Loeb Now Backs Sotheby’s CEO (Finalternatives)
Daniel Loeb has changed his tune on Sotheby’s CEO William Ruprecht. During an ugly, months-long battle with the auction house that ended last month, Loeb repeatedly blasted Ruprecht’s “lack of leadership and strategic vision” and demanded that he step down. Now, as a member of Sotheby’s board, Loeb is standing with his fellow directors “behind the management team led by Bill Ruprecht.” The about-face came in a letter to Sotheby’s employees signed by the company’s entire board, including Loeb and two other Third Point-picked directors…
Tiger Affiliates Make Hay in May (InstitutionalInvestorsAlpha)
New York-based Tiger Global Management’s hedge funds surged 8 percent in May and are now up 8.5 percent for the year, making the firm one of several hedge fund firms with roots in Julian Robertson Jr.’s Tiger Management who posted strong months in May. The Tiger Global funds, headed by Charles (Chase) Coleman and Feroz Dewan, gained 1 percent in the first quarter despite dropping 2.7 percent in March. They then lost about 0.5 percent in April. O. Andreas Halvorsen’s Viking Global Equities, managed out of…
What Worries Nouriel Roubini About Global Growth? (MarketPulse)
Nouriel Roubini says many of the risks to the global economy have abated and things are looking up. Thanks to bold moves by the world’s central banks, global economic growth this year should be closer to 2% rather than the “anemic” 1% of the past few years, Roubini said at an event hosted by Aberdeen Asset Management in New York. But — and there’s always a but — Roubini has a list of six things he believes could derail the economic recovery. It’s worth remembering that Roubini correctly predicted the housing crisis and ensuing financial crash in 2008.
Hedge Fund Inflows Jump (Finalternatives)
Investors added more money to hedge funds this month than in any of the last four, according to SS&C Technologies. The SS&C GlobeOp Capital Movement Index rose 1.01% in June to hit “their highest levels in four months,” SS&C CEO Bill Stone said. The metric measures net subscriptions and redemptions received by hedge funds administered on SS&C’s GlobeOp platform. SS&C also said that hedge funds returned 1.04% last month.
Hedge Fund Myriad Says Weaker Yuan to Stay (WSJ)
The surprising slide in the Chinese yuan this year has a lot further to go, says hedge fund manager Carl Huttenlocher, who runs Myriad Asset Management Ltd., one of Hong Kong’s largest home-grown funds. In an ultra bearish view on the currency, Mr. Huttenlocher said he sees the yuan falling 11% by 2016, hitting 7 yuan to the dollar. The currency was at 6.2166 Thursday, having fallen about 3% so far this year in a Beijing engineered slide aimed at shaking at speculators betting on gains. A higher number means a weaker yuan.
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