Hedge Fund News: Dmitry Balyasny, Daniel Loeb & SAC Capital Advisors

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A Hedge Fund Manager Says SAC ‘Taint’ Is Manageable (NYTimes)
Dmitry Balyasny is one hedge fund owner who isn’t afraid of hiring traders from SAC Capital Advisors as long as they were far away from the “messiness” that engulfed the firm during the federal government’s crackdown on insider trading. “There were people there who did the wrong things and it seems to have been an aggressive culture,” Mr. Balyasny said in a conference call last month with investors in his fund, Balyasny Asset Management. “Quite a number of people are completely clean and had no contact with the messiness that was going on.”

Dmitry Balyasny

Third Point nominating 3 for Sotheby’s board (BusinessWeek)
Hedge fund Third Point LLC is nominating three people for Sothebys (NYSE:BID)‘s board, including its founder and CEO Daniel Loeb. Third Point — which is Sotheby’s biggest shareholder with a 9.2 percent stake — said in a regulatory filing on Thursday that it is nominating Loeb, Harry Wilson and Olivier Reza for the auction house’s board because it thinks current board members “lack the fresh perspective necessary to overhaul the company’s challenged operational structure and cure its cultural malaise.”

Prominent shareholder urges Nintendo to develop and sell mobile games (GameSpot)
Prominent Nintendo Co., Ltd (ADR) (OTCMKTS:NTDOY) shareholder Seth Fischer, one of Asia’s most distinguished hedge fund managers, has urged the company to break with its decades-old strategy of only releasing software on proprietary systems and instead develop and sell mobile games for iOS and Android devices. “Nintendo needs to embrace this thematic change in consumer demand, behavior, and expectations to stay relevant,” Fischer said in a letter addressed to Nintendo president Satoru Iwata and obtained by Reuters. Fischer is the chief investment officer at Hong Kong-based Oasis Capital Management, which owns shares of Nintendo. The company maintains that releasing its content on third-party platforms would negatively affect its business model, but Fischer wants this to change.

Camp’s Tax Plan Hits Hedge Funds, Private Equity in the Gut (TheFiscalTimes)
The tax reform proposal released by House Ways and Means Chairman Dave Camp on Wednesday was already taking fire from Wall Street before the Michigan Republican stepped up to a podium in the Capitol and released a 32-page discussion draft of his proposal. Details of the plan had been leaked to the media the day before, and one element – a proposal to tax as regular income so-called “carried interest” payments – a form of compensation typically paid to hedge fund and private equity fund managers –has infuriated many in the financial services industry.

HedgeServ Tops Institutional Investor’s Alpha Awards For Second Consecutive Year (SacBee)
HedgeServ, a global fund administrator, announced today that, for the second year in a row, it was named top administrator in the 2014 Institutional Investor Alpha Awards for Administrators, leading its competition in 7 of 9 categories. The independently run firm continues to outpace its peers, including Citco Fund Services, Morgan Stanley Fund Services, Northern Trust Hedge Fund Services, and State Street Alternative Investment Solutions. “We are committed to providing our clients with outstanding service, supported by expert professional service teams and the only real-time platform in the industry. We look forward to continued collaboration with our clients on evolving the HedgeServ model, which delivers uniquely customized service, real-time technology, and institutional-quality controls,” said Justin Nadler, president of HedgeServ.

Hedge fund Elliott acquires 11 percent derivatives stake in F&C Asset Management (Reuters)
U.S. hedge fund Elliott Management Corp acquired derivatives equivalent to a stake of almost 11 percent in UK-based F&C Asset Management (FCAM.L), a filing showed on Wednesday. The activist hedge fund purchased derivatives equivalent to around 63.8 million ordinary shares, the filing showed. A spokesman for F&C declined to comment while Elliott could not immediately be reached. In January, Bank of Montreal (USA) (NYSE:BMO) struck a deal to buy F&C for 708 million pounds. F&C’s second largest shareholder, Standard Life Investments, said at the time the deal represented an “attractive valuation” of the asset manager for the Canadian bank and it may support a rival bid if one emerges.

Activist round-up: Loeb, Icahn & Peltz (CNBC)

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