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Hedge Fund News: George Soros, Phil Falcone, Bill Ackman

HARBINGERReddy Ice Confirms Plans to File for Bankruptcy Protection (WSJ)
Packaged-ice maker Reddy Ice Holdings Inc. confirmed it plans to file for Chapter 11 bankruptcy protection and expects to commence the bankruptcy case “promptly.” The Wall Street Journal reported Sunday that Dallas-based Reddy Ice would file a so-called prearranged bankruptcy with a restructuring plan supported by creditors, including Centerbridge Partners, to limit time in court. Centerbridge, a hedge fund that often buys discounted debt of distressed companies, would forgive money owed it in exchange for ownership of Reddy Ice.

Exceptional Measures Needed to Save Euro : Soros (CNBC)
The second bailout for Greece, the epicenter of the euro zone debt crisis, and recent liquidity programs have not resolved the euro zone debt crisis and the EU is unlikely to survive without far-reaching reforms, George Soros, chairman of Soros Fund Management said on Thursday.

Harbinger looks to settle with SEC next week: WSJ (Reuters)
(Reuters) – The Securities and Exchange Commission will meet with representatives of billionaire hedge-fund manager Philip Falcone next week looking to settle an investigation into possible violations, the Wall Street Journal reported, citing people familiar with the matter.

Exclusive: Hedge fund Tyrus moves to Monaco: source (Reuters)
(Reuters) – Well-known London M&A hedge fund firm Tyrus Capital has moved the bulk of its operations to Monaco, one of the first managers to relocate to the principality in response to looming European Union regulation and UK tax rates.

Who Ranks Highest Among Corporate Raiders? (CNBC)
While hedge funds on average are having another lackluster quarter, there may be one group of them that’s still shining.
…..To play the modern activist game, though, longer-term investments are required — meaning a more wide-reaching metric than one quarter must be used to measure their success, so industry group 13-D monitor measures performance from the time situations become “active” — or, a large stake is disclosed publicly.
By that metric, the clear winner of the group is Bill Ackman’s Pershing Square Capital Management. Though Ackman’s annualized returns are buoyed by one blockbuster bet — minting billions from bankrupt real estate at General Growth Properties — it’s still up 148 percent since the firm’s inception.

Hedge fund Viking to rely more on junior managers (Reuters)
Hedge fund superstar Andreas Halvorsen is putting more trust in his junior portfolio managers. Halvorsen, who runs the $16.7 billion Viking Global Investors, told clients on Wednesday that he recently upped the aggregate credit lines for a quartet of fund managers by 31 percent to $7.2 billion. The move comes less than a month after James Parsons, one of Viking’s most senior managers, left the firm.

Telecom Hedge Fund Launch : Espial Capital Management (HedgeCo)
New York (HedgeCo.Net) Adam Gold, a former portfolio manager at Gilder Gagnon Howe & Co (GGHC), has launched Espial Capital Management, a Long/Shorty Equity Hedge Fund focused on identifying innovation and disruption in the global technology, media and telecommunication universe.

Ex-Shumway Financials Chief Moves To Expand Hedge Fund BlueMar (Fin Alternatives)
A hedge fund founded by a Shumway Capital Partners veteran is preparing to expand—with plans to add to its team while it begins to raise additional capital this month.
BlueMar Capital Management launched its maiden hedge fund in October with a team of six. Now, with six months under its belt, the firm, led by former Shumway global financials head David Rodriguez-Fraile, is set to hire a director of marketing and an additional research analyst.

Ex-Millennium Traders to Start Asian Equity Hedge Funds (Bloomberg)
Former traders at Millennium Management LLC plan to start new hedge funds that will mainly invest in Japanese equities to capture demand as the nation’s equities rebound from the worst year since 2008.
The Japan-focused Terra Grove Japan Fund and the Terra Grove Pan Asian fund, which will invest in Japan, Hong Kong, Australia, South Korea and Taiwan, will start in May with total capital of about $25 million, said Tetsuo Ochi, chief executive officer of Hong Kong-based MCP Asset Management Co., the investment manager. Both funds aim to raise about $150 million each in about a year, after which they will stop taking money from clients until they enhance the trading models, Ochi said.

Brazil’s hedge fund industry offers better transparency than most other emerging economies (Opalesque)
Otávio Vieira, Partner and COO at the $200m Fides Asset Management said that the Brazilian hedge fund industry offers more transparency than most of the other emerging economies. This gives Brazil a distinct advantage over other emerging economies so foreign investors should not be scared of allocating in the country.

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