Steve Cohen’s Point72 Is Exploring Raising Venture Fund (Bloomberg)
Steve Cohen’s Point72 Asset Management has discussed with clients the possibility of raising a venture fund at the same time he’s predicting lackluster returns for hedge funds. Cohen, who made his $10 billion fortune running a hedge fund, spent years building a team led by Matthew Granade to make venture investments with his personal wealth through a unit called Point72 Ventures. They’ve recently talked with prospective clients about adding a fund that would manage outside money, according to people with knowledge of the matter, who asked not to be identified because the discussions are private. The fund could exceed $750 million, one of the people said.
Detour Gold Denies Paulson’s Demand to Immediately Replace CEO (Reuters)
Nov 29 (Reuters) – Detour Gold Corp said on Thursday Chief Executive Officer Michael Kenyon will head the company until it finds a permanent replacement, pushing back against hedge fund Paulson & Co.’s demand to immediately replace him. Paulson & Co, which has a stake of about 6 percent in the miner, has pushed for Kenyon’s resignation, saying the company had “unsuccessfully tried to boost short-term performance” including “questionably running up its accounts payable to exaggerate cash flows”.
Hedge-fund manager Crispin Odey saw his bet against Intu Properties Plc pay off as a Brookfield Property Group venture abandoned its pursuit of the U.K. shopping-mall owner on Thursday. Intu plummeted by as much as 41 percent in London, the most since it started trading in 1992. The drop means a quick profit for short sellers. Odey Asset Management was the largest short seller betting against the company. A Barclays Plc filing disclosed wagers by a client totaling 0.6 percent of the company’s shares on Tuesday.
Exclusive: Elliott Steps in to Boost Arconic’s Sale Process – Sources (Reuters)
(Reuters) – Elliott Management Corp., the activist hedge fund that sits on Arconic Inc’s (ARNC.N) board, has stepped in to assume potential liabilities weighing on the sale process for the U.S. aluminum products maker, according to people familiar with the matter. Elliott’s move comes after Arconic rejected an acquisition offer of more than $11 billion from Apollo Global Management LLC (APO.N) as inadequate. Elliott hopes its intervention can help Arconic fetch a higher price, the sources said on Thursday.
‘Fundamentals Starting to Matter’ to Investors (Yahoo Finance)
Former hedge fund manager Whitney Tilson says the recent market shifts show investors are realizing there’s risk on Wall Street, and that’s presenting an opportunity for shorts. He spoke with Yahoo Finance’s Alexis Christoforous and Julia La Roche.