Hedge Fund News: Dan Loeb, Carl Icahn, Wells Fargo & Company (WFC)

Page 1 of 3

THIRD POINTDan Loeb’s Third Point hedge fund makes $500m profit from Greek bonds (Telegraph)
Mr Loeb has reportedly sold a large part of a $1bn position in Greek debt that soared in value in the wake of the buy-back deal unveiled by Athens on Monday. The trade will stand out as one of the most audacious bets on the eurozone debt crisis so far. Since its onslaught in 2009, the turmoil has wrong-footed financiers around the world. It also affirms Mr Dan Loeb’s position as one of the most successful hedge fund managers, particularly since the rest of his high-rolling industry has struggled to make returns all year.

Greenbrier rejects Icahn’s $543 million offer as not good enough (III)
U.S. railcar maker Greenbrier Companies Inc (NYSE:GBX) has rejected a $543 million (333.8 million pounds) bid from American Railcar Industries, Inc. (NASDAQ:ARII) which is controlled by activist investor Carl Icahn, saying the offer grossly undervalues the company. But Greenbrier said it remains ready and willing to continue discussions with Icahn, saying it believes that combining the two companies would offer substantial synergies and be beneficial to shareholders of both firms. American Railcar on Tuesday offered $20 per share for Greenbrier, reviving a nearly five-year old plan to combine the companies.

Citi secures hedge fund depository, custody and prime brokerage mandate (HedgeWeek)
Citi has been awarded a mandate from Brummer & Partners, Sweden’s largest hedge fund manager, to provide depositary, custody and prime brokerage services for its recently-launched Carve fund. “We are delighted to appoint Citi for our new Carve funds,” says Peter Thelin, chief executive and portfolio manager at Carve Capital. “Citi’s local presence, proprietary global sub-custody network and its ability to offer a multi prime brokerage model for Swedish investment funds, putting Sweden in line with the rest of Europe, have been important factors in our decision.”

Pension fund fires 1st shot in war against guns (OnlineSentinel)
The first sign that the Sandy Hook Elementary School massacre has changed the way we talk about guns in this country came from an unlikely place — Wall Street. Cerebrus Capital Management, a private equity firm and hedge fund, announced that it would immediately divest its ownership of the Freedom Group, a conglomeration of gun manufacturers including the maker of the Bushmaster rifle believed to be used to gun down 20 first-graders and six adults last week.

Wells Fargo acquires 35% stake in hedge fund firm (StarTribune)
Wells Fargo & Company (NYSE:WFC) has taken a 35 percent stake in The Rock Creek Group, a fund-of-hedge-funds company in Washington, D.C., as the nation’s No. 4 bank works to double its asset-management unit. Rock Creek, which has about $7 billion in assets under management and 50 employees, designs and implements customized funds of hedge funds and emerging market portfolios for institutional clients using proprietary analytics. The company was founded in 2002 by former World Bank treasurer and chief financial officer Afsaneh Beschloss. Beschloss was instrumental in developing the World Bank’s portfolio of alternative investments and private equity, according to Wells Fargo.

Insider Verdicts Likely To Propel SAC Case (WSJ)
A guilty verdict against two hedge-fund managers for insider trading might enable prosecutors to get a step closer to SAC Capital Advisors LP founder Steven A. Cohen, lawyers and others familiar with the case said. Federal prosecutors in Manhattan and the Federal Bureau of Investigation will now train their sights on Michael Steinberg, a 15-year SAC portfolio manager who is close to Mr. Cohen. Prosecutors have alleged Mr. Steinberg traded based on the same inside information as Anthony Chiasson and Todd Newman, the managers at two other hedge funds convicted Monday afternoon after a trial, people familiar with the case said.

Page 1 of 3
blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Top 30 Most Influential Women in the World

Top 20 Most Expensive New Year Eve Shows

Top 5 Best Vocational Careers

Top 10 Jobs for 2014 by Salary Gain (Predictions)

Top 5 Digital Trends for 2014

Top 6 Things You Can Do To Increase Your Productivity

Top 9 Trending Smartphones in 2013

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!