Ingersoll to Spin Off Unit in Peltz Deal (WSJ)
Ingersoll-Rand PLC (NYSE:IR) is expected to announce a plan to spin off its security-technology business, launch a share-buyback program and increase its dividend as part of a compromise reached with Trian Fund Management LP, people familiar with the matter said Sunday. Ingersoll said earlier this year it would undertake a strategic review of its operations and reach a decision by year-end. The review came partly under pressure from Trian, co-founded by activist investor Nelson Peltz. The plan could be announced as soon as Monday, the people said.
SAC Gets Added Srutiny as U.S. Probes InterMune Trading (Bloomberg)
SAC Capital Advisors LP, the $14 billion hedge fund run by Steven A. Cohen, is under mounting scrutiny as the U.S. investigates its trading in InterMune, Inc. (NASDAQ:ITMN) and Weight Watchers International, Inc. (NYSE:WTW), according to a person with knowledge of the matter. The U.S. Securities and Exchange Commission and the Federal Bureau of Investigation are looking into the trades, said the person, who asked not to be identified because the matter wasn’t public.
Proponent Of Tough Hedge Fund Rules Seeks To Lead Germany (Finalternatives)
Former German Finance Minister Peer Steinbrück, who led that country’s push for tougher European and international hedge fund regulations, will seek its highest office in next year’s election. Steinbrück was formally nominated to challenge Chancellor Angela Merkel by Germany’s opposition Social Democrats this weekend. He served as finance minister under Merkel from 2005 through 2009.
‘Hedge Fund’ Madam To Tell All (Finalternatives)
These are not comfortable times for the hedge fund managers who used a suburban New York woman’s prostitution ring. That woman, Anna Gristina, plans to name names during an upcoming television appearance and in a new tell-all book. Gristina, who pleaded guilty to promoting prostitution in September, will head to California this week to tape a segment with television psychologist Dr. Phil—having first appeared in Manhattan state court to get approval to fly to California. She got it, despite the objections of prosecutors.
N.J. Could Restrict Hedge Funds That Invest In Casinos (Finalternatives)
Hedge funds and private equity firms betting on New Jersey casinos could be barred from betting on its political players. Garden State lawmakers last week introduced bills that would bar alternative investment firms that invest in Atlantic City casinos from making state political contributions. Strict limits could also be placed on how much state pension funds could invest in funds with A.C. investments. The moves come after it emerged that New Jersey had invested some $200 million in a hedge fund that invests in a new Atlantic City casino.
Survey finds hedge fund manager bulls outweigh bears for 2013 (Opalesque)
In its Annual Global Hedge Fund Manager Survey, independent research and portfolio advisory firm, Aksia, has observed a dramatic turnaround in sentiment among global hedge fund managers over the last 12 months. Aksia polled the opinion of 168 institutional caliber managers across the major hedge fund strategies, which collectively account for approximately $900 billion in AUM and 41% of total hedge fund industry assets. Their findings reveal that hedge fund managers are bullish on financial assets, in a ratio of 3:1 with the most bullish coming from the Long/Short Equity strategy at 84%, but the least bullish drawn from Relative Value managers, at 50%.
Asian hedge funds in transition (InvestmentEurope)
Some large European investors are increasing interest in hedge funds in Asia, and advisers based there are recommending not to journey there with outdated preconceptions. One European allocator that does not have an old picture of Asia’s industry is IMQubator, the global seeding platform backed by APG, the asset manager for Dutch pension Stichting Pensioenfonds. IMQubator signed a mutual advisory relationship this year with Synergy Fund Management, an investment manager and adviser based in Hong Kong and founded by Eliza Lau, former CEO and CIO of SAIL Advisors in Hong Kong, and a veteran investor in Asian hedge funds.