‘We’re here to stay,’ Wind Mobile CEO says after buyout deal (TheGlobeAndMail)
After months of fundraising and finally pulling the money together to buy out Wind Mobile’s foreign owner, the company’s Canadian founder says operations at the carrier will remain more or less the same for now. …Toronto-based hedge fund West Face is the biggest Canadian name to sign on to the Wind consortium and is well known for its shakeup of Maple Leaf Foods Inc. after taking an activist stake in the meat company in 2010.
Former Ackman Analyst Scott Ferguson Follows Mentor into Allergan Fight (InstitutionalInvestorsAlpha)
As William Ackman continues to drum up support from fellow investors to pressure pharmaceuticals company Allergan, Inc. (NYSE:AGN) to call a special shareholder meeting and sell itself to Valeant Pharmaceuticals Intl Inc (NYSE:VRX), one person he most likely can count on is one of his proteges. In the second quarter, Scott Ferguson’s New York-based activist hedge fund firm, Sachem Head Capital Management, took significant stakes in both stocks. At the end of June, Allergan accounted for 8.5 percent of Sachem Head’s assets, while Valeant represented 5.4 percent of…
Calpers gives up on the hedge fund dream (FT)
In the years since the financial crisis, many once-fashionable investment vehicles have fallen from grace. Fewer buyers now dabble in such instruments as synthetic collateralised debt obligations, auction rate securities or structured investment vehicles. The one big exception has been the hedge fund. Since 2009, investors have pumped $250bn of net new money into these entities, allowing the industry not only to recover from the crisis but to expand. Hedge funds now manage $2.7tn in assets, according to data from Hedge Fund Research – 40 per cent more than the $1.9tn they ran on the eve of the meltdown seven years ago.
Why Hedge Fund Paid Twice for Research That Didn’t Exist (Bloomberg)
If you’re a Hollywood screenwriter looking for a “ripped from the headlines” story on Wall Street, you could do a lot worse than this one. First you need to accept the notion that Wall Street is not a tangible geographical location, but rather an abstract concept. And this metaphorical street is in various states of opulence and decay as it winds its way through the cities, fields and meadows of our financial system.
Two Boston firms among group sanctioned by SEC (BostonGlobe)
Two Boston investment firms were among a group sanctioned by the Securities and Exchange Commission for illegally short-selling stocks and then participating in offerings of those stocks by public companies. The SEC on Tuesday named 18 hedge funds and private equity firms and one individual trader in a crackdown on a certain kind of short-selling violation — betting a stock’s value will fall in advance of share offerings by companies, which can depress the stock’s sale price. The investors then purchased shares in the subsequent offerings.
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