Brevan Howard Plans Asia Macro Fund Run by Trader Bathwal (Bloomberg)
Brevan Howard Asset Management is raising money for a new macro hedge fund managed by long-time trader Minal Bathwal, according to people with knowledge of the matter. The MB Macro Fund, which will focus on trends in Asia, is slated to start trading by the end of the second quarter, according to one of the people. A Brevan Howard spokesman declined to comment. Brevan’s billionaire co-founder Alan Howard is trying to reboot a firm whose assets shrank to less than $10 billion from a peak of $40 billion in 2013.
A Sixth Sense For Biotech Has Made Joe Edelman A Hedge Fund Star (Forbes)
It’s late December and Joseph Edelman is on stage at the rooftop bar at Manhattan’s Dream Downtown hotel. With gin-infused cucumber cocktails flowing and the Manhattan skyline glittering through the windows behind him, Edelman is strumming his sunburst Fender Stratocaster and belting out a credible cover of Elvis Costello’s “Pump It Up.” It’s Perceptive Advisors‘ annual holiday party, and Edelman’s performance is something of a victory lap. His flagship fund is up 41% net for 2017. Hedge fund managers typically distinguish themselves in different ways–how much money they manage, the total amount of fees they earn or their personal wealth. Edelman manages $3.8 billion, serious money but far less than other, more famous hedge funds.
Despite Report, Hedge Fund Billionaire Says He’s Still Bidding To Buy Panthers (The Charlotte Observer)
Billionaire hedge fund manager David Tepper says he is still in the bidding process to buy the Carolina Panthers. “I have to tell you, for me, I like the people down there. They remind me of my original hometown, Pittsburgh. The only thing I’m telling you is I haven’t dropped out,” Tepper said in a call with the Observer Monday afternoon. “We’ll see what tomorrow brings.” His comments came after the The New York Times reported Monday that Tepper, a part-owner of the Pittsburgh Steelers, dropped out, citing sources familiar with the matter. Fanatics owner Michael Rubin has also dropped out of the process, the Times reported.
Biotech Activist Alex Denner’s Next Target: Ironwood Pharma (CNBC)
Ironwood Pharmaceuticals told shareholders Monday that it’s learned biotech activist investor Alex Denner of Sarissa Capital is seeking to join its board. The company said it was making Denner’s intentions public to be able to consider shareholders’ input before the board makes a recommendation. Shareholders’ response? The stock closed up more than 10 percent Monday. Denner, who ran biotech investments for Carl Icahn before founding Sarissa in 2012, said in an interview Monday that he’s seeking a board seat “to participate in discussions to maximize value for shareholders.”