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Hedge Fund News: Jeff Ubben’s ValueAct, Phil Falcone & John Burbank

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Mariner encourages hedge fund community to adopt UN PRI (Risk)
Mariner Investment Group has become one of the few US hedge funds to adopt the UN principles for responsible investment. CEO Bracebridge Young thinks other funds should take up the standards Global alternative asset manager Mariner Investment Group has signed the United Nations principles for responsible investment (UN PRI), becoming one of the few US-based hedge funds to adopt the accords. Mariner Investment Group, founded in 1992, together with its associated advisers consisting of several direct and affiliated single and multi-strategy hedge funds, funds of funds and other alternative investments services, manages approximately $10 billion of assets.


ValueAct Hedge Fund’s Big Microsoft Bet Is Paying Off So Far (Forbes)
When Jeffrey Ubben’s ValueAct Capital Management disclosed its $2 billion position in Microsoft Corporation (NASDAQ:MSFT) +4.2% in April, it seemed like the activist hedge fund could be in over its head in trying to shake things up and bring change to the long-languishing Microsoft. Ubben was betting a big chunk of his hedge fund’s $12 billion under management, but it was a tiny stake in the software giant amounting to 0.8% of the company’s shares. But Ubben made his presence felt in Redmond, Wash., pressing other shareholders and potentially threatening a proxy battle. By Labor Day weekend, ValueAct appeared to have played a role in long-serving Microsoft CEO Steve Ballmer’s decision to quit within a year.

Long/short opportunities flow to next level (eFinancialNews)
As most of the older, household names among the European long/short community have stopped accepting new money and become more global in their approach, investors are looking further afield to the next generation. Eighteen months ago things were very different. Equities hedge funds were coming off the back of an average loss of 8.38% in 2011, according to data provider Hedge Fund Research, with many brand names down by double digits. There was a question mark over the future of the euro and markets were driven by announcements from central bankers and policymakers. Some investors were questioning whether the fundamental stock-picking skills that these managers rely on could work in risk-on risk-off environments.

US Hedge Fund and Banker Bonuses to Jump 10% in 2013 (IBTimes)
US hedge fund and banker bonuses are set to rise by 10% in 2013 but there is still a pay disparity between different business sectors on Wall Street, says a consulting firm. According to a fresh forecast by Johnson Associates, overall individual US banker bonuses may rise by 5% to 10% in 2013, compared to last year. The consulting firm says that while bonuses, on average, will rise, some areas of finance will recieve much more than others. Underwriters are set to receive a bonus rise of 10% to 15% while prime brokerage and private equity workers are likely to see a 5% to 10% jump in extra pay.

Will Twitter IPO pop? Hedge funds weigh in (CNBC)
The financial community will be watching whether the so-called smart money invests in Twitter’s initial public offering. Anecdotal evidence suggests some larger hedge funds are at least showing interest. Representatives of Dan Loeb’s $14 billion Third Point and multi-billion-dollar family office Soros Fund Management took meetings with Twitter executives in New York City last week, though it’s unclear if either put in for a stake, according to people with knowledge of the meetings. And Samlyn Capital, a hedge fund that managed about $3.4 billion as of July, was among the firms requesting to invest in the new stock, according to a CNBC source. All three firms either declined to comment or did not respond to a request.

Endowment Fund Said to Seek Secondary Buyers After Redemptions (SFGate)
The Endowment Fund, a vehicle mimicking the strategy of institutions such as Yale University, is seeking bids for a portfolio of private-equity and hedge-fund stakes valued at $1.8 billion to offer shareholders liquidity, three people familiar with the matter said. The fund hired Park Hill Group LLC, the placement-agent unit of New York-based The Blackstone Group L.P. (NYSE:BX), to contact secondary buyers about the portfolio, said the people, who asked not to be identified because the information isn’t public. Shareholders withdrew more than $1 billion from the fund last year as of late October amid lackluster returns. Houston- based Endowment Advisers LP, the fund’s adviser, decided at the time to block client redemptions and instead return 5 percent of assets by Dec. 31.

Hedge fund Elliott builds up 12 percent stake in Celesio (Reuters)
Hedge fund Elliott International has built up a stake of almost 12 percent in German drugs distributor Celesio (CLSGn.DE), currently the subject of an $8.3 billion takeover bid by U.S. rival McKesson Corporation (NYSE:MCK). Elliott owned 11.68 percent of the shares in Celesio on October 31, according to a stock exchange filing on Wednesday. Elliott, run by U.S. investor Paul E. Singer, has a history of building up stakes in takeover targets with the aim of extracting a better price, such as with Kabel Deutschland (KD8Gn.DE) just a couple of months ago.

All eyes on Twitter’s IPO: $26 per share (CNBC)

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