Brevan Howard, Caxton Expand in Asia Amid Hedge Fund Woes (Bloomberg)
Some of the world’s largest hedge funds are expanding in Asia as they seek new areas of growth amid the industry’s struggles to make money and retain investors. Brevan Howard Asset Management, Caxton Associates and Balyasny Asset Management have incorporated units in Singapore this year, according to filings with the Accounting & Corporate Regulatory Authority. The trio are considering expanding their footprints in Asia as the $2.9 trillion global hedge-fund industry has come under fire this year for excessive fees and lackluster returns, with investors removing the most money since the aftermath of the global financial crisis.
Hedge Funds Starboard Value And Hound Partners Score In Vista Equity’s Infoblox Buyout (Forbes)
The $100 billion in software deals in 2016 has quietly presented a big opportunity to the investors who used a plunge in sector-wide valuations at the beginning of the year to build up their positions. The steady flow of deal-making has been a tailwind for sector specialists like hedge fund Elliott Management and on Monday morning two new funds saw a big payday with Vista Equity Partners’ $1.6 billion takeover of Infoblox. Vista is buying Infoblox for $26.50 a share in cash, or a 33% premium to the IT networking specialist’s Friday closing price. Vista’s purchase also comes at a 73% premium to Infoblox’s price before reports of PE deal interest in May sent the company’s stock surging.
Hedge Fund Marshall Wace Ups Wagers Against Deutsche Bank (Bloomberg)
Marshall Wace LLP expanded its bets against Deutsche Bank AG even as other investors cut their short positions to the lowest in almost three months. Marshall Wace had a short position valued at $151.1 million on Sept. 16 after the London-based hedge fund firm added more than 400,000 shares to its previously disclosed shorts, taking its total bet to 11.3 million shares, the company said in a filing on Monday. A spokesman for Marshall Wace, 25 percent owned by KKR & Co. LP, declined to comment. Bearish bets had reached the highest in more a year on July 7, with Soros Fund Management also taking a short position in the bank of about 7 million shares in June.
We Now Know How Carl Icahn’s Herbalife Sale Fell Through (Business Insider)
We now know how Carl Icahn‘s Herbalife sale fell through, thanks to a report by Michelle Celarier at Fortune. Icahn and Bill Ackman have had a long-running feud over Herbalife, the nutritional supplements company. Ackman is short the position, Icahn is long. Their battle came to a head earlier this summer, when the Wall Street Journal reported that Icahn was shopping around Herbalife shares.
