Editor’s Note: Related tickers: DISH Network Corp. (NASDAQ:DISH), Clearwire Corporation (NASDAQ:CLWR), Sprint Nextel Corporation (NYSE:S), Citigroup Inc (NYSE:C), The Home Depot, Inc. (NYSE:HD), Staples, Inc. (NASDAQ:SPLS), France Telecom SA (NYSE:FTE)
Hedge fund sage Leon Cooperman is the consummate stock picker. All ten stocks the Omega Advisors founder chose at last July’s Delivering Alpha conference have since risen in price, some by as much as 70 percent. It’s becoming an annual tradition. Every year it seems – multiple times, in some cases – Leon Cooperman takes the stage to discuss his best investment ideas. And much like the plot in the Bill Murray movie Groundhog Day, the themes of the Omega Advisors founder’s presentations seem to repeat themselves time and again. Cooperman, however, isn’t cursed by Punxsutawney Phil’s shadow to relive the same day over and over. Rather the longtime hedge fund manager is stuck – fortunately for his investors – in a perpetual loop of bullishness on equities, particularly in the U.S.
Dish withdraws Clearwire offer, ceding to Sprint (MarketWatch)
DISH Network Corp. (NASDAQ:DISH) +0.42% said it has withdrawn its offer for Clearwire Corporation (NASDAQ:CLWR) +0.79% , after a rival bid from Sprint Nextel Corporation (NYSE:S) +1.31% won support from Clearwire Corporation (NASDAQ:CLWR) shareholders. DISH Network Corp. (NASDAQ:DISH)’s bid of $4.40 a share was trumped by Sprint Nextel Corporation (NYSE:S)’s offer last week to buy the stake of Clearwire Corporation (NASDAQ:CLWR) it doesn’t already own for $5 a share. Sprint Nextel Corporation (NYSE:S)’s higher bid won the backing of Clearwire Corporation (NASDAQ:CLWR)’s board and a group of investors, including some hedge funds that had complained vocally that an earlier Sprint Nextel Corporation (NYSE:S) bid was too low. DISH Network Corp. (NASDAQ:DISH)’s announcement ends the satellite TV firm’s months-long pursuit of Clearwire Corporation (NASDAQ:CLWR) and, separately, Clearwire Corporation (NASDAQ:CLWR)’s biggest shareholder, Sprint Nextel Corporation (NYSE:S). Last Friday, DISH Network Corp. (NASDAQ:DISH) said it was abandoning its efforts to buy Sprint Nextel Corporation (NYSE:S). On Tuesday, Sprint Nextel Corporation (NYSE:S) shareholders approved selling control of the carrier to Japan’s SoftBank Corp. in a roughly $21.6 billion deal.
Bacon Triptych Makes $17.3 Million, Hedge Fund Man Sells Photos (SFGate)
A Francis Bacon triptych last night fetched $17.3 million at an auction that also featured photos of stock exchanges owned by a former hedge fund manager. The Bacon work, with an unidentified seller, had been estimated by Sotheby’s in London at 10 million pounds ($15.3 million) to 15 million pounds. Separately, Greg Coffey, the ex- co-chief investment officer of Moore Capital Management LLC’s European business, was the seller of five Andreas Gursky photographs, a person with knowledge of the matter said.
Brevan Howard Trader Cecere Resigns From London Hedge-Fund Firm (BusinessWeek)
Christopher Cecere, who Japanese regulators accused of trying to manipulate interest rates when he worked at Citigroup Inc (NYSE:C), has resigned from hedge-fund firm Brevan Howard Asset Management LLP. Cecere, an American who worked in Brevan Howard’s Geneva office, stepped down last week for “personal reasons,” said Max Hilton, a spokesman for the London-based firm at Peregrine Communications. Cecere worked for Citigroup Inc (NYSE:C) in Tokyo as head of Group of 10 trading and sales for Asia before leaving the New York-based bank in 2010.
Hedge Fund Association and Agecroft Partners to host Hedgeopolis New York (HedgeWeek)
The Hedge Fund Association and Agecroft Partners are teaming up to create a new hedge fund conference, Hedgeopolis New York, which will be held in New York City at The Metropolitan Club on 4 November 2013. Conference speakers include leaders at pension funds, endowments, foundations, and funds of hedge funds. With interest rates near historic lows and significant political and economic risk around the world, investors are focused on enhancing returns in their portfolios while reducing downside volatility.
Illinois investment board might add hedge fund-of-funds manager (PIOnline)
Illinois State Board of Investment, Chicago, could search for a hedge fund-of-funds manager as part of a restructuring of its $1.1 billion in hedge fund strategies, said William R. Atwood, executive director. ISBI, which oversees $12.9 billion in defined benefit assets, plans to loosen constraints on its hedge fund investments, all funds of funds, to add global macro and credit strategies. The board is considering three options for implementation: loosening constraints of all the fund-of-funds managers — Rock Creek Group, which manages $428 million; Entrust Partners, $418 million; and Mesirow Advanced Strategies, $273 million — all now in hedged equity, mostly long/short strategies; loosening the constraints of some of them; or leaving them unchanged and searching for a fourth fund-of-funds manager.
