Barclays picks hedge fund platform founder to head wealth unit (Reuters)
Barclays has named the founder of a managed account platform for hedge funds as the new boss of its wealth and investment management arm. Barclays said on Monday that Akshaya Bhargava would join as chief executive of wealth and investment management on Oct. 13 from InfraHedge Ltd, an operator of infrastructure solutions for institutional investors in hedge funds that he founded in 2010 and sold to State Street Corporation (NYSE:STT) at the end of 2013. Bhargava will become the third head of the Barclays wealth business in less than two years. He fills the role left vacant by Peter Horrell, who said in June he would leave once a replacement was found. Horrell became boss of the wealth business following the departure of Tom Kalaris in April 2013.
Passive Investor Paulson Pushed Family Dollar To Sell Itself (Finalternatives)
Hedge fund billionaire John Paulson privately lobbied Family Dollar Stores, Inc. (NYSE:FDO) to sell itself although he later told the Securities and Exchange Commission his hedge fund’s investment in the discount retailer was passive. Paulson advised Family Dollar CEO Howard Levine to sell during an October 2013 meeting, then again in a January 2014 letter which asked Levine to “explore strategic alternatives,” according to a regulatory filing last week by Family Dollar. A month later, Paulson & Co. told the SEC it had not acquired an 8.6% stake in Family Dollar with an eye to “changing or influencing the control” of the company.
Marcato Is Latest Activist to Play Hide-and-Seek with Filings (InstitutionalInvestorsAlpha)
Some activists are able to avoid making timely legal disclosures about positions by obtaining waivers or building up positions on non-U.S. exchanges. Marcato may be one such firm. Each quarter investors eagerly sift through 13F filings, documents filed with the Securities and Exchange Commission that detail what stocks fund managers are holding in their portfolios, in the hopes of discovering the latest investments made by the most high-profile hedge fund managers. Some exchange-traded funds are designed specifically to emulate these quarterly hedge fund holdings. There are obvious flaws in this exercise, such as that the quarterly holdings are generally disclosed about 45 days after the period ends, and the 13F filings don’t include non-U.S.-listed stocks…
Ackman threatens to sue Allergan if Salix deal proceeds (TheGlobeAndMail)
Activist investor Bill Ackman is threatening to sue Allergan, Inc. (NYSE:AGN) if it proceeds with a merger deal with Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) without first putting such a proposed transaction to a vote. Mr. Ackman, whose Pershing Square Capital Management LP is partnered with Laval, Que.-based Valeant Pharmaceuticals Intl Inc (NYSE:VRX) in a $53-billion (U.S.) hostile bid for Allergan, said a transaction with Salix without shareholder approval would “directly contradict” pledges by Allergan’s board to allow its shareholders to vote on the Valeant offer.
Tiger Global, Big Investor in Tech Start-Ups, Said to Plan New $1.5 Billion Fund (NYTimes)
Tiger Global Management, the $15 billion investment firm that has invested in the likes of the Alibaba Group and the sunglasses maker Warby Parker, has begun raising a $1.5 billion fund, just five months after raising another $1.5 billion vehicle, a person briefed on the matter said on Tuesday. …Founded in 2005 with the backing of the hedge fund magnate Julian H. Robertson of Tiger Management — and earning the sobriquet “Tiger cub” in the process — the firm began life as a hedge fund.
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