Hedge Fund Manager Odey Bets on UBS Following Credit Suisse Deal (Bloomberg)
Crispin Odey is betting that UBS Group AG’s shotgun marriage with Credit Suisse Group AG will pay off. The UK hedge fund manager said he invested 2% of his Odey Asset Management funds into UBS shares after the takeover. Odey personally ran about $1.3 billion of assets at the end of February.
Parkland Targeted for Shakeup by U.S. Activist Hedge Fund Over ‘Staggering’ Underperformance (Leader Post)
Activist U.S hedge fund Engine Capital LP has set its sights on Canadian fuel giant Parkland Corp., calling the company an “underperforming” conglomerate and urging it to sell off its refinery and other non-core assets in order to focus on its fuel and convenience business. In a March 22 letter to the company’s board of directors, Engine criticized Parkland for “staggering” underperformance when compared to the shareholder returns provided by its retail peers, particularly Quebec-based gas station giant Alimentation Couche-Tard Inc.
What Is Bill Ackman Up To? (Institutional Investor)
Most people on Wall Street know Pershing Square Capital CEO Bill Ackman as a daring shareholder activist, a hedge fund manager who once famously vowed to go to the ends of the earth to take down a foe. But after experiencing multi-billion dollar failures on that front — with Herbalife and Valeant — and rebuilding his reputation with a $2.6 billion short bet during the early days of Covid-19, Ackman gave up that form of activism. Last year the 56-year-old even relinquished his role as chief investment officer at Pershing Square to one of his younger partners.
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Sissener and Nordea’s Alpha Win UCITS Awards (Hedge Nordic)
The Hedge Fund Journal, a monthly magazine focusing on the global hedge fund industry, has published the list of winners at the 2023 UCITS Hedge Awards. Sissener Canopus and Nordea’s Alpha 15 MA Fund are the two Nordic winners at the UCITS Hedge Awards for a second consecutive year. The winners of a wide range of strategy categories at the UCITS Hedge Awards across different time horizons are determined by risk-adjusted returns based on data provided by Preqin.
Hedge Fund Boss Jeff Gundlach Shreds Credit Suisse Creditors: ‘Put on Your Big Boy Pants’ (New York Post)
Hedge fund boss Jeffrey Gundlach said outraged Credit Suisse creditors facing a $17 billion wipeout in rival UBS Group’s rescue deal should “look in the mirror” and put on their “big boy pants” instead of griping about regulators. Gundlach, the CEO of DoubleLine Capital, had little sympathy for bondholders following revelations that Credit Suisse’s additional tier 1 bonds would be subject to a “complete write-down” in the UBS deal – meaning their investments were worthless.
