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Hedge Fund News: Jeffrey Smith, Julian Robertson & David Abrams

Chris Hansen still optimistic about Seattle basketball as Ballmer dreams big for Clippers (MyNorthWest) Chris Hansen refuses to be anything but optimistic. Despite the loss of a billionaire, the hedge fund manager is not giving up on the idea of bringing the NBA back to his hometown. “We’ll certainly miss him as part of our ownership group, there’s no questions about that, in addition to his financial wherewithal,” Hansen told KING 5 of former Microsoft Corporation (NASDAQ:MSFT) CEO Steve Ballmer’s withdrawal from his group of investors aiming to bring professional basketball back to Seattle.

The Taming of the Trading Monster (NYMag) “Even billionaires have feelings,” Alexandra Cohen had taken to saying. Her husband, Steve Cohen, is the billionaire in question. He’s one of the most successful hedge-fund managers in history—”the Michael Jordan of trading,” in the words of one Wall Street observer. He’d built SAC Capital Advisors into one of the most profitable hedge funds in the world while amassing a net worth estimated at $11 billion. Cohen was never known for his attention to feelings. He had a reputation for brusque, money-talks-bullshit-walks office interactions. He was the opposite of a -sentimentalist—if one of his traders missed his numbers, he was gone.

The key to hedge-fund riches: your retirement dollars (TheGuardian) It’s easy to be afraid of hedge funds. In the past 15 years, they have steadily progressed from near total anonymity to ably filling the role of pantomime villains, name-checked on Sex and the City, discussed by earnest writers in Rolling Stone and Vanity Fair. If we were to re-make the rom-com masterpiece, “Pretty Woman,” for contemporary audiences, our new Richard Gere would not be a corporate raider, breaking up family-owned companies and selling their pieces at a profit, but rather a hedge fund manager. What could be an easier, more efficient way to immediately cast our male lead as an unsympathetic, money-obsessed antagonist?

Schroders’ commodity hedge fund to shut (FT) A prominent backer of commodities hedge funds is shutting down after investors frustrated by market doldrums and high management fees took their money elsewhere. Schroders’ Opus commodities fund, which contained $2.3bn at its peak, is closing after assets dwindled to hundreds of millions of dollars, according to people familiar with the matter. David Mooney and Cédric Bellanger, co-portfolio managers, will leave London-based Schroders. Opus was part of NewFinance Capital, an alternative investment group that Schroders acquired in 2006. The business was one of a handful of niche funds of commodities hedge funds, which farm out investor cash to star traders in markets such as oil, copper or grain.

Robertson’s Stock Picker Singh Said to Become Newest Tiger Cub (Bloomberg) Manny Singh, one of billionaire hedge-fund manager Julian Robertson’s two stock pickers, is set to become the latest Tiger cub. Singh, a former Texas Instruments Incorporated (NASDAQ:TXN) engineer who joined Robertson’s Tiger Management LLC in 2009, is planning to start a global long-short equity fund in the third quarter, according to two people with knowledge of the matter, who asked not to be identified because the information is private. Singh, 36, will be joined by George Song, former investment officer at the University of California Regents, as chief operating officer, one of the people said.

The Children’s Investment Fund Partner Departs for Rival Hedge Fund (WSJ) Mark Derbyshire, a partner at high-profile activist hedge fund firm The Children’s Investment Fund Management (U.K.) LLP, has left to join a rival hedge fund. Mr. Derbyshire, a senior lawyer at TCI who had been at the London-based firm for almost seven years, left at the end of April, said Angus Milne, TCI’s head of compliance. He said Mr. Derbyshire planned to join hedge fund firm Duet Group. DUE.AU -0.41% Duet CEO Henry Gabay said Mr. Derbyshire will join the firm next week as head legal counsel for the firm’s hedge funds and private equity funds. Duet manages more than $5 billion in assets. Mr. Derbyshire couldn’t immediately be reached for comment.

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