Och-Ziff to Change Structure, Looking to Future Beyond Founder (The Wall Street Journal)
Daniel Och is ceding some of the chips in his hedge-fund empire as he hands over the reigns to the next generation of leaders. Och-Ziff Capital Management Group OZM 14.87% LLC on Thursday revealed sweeping strategic changes designed to distribute power among a wider range of shareholders and help ensure the largest U.S. publicly traded hedge fund remains on firm financial footing. Och-Ziff said Mr. Och and several former managing directors would reallocate roughly 35% of their shares to Och-Ziff’s current directors in a new share class.
Cryptocurrency Index Fund Follows Warren Buffett’s Playbook, But with a $1 million Bet Against the S&P (CNBC)
A cryptocurrency asset manager is mimicking the playbook of one of the industry’s most notable critics: Warren Buffett. Morgan Creek Digital is recreating Buffett’s famous $1 million wager pitting the performance of the S&P 500 against a group of hedge funds. But unlike the famous value-investor, Morgan Creek is betting against the S&P and placing its faith in the 10-year performance of cryptocurrencies.
Lampert’s Hedge Fund Makes Bid for Sears Stores and Assets (The Wall Street Journal)
Edward Lampert, the chairman and biggest creditor of Sears Holdings Corp. SHLDQ 5.77% , has made an offer to buy the retailer’s stores and other assets out of bankruptcy court in a bid to keep control of the struggling chain. Mr. Lampert’s hedge fund ESL Investments Inc. is proposing to buy Sears, its real estate and brands like Kenmore in a deal that wouldn’t rely heavily on cash, and would instead use new borrowings, forgive Sears’s existing debts and roll over the company’s other debts.
Hedge Fund Titan Keith Meister on the Market Sell-off (CNBC)
Keith Meister, Corvex Management founder, joins ‘Squawk Box’ to discuss the volatility in the markets and if he sees a economic slowdown in the forecast.
Exclusive: Siris, Elliott Near Travelport Acquisition – Sources (Reuters)
(Reuters) – A consortium of buyout firm Siris Capital Group LLC and hedge fund Elliott Management is nearing an agreement to acquire travel software company Travelport Worldwide Ltd (TVPT.N), people familiar with the matter said on Thursday. The acquisition would mark the culmination of an eight-month-long effort by Elliott to clinch a deal for Travelport. The New York-based fund disclosed a 12 percent stake in the company in March and pushed it to explore a sale.