Jeffrey Ubben, James Mitarotonda, Brevan Howard

Ubben’s Latest Move (Marketwatch)
Valeant Pharmaceuticals International’s $5.7 billion bid for drug maker Cephalon Inc. is the latest in an acquisition spree backed by Jeff Ubben’s activist hedge fund firm ValueAct Capital Management. ValueAct’s largest holding is Valeant, a position the firm has held for a few years. The position is over 20% of ValueAct’s equity portfolio, which is worth over $4 billion. That makes Ubben’s firm the third-largest Valeant shareholder, behind Fidelity and value investing firm Ruane, Cuniff & Goldfarb, according to FactSet data. ValueAct partner G. Mason Morfit joined Valeant’s board in 2007 and the chief executive was replaced in 2008 with a former McKinsey & Co. partner, J. Michael Pearson.

VALUEACT CAPITAL

Barington presses for Ameron appointment (HFMWeek)
Barington, which has been an investor in AMN since December 2009, has also received support from the two largest proxy firms in its initiative, including Glass Lewis & Co and Institutional Shareholder Services. “As a rule, we are reticent to recommend the removal of incumbent directors, or in favour of dissident nominees,” Glass Lewis said. “However, [Mitarotonda] is likely to have a positive impact at Ameron given the company’s historical performance and governance track record.” Last year, Barington returned 29.69%. In 2009 it was up 52.39%.Barington Capital Group, the New York-based event-driven hedge fund, is pressing shareholders of Ameron International Corp (AMN) to elect portfolio manager James Mitarotonda to the company’s board of directors, arguing he will help retool the manufacturer, HFMWeek has learned.

Brevan Howard Hires Three Goldman Sachs Traders for Biggest Hedge Fund (Bloomberg)
Brevan Howard Asset Management LP hired three Goldman Sachs Group Inc. (GS) employees to trade for its biggest hedge fund, according to a person briefed on the matter. Karl Devine, Andrew Dausch and Brad Lord will trade for the $25 billion Brevan Howard Master Fund Ltd., said the person, who asked not to be named because the appointments haven’t been announced. The three will work in Brevan Howard’s London office, the person said. Goldman Sachs is losing traders as it complies with a provision of the U.S.’s Dodd-Frank financial rules that restricts banks from betting capital for their own accounts. Devine, Dausch and Lord are opting to trade for the world’s biggest macro fund instead of following the path of former Goldman Sachs employees that decided to start their own firms.

FISAM Capital hedge fund closes (Reuters)
FISAM Capital, a tech-focused hedge fund founded by a former top trader with SAC Capital Advisors, closed its doors a few weeks ago after a large investor redeemed its money, said three people familiar with the situation. Stefan Frank, a former portfolio manager with Steven Cohen‘s SAC Capital Advisors, founded FISAM in November 2009. The fund managed a little under $100 million, and after Frank received the redemption request he found it difficult to keep trading, these sources said. In its brief life, FISAM had posted positive but not spectacular returns. A source said the fund registered about a 6 percent gain since it began trading in December 2009. The average hedge fund was up a little over 7 percent in 2010.

Coeli to Become Investment Manager for Plenum Power Surge Fund (Bloomberg)
Coeli AB, a Stockholm-based money manager, will become the investment manager for the Plenum Power Surge hedge fund, taking over from Plenum Investments Ltd. Henrik Wennberg, a senior fund adviser at Plenum and co- founder of Power Surge, will be the head trader when Coeli acquires the fund on May 1, Plenum Investment’s Chief Executive Officer Rainer Gruenig said yesterday by e-mail from Zurich. He declined to disclose any financial details of the accord. Power Surge, a 43 million-euro ($61 million) fund that invests in Nordic electricity contracts, lost 4.9 percent in the first two months of 2011 after gaining 24 percent last year, data compiled by Bloomberg show. Most hedge funds are private pools of capital whose managers participate in the profit from speculation on whether the asset prices will rise or fall.

The Daily Docket: Judge OKs RHI Chapter 11 Plan (WSJ)
A judge on Tuesday confirmed RHI Entertainment Inc.’s plan to exit bankruptcy under control of its senior lenders, who will swap their debt for equity in a restructured version of the movie production company. Read the Daily Bankruptcy Review story here. Also in today’s DBR, Aurelius Capital Management redesigned its Chapter 11 exit proposal for Tribune Co. amid the publisher’s confirmation hearings and Lehman Brothers Holdings Inc. is renewing its efforts to bring 19 stalled SunCal Co. real-estate projects out of bankruptcy under its ownership. In DBR Small Cap, Harry & David Holdings won approval to tap a bankruptcy financing package totaling $155 million.

Venezuelan workers caught up in US Ponzi scheme (WSJ)
The fallout from the biggest white-collar federal prosecution in Connecticut is being felt a continent away in Venezuela, where state oil workers are at risk of losing hundreds of millions of dollars from their pension fund that were invested with a now disgraced financier. U.S. prosecutors say Venezuelan-American Francisco Illarramendi used unregistered hedge funds in Stamford, Connecticut, as cover for a massive pyramid investment scheme with exclusively overseas clients. Venezuela’s government is now taking steps to recover what it can from an employee retirement fund for Petroleos de Venezuela, which contributed about 90 percent of the total investment.

Comments
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 Largest Pharmaceutical Companies In the World

The 10 Most Expensive Android Apps

The 9 Most Expensive Designer Bags in the World

The 7 Most Expensive Real Estate in the World

The 10 Most Expensive eBay Items Ever Sold

The 10 Most Expensive iPhone Apps

The 9 Most Expensive Designer Shoes in the World

The 10 Most Expensive Cigarette Brands

The 10 Most Expensive Law Schools in the US

The 10 Best Wall Street Movies

The 10 Most Expensive Golf Clubs Ever Sold

The 10 Most Expensive Golf Memberships

The 10 Best Disney Characters Ever Created

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

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!