Work Weekends and Long Hours, Fund Manager Advises Young Bankers (New York Times)
Credit Suisse Group AG (ADR) (NYSE:CS) may be encouraging its young bankers to shun the office on weekends if they are not working on a big deal. And Goldman Sachs Group Inc (NYSE:GS) might have a “junior banker task force” to examine how to make the lives of lower-ranking analysts and associates more efficient and humane. But Randall Dillard, managing director and chief investment officer at Liongate Capital Management, a fund of hedge funds, had a distinctly different message for a roomful of prospective financiers on Monday morning: expect to work hard – really, hard. And don’t look for short cuts. “I don’t say that because I enjoy telling people to work long hours,” he said. “There’s just not a lot of coasting.”
Hedge Funds Post Performance-Based Gains Of $100B in ’13 (FINalternatives)
Hedge funds realized their best performance-based gains since 2010 last year, raking in US$100 billion, according to the latest Eurekahedge data. Long/short equities strategies accounted for almost half of that gain. Total industry assets increased almost 13% in 2013, surpassing US$2.0 trillion. Hedge funds pulled in US$130 billion in net asset allocations in 2013 and long/short equities managers again led the way, attracting US$82.2 billion of those net inflows.
Steven Cohen Also Initiates Stake in Retrophin Inc (RTRX) (Insider Monkey)
Steven Cohen, in a new filing with the SEC disclosed initiating a stake in Retrophin Inc (NASDAQ:RTRX). According to the filing, Mr. Cohen holds a total of 1.29 million shares of the company. The stake is passive by nature and amasses 5.6% of the company’s common stock. The position is held in aggregate by SAC Capital Advisors and Sigma Capital Management, each owning around 976,500 shares and 315,000 shares respectively. Mr. Cohen went bullish on Retrophin Inc a couple of weeks after the company started trading on NASDAQ Global Market. The company conducted an underwritten public offering in which it sold $40.0 million worth of its common stock.
Martoma Expert Witness Testimony Sought Barred by U.S. (Bloomberg)
Testimony by one of Mathew Martoma’s expert witnesses at his insider trading trial should be barred, and another one’s curtailed, because defense lawyers failed to make adequate disclosures about what they’ll say, U.S. prosecutors told a federal judge. Prosecutors’ objections to the defense testimony of expert witnesses Paul Gompers, a Harvard Business School professor, and Thomas Wisniewski, a faculty member at the New York University School of Medicine, were made in a letter to U.S. District Judge Paul Gardephe in Manhattan yesterday. Martoma, a former SAC Capital Advisors LP fund manager, is accused of using confidential drug trial information to benefit the hedge fund by $276 million in trades of Wyeth and Elan Corporation, plc (ADR) (NYSE:ELN).
