Elliott Management Calls for AT&T Shake-up as Trump Piles On (Reuters)
(Reuters) – Activist investor Elliott Management Corp on Monday unveiled a $3.2 billion stake in AT&T Inc (T.N) and urged the sprawling U.S. telecommunications and media conglomerate to end its acquisition spree and focus on improving its business. The move makes AT&T, which has a market capitalization of $270 billion, one of the biggest companies to have been targeted by activist shareholders. U.S. President Donald Trump, a frequent critic of U.S. cable news channel CNN, which is owned by AT&T, called Elliott’s announcement “great news.”
Ken Griffin Adds a $99 Million Florida Beach House to His Property Empire (Bloomberg)
Ken Griffin’s splurge on luxury real estate properties shows no signs of abating. The hedge fund titan spent $99.1 million for a beachfront house adjacent to his existing Palm Beach estate, according to the Palm Beach Post, citing sources with knowledge of the transaction and a deed filing. A Palm Beach County document confirmed the purchase price, but didn’t identify the buyer.
Paulson’s Hedge Fund Calls on Callon to Drop Merger, Sell Itself (Reuters)
(Reuters) – Billionaire investor John Paulson’s hedge fund on Monday urged Callon Petroleum Co (CPE.N) to drop its proposed $3.2 billion acquisition of Carrizo Oil & Gas Inc (CRZO.O), and instead consider selling itself. Paulson & Co funds, which hold about a 9.5% stake in Callon, said in a letter to the company’s board that adding Carrizo’s “inferior Eagle Ford assets will permanently reduce the attractiveness of Callon to potential acquirers.”
Tiger Cub Laffont in $50m Round for AI Start-up (FNLondon.com)
Artificial intelligence start-up AppZen has confirmed “Tiger Cub” Philippe Laffont’s hedge fund Coatue as a large new backer, as it announced a $50m third-round fundraising and considers a public listing. Coatue Management is a technology-focused hedge fund Laffont founded in 1999, before which he served a three-year stint as an analyst at Tiger Global Management, Julian Robertson’s investment firm. He is one of the so-called tiger cubs — former colleagues of Robertson’s who went on to launch hedge funds of their own.
Nickel Launches FCA-Regulated Crypto Arbitrage Fund (Finance Magnates)
London-based hedge fund manager Nickel Asset Management has officially launched an actively managed crypto investment fund that is geared towards experienced investors who are looking to capitalize from volatility in the cryptocurrency markets. Dubbed ‘Nickel Arbitrage Fund,’ the new vehicle has raised $50 million and became one of the few investment funds focused on cryptocurrencies to win the stamp of approval from UK regulators.
Eisman Says Trump Would Have to Give in for China Trade Deal (Bloomberg)
Steve Eisman, the Neuberger Berman Group money manager, said U.S. President Donald Trump would have to back down to get a trade deal with China. “Will there be a deal between China and the U.S.? I have my doubts,” Eisman said on Bloomberg TV on Monday. “My impression is that China is not backing down on anything,” so to get a deal “Trump basically has to give in.”
‘Champions League’ Hedge Fund Says Puma Spinoff is Part of Its 17 Percent Stellar Performance (Forbes)
When 40-year-old Per Johansson, CEO and founder of Sweden’s Bodenholm Capital AB, is picking staff, he keeps a piece of advice in mind that Charlie Munger of Berkshire Hathaway gave him 10 years ago. In an exclusive interview with The Edge, who source underperforming companies for activist involvement, the Stockholm-based hedge fund star revealed: “I had the opportunity to meet Charlie Munger.