Advisers Turn to Hedged Mutual Funds (WSJ)
Wealth managers are putting more client money into mutual funds that use hedge-fund strategies, seeing a potential shelter in a storm. “We think [they] will hold up the best when the markets get skittish,” says Mark Wilson, chief investment officer at The Tarbox Group in Newport Beach, Calif. The firm manages $350 million. Often called hedged mutual funds, these instruments use some of the complex investment styles and tactics found in hedge funds, such as short-selling, employing leverage and trading in derivatives such as options. But unlike hedge funds, they offer greater transparency and can be traded daily.
Hedge Fund Manager Narula Moves into Madonna’s Digs (IndiaWest)
The Wall Street Journal reports that Deepak Narula, an Indian American financier with a $1.46 billion hedge fund that specializes in mortgages, has purchased a sprawling Manhattan townhouse that was formerly owned by Madonna. Narula, the principal and managing partner of Metacapital Management, has seen his investments post a net return of 41.25 percent and is one of the city’s leading hedge fund managers. He has purchased the pop legend’s 6,000 square-foot co-op apartment, located on 64th Street near Central Park West, for approximately $19.9 million — a relative bargain, since the apartment was listed last November for $23.5 million.
Hedge fund seeks 4 spots on Office Depot board (NewsTimes)
Office Depot’s biggest stockholder is looking to get four directors elected to the office supply company’s board. Hedge fund Starboard Value LP said Wednesday that it was forgoing a consent solicitation so that it could seek the election of Cynthia T. Jamison, Robert L. Nardelli, Jeffrey C. Smith and Joseph S. Vassalluzzo. Smith is the CEO of Starboard, while Nardelli is the former CEO of The Home Depot, Inc. (NYSE:HD) and Chrysler LLC. Jamison is a Tractor Supply Co. board member and the lead director. Vassalluzzo is non-executive chairman at Federal Realty Investment Trust and lead director at Life Time Fitness. He is the former vice chairman of Staples, Inc. (NASDAQ:SPLS).
Regulators To Go After Corzine’s Hedge Fund and Brokerage Fraud (Hedgeco)
US regulators are planning a lawsuit later this week against Jon Corzine over the collapse global financial derivatives broker and hedge fund trader MF Global, formerly known as Man Financial, Reuters reports. The company allegedly dipped into customer funds, spending as much as $1 billion in misappropriated funds to cover it’s losses from scrutiny. MF Global declared bankruptcy on October 31, 2011, and faced liquidation beginning in November 2011.
BlueCrest’s BlueTrend Fund Said to Drop 8.3% in June Selloff (BusinessWeek)
BlueCrest Capital Management LLP’s $14 billion hedge fund that uses computer models to follow trends in asset prices lost 8.3 percent this month as bonds and currencies fell, according to a report sent to investors. The BlueTrend fund has dropped 9.2 percent in the year through June 21, according to the note obtained by Bloomberg News. The hedge fund has produced an average annual return of 12.9 percent since its inception in 2004 and has never had a calendar-year loss.
Lansdowne names Ruddock successor (eFinancialNews)
Alex Snow, who was previously executive chairman of Investec’s UK investment banking division, will take up the chief executive role on September 2, according to a statement from the firm. Snow will become a partner of the firm and join the management committee. Before Investec, Snow was chief executive of Evolution Group, which he founded in 2001 and was acquired by Investec a decade later. Suzi Nutton, who is head of operations at Lansdowne and has been there since its inception, will become chief operating officer, the statement said. She will work closely with Snow in the day-to-day management of the firm.
Myanmar phone contest pits George Soros against SingTel (LiveMint)
Myanmar’s contest for two telecommunication licences attracted bidders from around the globe seeking a foothold in one of the last remaining untapped markets, where only one in 10 people has a mobile phone. The winners are scheduled to be announced on Thursday, ending a six-month race that drew 91 expressions of interest to operate in the country of 64 million people. Norway’s Telenor ASA, Singapore Telecommunications Ltd (SingTel), billionaire George Soros and France Telecom SA (NYSE:FTE) are among the 11 remaining bidding groups.
‘The Daily Show’ Found The Most Offensive And Crude ‘Hedge Fund Manager’ In The World To Make Wall Street Look Bad (BusinessInsider)
“Hedge fund manager” John Tabacco, who runs Fortified Funds, was on “The Daily Show” with host Jason Jones the other day making Wall Street look really bad. The fund manager was featured in a “Money Boo Boo” segment, which poked fun at the dynamic between the U.S. and Canadian banking systems and how Canada hasn’t had a crash in 150 years unlike the U.S. From his pinstripped suit in front of his trading screens to the offensive and sexist remarks that came out of his mouth, Tabacco really epitomized a greedy and sleezy Wall Streeter.
