Hedge fund Marcato Capital Management makes new bet on Dillard’s (Reuters)
Hedge fund manager Mick McGuire of Marcato Capital Management has taken a new position in Dillard’s, Inc. (NYSE:DDS) and is betting the retailer’s stock can climb to $155 a share, which would mark a 62 percent gain from its current level. McGuire said in a regulatory filing on Wednesday that the department store operator has been turning itself around by closing underperforming stores, cutting expenses and buying back shares. He did not reveal the size of Marcato’s stake.
Hedge-Fund Firm Renews Lease with Outdoor Space at 632 Bway (Commercial Observer)
Investment firm Serengeti Asset Management has renewed its lease, which includes a 3,000-square-foot private roof deck, at 632 Broadway. The company, with a $1.5 billion portfolio of debt and equity investments under its management, occupies 11,750 square feet of indoor space spanning the entire 12th floor at the building, which is between East Houston and Bleecker Streets. The new top-floor lease expires April 30, 2019, said Nora Stats of Coldwell Banker Commercial (CBC) Alliance, who represented both Serengeti and the landlord, Renaissance Properties, in the transaction. The original lease was for seven years.
Bill Daley to join hedge fund (Financial Times)
Bill Daley, the former White House chief of staff, is to join the hedge fund Argentière Capital, which was founded last year by leaders of JPMorgan Chase & Co. (NYSE:JPM)’s disbanded proprietary trading division. Mr Daley, who was also Commerce Secretary under President Bill Clinton, joins a number of former Obama administration officials to have taken jobs in the financial sector. He has eschewed a return to a large investment bank or private equity house, however, and instead signed on with a start-up fund with just $500m in assets under management.
Hedge fund manager Ackman promised ex-Herbalife exec as much as $3.6 mln -report (Reuters)
Hedge fund manager William Ackman secretly promised a former Herbalife Ltd. (NYSE:HLF) executive-turned-whistleblower as much as $3.6 million in case he lost the job he took after leaving Herbalife, ABC News reported on Tuesday on its website. Ackman, the manager of Pershing Square Capital Management who has heavily shorted Herbalife’s stock in the hopes that share prices would fall, told ABC News that he had already paid Giovanni Bohorquez, the former executive, $80,000 because “it was the right thing to do.”
Hedge funds said mulling ‘shadow’ fund services (Asian Investor)
The rising tide of regulatory and compliance requirements for hedge fund managers are prompting some to look at using ‘shadow’ fund administrators as a check on their primary administrator. Interest in the practice has grown since $120 billion US hedge fund Bridgewater Associates hired Northern Trust Corporation (NASDAQ:NTRS) last year to ‘shadow’ fund administration work being been carried out by The Bank of New York Mellon Corporation (NYSE:BK). This is something that has been going on in Asia for some time, says Michael Langton, head of sales and marketing at Quality Risk Management & Operations.
