Hedge Fund News: Leon Cooperman, Dan Loeb & George Soros

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Omega’s Cooperman Sees Stocks Rising After ‘Healthy’ Retreat (SFGate)
The stock market’s decline this year is healthy and the Standard & Poor’s 500 Index probably will end 2014 higher, Leon Cooperman, chairman of hedge fund Omega Advisors Inc., said on Bloomberg Television. “I say it’s a correction that’s creating some values, which is what we should all be happy about,” Cooperman said on Bloomberg’s “Market Makers” program. “You don’t want to buy stocks at a high, you want to buy stocks when they go down.” The S&P 500 lost 0.1 percent to 1,753.82 at 1:33 p.m. in New York, bringing its slide in 2014 to 5.1 percent, the worst start to a year since 2009. The gauge probably won’t fall below 1,600 this year and may climb to as high as 2,000, Cooperman said.

Leon Cooperman Omega Advisors

Jennifer Fan, former head of Arbalet commodities fund, joins Millennium (HedgeWorld)
Jennifer Fan, a hedge fund manager specializing in finding relative value in energy and agriculture markets, has joined Millennium Management to continue that strategy after closing her own commodities fund last year, sources said on Wednesday [Feb. 5]. The 30-year-old Fan, one of the few women hedge fund managers, started work this month at New York-based Millennium, according to her LinkedIn page, after shuttering the fund she ran, Arbalet Capital, in late 2013. She declined comment when contacted by email.

Local Man Aims To Rescue Loeb Family Name From Hedge-Fund Infamy (DealBreaker)
Third Point’s Daniel Loeb has made his surname synonymous on Wall Street with tear-inducing letters, kicking the CEOs of public companies in the nuts, and rubbing rivals’ faces in his success (and their failure). He’s the Loeb everyone thinks of when they think of the name Loeb, even though long before Loeb made his way over here from Santa Monica, there were another group of Loebs on Wall Street. Jamie Kempner traces his lineage to the famed New York banking Loebs, and he’s out to prove, well, something, we’re sure.

Hedge Funds Go After Bankers For “Aiding And Abetting” Petters’ Ponzi Scheme (HedgeCo)
A group of six hedge funds led by Ritchie Capital Management are suing JPMorgan Chase & Co (NYSE:JPM), Bank of America Corp (NYSE:BAC), Wells Fargo & Co (NYSE:WFC), UBS AG (ADR) (NYSE:UBS), Merrill Lynch and 7 other entities. The hedge funds claim that the banks “aided and abetted Thomas Petters’ $3.7 billion Ponzi scheme.” Courthouse News reports. Petters was convicted for turning his hedge fund, Petters Group Worldwide into a $3.65 billion Ponzi scheme and received a 50 year federal sentence. The group of hedge funds claim they lost $177 million in the scheme. They put two dozen major banks on notice in a summons.

Apex hedge fund to CEO: Get off your yacht! (CNBC)
Sandy Colen is doing his best Dan Loeb. The chief investment officer of $1.23 billion hedge fund firm Apex Capital wrote a scathing letter on Feb. 3 to the board of business intelligence software company MicroStrategy Incorporated (NASDAQ:MSTR), calling for a new CEO and various corporate changes. But the real zinger of the letter is reminiscent of Third Point’s Loeb, famous for taking on the perceived personal excesses of chief executives with his so-called poison pen.

Puerto Rico credit in dire situation: CEO (CNBC)

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