Billionaire Returns to High-Tax New Jersey to Face $120 Million Tab (Bloomberg)
Billionaire David Tepper has returned to New Jersey — a move that may cost him $120 million in state income taxes this year. Tepper, 63, moved back to the Garden State in January for family reasons, people familiar with the matter said. Last year, he married a long-time New Jersey resident.
Hedge Fund Coatue has Become One of the Most Powerful Startup Investors of 2020, Nabbing Stakes in 14 Unicorn so Far (Business Insider)
A hedge fund is flying high over the startup world. Coatue Management, a type of fund that raises outside capital to invest in a smorgasbord of asset types, has written checks into at least 14 unicorn startups so far this year, including breakouts like Chime, Airtable, and Rivian, according to data from PitchBook and media reports.
Greenlight Posts Small Monthly Gain — But Is Still Struggling This Year (Institutional Investor)
David Einhorn’s Greenlight Capital posted a small gain in September, boosting its gain for the third quarter to an estimated 4 percent, according to a person familiar with the results. But the struggling hedge fund is still down by double-digits this year. Greenlight returned roughly 1 percent last month.
Activist Investor Icahn Brings Son Back, Lays Out Succession Plan (Reuters)
(Reuters) – Billionaire investor Carl Icahn announced the formal return of his son, Brett, to Icahn Enterprises IEP.O on Thursday, laying the groundwork for a handover of control at one of the world’s most successful activist investment firms. Brett Icahn, 41, will manage a team of portfolio managers, will buy a $10 million stake in the firm and join the board of directors of the firm his 84-year old father has been running for decades, the company said in a release.
Billionaire Alan Howard Is Raising More Cash After His Hedge Fund Soared 100% (Bloomberg)
A hedge fund that billionaire Alan Howard personally manages is raising another $500 million after doubling investors’ cash in the early days of the pandemic. His Brevan Howard AH Master Fund is in talks with investors to raise the extra cash, people with knowledge of the matter said. The fund will take in new money until January, the people said, asking not to be identified because the information is private.
Multi-Strategy Hedge Fund Algebris’ Macro Chief Eyes Biden Victory in US Election Battle (Hedge Week)
A victory for Democratic candidate Joe Biden in the approaching US presidential election would see a “limited short-term negative reaction”, and could herald more fiscal stimulus coupled with a dovish monetary policy, according to Algebris Investments’ head of macro strategies Alberto Gallo. Gallo, portfolio manager of the Algebris Global Credit Opportunities Fund, believes the Democrats are now favourite to win November’s election, and said a Biden presidency will mean more stimulus to the real economy.