Hedge Fund News: Jim Simons, Feroz Dewan & Soros Fund Management

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Simonses give $50 million to Cold Spring Harbor lab (NewsDay)
Long Island hedge-fund investor James Simons and his wife have given $50 million to the Cold Spring Harbor Laboratory to establish a center that uses quantitative tools to understand fundamental biology, including studying disease and illness, the lab said Monday. The Simons Center for Quantitative Biology will support research and education programs, bringing together “experts in applied mathematics, computer science, theoretical physics and engineering to further basic research and investigation into illnesses including cancer, autism, bipolar disorder and depression,” the lab said in a news release.

RENAISSANCE TECHNOLOGIES

Ackman’s Hedge Fund Offers Slate of Directors for Botox Maker Allergan (NYTimes)
Pershing Square Capital Management unveiled a proposed slate of directors that it hopes to elect to the Allergan, Inc. (NYSE:AGN) board. Pershing Square, which is working with Valeant Pharmaceuticals Intl Inc (NYSE:VRX) on a $53 billion hostile bid for the Botox maker Allergan, is still working to secure enough shareholder support to call a special meeting. Should the meeting be called, Pershing Square, which owns about 10 percent of Allergan, will attempt to dismiss without cause six existing board members, and elect six new ones. The proposed slate includes executives with varied backgrounds.

Soros Fund sued by former portfolio manager (Reuters)
A former portfolio manager at Soros Fund Management sued the hedge fund firm founded by billionaire George Soros for nearly $20 million, accusing it of reneging on promises to pay him performance and other fees. Aaron Cowen was employed by Soros Fund Management, which manages Soros’ money, from November 2010 through July 2011, according to the lawsuit, filed July 3 in New York state court in Manhattan. Cowen claims he was fired without cause, that he never received performance and management fees due him, and that the firm’s refusal to pay and provide his track record has hampered his ability to raise capital to start a new fund.

Why Billionaire Leon Cooperman’s Large Stake in Chimera Investment Corporation Isn’t a Good Reason t (DailyFinance)
Despite a litany of problems at Chimera Investment Corporation (NYSE:CIM), the high-yielding mortgage REIT has nevertheless caught the eye of hedge-fund billionaire Leon Cooperman. In the last few years, the renowned investor has accumulated over 66 million shares in Chimera, equal to 6.44% of its outstanding share count. Before calling your broker and following suit, however, I’d advise you to keep two things in mind. First, Chimera is a highly speculative stock that remains mired in an accounting debacle dating back to its inception as a publicly traded company. And second, Cooperman’s resources give him an edge that simply isn’t available to the average investor.

PetSmart Shareholder Longview Joins Jana Calling for Sale (BusinessWeek)
PetSmart, Inc. (NASDAQ:PETM) investor Longview Asset Management LLC joined hedge fund Jana Partners LLC in calling for the pet-supply retailer to consider a sale. PetSmart would be more highly valued by private holders than investors in public markets, and a sale would prevent a protracted activist battle that would distract executives and erode value, Chicago-based Longview said today in a letter included in a securities filing. Longview said its clients own about 9 percent of the company’s shares and would consider contributing some or all of their stock into a deal.

Box raises $150 million as it puts off IPO (CNBC)
The online storage start-up Box can put off its IPO for a bit longer. The company has raised $150 million in funding from the hedge fund Coatue Management and the private equity firm TPG, according to a Wall Street Journal report. The funding values Box at about $2.4 billion, slightly more than the company’s valuation in December of $2 billion. Box publicly filed for its IPO in March, but delayed its plans after tech stocks took a hit in April this year. According to the report, the company will go public sometime after Labor Day.

Hedge funds: Who’s delivering? (CNBC)

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