David Tepper Doesn’t Think Stocks are a Great Investment Here, But Says it All Depends on Rates (CNBC)
Hedge fund manager David Tepper has turned somewhat bearish on the stock market, citing uncertainties around interest rates and inflation. “I don’t think it’s a great investment right year,” Tepper said Friday on CNBC’s “Halftime Report.” “I just don’t know how interest rates are going to behave next year… I don’t think there’s any great asset classes right now… I don’t love stocks. I don’t love bonds. I don’t love junk bonds.”
Weinstein’s Saba Capital Sold Holdings in SPAC as Shares Surged on Trump Deal (Reuters)
(Reuters) – Hedge fund manager Boaz Weinstein said that he sold his firm Saba Capital’s holdings in Digital World Acquisition Corp. in the first hours of trading on Thursday as news emerged that it was merging with former President Donald Trump’s new media venture. “I knew that for Saba the right thing was to sell our entire stake of unrestricted shares, which we have now done,” Weinstein said in a statement. “Many investors are grappling with hard questions about how to incorporate their values into their work. For us, this was not a close call,” the statement continued.
Bill Ackman Looks to Sell NYC Office Tower for Big Profit (Bloomberg)
Billionaire investor Bill Ackman and his partners are trying to sell an office building on the far west side of Manhattan where his hedge fund management firm is based. Ackman and co-owner the Georgetown Co. are seeking roughly $630 million for the 10-story building at 787 11th Ave., according to people familiar with the matter. In 2015, a group of partners bought the property in Hells Kitchen for $255.5 million from Ford Motor Co.
Hedge Fund Millennium Management Inks Office Leases in Brickell, West Palm Beach (BizJournals.com)
Hedge fund giant Millennium Management is doubling down on South Florida with two big leases at Class A office towers. The New York-based firm secured more than 74,000 square feet across three floors at 1111 Brickell. The company will house investment professionals and technology teams at the 30-story office building in Miami’s Brickell Financial District. WorldQuant, a quantitative investment firm spun out of Millennium in 2007, will also occupy space within the Brickell office for its employees.
Macquarie Asset Management acquires alternative investment firm Central Park Group (Hedge Week)
Macquarie Asset Management (MAM), the asset management division of Macquarie Group, has agreed to acquire New York-based Central Park Group (CPG), an independent investment advisory firm delivering private client access to institutional hedge fund, private equity, real estate and funds-of-funds. The agreement underscores MAM’s commitment to offering individual investors a diversified platform of institutional-quality alternative investments managed by Macquarie and other leading sponsors.