Hedge Fund News: Thomas Steyer, Bill Ackman & Eric Mindich

Page 1 of 2

Democrats Pull ‘All-Nighter’ for Climate Change (ChristianPost)
Right out of an episode of House of Cards, about half of Senate Democrats did what a big donor wanted. They pulled an all-nighter to give lip service to global warming. Hedge fund manager Tom Steyer (playing the role of Tusk) is said to be giving Democrats $50 million for their stunt. “We’re not going to rest until there is action on the most pressing issue of our time, which is climate change,” said Hawaii Senator Brian Schatz. The whole thing was a real Schatz show. If it’s so important, why couldn’t Harry Reid muster the other half of his 55 senators to take part in the theatrics?

Thomas-Steyer-e1351513531594

This may be the worst time to launch a new hedge fund (QZ)
There were fewer aspiring masters of the universe in the hedge-fund industry last year. Launches of new hedge funds (1,060) hit their lowest level in three years in 2013, and more existing hedge funds (904) went out of business than any year since 2009, according to Hedge Fund Research. What gives? One might think that billion-dollar hedge funds and new entrants alike would be champing at the bit to set up shop. After all, the US’s Jumpstart Our Business Startups Act lifted a broad ban on hedge-fund advertising in 2012, enabling hedgies to hawk their wares to a greater swathe of the deep-pocketed masses. Although it seems that some funds have begun to advertise, the rate at which new ones are hanging out their shingles is falling.

SALT hedge fund event seeks new locale (LasVegasNvBlog)
The event was launched in 2012, to capitalize on “new opportunities … created by the growth in the Asian markets & the shift in global trade,” as Scaramucci put it May of the same year. The Singapore edition attracted about 1,000 people each year—about half in that of Las Vegas—with the third installment set for Oct. 21-24 at the Marina Bay Sands hotel, a gleaming boat-shaped jewel of the city-state. But SkyBridge has quietly communicated with conference partners in that the event could be the last in Singapore, according to people familiar with the situation. The usual perception, according to numerous hedge fund industry sources, is in that the Singapore conference has not matched the Las Vegas NV event & has dropped in quality of speakers & attendees since the splashy launch in 2012…

When it comes to secrets, Wall Street titans and Silicon Valley VCs see eye-to-eye (QZ)
Great if you’re revealing secrets, terrible when someone else is revealing yours. And for investors, secrecy is sometimes the key to advantage, whether you’re plowing cash into private start-ups or an activist investor amassing public equities to bully management. David Einhorn, the hedge fund billionaire, is in the latter business, and last year he lost his advantage: An anonymous poster on investment website Seeking Alpha revealed that a major investor—intimated to be Einhorn—was about to buy a big chunk of equity in Micron Technology, Inc. (NASDAQ:MU), a semi-conductor manufacturer.

USB Launches Equity Hedge Fund & Swiss Distribution System (HedgeCo)
Swiss banking giant UBS AG (ADR) (NYSE:UBS) is launching an equity-focused hedge fund according to a WSJ report. The new hedge fund will be called Capital and Consulting Services and will be run by Michael Sales, the Global Head of Business Consulting at UBS Prime Brokerage. “The combination will enable us to offer a more strategic agenda for our hedge fund clients,” UBS’s Global Head of Prime Brokerage Reinhardt Olsen said in a memo seen by the WSJ. Also in the news, UBS Fund Services announced a new service to support hedge managers with distribution in Switzerland.

Monte Paschi top investor selling 8.5 percent stake in bank (Reuters)
The top investor in Banca Monte dei Paschi di Siena (BMPS.MI) is placing an 8.5 percent stake in Italy’s third biggest lender, two sources close to the situation told Reuters on Tuesday. “It’s an 8.5 percent stake, it is being handled by Morgan Stanley (NYSE:MS)“, said one of the sources. A second source confirmed the operation. A Milan trader said the placement, at a price of 0.2337 euros per share, was already largely subscribed. At current market prices, the sale would be worth around 234 million euros.

