Former Citigroup Executive Joins Hedge Fund as Chairman (New York Times)
John P. Havens, who resigned as chief operating officer of Citigroup Inc (NYSE:C) in 2012 when Vikram S. Pandit was ousted as chief executive, has found a new home. Napier Park Global Capital, the hedge fund business that was spun out of Citigroup, announced on Tuesday that Mr. Havens, 57, had joined the firm as partner and nonexecutive chairman. “John is a seasoned, well-recognized leader in the financial services industry who has always stood for integrity and creating the best solutions to meet the needs of his clients,” James M. O’Brien, co-managing partner of Napier Park, said in a statement. ”Our team will benefit greatly from the full range of his management talent and experience.”
Investors exit hedge funds at fastest rate in four years (Reuters)
Investors pulled out money from hedge funds at the fastest rate for more than four years in December, following a year in which many managers’ performance disappointed, new data showed on Monday. The SS&C GlobeOp Capital Movement Index, which calculates monthly hedge fund subscriptions less redemptions, measured minus 3.56 percent for December, the biggest negative reading since September 2009. While the end of the year period usually sees a pick-up in redemptions as investors look to move money around their portfolio ahead of the new year, December’s reading is notably high. In the same month last year the index measured minus 2.61 percent.
Elliott Maintains Pressure on Riverbed to Pursue a Sale (New York Times)
Elliott Management has a lot on its plate at the moment, including taking on a huge target in Juniper Networks. But the hedge fund has not taken its eyes off Riverbed Technology, Inc. (NASDAQ:RVBD), a maker of networking equipment and software for which it has bid $3.2 billion. In a letter to Riverbed’s board sent on Tuesday, Elliott again urged the company to either accept Elliott’s takeover bid of $19 a share or run an auction for itself. The letter comes as the company’s directors prepare to meet this week, with the activist campaign almost certainly on their agenda.
Hedge fund sues to steer Jos. A. Bank toward deal (MENAFN.COM)
Eminence Capital LLC, a hedge fund, is suing U.S. retailer Jos. A. Bank Clothiers Inc (NASDAQ:JOSB) to block a deal-threatening acquisition, court papers filed in Delaware say. Jos. A. Bank executives have said they were in the market for an acquisition, which would likely derail a 1.6 billion hostile bid for Jos. A. Bank proposed by The Men’s Wearhouse, Inc. (NYSE:MW), the Wall Street Journal reported Monday. Eminence is Men’s Wearhouse Inc.’s largest shareholder, owning 10 percent of the company. It also owns 5 percent of Jos. A. Bank, which has turned down two offers from Men’s Wearhouse and was itself turned away by Men’s Wearhouse in an acquisition saga that began in September.
Meet The Firm Behind The First Hedge Fund Advertisement (EIN News)
When West Coast Hedge Fund Topturn Capital recently hired a professional surfer and commissioned a video to replace an ageing introductory presentation, people took notice. The video, picked up by Fortune.com, Barron’s, CNBC among others, was viewed over 6000 times worldwide in less than 48 hours giving Topturn more visibility and profile than it could have achieved in a year of marketing in the traditional way. The way that alternatives managers present themselves is entering a new era. The JOBS Act means that solicitation is no longer as restrictive as it once was. Topturn recognized that the way in which funds are talking, and investors are listening is fundamentally changing – and for those looking to get noticed in a sea of competition, creativity matters.
