UBP and GFS power advanced hedge fund platform that meets requirements of global investors (AMEInfo)
Union Bancaire Privée, UBP SA Union Bancaire Privée, UBP SA (UBP), one of Switzerland’s leading and best-capitalised private banks and a leader in the hedge fund industry with Middle East offices in Dubai and Beirut, has launched an alternatives division that offers its worldwide clients broad alternative investment expertise, as well as innovative solutions. As part of this strategy, it has selected Guggenheim Fund Solutions (GFS) as its partner to provide clients with an innovative platform that combines carefully selected hedge fund managers with a modern solution that delivers the transparency, governance, and structural risk mitigation required by investors. UBP will utilize its extensive hedge fund investing experience to identify, select and monitor performing managers that operate on the GFS managed account platform.
J.C. Penney close to securing $1.75B loan (UPI)
J.C. Penney Company, Inc. (NYSE:JCP) is close to securing a $1.75 billion loan that would be secured by the U.S. department store chain’s property, The Wall Street Journal reported. Persons familiar with the deal said the company would pledge a “significant” portion of its property to secure the loan, which is being handled by Goldman Sachs Group, Inc. (NYSE:GS) The loan would be due in five years, the Journal said. J.C. Penney Company, Inc. (NYSE:JCP) is attempting a comeback with recently rehired Chief Executive Officer Myron Ullman after firing CEO Ron Johnson. Johnson blundered by stopping the retailer’s discount program in favor of everyday low prices, which did not resonate well with customers. This week, investor George Soros said his investment company, Soros Fund Management LLC, had bought 7.91 percent of the retail company. That vote of confidence helped the stores’ stock value, which rose 11.5 percent on Friday to $17 per share, the Journal said.
Teachers Turn Out to Be Tough Markers (Barrons)
The American Federation of Teachers has a message for hedge-fund managers: You don’t like the notion of public pensions? Fine. You don’t get to manage ours. The AFT has published a list of 33 hedge-fund managers that are tied to organizations actively advocating elimination of defined-benefit pension plans in favor of defined-contribution plans such as 401(k)s. Accordingly, the AFT is actively advocating that pensions eliminate these managers from their plans. (Or refuse to hire them in the first place.) The AFT represents 1.5 million members and more than $800 billion in pension assets. “Pension-fund managers have a duty of loyalty and prudence” to their members, says Dan Pedrotty, one of the authors of the AFT’s list. “Is it loyal or prudent to fund your own destruction?”
Jim Rogers: Unplugged! (WallStreetDaily)
A few moments of billionaire Jim Rogers’ time has been a hot commodity lately. Especially on the heels of his prescient call about gold prices. His recent appearances include Bloomberg TV, CNBC, BusinessWeek, Business Insider and, of course, today in Wall Street Daily’s Keynote Speaker Series. But we’re not upset that our exclusive interview wasn’t so… well, exclusive. Because our recent chat with the commodities-investing legend unearthed a collection of one-of-a-kind observations…To hear for yourself, all you have to do is click on the image below, which includes the first part of our interview with Jim Rogers.
Hedge fund firm Odey ups bet on Man Group recovery (Reuters)
Odey Asset Management has upped its stake in Man Group, having already profited in recent months as investors bet on a recovery at the hedge fund firm. London-based Odey, founded by veteran fund manager Crispin Odey and which is known for its lucrative bet in 2009 on a recovery in Barclays PLC (LON:BARC) shares, raised its stake in Man to 6.07 percent on Thursday. Former FTSE-100 firm Man (EMG.L), which reports fund flows next month, has suffered in recent years from poor returns from its flagship fund and client withdrawals, although some investors and analysts have been encouraged by the appointment of Manny Roman as CEO earlier this year.
Galleon’s Co-Founder Is A Cowboy ‘Cutting Horse’ Champion In Texas (BusinessInsider)
Galleon Group’s co-founder Gary Rosenbach has been spending his time riding horses on a ranch in Weatherford, Texas since leaving the now-defunct hedge fund firm, Dealbook’s Peter Lattman reports. Rosenbach left Galleon citing family health reasons months before its chief Raj Rajaratnam was arrested in 2009 for insider trading, the report said. Rajaratnam was sentenced to 11 years in prison. Rosenbach was never accused of any wrongdoing, but he disappeared from the finance world.
CalSTRS takes bold step in governance (PIOnline)
A shareholder proposal by the California State Teachers’ Retirement System, aimed at breaking Timken Co. into two separate companies, is taking activism by pension funds to a new level. CalSTRS is sponsoring an advisory shareholder resolution to break up Timken, one of the first such actions by a pension plan. In August 2011, the $129.5 billion Ontario Teachers’ Pension Plan, Toronto, disclosed that the pension fund and its partner, hedge fund Jana Partners, had accumulated more than 5% of McGraw-Hill Cos. and was calling for the company to break up to unlock shareholder value. (Ultimately, the company’s education unit was sold to Apollo Global Management LLC to satisfy Ontario Teachers and Jana.)
