Hedge Fund News: Steven Cohen, Dan Loeb, Agrium Inc. (USA) (AGU)

Investor Dan Loeb’s pragmatic, opportunistic approach pays off (Reuters)
Billionaire investor Daniel Loeb will go anywhere for a good trade, he told an industry conference, discussing the strategies that have turned him into an industry stand-out in 2013, according to people who heard him speak. Loeb discussed everything from his bet on Japan, to Greek and Argentinian debt and nutritional supplements company Herbalife Ltd. (NYSE:HLF), said these people. Reporters were excluded but investment managers and investors flocked to hear Loeb whose $13 billion Third Point fund has enjoyed double-digit returns in the first four months of the year. The rest of the hedge fund industry limped along at an average 4.6 percent over the same period, while the broader stock market rose 12.7 percent.

Peak6 raises $1 billion for new hedge fund (Crain’s Chicago Business)
Peak6 Investments LP’s asset management unit has raised $1 billion for a new hedge fund, one of only two managed by the Chicago firm. It’s also the first hedge fund created at Peak6 under former O’Connor & Associates veteran Joe Scoby, who joined the firm last year to lead the company’s asset management business, Peak6 Advisors. The new Peak6 Achievement fund is one of about 1,100 hedge funds created worldwide last year and one of nearly 10,000 existing hedge funds, according to Hedge Fund Research Inc.

‘China’s George Soros’ joins Hong Kong firm (South China Morning Post)
Dai Jixin, a former manager of Soros Fund Management, plans to start a new hedge fund in Hong Kong backed by a trader dubbed “China’s George Soros”, according to company filings. Dai’s Xin Tian Fund Management was incorporated in late January, according to filings with Hong Kong’s Companies Registry. Dai is joined by two other directors, Ye Qingjun, chairman of Chinese asset manager DH & YZ Capital, and Zhang Yongjun, DH & YZ’s chief investment officer, the filings show.

Karpati leaving as SEC asset management enforcement chief (Pensions & Investments)
Bruce Karpati is stepping down as chief of the SEC enforcement division’s asset management unit, the agency announced Thursday. Julie Riewe, deputy chief in the unit’s Washington office and Marshall Sprung, deputy chief in the Los Angeles regional office, will serve as interim chiefs until a successor is named. Mr. Karpati, who leaves the Securities and Exchange Commission on Friday, joined the agency as an enforcement attorney in 2000 and helped create the asset management unit in 2010. In 2012, he and his staff received the SEC Chairman’s Award for Excellence for developing the Aberrational Performance Inquiry, which monitors performance data of hedge fund managers to detect investment fraud.

Vinik vows to remain active in Tampa despite fund closure (Tbo.com)
The Tampa region can expect to see a lot more of Lightning owner Jeff Vinik in the coming years. Vinik may be shutting down his namesake hedge fund, but rather than go into seclusion, he plans a host of new projects around town, from developing the neighborhood around the Forum where his hockey team plays, to a new focus on philanthropy, and helping his former employees start new companies and land on their feet. Vinik laid out the broad strokes of his vision to The Tampa Tribune on Thursday, particularly with his neighborhood in downtown.

Lodestone Hedge Fund Said to Liquidate After Founders’ Arrests (San Francisco Chronicle)
Lodestone Investment Partners LLP is liquidating its hedge fund following the February arrests of two of the firm’s founders as part of an investigation into alleged insider trading, two people with knowledge of the matter said. The $100 million Lodestone Natural Resources fund, which invests in commodity stocks, is shutting down after U.K. regulators detained Chief Investment Officer Tim Whyte and founding partner Carl Linderum for questioning on Feb. 27, said the people, who asked not to be identified because the London- based firm is private. Neither has been charged with any crime.