Wall Street Comes to Hell’s Kitchen With Ackman’s Office Project (Bloomberg)
Another piece of gritty New York City is giving way to the appetites of Wall Street. By Monday, commercial-property lender Dwight Capital LLC will have settled into its new headquarters at 787 11th Ave. in Hell’s Kitchen, on a stretch that’s known for its car dealers and auto-service shops. The firm is the first office tenant to move into the building, which has gotten a more than $100 million overhaul. Within a year, Bill Ackman’s hedge fund, Pershing Square Capital Management, will settle in.
Elliott Stake Report Lifts Italy’s Mediobanca Shares (Reuters)
MILAN/LONDON (Reuters) – A report that activist fund Elliott Management has built a stake of around 1 percent in Mediobanca (MDBI.MI) lifted shares in the influential Italian investment bank on Friday. The U.S. hedge fund, which is stepping up its activities in Europe as it sees more opportunities to unlock value for shareholders, declined to comment on the report in Italian newspaper La Repubblica, which cited two financial sources.
Steve Cohen’s Point72 Is Hiring Money Managers Schurr and Simon (Bloomberg)
Point72 Asset Management has hired two new money managers as the $13 billion hedge fund expands its ranks. Steve Cohen’s firm brought on Stephen Schurr from long-short equity manager Brahman Capital Corp., according to a person with knowledge of the matter. Point72 also tapped Senator Investment Group’s Jeremy Simon, who will begin at the Stamford, Connecticut-based firm next month and focus on financial companies, said the person.
To Be Truly Happy Again, David Einhorn Needs To Drop Everything And Buy The Mets (DealBreaker.com)
In the span of roughly 48 hours this week, The New York Mets lost a baseball game by the score 0f 25-4 and the Tesla Motor Company saw its stock surge despite a quarterly result that would have been problematic for literally almost any other business. No one in the world took those two things harder in combination than David M. Einhorn. As a lifelong, committed Mets fan and one of the world’s most vocal Tesla short-sellers, Einhorn had a week from Hell.