Dan Loeb’s Hedge Fund Trims Number of Nominees to Campbell Soup Board (CNBC)
Daniel Loeb‘s hedge fund, Third Point, has trimmed the number of nominees it is making to the Campbell Soup board to five, sources tell CNBC. Loeb has been locked in a battle for control of the board and had been trying to replace all 12 of the directors. Shareholders are scheduled to vote on the board at their Nov. 29 annual meeting. Third Point’s latest nominees are Sarah Hofstetter, president of Comscore, Bozoma Saint John, chief marketing officer of Endeavor Co., Kurt Schmidt, a former director and CEO of Blue Buffalo, William Toler, former CEO of Hostess Brand and Third Point executive Munib Islam, the sources told CNBC.
Did Billionaire Tom Steyer’s $123 Million Help Democrats In The Midterms? (Forbes)
Ever since Donald Trump entered the White House, California billionaire Tom Steyer has been at the forefront of the resistance. From buying “Need To Impeach” billboards in Times Square to strategically mobilizing get-out-the-vote efforts, Steyer has poured $123 million into politics in the last year. One of his goals was to ensure that the widely anticipated “Blue Wave”—in which Democrats would flip Congress—would happen.
Billionaire Ray Dalio Says “Capitalism Is Not Working” for Most People (Barron’s)
Billionaire hedge fund founder Ray Dalio may not be the first person you’d think of as a crusader against capitalism. But at the Summit conference in Los Angeles this week, he questioned the current U.S. economic system. “Capitalism is basically not working for the majority of people,” he said. Dalio has a net worth estimated at $18 billion, according to Forbes, largely gained from building and running Bridgewater Associates, the largest and—by some metrics—most successful hedge fund in the world. His critique is all the more noteworthy, coming from one of the system’s biggest winners.
Elliott, Vivendi Need to End Their Italian Feud (The Wall Street Journal)
Hedge fund Elliott Management’s big bet on Telecom Italia is misfiring badly, but its increasingly bitter rival for control of the Italian telecommunications company is losing even more. It is hard to see progress at Telecom Italia before the two big shareholders stop squabbling. Media conglomerate Vivendi, Telecom Italia’s biggest shareholder, has been battling Elliott ever since the hedge fund disclosed a stake in March. Telecom Italia’s shares have become collateral damage.
Portfolio Managers are Leaving Citadel; One Only Stayed a Month (efinancialcareers.com)
People seem to be dribbling out of the London office of Citadel Europe LLP – the European outpost of Ken Griffin‘s $30bn hedge fund. One quit after less than a month. Antonio Fortes was at Citadel from the 14th of July to the 7th of August according to the UK’s Financial Conduct Authority register. It’s not clear why he left so soon, but Fortes – who previously spent three years at hedge fund Millennium Capital Partners, has now joined Exoduspoint, the new fund led by former Millennium Management star trader Michael Gelband.