Elliott Fined for Insider Trading by French Market Regulator (1) (Businessweek)
France’s markets regulator said that billionaire Paul Singer’s Elliott Management Corp. engaged in insider trading of a toll-road company and fined it 16 million euros ($22 million), according to a letter sent to clients. The Autorite des Marches Financiers found that Elliott used material nonpublic information in the purchase of shares of Autoroutes Paris-Rhin-Rhone SA in 2010, the letter said. The AMF had said Elliott’s U.K. unit invested in the company while negotiating to sell its stake in the road company to a third party. The regulator told Elliott the hedge-fund firm didn’t commit market manipulation or artificially inflate the share price.
Hedge funds bet against UK bookmakers (Financial Times)
Some of the UK’s biggest hedge fund managers are betting against the country’s bookmakers as they face increased taxes and a regulatory clampdown on lucrative computer gambling terminals. Odey Asset Management, Bluecrest and Marshall Wace are among the funds that have taken up substantial short positions – essentially wagering that share prices will fall – in Ladbrokes and William Hill, the UK’s two biggest bookmakers, according to regulatory filings.
Today A Bunch Of Hedge Fund Managers Will Unveil New Stock Picks – Here’s How Last Year’s Stock Picks Did (Businessinsider India)
Today, hundreds of investors will be gathering at Lincoln Center in Manhattan for the 19th annual Sohn Investment Conference. This annual charity conference brings together some of the biggest names in the hedge fund community to share some of their best ideas. Some of them are stock picks and others are investment ideas. This year’s line up includes Paul Tudor Jones II, Bill Ackman, David Einhorn, Jeffrey Gundlach and many more.
Two Hedge Fund Fraud Charges Dropped Against Rengan Rajaratnam (HedgeCo.net)
Prosecutors plan to dismiss two insider trading charges against former Galleon Group hedge fund portfolio manager Rengan Rajaratnam, Reuters reports, Rengan is the younger brother of the now imprisoned hedge fund billionaire Raj Rajaratnam. Rengan Rajaratnam was charged with conspiracy to commit securities fraud and six counts of securities fraud. He has been charged with conspiring with his older brother Raj, to cheat on Wall Street and earn nearly $1.2 million illegally.
Adage Capital Hires Former Och-Ziff Partner Joshua Ross (Wall Street Journal)
A former top investment executive at hedge-fund giant Och-Ziff Capital Management LLC has been hired by rival firm Adage Capital Management LP. Joshua Ross, formerly a partner and one of a handful of executive managing directors at Och-Ziff, landed at Adage, the Boston-based hedge-fund firm run by former executives of Harvard Management Co., according to a letter Adage sent to investors Friday. Adage has about $25 billion in assets under management.
