Hedge Fund News: Philippe Laffont, Michael Hintze & Stephen Mandel

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Coatue to Return as Much as 35% of Money From Hedge Fund (BusinessWeek)
Philippe Laffont, founder of hedge-fund firm Coatue Management LLC, plans to return as much as 35 percent of the money in his main $7 billion fund. Investors in the fund will receive the money at the end of June, according to a letter to clients that didn’t give an exact amount of cash to be returned. Laffont said the right size for the fund is $5 billion. Coatue was among the hedge-fund firms that invested heavily in technology shares, which slumped in the first quarter as popular holdings such as online retailer Amazon.com, Inc. (NASDAQ:AMZN) tumbled 16 percent. Laffont said his firm has cut its gross and net exposure to near historic lows after losing 9 percent in March.

COATUE MANAGEMENT

Hedge funds buy crude as US gasoline pump prices jump (FuelFix)
Fewer than three weeks into spring, oil speculators are already thinking about the summer. Hedge funds and other money managers boosted bullish wagers the most since February, betting that refineries will need to buy more crude to accelerate gasoline output before the peak U.S summer driving season. Fuel supply is already tight, with consumers paying the most at the pump in seven months. U.S. refineries are processing the most oil since January as plants come out of seasonal maintenance, squeezing crude stockpiles for the first time in 11 weeks.

Revamped SAC Hires an Internal Watchdog (NYTimes)
FA former federal prosecutor and hedge fund general counsel is now keeping tabs on trading at Steven A. Cohen’s new family office, Point72 Asset Management. Mr. Cohen’s firm, in a memorandum to employees on Tuesday, announced that it had hired Vincent Tortorella as the firm’s chief surveillance officer, a new position. Mr. Tortorella most recently was general counsel for Coatue Management, the hedge fund led by Philippe Laffont. Before that he was a prosecutor in the United States attorney’s office for the Southern District of New York and general counsel with Guidepoint Global, an expert networking firm that specializes in matching up hedge fund traders and analysts with industry consultants.

Calamar joins with NYC hedge fund for senior housing venture (BizJournals)
In what may be a major expansion into the development of senior housing nationwide, Calamar Enterprises Inc. has created a joint venture with one of the country’s largest hedge fund operators. Kenneth Franasiak, Calamar president and CEO, confirmed that his Wheatfield-based development company has teamed up with New York-based Mount Kellett Capital Management LP to finance and help develop a series of “independent light” senior housing developments across the U.S. Calamar has brought four of its existing “independent light” senior living complexes, including the 90-unit Eagle Crest Senior Village in Orchard Park, into the joint venture.

Financial sector must change: Hintze (BusinessSpectator)
Billionaire hedge fund man­ager Michael Hintze believes Australia’s financial ser­vices sector is underperforming as an export generator relative to sectors such as education and would perform better with ­reforms to the tax and funds management regimes. Sir Michael, a member of the international panel advising the Financial System Inquiry, said Australia needed to play to its strengths as one of the largest investment pools in the world and a creator of talented financial services executives. “Proportionally, the education sector is earning considerably more than our financial services sector,’’ Sir Michael told The Australian.

Tech carnage hits hedge funds (CNBC)

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