Hedge Fund News: Mario Gabelli, Andreas Halvorsen & Steve Eisman

Page 1 of 2

SEC agrees to dismiss six year old case against Gabelli’s CIO (Opalesque)
In the midst of the credit crisis, Gabelli Funds had another beast to contend with: claims of market-timing abuses by the Securities and Exchange Commission (SEC). According to Bloomberg, Marc Gabelli, 40, the son of the company founder Mario Gabelli, and Chief Operating Officer Bruce Alpert, 56, allegedly allowed in 1999-2002 London-based Headstart, then known as Folkes Asset Management, to triple its market-timing capacity in exchange for an investment in another Gabelli hedge fund. Gabelli Funds LLC (aka GAMCO), a $43 billion, public mutual and alternative funds management firm, agreed to pay $16 million to settle the claims.

Mario Gabelli with cereal box

Financier Alan Howard gives £5 million to help state students (TheJC)
A British-Jewish financier has donated £5 million to a project that brings private school teachers to state school students. Alan Howard, the wealthiest hedge-fund manager in the UK who is worth an estimated £1.6 billion, has given the money to the United Learning Partnership Fund. It is believed to be the largest ever single donation to benefit children in state education. The funds will be used to teach students – mainly at urban academy schools – subjects that are often reserved for private schools, including classics and Russian, by a process of distance learning technology.

Investment bank’s expanding internal hedge fund hires Goldman Sachs trader (eFinancialCareers)
BTG Pactual, the Brazilian investment bank, may be expanding its London office by bringing in up to 100 new commodities staff this year, but its UK operation still primarily operates as an asset manager and a hedge fund. It’s here where it’s been poaching staff from larger investment banking rivals. Paul Savini Jr, who managed a team of emerging markets traders covering the CEEMEA region at Goldman Sachs Group, Inc. (NYSE:GS), is the latest senior trader to sign up to BTG’s top performing hedge fund. He signed up to the bank in May as a portfolio manager covering Asian credit investments in BTG’s internal hedge fund and is registered with the UK’s Financial Conduct Authority, but is understood be carrying out the role from Hong Kong.

Viking Global reshuffles top ranks; fund up 6.6 percent in 1st half (GlobalPost)
Hedge fund superstar Andreas Halvorsen reorganized the top ranks of his Viking Global Investors this week by allowing one of his co-chief investment officers to take a sabbatical and handing the reins to the other co-leader to perform the job alone. The firm also told investors that it gained 6.6 percent in the first half of the year, after wiping away losses suffered when technology-oriented stocks tumbled in March, one investor in the fund said on Thursday. Dan Sundheim, who shared the position of chief investment officer with Tom Purcell, “is now sole CIO and manager of the Central Portfolio,” Halvorsen wrote in a letter.

Elliott Management Raises Its Stake in Wing Hang Bank (WSJ)
Hedge-fund firm Elliott Management raised its stake in Hong Kong lender Wing Hang Bank Ltd. to nearly 8%, throwing a wrench into the company’s planned sale to Singapore’s Oversea-Chinese Banking Corp. Regulators in Hong Kong, Singapore and Macau have given OCBC the go-ahead for its $5 billion bid to buy Wing Hang Bank, one of Hong Kong’s last remaining family-owned lenders. But under Hong Kong rules, OCBC must receive roughly 90% of Wing Hang shares to delist the Hong Kong lender, which is a tougher proposition with the large stake now held by Elliott.

Is Fed feeding flames of inflation? (CNBC)

Page 1 of 2

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!