Editor’s Note: Goldman Sachs Group, Inc. (NYSE:GS), HORSEHEAD HOLDING CORP. (NASDAQ:ZINC), Chesapeake Energy Corporation (NYSE:CHK), J.C. Penney Company, Inc. (NYSE:JCP), The Blackstone Group L.P. (NYSE:BX), Steinway Musical Instruments Inc (NYSE:LVB)
Ackman Quits J.C. Penney Board With $700 Million Loss (Bloomberg)
Bill Ackman resigned from J.C. Penney Company, Inc. (NYSE:JCP)’s board after a public fight with his fellow directors, capping more than two years of agitating to remake the retailer that left him with a potential $700 million in losses on his stake in the department-store chain. Ronald Tysoe, a former vice chairman of Federated Department Stores Inc., now Macy’s Inc., was named to the board and another director will be added in the “near future,” the Plano, Texas-based company said in a statement today.
Hedge Fund Manager Mohnish Pabrai Buys Horsehead Holding, Chesapeake Energy (Forbes)
Hedge fund manager Mohnish Pabrai just reported his second quarter holdings. He did not buy into new positions except adding to HORSEHEAD HOLDING CORP. (NASDAQ:ZINC), Chesapeake Energy Corporation (NYSE:CHK) during the 3-months ended 06/30/2013, according to the most recent filings of his investment company. Mohnish Pabrai runs a very concentrated portfolio. As of 06/30/2013, he owns 6 stocks with a total value of $421 million.
Paulson Bids For Steinway (FINalternatives)
Hedge fund Paulson & Co. has taken the lead in the bidding to acquire legendary piano-maker Steinway Musical Instruments Inc (NYSE:LVB). Steinway said yesterday that an unidentified bidder had offered $38 per share for the company, 8.5% more than the $35 per share put up by private-equity firm Kohlberg & Co. Published reports indicate the higher bid came from Paulson.
Former Goldman Sachs Managing Directors Plan Asia Hedge Fund (Bloomberg)
Three former managing directors of Goldman Sachs Group, Inc. (NYSE:GS)’s Japan business plan to start an Asia multi-strategy hedge fund early next year, according to two people with knowledge of the matter. Koji Gotoda and Takayuki Kasama have incorporated Golvis Investment Pte in Singapore, said the people, who asked not to be identified as the information is private. The fund will invest in all asset classes with an initial focus on Japan, they added. Japan-focused hedge funds have historically traded stocks, making a company staffed by a large team of former Goldman Sachs Group, Inc. (NYSE:GS) employees and capable of investing in multiple asset classes a rarity, one of the people said.
Blackstone and Fidelity offer hedge fund taste to retail crowd (Reuters)
The Blackstone Group L.P. (NYSE:BX), one of the world’s biggest hedge fund investors, said on Monday Fidelity Investments is a strategic partner in giving retail investors a taste of the normally exclusive world of hedge fund investing. Boston-based Fidelity’s Portfolio Advisory Service PAS.L, a managed account offering, has begun investing in the Blackstone Alternative Multi-Manager Fund (BXMMX.O). PAS clients are Fidelity retail investors with a minimum account of $50,000, who get access to some of the best outside money managers hired by Fidelity’s Strategic Advisers unit.