Brazil’s Vinci sets sights on global partners (Financial News)
Two years ago, Brazilian asset manager Vinci Partners decided to diversify its investments overseas. About 95% of its money was invested in Brazil. Nigel Whittaker now runs Vinci Zafferano Capital, which in November launched the Vinci Zafferano Emerging Markets Opportunity fund with more than $130m in total capital from Vinci, Tudor and the new firm’s partners. Whittaker told Financial News in February that the initial target was to grow the fund to $300m-$400m, adding that, with current resources, it could eventually hit $1bn. Now Vinci is looking to do similar deals. Fabio Pegas, a partner at the $8bn Vinci, told Financial News: “We are looking to invest in up to seven hedge funds [globally] over the course of three to five years. The idea is to benefit from the huge dislocation caused by changes in regulation.”
Billionaire Paul Singer’s Elliott Management Bought Hess Corp. (HES), Sold Brocade Communications Systems, Inc. (BRCD) During Q1 (Insider Monkey)
Elliott Management, a hedge fund managed by billionaire Paul Singer since its founding in 1977, has filed its 13F for the first quarter of 2013. Singer increased the size of his position in Hess Corp. (NYSE:HES) to a total of about 17 million shares- over ten times as many as his fund had owned at the beginning of 2013. Elliott had been trying to push the oil and gas company into divesting its downstream operations in order to focus on exploration and production activities and also fighting with the company for control of the Board of Directors. According to the 13F, the fund sold all its shares of Brocade Communications Systems, Inc. (NASDAQ:BRCD) after the $2.5 billion market cap networking and data storage systems company had been one of its top picks during Q4.
Treasury Yields Near 2-Month High on Bets Fed to Taper Stimulus (Bloomberg)
Treasury 10-year yields were near the highest in two months on speculation stronger economic data are driving the Federal Reserve closer to tapering the pace of its asset purchases. Treasuries capped a third straight week of losses last week, the longest streak this year, after consumer confidence jumped. Hedge-fund managers and other large speculators held a net-short position in 10-year note futures for the first time in almost two months before the Fed releases minutes of its last meeting and Chairman Ben S. Bernanke testifies before the Congress on economic outlook. Data this week may show sales of existing homes increased in April.
Best 100 Hedge Funds (Barron’s)
Hedge-fund manager Christian Zugel has made a mint in mortgage-backed securities, and he has also been wheeling and dealing in a lot of real estate. He has had to figure out how to fit a growing staff of 73 into a renovated garment factory, originally built by a grandfather of former The Walt Disney Company (NYSE:DIS) Chairman Michael Eisner near the Jersey shore in the town of Red Bank. Zugel also has moved into bigger quarters in London’s Hanover Square, and is in the process of doubling his space in Shanghai, so his firm, Zais Group, can broaden its research and investor base around the world.
