Clint Carlson’s Hedge Fund Loses Its Chief Risk Officer in the Latest Senior Staff Departure to Rock the Firm (Business Insider)
Clint Carlson‘s Dallas-based hedge fund is losing another senior member of its team. Michael Palys, the $8.5 billion multi-strategy firm’s chief risk officer, submitted his resignation, a source close to the firm told Business Insider. He will be replaced by Jehan Akhtar, who has been with the firm since 2000, most recently as the head of derivatives. The departure comes at the end of a year when Carlson has also lost its longtime treasurer Michael Watson and head of fixed income Ivan Ross.
Activist Investor Launches Proxy Fight Against Luby’s (Chron.com)
A New York hedge fund this week officially launched a proxy fight to take control of Luby’s board of directors, which if successful would change the leadership of the struggling Houston restaurant chain helmed for nearly two decades by the Pappas brothers. Bandera Partners, which owns 9.5 percent of Luby’s stock, on Tuesday filed its preliminary proxy statement with the Securities and Exchange Commission, asking shareholders to elect four new candidates to Luby’s nine-member board. The hedge fund’s candidates are: Jeff Gramm, Bandera’s co-founder and portfolio manager; his father and former Sen. Phil Gramm of Texas; Stacy Hock, chairwoman of Texans for Education Opportunity; and Savneet Singh, managing partner of New York-based Tera Holdings.
Hedge Funds On Track To Be Run Entirely By Anonymous Nobodies By End Of 2019 (DealBreaker)
Strictly speaking, this year doesn’t appear to be any worse for hedge funds than any other recent year. For the tenth in a row, they’re probably going to underperform the S&P 500. For the third in a row, more of them are likely to die than be born. Inflows are stagnant, but they have been since 2016. It’s a depressing picture, and all the more so given those giddy hopeful days in the wake of President Trump’s election, but such submediocrity has become the new normal. Just ask Steve Cohen. Still, even if hedge funds aren’t dying off at a particularly faster rate than in previous years, the ones that are have been particularly notable in 2018. T. Boone Pickens decided to hang up his hedge fundin’ spurs after 700 years in the business. Leon Cooperman, too.
Hedge Fund Employees Expect Fatter Paychecks in Beleaguered Year (Bloomberg)
Hedge fund employees of all stripes, from junior analysts to portfolio managers, have something in common this year: They’re all expecting fatter paychecks. Despite an industry beset with lagging performance, an investor exodus and closures, hedge fund professionals expect a median compensation of $520,000 in 2018, a 16 percent increase from last year, according to a survey by Odyssey Search Partners, an executive search firm based in New York.
Insider Buying: Fluidigm Co. (FLDM) Insider Buys $270,454.76 in Stock (PressOracle.com)
Fluidigm Co. (NASDAQ:FLDM) insider Levin Capital Strategies, L.P. purchased 35,033 shares of the firm’s stock in a transaction dated Monday, December 10th. The shares were bought at an average cost of $7.72 per share, with a total value of $270,454.76. The acquisition was disclosed in a filing with the SEC.