Billionaire George Soros Earmarks $500 Million For Migrants And Refugees (Forbes)
Hedge fund billionaire George Soros said on Tuesday that he is giving $500 million of his nonprofit organization’s funds to be invested on work opportunities for migrants and refugees, especially those arriving into Europe. Soros’ announcement, made in a Wall Street Journal op-ed, comes as the United Nations convenes for its General Assembly in New York City. On Monday it hosted its first forum for Heads of State to discuss how to handle what’s been dubbed the world’s biggest refugee and migrant crisis since World War II. According to the U.N., 65.3 million people have been displaced from their homes by conflict and persecution in 2015.
Buffett Investing Deputy Combs Joins JPMorgan Board (Reuters)
Todd Combs, one of Warren Buffett‘s stockpicking deputies at Berkshire Hathaway Inc (BRKa.N), has joined the board of JPMorgan Chase & Co (JPM.N), expanding the conglomerate’s already deep ties to the financial services industry. In a statement on Tuesday, JPMorgan, the largest U.S. bank by assets, said Combs’ appointment took effect on Monday. His committee assignment will be determined later. Combs, 45, has taken a growing role at Berkshire since joining the Omaha, Nebraska-based company in 2010. Buffett has credited him with triggering Berkshire’s largest acquisition, the $32.1 billion takeover in January of aircraft parts maker Precision Castparts Corp.
Kumin’s Folger Hill Hedge Fund Said to Hire First Asia Managers (Bloomberg)
Folger Hill Asset Management, the hedge-fund firm led by former SAC Capital Advisors Chief Operating Officer Sol Kumin, hired the first three fund managers for its Asia business, said people with knowledge of the matter. The firm recruited Nobutaka Ariki, Jinchul Lee and Hillman Wong in Hong Kong, said the people, who asked not to be identified because the information hasn’t been publicly announced. Folger Hill, which oversaw $1 billion at the end of last year, expects the Asia strategy to oversee a few hundred million dollars, said one of the people, who declined to provide additional details.
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.
