ISS Backs Box Directors in Proxy Fight with Starboard (Reuters)
BOSTON, Aug 23 (Reuters) – Proxy advisory firm Institutional Shareholder Services on Monday backed cloud storage vendor Box Inc (BOX.N) in its fight with activist investor Starboard Value by recommending that shareholders vote for the company’s directors instead of the hedge fund’s nominees.
With Herbalife, You Need to Get in on the Ground Floor (The Wall Street Journal)
The path to success at Herbalife is the opposite of what works in the stock market – you need to get in near the top. The multilevel marketing company, which sells health supplements through layers of distributors, has attracted its fair share of criticism over the years – none as harsh as the lashing it got from silver-haired hedge-fund manager William Ackman starting in December 2012. The stock dropped 43% in a few days to a multiyear low when he accused it of being a pyramid scheme and announced he had sold its shares short in a bet that they would go to zero.
Lease Roundup: New York Hedge Fund Takes Miami Space for Second HQ, Sushi Maki Expands to Fort Lauderdale (The Real Deal)
Hedge fund Schonfeld Strategic Advisors signed a long-term, 18,441-square-foot lease at The Dorsey project in Miami. New York-based Schonfeld is opening its second headquarters at the new Wynwood development. A partnership among Related Group, Tricera Capital and Lndmrk Development is building the 12-story mixed-use Dorsey, roughly along Northwest Third Avenue between 28th and 29th streets. The project will have about 78,000 square feet of office space, 33,000 square feet of retail and 306 apartments.
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Citadel to Redeem $500m from Melvin Capital After GameStop Misadventure (Financial News)
Ken Griffin’s Citadel LLC and Citadel partners are planning to redeem roughly $500m of the $2bn they put in Melvin Capital Management after Melvin got slammed by bad short bets on GameStop and other soaring stocks, said people familiar with the matter. Citadel and Steven A Cohen’s Point72 Asset Management together invested $2.75bn into Melvin’s hedge fund on 25 January as Melvin was haemorrhaging money. In return for the rare intra-month investments, the two firms received non-controlling revenue shares in Melvin for three…
Norron Hires an ESG Manager (Hedge Nordic)
Stockholm (HedgeNordic) – Norron Asset Management has hired Clara Hamrén as its ESG manager after the departure of former ESG, Marketing & Communications Manager Elin Lilja-Wainwright to Invesco earlier this year. This appointment follows the hiring of Sebastian Uddén, one of the partners and co-founders of Nordic Cross Asset Management, as Head of Sales in Sweden during the summer.
