Who’s next? BNY Mellon starting bond hedge fund (InvestmentNews)
The Bank of New York Mellon Corporation (NYSE:BK), the bank that manages $1.5 trillion in client assets through 16 different investment-advisory firms, is starting a hedge-fund unit led by a trader who specializes in government bonds and related derivatives. Edward George Fisher, a onetime Brevan Howard Capital Management LP trader who is also known as E.G., is the chief executive officer of 484Wall Capital Management, an advisory company formed in September to run fixed-income arbitrage strategies, according to regulatory filings. 484Wall will use an approach similar to that of 5:15 Capital Management, a defunct hedge-fund firm that Mr. Fisher and two other former Brevan Howard traders set up and named for a song by the British rock group the Who.
Jim Rogers: Both Congress, BJP have not been and will not be good for India (LiveMint)
Hedge fund manager Jim Rogers has always been an India bear and a critic of the policies of the Indian government. The chairman of Rogers Holding who moved to Singapore in 2007 because he believes the centre of the world is moving to Asia, lashes out in an interview at both national political parties and dismisses Goldman Sachs Group, Inc. (NYSE:GS)’ recent report on how it was turning bullish on India because of the possibility that the Bharatiya Janata Party’s (BJP’s) Narendra Modi could be the country’s next prime minister. “I won’t invest in India” till the country opens up more, said Rogers.
Celesio says hedge fund Elliott holds 15 pct stake (Reuters)
Hedge fund Elliott International has built up a stake of 15.15 percent in German drugs distributor Celesio, the subject of an $8.3 billion takeover bid by U.S. rival McKesson Corporation (NYSE:MCK), Celesio said in a regulatory statement on Thursday. Celesio had said last week that Elliott, run by U.S. investor Paul E. Singer, owned 11.68 percent of the shares in Celesio as per Oct. 31. Elliott has a history of building up stakes in takeover targets with the aim of extracting a better price, such as with Kabel Deutschland just a couple of months ago.
Teachers union fights hedge funds on pensions (CNBC)
The American Federation of Teachers union is taking on Third Point’s Dan Loeb and other big hedge fund managers over pensions. “What we said to Dan Loeb and other investment managers is that transparency counts,” AFT President Randi Weingarten told CNBC on Wednesday. She was echoing the sentiments of an AFT report titled “Ranking Asset Managers,” in which the union wrote: “Many of the organizations attacking defined benefit [pension] plans are funded by hedge fund and private equity managers.”
Hedge funds prepare for higher global rates (FT)
Tapering – the curbing of the US Federal Reserve’s programme of quantitative easing – may be off the table in the near term, but for many investors, it still looms large. In the UK this week, the Bank of England’s declaration that the recovery was in train underlined the issue that interest rates could rise sooner than previously expected, and that the portfolios of most institutions are woefully positioned. The problem is such that regulators have taken it upon themselves to start prodding large money managers on their short-end debt exposures, which they view as uncomfortably large.
Jeff Ubben Helps to Recover Allison Transmission’s Face Value (InsiderMonkey)
Jeffrey Ubben’s hedge fund, ValueAct Capital, did not disclose holding shares of Allison Transmission Holdings Inc. (NYSE:ALSN) in its latest 13F filing with the Securities and Exchange Commission. However, recently, Mr. Ubben has submitted a new filing with the SEC disclosing the ownership of 18,025,204 shares of the company. The position achieved represents a 9.9% of the company’s outstanding common stock, placing ValueAct Capital as the hedge fund with the largest position amongst those we track.
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