Apollo Sues Serta Simmons and Owner Advent Over Debt Dispute (PENews.com)
Apollo Global Management is suing private equity firm Advent International in a dispute over how to financially restructure the Advent-owned Serta Simmons Bedding, the largest mattress maker in the US. Hedge fund managers Apollo, Angelo Gordon and Gamut Capital Management, who own some of Serta’s corporate loans, filed a suit Thursday against Serta and Advent in New York State Supreme Court.
Hedge Fund Investor Elliott Calls on NN Group to Reset Trajectory (Reinsurancene.ws)
Elliott Advisors (UK) Limited has released a statement criticising the market valuation and management of NN Group N.V., which Elliott holds a 3% stake in. The firm said that NN Group’s underlying value has “been obscured” and is not properly reflected in its current share price, adding that “NN Group itself is the greatest impediment to unlocking the valuation discount.” “We have engaged privately with NN Group’s management over several months and we remain of the view that NN Group is worth far more than the market currently ascribes,” Elliott said.
Firm Behind Long-Running Tewksbury Fund Preps New Launch (Institutional Investor)
The pioneering managed futures firm is raising money for a new fund. One of the oldest managed futures firms has launched a new hedge fund. Stevens Capital Management, headed by Matthew Tewksbury, said in a regulatory filing it is seeking capital for its new Tewksbury Futures Fund.The firm is best known for its long-running Tewksbury Investment Fund.
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Hedge Fund Group Says Don’t Write Off Hong Kong as Finance Hub (Pensions&Investments)
A hedge fund industry group says Hong Kong continues to attract new firms, downplaying speculation that money managers are fleeing the city over China’s attempt to enact a national security law. At least six hedge fund managers have set up shop in Hong Kong this year, according to the Alternative Investment Management Association. Although some Hong Kong firms are seeking licenses to expand in Singapore, they aren’t abandoning their home base, said Jack Inglis, chief executive officer of the group.
Energy Hedge Fund CF Partners Predicts Higher Commodity Price Moves Following Oil Rally (Hedge Week)
CF Partners Capital Management, a London-based energy-focused hedge fund, is betting on a continued price recovery in energy markets heading into the second half of 2020. Portfolio manager and chief investment officer Elvis Pellumbi, who launched the firm’s long/short event driven equity fund CFP Opportunity in 2015, said the commodity will continue to outperform equity markets following its recent price rally, and is positioning the strategy accordingly.
Hedge Fund Jana Partners Takes Stake in Perspecta, Eyes Changes (Reuters)
BOSTON (Reuters) – Activist hedge fund Jana Partners on Thursday disclosed a new stake in Perspecta Inc (PRSP.N), which provides information technology services to government customers, and said it will speak with executives about changes that could lead to a merger or sale. Jana, one of the industry’s most powerful activist investors, said in a regulatory filing that it owns 5.9% or 9.4 million shares, and that it will discuss “industry consolidation, capitalization, and operations” among other things with the company’s board and management team.
Billionaire Bill Ackman Plots His Next Deal (Forbes)
It’s been a busy year for Bill Ackman of hedge fund Pershing Square Capital Management. Ackman spotted the risks from the coronavirus pandemic early, building a massive credit hedge in January and February that protected his hedge fund from the market plunge. Then, he doubled down near the market lows and is up 30%-plus for the year, compounding Pershing Square’s 58% gain in 2019. Now, the hedge fund billionaire is looking for his next signature deal.
Friday 6/12 Insider Buying Report: FGEN, KZR (Nasdaq.com)
On Thursday, FibroGen’s Chief Executive Officer, Enrique A. Conterno, made a $988,882 buy of FGEN, purchasing 27,800 shares at a cost of $35.57 a piece. Conterno was up about 6.2% on the purchase at the high point of today’s trading session, with FGEN trading as high as $37.78 in trading on Friday. FibroGen is trading up about 7.7% on the day Friday. And also on Thursday, Director Franklin M. Berger bought $550,000 worth of Kezar Life Sciences, buying 100,000 shares at a cost of $5.50 a piece. Before this latest buy, Berger made one other purchase in the past twelve months, buying $314,200 shares at a cost of $2.60 a piece. Kezar Life Sciences is trading up about 6.1% on the day Friday. Bargain hunters have the opportunity to grab KZR at a price even lower than Berger did, with shares changing hands as low as $5.02 in trading on Friday which is 8.7% under Berger’s purchase price.
Nestlé SA (Other OTC: NSRGF) Executives are Making Moves with Their Shares (Analyst Ratings)
Today, the Executive of Nestlé SA (NSRGF), Unnamed Swiss Director (E), sold shares of NSRGF for $1.27M. Following Unnamed Swiss Director (E)’s last NSRGF Sell transaction on September 18, 2019, the stock climbed by 1.2%. The company has a one-year high of $114.93 and a one-year low of $84.20. The Company has a Price to Book ratio of 56.08.
SEC Reaches Deal in Insider Trading Case Over Hacked News Releases (Reuters)
The U.S. Securities and Exchange Commission has obtained court approval for settlements totaling about $14 million with five individuals and three companies that the agency said took part in an international scheme to trade on hacked news releases. The civil settlements with Arkadiy Dubovoy, his son Igor Dubovoy, Leonid Momotok, Aleksandr Garkusha and Vladislav Khalupsky, along with corporate entities Southeastern Holding and Investment Company LLC, APD Developers Inc and Memelland Investments Ltd, were approved by U.S. District Judge Madeline Cox Arleo in the District of New Jersey, the SEC announced Wednesday.
LPL Financial Holdings Inc (LPLA) President & CEO Dan H. Arnold Sold $1.7 million of Shares (Guru Focus)
President & CEO of LPL Financial Holdings Inc., Dan H. Arnold, sold 20,000 shares of LPLA on 06/09/2020 at an average price of $85.7 a share. The total sale was $1.7 million. LPL Financial Holdings Inc operates as a broker through its subsidiaries. The company provides a platform of proprietary technology, brokerage, and investment advisor services to financial advisors and institutions.
After Insider Trading Probe, Loeffler Offers Donors Access In ‘Co-Investor Program’ (Forbes)
TOPLINE Senator Kelly Loeffler (R-Ga.), who is facing a tough reelection bid due in part to allegations of insider trading, is offering benefit packages featuring close access to top campaign donors with tiers of “board member,” “investor” and “shareholder,” according to a fundraising brochure obtained by the Daily Beast. Loeffler was investigated by the Department of Justice for stock sales she made shortly after attending a closed door meeting of Republican Senators on coronavirus.
