U.S. Hedge Fund Hudson Bay to Open London Office: Sources (Reuters)
LONDON (Reuters) – U.S. hedge fund Hudson Bay Capital is opening an office in Britain to expand its European trading book, two sources told Reuters on Tuesday. Hudson Bay, which runs $2.8 billion in assets across equity, credit and other assets, has hired a team of three for its new London base and plans to add more staff, the sources with direct knowledge of the matter said. Other U.S. hedge funds are have also increased investment in Europe, including high-profile activists such as Elliott Advisers, amid increased competition and less attractive valuations at home.
Hedge Fund Appaloosa Asks Allergan to Split Chairman: CEO Position (Reuters)
(Reuters) – Billionaire investor David Tepper’s hedge fund Appaloosa Management and Senator Investment Group on Tuesday asked Allergan Plc’s (AGN.N) board to split the office of the chief executive officer and chairman. In May, Appaloosa and two of Tepper’s funds received Federal Trade Commission clearance for the billionaire to become an activist investor in Allergan.
Warren Buffett Likely to Run Berkshire Hathaway Until Age 92: Whitney Tilson (TheStreet)
Warren Buffett isn’t going anywhere anytime soon, says former hedge fund manager and Berkshire Hathaway (BRK.A) (BRK.B) expert Whitney Tilson. “It’s not imminent, I think there is a good chance he is running Berkshire five years from now,” Tilson tells TheStreet. “Mentally he has never been better.” That’s hard to argue with, to be sure. Buffett, 87, and long-time business partner Charlie Munger, 94, are weeks removed from another masterful performance at Berkshire’s annual shareholder meeting. But, Buffett continues to fuel speculation that he is closing in on retirement perhaps sooner than age 92.
Troubled Sears Gets More Time to Pay Back its Loans (CNBC)
Sears Holdings says in a Securities and Exchange Commission filing it has been given two extra years to repay lenders, including its CEO and hedge fund owner Eddie Lampert. In its filing Monday night, the troubled department store chain said it has consolidated three loans, including two real estate loans totaling roughly $320 million and due in July. The new consolidated loan is due in July 2020. Sears said it has about $779 million due in 2020, which is secured by 69 Sears-owned real estate assets.