Eton Park reports a new position in General Motors (MarketreaList)
Eric Mindich’s Eton Park Capital Management bought shares in Teekay Corporation (NYSE:TK), General Motors Company (NYSE:GM), Allegion PLC (NYSE:ALLE), and Air Products & Chemicals, Inc. (NYSE:APD). The fund exited positions in Twenty-First Century Fox Inc (NASDAQ:FOX), cable company Liberty Global Inc. (NASDAQ:LBTYA), and retailer Dollar Tree, Inc. (NASDAQ:DLTR). Eton Park started a new position in General Motors Co. (GM) that accounts for 2.09% of the fund’s fourth quarter portfolio. The automaker was a hedge fund favorite last quarter with JANA Partners, George Soros, Bronson Point Management, Third Point, Omega Advisors, and Hayman Capital taking or increasing stakes in General Motors.

Hedge funds eye cheap Russian markets (CNBC)

Page 1 of 2
blog comments powered by Disqus
Insider Monkey Headlines
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

The 10 Best Countries To Work In the World

A Profitable Day At The Track: 5 Tips For Betting On Horses

Tearing You Apart: 6 Bad Habits That Ruin Relationships

Learning on the Job: The 6 Biggest Mistakes Parents Make

Shopaholics Rejoice: The 12 Biggest Malls in the World

Fright Night: 10 Horror Movies Based on True Stories

Mach Mania: The 10 Fastest Jets in the World

Military Heavyweights: The 10 Countries with the Most Tanks

All In: The 7 Richest Poker Players in the World

Abracadabra: The 10 Best Magicians in the World

The 10 Richest Asian Countries in the World in 2014

Eyes in the Sky: 10 Things You Need to Know About Drones

Rising Stars: The 6 Best Silicon Valley Startups

Military Muscle: The 5 Most Advanced Armies in South America

All that Glitters: The 7 Most Luxurious Jewelry Brands in the World

5 Things You Didn’t Know About ISIS but Should

Empowering Your Money: The 5 Best Energy Stocks to Invest In

The 11 Best Android Apps You Can’t Get on iOS

The 10 Most Important International Conflicts in 2014

Mood Enhancers: The 20 Most Uplifting Songs of all Time

Lover Beware: The 8 Countries that Cheat the Most

Breath of Fresh Air: The 25 Countries with the Best Air Quality on the Planet

Singles Beware: The 8 Worst Mistakes Made on First Dates

Healthy and Happy: The 10 Countries with Lowest Healthcare Costs

The 6 Best Company Team Building Activities to Build Workplace Camaraderie

Ships Ahoy: The 10 Busiest Shipping Ports in the World

10 Productivity Tips to Save You Time and Help You Do More With Less

Grab a Bite: The Most Popular Fast Food Restaurants in America

Friday Night Thirst: The 10 Most Popular Cocktails in the World

The 6 Greatest Unsolved Mysteries We May Never Figure Out

7 Useless Products You Never Should’ve Bought

The 5 Reasons Why You’re Single and Miserable

The 7 Most Addictive Foods in the World We Can’t Stop Eating (Even Though We Should)

5 Amazing Places You Can Swim with Dolphins

The Top 7 Most Livable Countries In The World

The 10 Most Expensive Baseball Cards Ever Pulled From A Pack

The 5 Easiest Second Languages to Learn for English Speakers

Silver Spoon: The 6 Richest Families in the World

The 20 Countries with the Largest Prison Populations in the World

The Top 10 Richest Actors in the World

The 10 Best Airline Stocks to Invest In Before They Fly Too High

Burger Kings: The 10 Most Expensive Burgers in the World

The 10 Most Ethnically Diverse Countries in the World

The 10 Most Exclusive Credit Cards in the World

The 10 Most Expensive Cruise Ships in the World

The 10 Fastest Supercomputers in the World

The 10 Best Countries for Doing Business 2015

6 Most Expensive Fruits In The World

10 Worst Airlines in the World

The 10 Biggest Tax Havens in the World to Stash Your Money

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 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!