCI Up 8 PCT IN 2014 (Reuters)
The Children’s Investment Fund, run by star hedge fund manager Chris Hohn, gained about 8 percent last year, a source familiar with the performance said. The fund, best known for undertaking aggressive campaigning to boost company performance, managed about $8 billion last year, a letter to investors obtained by Reuters showed.
Starboard Ramps Up Pressure on Yahoo to Unlock Alibaba Value (Bloomberg)
Activist investor Starboard Value LP intensified pressure on Yahoo! Inc. (NASDAQ:YHOO) in a new letter urging Chief Executive Officer Marissa Mayer to disclose her plans for assets such as a stake in Alibaba Group Holding Ltd. In the letter, addressed to Mayer from Starboard CEO Jeffrey Smith, the investor said it had become “increasingly concerned” by reports that the Web portal is looking to make major acquisitions.
Lawsky Said to Probe Medley Hedge Fund Over Payday Loans (Bloomberg)
New York’s financial regulator sent a subpoena to Medley Opportunity Fund II last week as he investigates the hedge fund’s ties to payday lending, a person with knowledge of the matter said. Department of Financial Services Superintendent Benjamin Lawsky is seeking records from the fund on its investments in payday lenders, including lending relationships or joint ventures, said the person, who asked not to be identified because the probe is confidential. The inquiry is in its early stages and may not result in further action, the person said.
Marathon Asset Appoints Jamie Raboy as Partner (Reuters)
Investment advisor Marathon Asset Management L.P., said it has appointed Jamie Raboy, its global head of risk management, as partner. Raboy has been with New York-based Marathon since its inception in 1998 and serves on the executive board of the firm, which manages about $12.5 billion in assets.
Hedge Funds Resume Bullish Gold Bets as Greece Vote Looms (Bloomberg)
Hedge funds are stepping back onto the gold bandwagon as political turmoil in Greece and government actions in Asia helped send prices to their biggest monthly advance since June. Bullish wagers on the metal increased for the first time in three weeks and have more than doubled since mid-November, U.S. government data show. Short holdings dropped for the sixth week in seven. Bullion rose for a second straight month in December.
Turiya Hedge Fund Said to Return 17.5% of Capital to Investors (Bloomberg)
Davide Erro has decided the best way to keep clients happy is to give some of their money back. Turiya Advisors Asia, the Hong Kong hedge fund that’s grown to manage more than $3 billion since starting trading in 2010, is returning capital amounting to 17.5 percent of its assets at the end of last year, said two people with knowledge of the matter. The Asia-focused equity fund, led by Chief Investment Officer Erro, made the decision because the fund’s assets swelled too quickly, said the people, who asked not to be identified because the information is private. Adrian Gmuer, Turiya’s marketing director, declined to comment.
Debt Dispute Between Hedge Funds and Argentina at Impasse (The New York Times)
The hopes of easing a debt dispute between Argentina and a group of New York hedge funds seemed to be dashed on Monday after the country’s economy minister made an offer that appeared to fall well short of what the investors were seeking. Argentina made the informal offer after a potentially onerous legal clause in its bonds ceased to apply on Dec. 31. The hedge funds, known as holdouts, had sued Argentina in the United States to get full payments on bonds that the country defaulted on in 2001.
