Top hedge fund to shut down U.K operation (HereIsTheCity)
Two executives of SAC Capital Advisors went to the firm’s London offices across from St. Paul’s Cathedral Tuesday to deliver some unwelcome news. Bloomberg reports that Tom Conheeney, SAC’s president, and Sol Kumin, the chief operating officer, told their more than 50 employees there they were shutting the U.K. operation by the end of the year. Steven Cohen’s $14bn hedge-fund firm, which had previously assured staff that it planned to continue business as usual after U.S. prosecutors charged it with insider trading, would have to scale back, they said.
Welcome to Shanghai’s Hedge-Fund District (WSJ)
In another bid to make Shanghai a stronger financial center, the city is trying to establish a beachhead for China’s fledgling hedge-fund industry. The northern district of Hongkou plans to draw in several dozen hedge funds to set up offices by the end of next year. The firms, most of them local, will get “pretty generous” tax, rent and other incentives to establish themselves in what will be Shanghai’s “hedge-fund park,” said Kenny Li, CEO of asset manager KKM Capital, which is helping the government set up resources for the funds. The first offices will be in the 47-story Citic Plaza building, although the plan is to expand into the surrounding neighborhood as more hedge funds join, added Mr. Li.
Icahn sells big Netfix stake for 457% profit (USAToday)
Activist investor Carl Icahn sold more than half of his Netflix, Inc. (NASDAQ:NFLX) stake for a 457% profit. He says he and funds run by his son and a partner bought the shares for about $58 each, and sold them in several blocks this month for $304.23 and $341.44 apiece. A filing on Tuesday shows he still owns 2.7 million shares, or 4.5%, of the Los Gatos, Calif., company. Netflix shares hit an all-time high on Tuesday of $389.16. But investors started taking profits off the table, and it closed down 9% at $322.52.
Judge Detects Logical Flaw In ‘Hedge Fund Husband Pays For Both Divorce Lawyers’ Rule (DealBreaker)
Amanda Sykes, the unemployed wife of hedge fund big George Sykes, will have to dip into her own assets instead of relying on her husband’s deep pockets to fund her high-stakes divorce…. George Sykes “has every incentive to curtail the litigation to the extent possible, even if that means accepting a settlement that falls short of what he wants. The wife, on the other hand, without any ‘skin in the game,’ does not have the same incentive insofar as her litigation costs are being paid for completely by her adversary,” Cooper said…. Mayerson said that Amanda was demanding $1.5 million from her ex for the rest of her life in addition to half his fortune.
Jelly Belly Candy Chair and New York Hedge Fund Manager Underwriting Anti-Trans Student Initiative (Frontiersla)
Like to munch on those gummy bears or jelly beans or candy corn as you spruce up your Halloween costume? Well, for every handful of what you think might be good, clean fun or a childhood sense memory, you’re putting money into the pocket of one of the men who’s trying to take away the rights of trans and non-gender-conforming expressive students. …Sean Fieler, the president of Equinox Partners, a New York hedge fund, was Mr. Blankenhorn’s largest donor, until he quit the board. Mr. Fieler, whose average annual donation “ranged from $200,000 to $250,000,” said that a pro-marriage movement could not so easily accept gay and lesbian allies, not if they were seeking marriage rights.
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