ValueAct Partner Steps Down from Board at Citi Credit Rival (Reuters)
(Reuters) – Credit card and loyalty programs firm Alliance Data Systems Corp (ADS.N) said a board member representing ValueAct Capital has stepped down, removing one conflict of interest which could have prevented it gaining a board seat at Citigroup Inc (C.N). Alliance, which competes with Citi in issuing credit cards for retailers, said in a regulatory filing filed late on Thursday that Kelly Barlow, a partner at ValueAct, had stepped down from its board.
George Soros Doesn’t Think Wall Street will Determine the 2020 Election (Business Insider)
George Soros, the billionaire philanthropist and former investor, doesn’t think that Wall Street will determine the next president of the US in 2020. “There are more Main Streets in America than there are Wall Streets,” Soros said in an interview with Andrew Ross Sorkin that The New York Times published Friday. “So I don’t think that Wall Street, other than being a source of money, will have its way in choosing the president.”
Fisher Divestment Tops $3 Billion After Texas Pension Bolts (Bloomberg)
The state pension fund of Texas is pulling $350 million from Fisher Investments as more investors flee the firm following vulgar comments from its founder. “With respect to our fiduciary duty, we are defunding Fisher Investments,” the pension said in a statement Friday. Fisher had served as an external manager in the international equities portfolio with $350 million under management as of Sept. 30.
U.S. Activist Fund Laments Sony’s Rejection of Spinoff Proposal for ‘Uncut Rough Stone’ Chip Unit (The Japan Times)
NEW YORK – U.S. activist hedge fund Third Point LLC expressed frustration Thursday over Sony Corp.’s decision to stick with the status quo and turn down a proposal to spin off its lucrative semiconductor business. “It is difficult for us to imagine that a company of Sony’s size and complexity could not find a single concrete action to improve its business and valuation,” the New York-based fund, run by U.S. investor Daniel Loeb, wrote in a letter to investors. The fund has invested $1.5 billion in Sony.
Scaramucci Slashes his Sights on His Opportunity Zone Fund (TheRealDeal.com)
Anthony Scaramucci’s SkyBridge Capital initially sought to raise $3 billion in Opportunity Zone funds to invest nationwide through a REIT, but so far said he has only raised about $30 million. And he has reduced his target to $300 million. “A lot of people misplaced and outsized the demand for what we thought we could achieve,” said Scaramucci, the keynote speaker at an NAIOP South Florida event at the Ritz-Carlton in Fort Lauderdale Beach on Wednesday. “I still think it’s a success for us, but it’s nowhere near as successful as we thought it would be.”
Here’s What Hedge Funds Pitched at C4K Investors Conference (Bloomberg)
Some of the biggest hedge fund names pitched their strongest wagers and concerns to an audience in Toronto — from Jimmy Levin’s long view on telecom giant China Tower Corp. to Rob Citrone calling Elizabeth Warren the single biggest risk to the market. Over two days, investors gathered at the C4K Investors Conference to hear trade ideas. Here’s a rundown of some of the most prominent calls.