Bain Capital’s New Fund Terms Pass Muster in New Mexico (The Wall Street Journal)
Bain Capital’s latest flagship fund provides some fee flexibility to investors as well as recurring opportunities to claw back their capital, while lowering the threshold at which the firm can begin collecting profits. The Boston-based private-equity firm’s terms for investors in its Bain Capital Fund XIII LP fund feature a two-tiered fee structure as well as a deal-by-deal distributions format that can accelerate the firm’s receipt of its share in investment profits, according to Richard Pugmire, principal for alternatives…
Hedge Fund Sells Off Stake in Local Builder Taeyoung E&C (The Korea Herald)
South Korean hedge fund Must Asset Management is moving to divest its stake in domestic builder Taeyoung Engineering & Construction, a month after it declared an end to its shareholder engagement, according to a disclosurce Wednesday. The news comes after yearlong efforts by Must to shake up the governance structure of Taeyoung E&C, which led to spinoffs of the builder’s businesses outside the construction sector.
BH Macro Net Asset Value Up As Master Fund Fares Well In Uncertainty (Morningstar.co.uk)
(Alliance News) – BH Macro Ltd on Wednesday said its net asset value per share increased sharply in the first half of the year thanks to the strong performance of Brevan Howard Master Fund Ltd. BH Macro’s NAV per sterling share rose 22% to GBP31.68 as at June 30 from GP26.06 at the end of 2019. NAV per US dollar share increased 22% as well to USD32.92 from USD26.99. The closed-ended investment company is a feeder fund that invests all of its assets directly into Brevan Howard Master Fund, a hedge fund focused on consistent long-term appreciation through active leveraged trading and investment on a global basis.
Bridgewater Is Having a Bad Year. David McCormick Has a Plan. (Institutional Investor)
Can the war veteran and former Treasury official reboot the world’s largest hedge fund? The email, formal and foreboding, landed at 9:38 a.m. on Monday, March 2. “Can you please call me when you have a second to talk?” the Bridgewater Associates employee asked. The call, the email’s recipient knew, would not be good: Karen Karniol-Tambour, the hedge fund’s head of investment research, was scheduled to be a lunchtime speaker at an investment conference at Washington, D.C.’s Watergate Hotel just over 24 hours later.
Abu Dhabi Hedge Fund Makes $300 Million Emerging-Market Wager (Bloomberg)
Tensai Holding Co., a family office that manages $3 billion of hedge-fund and private-equity investments, is putting more money into emerging-market stocks and distressed debt as it expects Asia to outperform the rest of the world. The firm’s quantitative hedge fund is investing $300 million to $400 million in the developing world this year, as much as 15% more than in 2019, said Soufyane Al Hayan, the president of Tensai in Abu Dhabi. The manager has already moved about 90% of that money into markets such as China and India, after cutting some positions in developed markets, he said.
Accendo Welcomes Senior Advisor (Hedge Nordic)
Stockholm (HedgeNordic) – Accendo Capital has appointed Michael Rosenlew as Senior Advisor to its event-driven activist hedge fund, Accendo. Rosenlew is currently the Chairman of the Board of Finnish family-owned investment company Hartwall Capital, which engages in active ownership in listed and non-listed companies. Rosenlew had a long career at IK Investment Partners, a European private equity advisory group with Nordic roots, as well as served on the Boards of Caverion as Chairman, Pöyry and Stockmann.
Partnership Offers Emerging-Markets Trades (HFAlert.com)
Two firms have teamed up to offer hedge fund managers access to trading and execution services for financial products in emerging markets. New York investment-banking shop Torino Capital and London advisory outfit Africa Bridge Capital already are working with about 150 fund operators. The effort emphasizes trading of credit instruments, including corporate debt, government securities and bonds issued by sovereign wealth funds. To that end, the team is touting deep relationships in emerging markets including Africa and Latin America. Those contacts include sovereign wealth funds, which Torino and Africa Bridge are pitching as key in arranging order flow and competitive pricing on their deals.
The Era of Star Fund Managers Is Over, Franklin Templeton Says (Bloomberg)
Having a star fund manager is an easy way for an asset management firm to attract client money. But for Franklin Resources Inc.’s chief executive officer, it’s not worth the disruption when they leave. “Clients get nervous by a star manager, if you appoint one, because then it becomes a succession issue,” Jenny Johnson said in a Bloomberg “Front Row” interview.