Family Interests, Family Giving: A Look Inside the Dalio Foundation (InsidePhilanthropy)
Ray Dalio, the enigmatic, transcendentally meditating leader of one, if not the, most successful hedge funds in the country, does not tend to brag or boast about, well, anything. Not about one of his funds earning 38 percent YTD a few years back, or about his net worth, which continues to grow by the minute. (Forbes’ estimates his fortune at $14.4 billion.) Dalio has said that he hates media attention, a feeling that seems to spill over into his philanthropy. Being that Ray Dalio seems to be one of the more modest billionaires around, it isn’t surprising that he quietly funded the Dalio Foundation years ago…
SEC settles with Paradigm over prohibited transaction, whistleblower retaliation claims (PIOnline)
Paradigm Capital Management and founder Candace King Weir agreed to pay $2.2 million to settle charges that it engaged in prohibited transactions and retaliation against an employee whistleblower, the Securities and Exchange Commission announced Monday. The Albany, N.Y-based hedge fund firm, which has $1.7 billion under management, agreed to the settlement without admitting or denying the allegations. The case, which represents the SEC’s first using new authority to bring anti-retaliation enforcement actions, “underscores the importance of properly managing and mitigating conflicts of interest,” said Andrew Ceresney, SEC enforcement director, on a press call.
Paul Singer Wins Big As Supreme Court Declines To Intervene In Case Of The Defaulted Argentina Bonds (JewishBusinessNews)
Today the United States declined to intervene in two cases with international diplomatic ramifications, concerning Argentine defaulted debt. In the first case the court declined to intervene, without any explanations as to why, in a case where the State of Argentina claimed that lower courts had somehow misread Argentina’s international bond covenants and had also violated its immunity as a sovereign state. The rebuff is a victory for distressed debt investors, led by a Paul Singer-controlled hedge fund, NMI Capital who acquired distressed Argentine debt obligations both shortly before, and after, it defaulted on US$95 billion of its international sovereign debt in 2001.
Rajaratnam’s Appeal Denied By Supreme Court (FoxBusiness)
The Supreme Court on Monday denied jailed hedge fund manager Raj Rajaratnam’s request to have the appeal of his insider trading conviction heard by the highest court in the U.S. Rajaratnam’s appeals are now exhausted and he will remain in jail to serve out his 11-year sentence. The high court rejected Rajaratnam’s appeal without comment. The Supreme Court only accepts a fraction of the cases appealed to its level. Rajaratnam, the billionaire co-founder of Galleon Group, was convicted in 2011 on 14 felony counts related to insider trading at his Manhattan hedge fund.
Hedge Fund Mogul Ken Griffin Donates $2.5 Million to Bruce Rauner (CSNChicago)
Citadel CEO Ken Griffin has donated a record-smashing $2.5 million to the campaign of Bruce Rauner, Illinois’ Republican nominee for governor. It is the largest single political contribution from a donor to candidate in state history, and increases Griffin’s total offerings to Rauner to $3.57 million. The Chicago-based billionaire submitted the cash to Rauner’s campaign on Wednesday, the day before Rauner released his much-hyped, much-mocked plan to reform what he deems wasteful government spending. Earlier this year, the founder of Citadel, an $18 billion hedge fund, contributed $150 million to Harvard, his alma mater, to be used for students’ financial aid. Griffin himself is worth $5.2 billion.
Time for Bob Evans breakup: Cramer (CNBC)
HFA appoints Mark McGoldrick and Greg de Spoelberch in New York (HedgeWeek)
McGoldrick and de Spoelberch will lead HFA in the region and help produce member educational programs and events. They will serve alongside McGladrey Partner Sal Shah, regional director for both the HFA’s Northeast Chapter and Connecticut Chapter. McGoldrick has been a managing director at Concept Capital Markets since August 2011 following the firm’s acquisition of Alaris Trading Partners, an introducing brokerage he founded in February 2006. Earlier in his career, he worked at UBS Securities in prime brokerage.
Pershing Square sues Allergan over Valeant rejection (OphthalmologyTimes)
Following Allergan’s continued rejection of Valeant Pharmaceuticals Intl Inc (NYSE:VRX)’s hostile takeover bid last week, Pershing Square Capital Management announced it has filed a lawsuit against Allergan. Pershing Square is seeking to call a special meeting of Allergan shareholders later this year, where the hedge fund said it hopes to vote in new board members who would support the deal, valued at $53 billion. However, Pershing Square noted that Allergan has not made it clear whether calling the meeting would set off a shareholder rights’ plan—or poison pill—that would substantially dilute shareholders, including Pershing Square, Allergan’s largest shareholder (9.7%).
We reveal the winner of our EBay lunch bid with Jim Mellon (CityAM)
The bidding is over. We can now reveal the winner of lunch with hedge-fund star Jim Mellon is none other than Lars Seier Christensen, co-chief and co-founder of Saxo Bank. Christenen managed to secure the lunch yesterday with a winning bid of £4,000. “Well, I like to think of myself as an early mover, so I thought I would buy this year before Jim’s lunches become iconic and go up to the three and a half million dollars, Warren Buffett’s lunch commands!” Christensen told us. With Mellon matching the bid that means a grand total of £8,000 should be winging its way to Mellon’s charity of choice – Wellbeing of Women. The lunch – at a time and place yet to be decided between the two, won’t be the first time this pair have met, it turns out they’re old friends.
Fort Lauderdale Pistol & Hose Seeks Second Hedge-Fund Manager (Finalternatives)
Fort Lauderdale’s finest are looking for a few good opportunistic hedge fund managers. The Florida pension last week decided to hear from two to three such managers as it mulls adding another to its current hedge-fund allocation, handled by fund of hedge funds EnTrust Capital. The move follows an educational presentation by EnTrust, which touted its special opportunities fund of funds. The presentations will come at the Fort Lauderdale Police & Fire Retirement System’s Sept. 10 meeting, Pensions & Investments reports. Consultant CapTrust Advisors is assisting in the search, which is invitation-only, and a choice will likely be made at that meeting.
Attalus’ Craig To Rockefeller & Co. (Finalternatives)
The Rockefeller’s former family office has snatched a former employee from hedge fund Attalus Capital. Neil Craig has returned to Rockefeller & Co., which, since the 1980s, has managed money from other investors, as senior vice president. He is charged with selling the firm’s services to institutional investors and investment consultants, the firm said. Craig was most recently a managing director at Philadelphia-based Attalus, handling new business development. He previously worked at Rockefeller, which has $44 billion in assets, from 1997 through 2001, and his résumé also boasts stints at The Bank of New York Mellon Corporation (NYSE:BK), Sandell Asset Management, Commonfund Securities and Citigroup Inc (NYSE:C).
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