British Staff at US Hedge Fund Elliott Management Paid Average of £1.3m Each (The Times)
The American activist hedge fund Elliott Management paid the 106 staff at its British business a combined £137 million last year after the division enjoyed a return to profit. The salary bill for Elliott Advisors (UK) equates to almost £1.3 million a person and is up from the £113.3 million that it paid in total to its employees in 2020, accounts filed at Companies House showed.
Hedge Fund Titan Warns UK Pension Crisis Is Just the Start (Bloomberg)
For one of the world’s largest hedge funds, the UK pension fund crisis is just starting as central banks around the world raise interest rates and turn off quantitative easing. Paul Marshall, co-founder of $62 billion investment firm Marshall Wace, said central banks had created the perfect environment for “mal-investment’ by artificially holding interest rates low for years.
Ken Griffin’s Citadel Just Poached a New Tech Portfolio Manager from a $38 Billion Hedge Fund (Business Insider)
Billionaire Ken Griffin‘s Citadel hired Vesal Yazdi for its equities team from Davidson Kempner Capital Management, where he oversaw a tech strategy with more than $1 billion in assets, according to a person close to the firm. Yazdi joined as a portfolio manager based in New York City working within Citadel’s global equities business led by Justin Lubell – the group is one of the $50 billion hedge fund’s four long-short market neutral equity units.
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Kohl’s Under Attack Again By Activist Investor (Forbes)
Here we go again. The hedge fund, Macellum Advisors, is making a third attempt to overhaul Kohl’s board and is advising the company there will be another proxy fight if the company fails to immediately address the issue. The attack is directed at board chairman Peter Boneparth and board members Stephanie Streeter, John Schlifske, and Jonas Prising. In the opinion of Jonathan Duskin, Macellum’s CEO, they failed to “adequately support Kohl’s senior management.” Of course, Duskin was roundly defeated in his previous attempts to unseat board members and seat himself and other members of his group.
Activist Investor Starboard Has Nearly 5% Stake in Splunk (The Wall Street Journal)
Starboard CEO Jeff Smith to discuss Splunk at Tuesday conference, according to sources. Activist investor Starboard Value LP has a sizable stake in Splunk Inc. SPLK and plans to push the software maker to take action to boost its stock price, according to people familiar with the matter. Starboard’s stake is just under 5%, the people said. The hedge fund often targets software companies that could benefit from operational and margin improvements or be attractive takeover targets.
