Banks Move To Prevent Argentine-Style Debt Disputes (Finalternatives)
The International Capital Markets Association is moving to ensure that the ugliness between Argentina and a group of hedge funds that pushed the country into its second default in 13 years doesn’t happen again. The group is changing the standard sovereign bond contract to add a collective-action clause that will allow a supermajority of creditors to accept restructurings that would be binding on all creditors. ICMA, which sets capital market conventions and standards, also plans to change the pari passu clause guaranteeing equal treatment to bar its use to block payments on restructured debt.
Hong Kong Newspaper Drops Democracy Advocate’s Column (NYTimes)
A Hong Kong hedge fund manager who has rallied support from bankers and brokers for the city’s pro-democracy movement said Tuesday that a leading business newspaper had dropped his long-running column. He revealed the newspaper’s decision two days after the Chinese government roundly rejected the movement’s demands. The hedge fund manager, Edward C.K. Chin, and his supporters said The Hong Kong Economic Journal’s decision was the latest blow to Hong Kong’s beleaguered media freedoms, a criticism that the newspaper rejected…
Japan regulator says Singapore-based hedge fund manipulated share prices (BRecorder)
A Singapore-based hedge fund manipulated prices in the Japanese equity market and should pay a 431 million yen ($4.38 million) fine, Japan’s securities regulator said, which would be biggest ever imposed against a non-Japanese firm for market manipulation. The Securities and Exchange Surveillance Commission (SESC) said on Wednesday that Juggernaut Capital Management inflated the share price of real estate developer Rise Inc for 26 business days during March and April last year.
Hedge Funds Buoyed in First Half by Private Wealth Allocations (ThinkAdvisor)
Hedge fund managers may be feeling competitive pressure for investor assets, but their fundraising is thriving. Alternative investments data provider Preqin reported Thursday that 73% of some 100 hedge fund managers it surveyed in June said competition in fundraising had become more intense over the past 12 months. Yet, 64% of respondents — single-fund and fund-of-funds managers — said their assets had increased during the first half. As well, 61% of firms that managed alternative UCITS and 50% of those that offered alternative mutual fund products reported net inflows.
Compuware sold to Thoma Bravo for $2.5B (CNBC)
Technology services company Compuware Corporation (NASDAQ:CPWR) said Tuesday it would sell itself to private equity firm Thoma Bravo in a deal valued at $2.5 billion. Compuware shareholders will receive a total of $10.92 per share, the sides said. The stock rose 13 percent to $10.56 in morning trading. Hedge fund Elliott Management entered into a deal to vote its Compuware shares in favor of the sale. Elliott had for years pushed the company to sell itself.
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