Hedge Fund News – Phil Falcone Australia, Icahn Navistar Activist

Harbinger, Philip Falcone & Australia (SMH)

Philip Falcone grew up in the mining town of Chisholm, Minnesota, population 4976. The youngest of nine children who lived in a three-bedroom house, Falcone excelled at ice hockey and played for Harvard. After college, a burgeoning career as a professional hockey player was cut short by injury and he then cut his teeth in the markets as a trader at Barclays Capital.
HARBINGER
Icahn Takes 9.8% Activist Interest in Navistar (NYTimes)
Carl C. Icahn has already had a busy year, having taken aim at companies like Clorox and Forest Labs. That hasn’t stopped him from adding yet another target to his portfolio. The activist investor disclosed on Thursday that he had built up a 9.8 percent stake in Navistar International, a maker of trucks and buses. In a securities filing disclosing his holdings, Mr. Icahn wrote that he had already held discussions with management, including about potentially adding members to the company’s board.
Pimco Fund Disappoints (WSJ)
Bill Gross, manager of the world’s biggest bond fund, is used to scooping up piles of investors’ money with a forklift. This year, a spoon will suffice. Through the third quarter of 2011, Mr. Gross’s Pimco Total Return Fund had attracted inflows of $183.5 million, according to data compiled by fund tracker Lipper at The Wall Street Journal’s request. The fund lured $17.6 billion in new money last year, $57.7 billion in 2009 and $20.4 billion in 2008.
Cerebus and Chatham Reach Agreement (Reuters)
Cerberus Capital Management CBS.UL and Chatham Lodging Trust (CLDT.N) have reached a tentative agreement to buy bankrupt Innkeepers USA Trust (INKPQ.PK) at a lower price than in an earlier deal that fell apart, a source close to the talks said.
Hedge Funds Look to Canadian Banks (GlobeAndMail)
Canadian banks are often described as boring, safe and stable, but some speculators are beginning to apply another adjective: expensive. The country’s five biggest banks trade at some of the highest price-earnings multiples in the global banking industry. That’s partly because their shares have held up relatively well this year, while their peers worldwide got clobbered on concerns related to Europe’s debt crisis and a possible recession in the U.S.
T&D Closes Japanese Hedge Fund (Bloomberg)
T&D Asset Management Co., with about $27 billion in assets, closed its Japan-focused hedge fund because of higher-than-expected trading costs and returned money to clients, according to four people familiar with the matter. The T&D Japanese Equity Long & Short Fund shut at the end of September after starting in June 2010 with about 700 million yen ($9.1 million) from T&D Asset, the fund management arm of Japanese insurer T&D Holdings Inc., the people said, asking not to be identified because the information is private.
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