Editor’s Note: Related tickers: Dell Inc. (NASDAQ:DELL), Sony Corporation (ADR) (NYSE:SNE), Yahoo! Inc. (NASDAQ:YHOO), SEI Investments Company (NASDAQ:SEIC), Deutsche Bank AG (NYSE:DB), Citigroup Inc (NYSE:C), The Clorox Company (NYSE:CLX), Netflix, Inc. (NASDAQ:NFLX), Chesapeake Energy Corporation (NYSE:CHK)
Dan Loeb’s Activism May Stall at Sony (TheStreet)
Sony Corporation (ADR) (NYSE:SNE) makes everything from TVs to PlayStation 3, to movies and medical equipment. Now, it’s going to have to “make nice,” as it’s under attack by top hedge fund honcho Dan Loeb, who wants break up the Japanese conglomerate. Loeb’s battle may fall short, though. Japanese companies have typically been resistant to change, particularly from outsiders, and previous attempts to target Sony Corporation (ADR) (NYSE:SNE) have been unsuccessful. Loeb, who has fought battles in the past, including a high-profile tussle over Yahoo! Inc. (NASDAQ:YHOO), wants Sony Corporation (ADR) (NYSE:SNE) to restructure and realign itself. This would involve focusing on high-growth areas and spinning out Sony Entertainment. Loeb wants Sony Corporation (ADR) (NYSE:SNE) to spin out 15% to 20% of the entertainment division in an IPO, which he would then backstop with $1.5 billion to $2 billion of Third Point’s money.
SEI Selected by Duet Alternative Investments (USA) Ltd. to Provide Operational Outsourcing for Hedge Fund Family (WSJ)
SEI Investments Company (NASDAQ:SEIC) today announced that it has been selected by Duet Alternative Investments (USA) Ltd., a subsidiary of Duet Group, to provide operational outsourcing services for the firm’s emerging macro hedge funds. SEI Investments Company (NASDAQ:SEIC) will provide Duet (USA) with a comprehensive suite of operational outsourcing services in a straight-through-processing environment. Duet (USA) will use SEI Investments Company (NASDAQ:SEIC)’s online Manager Dashboard reporting platform to help better manage the firm’s funds through flexible, transparent, and aggregated views of its data. The firm will also use SEI Investments Company (NASDAQ:SEIC)’s Investor Dashboard, an investor-focused reporting platform that facilitates greater communication and transparency with end investors. Duet (USA) cited their comfort with and trust in SEI Investments Company (NASDAQ:SEIC)’s institutional-quality infrastructure and flexible, collaborative approach as key reasons for selecting SEI to help launch their funds quickly and efficiently.
Appleby scoops award at HFMWeek European Hedge Fund Services Awards 2013 (IsleOfMan)
Appleby, one of the world’s largest providers of offshore legal, fiduciary and administration services, is pleased to announce that it has been named “Best Offshore Law Firm – Client Service” at the prestigious HFMWeek European Hedge Fund Services Awards 2013, held recently at The Hurlingham Club, London. The HFMWeek European Fund Services Awards serve to recognise the leading hedge fund service providers in Europe that have outperformed their peers through the volatility of the past 12 months. The award categories cover a wide range of sectors including Fund Administration, Advisory, Accountancy and Technology, Legal, Prime Broker, and Distribution platforms.
Japan Funds Lead YTD Returns (Finalternatives)
Japan-focused long/short equity hedge funds have been a good bet so far in 2013, according to Deutsche Bank AG (NYSE:DB) research, gaining 16.90% year to date. But all strategies across all regions tracked are in positive territory YTD, according to the Deutsche Bank AG (NYSE:DB) Markets Prime Finance Monthly Hedge Fund Trends for May, with the median hedge fund up 4.08% through the end of April. Global long/short equity funds turned in the best performance in the US, gaining 6.29% YTD, followed by distressed funds, up 5.92%; US long/short funds, up 5.01%; event-driven, up 4.85%; and credit funds, up 4.45%.
London hedge fund manager ends poor year with £22m pay day (eFinancialNews)
Commodities hedge fund Clive Capital cut the pay package of its highest-paid employee by almost 50% last year, but this still amounted to an impressive £22m despite a significant fall in assets under management. According to company accounts filed today, the highest-paid director at Clive Capital was entitled to £21.6m for the year to February 28, 2013, down from £40m over the previous 12-month period. …The reduction in the pay this year reflected a difficult 2012 for the London-based hedge fund, which trades across a wide variety of commodities including oil, gas, copper, tin and lead.
UK tycoon ‘loses £850,000’ at poker (HertfordshireMercury)
A hedge-fund tycoon lost more than £850,000 in a poker game at the weekend, it has been reported. Talal Shakerchi was one of six players to pay 500,000 euro (£423,000) for a seat at an unofficial game at the final of the European Poker Tour in Monaco on Saturday night. Mr Shakerchi, who set up his own hedge fund, Meditor, after working at Old Mutual, has reportedly won more than £1 million in live tournaments over the last few years. He began playing the game as a hobby before moving on to play in live events, but luck was not on his side on Saturday.
Bill Browder: I am Russia’s Biggest Enemy over Magnitsky Act (IBTimes)
British hedge fund manager Bill Browder said he was now the Russian state’s single biggest enemy because of the Magnitsky Act, a US law approved last year to punish Russian officials thought to have been responsible for the death of lawyer Sergei Magnitsky. Browder told the Oslo Freedom Forum that the act, which targets 18 named Russians subject to visa bans and asset freezes in the US, “really touches them” and that Russian president Vladimir Putin was “going completely out of his mind” over the repercussions.