Hedge fund to operate as it faces US fraud charges (LaramieBoomerang)
A giant hedge fund led by an embattled billionaire pledged to continue normal operations after an indictment accusing it of permitting an environment where extensive insider trading could reap hundreds of millions of dollars in illegal profits for more than a decade was unsealed in Manhattan federal court. SAC Capital Advisors said in a statement Thursday that federal prosecutors had advised the Stamford, Conn.-based company that charges of wire fraud and securities fraud unveiled earlier in the day were not meant to affect the operations of its business.
Activist hedge fund to get $600m windfall from Yahoo (CommercialAppeal)
Activist investor Dan Loeb is leaving Yahoo! Inc. (NASDAQ:YHOO)’s board with a windfall after a 15-month stint that vindicated his crusade to shake up the long-slumping company under new leadership. Yahoo! Inc. (NASDAQ:YHOO) is spending $1.16 billion to buy back 40 million of the shares that Loeb’s hedge fund, Third Point LLC, began buying in 2011 around the same time Yahoo! Inc. (NASDAQ:YHOO) was ushering out Carol Bartz as its CEO. …Yahoo! Inc. (NASDAQ:YHOO) was mired in a prolonged financial funk and management turmoil when Loeb bought his stake. He forced the departure of former Yahoo! Inc. (NASDAQ:YHOO) CEO Scott Thompson in 2012 by revealing that Thompson did not have a computer science degree, as the company had previously stated.
Soroban Capital Wins With Oneok Options (WSJ)
Soroban Capital Partners, a New York-based hedge fund, was one of the big winners Thursday on a long-term trade in Oneok Partners LP (NYSE:OKS) as shares soared to a record high. The fund, which had $7.66 billion in assets at the end of the first quarter, held a sizable options position on Oneok Partners LP (NYSE:OKS) heading into news that the natural-gas firm would separate its natural-gas distribution business into a standalone publicly traded company. That position now stands to profit about $11.57 million at recent options prices. …Oneok Partners LP (NYSE:OKS) shares rose $10.94, or 26%, to $53.77 Thursday.
SkyBridge Multi-Advisor Hedge Fund Portfolios – Series G: SkyBridge Capital (Risk)
If it walks like a duck and quacks like a duck, it is a duck – but maybe not always. The SkyBridge Multi-Advisor Hedge Fund Portfolios is a fund of hedge funds that acts and behaves like a multi-strategy hedge fund. “Our fund typically looks a bit more like a multi-strategy single manager fund than a more typical fund of funds. We will identify investment themes and allocate capital to them. But unlike a multi-strat where the team is all in-house, we use external hedge fund managers to implement our themes. That gives us a larger universe of talent to draw from,” explains chief investment officer and managing partner Ray Nolte.
EM, commodity hedge funds fall out of favour (AsianInvestor)
hedge funds have fallen out of favour, with long/short equity cementing its dominance among investors, particularly in Asia, according to a new Credit Suisse Group AG (NYSE:CS) survey. This compares to a investor poll conducted by the bank at the end of 2012, which put EM equity as the second most sought-after strategy, after long/short and ahead of event-driven. The three most favoured strategies are now long/short equity fundamental, event-driven and macro, indicates the ‘Mid-Year Survey of Hedge Fund Investor Sentiment’ from Credit Suisse Group AG (NYSE:CS) Capital Services.