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Hedge Fund News: Thomas Steyer, Larry Robbins & Paul Tudor Jones

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Retired Hedge Fund Manager Tom Steyer Donates $71 Million For Green Focus At Midterms (HedgeCo)
Just in time for the mid-term elections, billionaire philanthropist and retired hedge fund founder Tom Steyer has donated an extra $15 million of his own money in to his super-pac, NextGen Climate Action Fund. Steyer, an activist and former hedge fund manager has already given nearly $56 million to make climate change a top-tier issue in the midterm elections, the Guardian reports.


Bill Ackman and His Hedge Fund, Betting Big (NYTimes)
William A. Ackman, the silver-haired, silver-tongued hedge fund mogul, gestured out the window of a 42nd-floor conference room at Pershing Square Capital Management in Midtown Manhattan. The view was spectacular, but Mr. Ackman’s arm extended not downward, toward the vibrant fall foliage of Central Park, but skyward toward the top of a glittering glass building just around the corner on 57th Street. He was pointing toward One57, a new 90-story, lavish hotel and condominium building described by one critic as “a luxury object for people who see the city as their private snow globe.”

US gains from good deflation as Europe faces the bad and ugly (LiveMint)
When it comes to deflation there’s the good—and there’s the bad and ugly. That’s welcome news for US investors. Billionaire Paul Tudor Jones, one of the most successful hedge-fund managers, said on 20 October that US stocks will outperform other equity markets for the rest of the year, according to two people who heard him speak at the closed-door Robin Hood Investors conference in New York. Hedge fund manager David Tepper, who runs the $20 billion Appaloosa Management LP, told the same conference the following day that investors should bet against the euro, two people familiar with his remarks said.

Black River Vet Readies Oil-Heavy Hedge Fund (Finalternatives)
A former Black River Asset Management trader is set to launch his own commodities hedge fund. Stephen Smethurst’s Zafiro Capital Commodities Trading Fund will debut at the beginning of next month, Reuters reports. The new fund will focus on oil, but will have the ability to invest in other commodity derivatives, as well, giving it plenty of opportunities to make money in spite of a months-long oil rout. …Zafiro said that about 70% of the new fund’s risk would be in energy investments, with the balance going to metals and agricultural commodities.

How Founders Of New Hedge Funds Can Avoid Most Taxes (Forbes)
Many hedge fund general partners have become exceptionally wealthy because of their investment capabilities coupled with the way hedge funds are typically compensated for success. However, by using various advanced planning strategies, it’s very possible for the hedge fund general partners to become considerably wealthier because they’ve legally avoided certain taxes. Somewhat simplified: most hedge funds are set up where the founders are the general partners of the fund and own the management company. The management fee goes from the fund to the management company. Meanwhile, the carried interest goes from the fund to the general partners…

Slower growth ahead: Pro (CNBC)

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