Top-Performing China Hedge Fund Exceeds $1 Billion in Assets (BusinessWeek)
Golden China Fund, the best-performing hedge fund investing in the nation over 10 years, exceeded $1 billion in assets for the first time with bets on financial, real estate and technology stocks. The fund, managed by Greenwoods Asset Management Ltd. founder George Jiang, had $1.1 billion in assets at the end of August, said Joseph Zeng, Hong Kong (700) office head of the Shanghai-based company. The first time it crossed the $1 billion mark on a month-end basis was in July, he added. Golden China Fund is bucking the trend among hedge funds investing in Chinese stocks that are heading for the worst performance in three years as a slowing economy is depressing stock-market returns.
Eddie Lampert And His Hedge Fund Have Lost A Combined $US236 Million On Sears Today (BusinessInsider)
Shares of retailer Sears got pummelled on a Bloomberg News’ report that a “medium sized” vendor had halted shipments. The stock was last trading down 15% at about $US25.72 per share. This is more bad news for billionaire hedge fund manager Eddie Lampert. Lampert — who runs Florida based ESL Investments and is the chairman/CEO of Sears Holdings Corporation (NASDAQ:SHLD) — has spent years trying to turnaround the beleaguered big-box retailer. Lampert is also the largest individual shareholder the retailer. So far, the investment has been a disaster.
Paul Singer’s Hedge Fund Pushes Technology Giant EMC to Break Up (NYTimes)
Elliott Management, the activist hedge fund that owns 2.2 percent of the technology giant EMC, is calling for the $57 billion company to break itself apart. In a letter addressed to EMC’s chief executive, Joe Tucci, and the board, Elliott criticized the company for being overly complex and suggested selling off a range of assets. Should EMC follow Elliott’s advice, it would join a wave of big companies, including Hewlett-Packard Company (NYSE:HPQ) and eBay Inc (NASDAQ:EBAY), that are breaking themselves apart, bowing to investor pressure.
Sorin Capital Hires SAC Vet Riddell (Finalternatives)
Sorin Capital Management has hired Marci Lauren Riddell as vice president of business development. Riddell joins Sorin from Optima Fund Management where she was a marketing professional. Prior to Optima, she worked at SAC. Capital Advisors (now Point72 Asset Management). In her new role at Sorin, Riddell’s responsibilities will include marketing and investor relations activities. She will report to another former SAC marketing professional, Chris Rae, who joined Sorin last month as managing director and head of business development.
CalPERS’s Move to Ditch Hedge Funds Doesn’t Signal Their End (InstitutionalInvestor)
Dan Och, chairman and CEO of hedge fund firm Och-Ziff Capital Management, earned $400 million in 2013 – more than 10,000 times the pension payout for the average California public retiree. With public pensions across America underfunded, beneficiaries facing the prospect of cuts and pension reform playing a major role in many U.S. elections, plans’ investment practices face growing scrutiny. Much of that attention is falling on hedge funds.
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