Activist investor takes stake in Roper Industries (BizJournals)
Third Point LLC, a hedge fund controlled by activist investor Daniel Loeb, has bought more than 1 million shares of the common stock of Roper Industries, Inc. (NYSE:ROP). The 1.15 million shares Third Point reported it owned as of May 15 were valued at $153.5 million, according to a filing with the U.S. Securities and Exchange Commission. Roper had about 99.7 million shares outstanding as of April 25, giving Third Point control of slightly over 1 percent of Roper’s stock. Roper (NYSE:ROP) is a Sarasota-based firm that designs, manufactures and distributes a variety of products for niche markets including medical, energy, water, and technology…
The Fund of Hedge Funds is … Back? (Barrons)
The surprising argument by colleague Lawrence C. Strauss is that the expensive, complicated approach to investing known as the “fund of hedge funds” is making a comeback. Actually, that’s not quite his argument. Funds of hedge funds give access to sought-after managers, freeing institutions and wealthy families from doing their own manager homework, and the industry has never quite recovered from the suckering administered by Bernie Madoff to some high-profile funds which invested with the disgraced former head of Bernard L. Madoff Investment Securities.
Deutsche Bank Hires Morgan Stanley’s Yoshida (Finalternatives)
Deutsche Bank AG (USA) (NYSE:DB) has snagged Morgan Stanley (NYSE:MS)’s former point man for hedge fund coverage of interest rates. Chris Yoshida will join the bank in September as global head of rates sales, based in New York. “His significant global experience in rates products and deep client relationships further strengthens our ability to meet and exceed client needs across the rates business.” Yoshida was most recently head of interest rate distribution in Europe, the Middle East and Africa at Morgan Stanley. Formerly, he lead European global macro distribution at the firm, after beginning his career at Goldman Sachs Group, Inc. (NYSE:GS).
SFP Value Realization Fund Wins Best Asian Hedge Fund, Best Event Driven Fund (HedgeCo)
The Eurekahedge Asian Hedge Fund Awards 2014 returned to Capella Singapore for its 11th run on 23 May 2014. 300 hedge fund players got together to celebrate the region’s 76 top performing Asian hedge funds. A total of 14 awards were presented on the night with The SFP Value Realization Fund clinching two of the three awards they were nominated for; the Best Asian Hedge Fund award, along with the Best Asian Event Driven Fund award for the second consecutive year. Their double win was closely followed by Fortress Asia Macro Fund who held on to their titles from 2013 (Best Asia-based Macro Fund and Best Singapore-based Hedge Fund; both for the second consecutive year)…
Why This Hedge Fund Sold Its Huge Groupon Stake (DailyFinance)
There are stocks that struggle after their IPOs, and there are stocks that crash. None in recent memory has caused as much investor pain as Groupon Inc (NASDAQ:GRPN). After hitting a record high the first day shares were on the market, the company’s stock sank 91% over the next 12 months. Not coincidentally, it was right around the time Groupon shares were hitting their all-time low that Tiger Global Management announced that it had established a 10% stake in the Daily Deals and e-commerce company. Over the years, Tiger has made a name for itself by investing in out-of-favor technology stocks. Usually, these plays have worked out in the organization’s favor. That has helped the hedge fund grow its total value to about $7.5 billion.
Coller’s Kutty Dutta joins HSBC Alternative Investments (VCCircle)
British multinational bank HSBC Holdings plc (ADR) (NYSE:HSBC)’s private equity and hedge fund arm HSBC Alternative Investments Ltd (HAIL) has hired Kutty Dutta as a director, as per his LinkedIn update. Dutta quit private equity firm Coller Capital in December last year where he was an investment manager. He continues to be based out of London. The development was first reported by online news service Financial News. Dutta was associated with Coller Capital, a secondaries-focused PE firm, for over seven years. At HAIL, Dutta will be responsible for the origination and due diligence of secondary, primary and co-investment opportunities for the firm’s private and institutional clients.
Is It Game Up for Hedge Funds? (YouTube)