DuPont to Add 2 New Directors, but None From Peltz’s Slate (New York Times)
DuPont plans to change the lineup of its board members — but won’t draw from the nominees proposed by the activist investor Nelson Peltz. The chemical maker said on Thursday that it would replace two of its existing directors with people of its own choosing, after what it said was a rebuffed attempt to settle a fight with Mr. Peltz’s hedge fund, Trian Fund Management. DuPont will add Edward D. Breen, the chairman of Tyco, and James L. Gallogly, a former chief executive of the chemical maker LyondellBasell.
Och-Ziff Fourth-Quarter Profit Falls 54% on Lower Fees (Bloomberg)
Och-Ziff Capital Management Group LLC, the hedge fund firm run by Daniel Och, said fourth-quarter profit fell 54 percent on lower performance fees. Distributable profit, a measure excluding some costs related to Och-Ziff’s 2007 initial public offering, decreased to $255.4 million, or 50 cents a share, from $559 million, or $1.15, a year earlier, the New York-based company said today in a statement. Earnings per share beat the 34-cent average estimate of eight analysts surveyed by Bloomberg.
Paulson & Co. Distressed Partner Kamensky Exits Hedge Fund (Bloomberg)
Dan Kamensky, a partner at Paulson & Co., has left billionaire John Paulson’s hedge fund firm. Kamensky, who joined $17.8 billion Paulson & Co. in 2009, played a key role in some of the firm’s most profitable bankruptcy investments, including Lehman Brothers Holdings Inc. and Residential Capital LLC. “Dan Kamensky decided to leave Paulson to pursue new opportunities,” Paulson & Co. said today in a statement. “Dan contributed to successful distressed debt investments for the firm. We wish him the best in his new endeavors.”
Japan Tobacco To Buy Back Shares, As Investor Presses For Cash Back (Reuters)
Japan Tobacco is buying back its own shares worth up to 100 billion yen ($852.73 million) and paying investors a higher annual dividend, citing a goal of boosting shareholder returns. The moves represent a partial nod by Japan Tobacco to demands by activist investor the Children’s Investment Fund (TCI), the company’s second-biggest shareholder, which has been pressing for a return of cash to shareholders. TCI, run by star hedge fund manager Chris Hohn, is also seeking an year-end dividend of 150 yen per share. The buyback and dividend demands will be put to voting at Japan Tobacco’s shareholders’ meeting scheduled in late March.
Interpublic Adds New Directors, Settling Fight With Elliott (New York Times)
The Interpublic Group, the home of advertising agencies like McCann and FCB, said on Thursday that it would shake up its board, part of a settlement with the $25 billion activist hedge fund Elliott Management. Interpublic said that two of its existing directors, Jill Considine and Richard A. Goldstein, would retire on March 1. Succeeding them will be three new faces: Deborah G. Ellinger, a former chief executive of the Princeton Review; Henry S. Miller, a veteran of corporate turnarounds; and Jonathan F. Miller, a former chief executive of AOL who now invests in technology companies.
BlueCrest Spin-out BlueTrend Hedge Fund Gained 9.5 Percent in January (Reuters)
Systematica Investments, which spun out of BlueCrest Capital Management in January, gained 9.52 percent in its BlueTrend hedge fund last month, according to a letter to investors seen by Reuters. The computer-driven hedge fund, led by BlueCrest’s former head of systematic trading, Leda Braga, manages $7.6 billion and is one of the top performers in a month when similar strategies, as measured by industry tracker Eurekahedge, gained 4.7 percent on an average. The returns mark the third-best monthly performance for the fund, which launched over 10 years ago. Ed Orlebar, a spokesman for Systematica, declined comment.
Hedge Fund Posts Huge Gain in January (CNBC)
Cantab Capital Partners’ main hedge fund gained 13.4 percent over January, instantly making it a top performer for 2015 and continuing a hot streak for so-called quant managers who use computer algorithms to invest. The Cantab fund has hundreds of positions at once, but several economic events helped produce the largest gains, according to a private letter to clients obtained by CNBC.com.
Four Employees Said to Leave Carlyle’s Claren Road Hedge Fund (Bloomberg)
Four members of Claren Road Asset Management LLC’s investment team have left the hedge-fund firm majority owned by Carlyle Group LP, according to a person familiar with the situation. Christopher Hart, David Cross, Phil Bagguley and Mike Boam have departed from the firm’s London operations over the past three months, the person said, asking not to be identified because the information isn’t public. Sean Fahey, Claren Road’s co-chief investment officer, declined to comment.
Blackstone-Backed Senrigan Fund Said to Return 21% in 2014 (Bloomberg)
Senrigan Capital Group, a Hong Kong-based hedge-fund manager backed by Blackstone Group LP, had its best year in 2014 amid Asia’s corporate deal boom. Its $365 million Senrigan Master Fund, which focuses on corporate events such as mergers and reorganizations, returned 21 percent last year, said two people with knowledge of the matter, who asked not to be identified as the information is private. Suzi-Kay Jacoel, head of investor relations, declined to comment on the numbers, citing regulatory constraints.
