Kyle Bass Left Texas Endowment Board After Almost a Decade (Bloomberg)
Hedge fund manager Kyle Bass stepped down from the board of Texas’s state university endowment after almost a decade. Bass, the founder of Dallas-based hedge fund Hayman Capital Management, first joined the board in 2010 and was reappointed for a third and final three-year term in 2016, according to meeting documents.
Factbox: Activist Investor Elliott’s Top European Holdings (Reuters)
FRANKFURT (Reuters) – U.S. activist hedge fund Elliott Management announced on Thursday it had taken a 2.1% stake in German agrichemicals and pharma company Bayer (BAYGn.DE) Here are some of New York-headquartered Elliott’s top holdings in Europe (in alphabetical order): AC Milan: – Lent 300 million euros ($341 million) to China’s Li Yonghong in March 2017 to fund the acquisition of players and bank debt repayments at Italian football club AC Milan.
The Charmed Life of a Young Tiger Cub With a $4.6 Billion Fortune (Bloomberg)
Chase Coleman’s tech-focused Tiger Global manages $30 billion, helping land him on Bloomberg’s Billionaires Index. If Chase Coleman didn’t exist, Hollywood would surely invent him. Born into New York aristocracy and educated at fine schools, Charles Payson “Chase” Coleman III was all of 25 when the hedge fund legend Julian Robertson handed him $25 million to start his own fund.
Bill Ackman-linked Real Estate Company Soars on Sale News (New York Post)
A real estate investment company linked to billionaire Bill Ackman soared more than 35 percent Thursday after it confirmed a report that it had hired an investment bank to explore a possible sale. Howard Hughes Corporation, which counts developments in New York City’s South Street Seaport among its assets, hired Centerview Partners to review its strategic options. The sale was triggered by ongoing concerns among executives – including Ackman, the chairman – that the stock has been lagging the value of its holdings, according to CNBC, which first reported the move Thursday.
Hedge Fund Professionals Nervous About Shifting Trade Policy (Opalesque.com)
A new survey of alternative investment professionals has found that hedge fund and private equity executives alike predict moderate economic growth for the second half of this year. Hedge fund executives are nervous about fluctuations in international trade policy and named this as their top challenge for the year ahead, the survey said. 40% of hedge fund respondents noted shifting trade rules as a key concern, outpacing other challenges including pressure from SEC regulations (27%) and difficulties in incorporating new technologies (18%). Conducted on-site at EisnerAmper’s 4th Annual Alternative Investment Summit in New York, the survey polled 120 senior industry leaders from the hedge fund, private equity/venture capital (PE/VC), and institutional investor audience on their sentiment surrounding the industry and economy.
US Managers Dominate Fund Raising Activity (HedgeWeek.com)
The United States dominates the PE marketplace when it comes to size of AUM size. It is estimated that the top 300 global PE managers manage USD1.5 trillion in assets, of which US-based managers account for USD1 trillion; this compares to USD177 billion among UK-based managers. Over the last three decades, the US has been at the vanguard of the PE growth story so it is little surprise that their top managers rule the roost. As Anastasia Williams, Head of Private Equity, Americas at TMF Group remarks: “The big PE fund managers keep getting bigger and I think that is a trend that will continue to play out, certainly among those managers who are US-headquartered.
CQS Lifts Out Asia Macro Hedge Fund Team from City Financial (Pensions&Investments)
CQS, a London-based investment management firm, announced Thursday that a seven-member Asia macro hedge fund team, led by Geoffrey Barker, will join CQS in Hong Kong. The team comes to CQS from the Hong Kong office of City Financial Investment Co., a London-based manager which entered insolvency proceedings on March 21 after encountering “financial difficulties,” according to postings on the City Financial website.
Ray Dalio’s long history with Australia (AFR.com)
Australia, its markets, its economy and its pool of savings have enticed some of the world’s top hedge fund traders and asset gatherers over the years. But one of the biggest and best investors, Bridgewater‘s Ray Dalio, has followed the fortunes of the lucky country longer than most. Dalio has been advising companies, such as Alan Bond’s Bond Corporation, and managing money for superannuation funds and corporations, such as Lendlease, since the late 1980s. That was an era of debt-funded entrepreneurs such as Christopher Skase and Bond. It led foreigners to believe that this was either a land of intrepid individualists or of reckless gamblers, he says.