Hedge Fund News: Marc Lasry, Seth Klarman & Jonathan Savitz

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Bucks owners spend day touring Milwaukee (WISN)
The Milwaukee Bucks’ new owners were in town Thursday taking a tour of Brew City. Marc Lasry and Wes Edens started their day at Cranky Al’s in Wauwatosa. “It’s the first time I’ve ever seen bacon on a donut. I have to admit,” Edens said. They told WISN 12 News reporter Melinda Davenport they’ve run into a lot of Bucks fans. “I think one of the things we’ve been pleasantly surprised about is the passion of all the fans here. It sort of matches our passion about how excited we are about going forward,” Lasry said.

AVENUE CAPITAL

Up to USD50bn available to Asia focused funds… Asia Pacific turns to hedge funds… (HedgeWeek)
Vast private wealth in the region and the rise of several large sovereign-wealth funds has long been an opportunity for global hedge fund managers. Asian investors, though, continue to account for a small portion of industry assets and have proven notoriously hard to win over. Investors in the region currently account for around USD150 billion invested in global hedge funds, Barclays said, a sliver of the roughly USD2.5 trillion managed by the industry. Of the up to USD70 billion the bank estimates will be on the table over the next few years, roughly half would be new assets.

Herbalife battle headed to documentary big screen (USAToday)
The battle between Herbalife Ltd. (NYSE:HLF) and billionaire hedge fund manager Bill Ackman is moving to a new venue, the big screen. Ted Braun, the award-winning director of Darfur Now, and Glen Zipper, who produced the Academy Award-winning documentary Undefeated, are teaming up to examine the complex world around Herbalife International. The controversial worldwide company, which specializes in nutrition, weight management and skin-care products, has been in the news. In March, the company disclosed it was under Federal Trade Commission investigation.

Is Elliott The Mystery Buyer Of IPG Stock? (WSJ)
The mystery buyer in Interpublic Group stock may have been unmasked: CNBC reported Thursday morning that activist investor Elliott Management could be snapping up IPG stock. Interpublic stock, trading at its highest point in more than a decade, was up another 12 cents. Elliott, a hedge fund run by Paul Singer, is a well known activist who helped spark merger and acquisition activity at a number of big companies last year. That would make Interpublic a logical target for the investor. Interpublic, owner of McCann Worldgroup, FCB and IPG Mediabrands, has long been seen as a takeover target. The company has a market capitalization of about $8 billion.

‘Too Damn Low’ Bond Yields Force Loews CEO Tisch to Buy Stocks Begrudgingly (MoneyNews)
Call it a value investor’s lament. More than five years after the Federal Reserve lowered interest rates almost to zero, Loews Corporation (NYSE:L) Chief Executive Officer Jim Tisch described his frustration with bond yields by borrowing language from a New York political campaign. …The Fed’s efforts to help spur the U.S. economy have invited criticism from investors. Hedge-fund manager David Einhorn has compared the stimulus to eating jelly doughnuts, a habit that can threaten long-term health. Weston Hicks, the CEO of New York-based insurer and investment firm Alleghany Corporation (NYSE:Y), last year likened the central bank to a medieval barber whose ill-advised prescription for every sickness was more bloodletting.

Why Did Seth Klarman’s Hedge Fund Cut Its British Petroleum Position in Half? (Fool)
Seth Klarman‘s Baupost Group has been one of the most successful hedge funds since its founding in 1982, reportedly averaging mid to high teens in annual returns during a period when the market has averaged closer to half that. Klarman has managed these consistently excellent returns by focusing more on preservation of capital and eschewing risk. Let’s take a look at Baupost Group’s activity with energy giant British Petroleum (NYSE: BP ) — the fund sold 44% of its holding sometime in the first quarter.

Palmer Square’s first mutual fund turns 3 (BizJournals)
The three-year mark is an important milestone for an investment fund, and Leawood-based Palmer Square Capital Management’s Absolute Return Fund has now shown proven growth during that time. The fund was Palmer Square’s first mutual fund. The open-ended fund uses a variety of hedge fund strategies such as long/short international and domestic equity, global macro, event-driven credit and convertible bond arbitrage. Today, the fund has about $295 million in assets.

Pimco’s take on market (CNBC)

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