Hedge Fund Billionaire Steve Cohen’s Venture Capital Group is On a Fintech Tear (CNBC)
Hedge fund billionaire Steve Cohen‘s venture capital investing arm is going all in on fintech. On Tuesday, Point72 Ventures will announce it led a $3 million investment in a startup called Extend, which has built mobile technology business owners can use to share their corporate credit cards with employees and freelancers without handing over the actual cards. This comes just days after Point72 closed an investment in a company run by one of Cohen’s former traders, Imperative Execution, which is developing a dark pool trading platform.
High-profile Investors Bet on Stocks Tied to Millennials – Sohn Conference (Reuters)
NEW YORK (Reuters) – Hedge fund managers at the high-profile 2018 Sohn Investment Conference in New York pitched stock ideas on Monday that they said should benefit from the growing clout of the millennial generation, ranging from online food ordering to homebuilders. John Khoury, founder and managing partner of the $2.7 billion (£1.94 billion) Long Pond Capital hedge fund, revealed a long position in U.S. homebuilder D.R. Horton Inc (DHI.N), which he said should rise as more millennials age into the first-time home buyer market.
Icahn, Elliott and Activist Peers Grab the Mic in Meeting Season (Bloomberg)
Activist activity is up this year as investors hunt for returns, with at least 90 different campaigns started this year, according to Lazard Ltd. At Xerox Corp., for example, Carl Icahn and Darwin Deason, two of the company’s largest shareholders, have alleged widespread corporate governance failures in the negotiation of its $6.1 billion sale to Fujifilm Holdings Corp. and are calling to unseat board members and block the deal. Shareholders in Telecom Italia SpA meet today, the first of their two chances to weigh in on the battle between the company’s largest shareholder, French media conglomerate Vivendi SA, and hedge fund Elliott Management Corp. Elliott is calling for a board shakeup and a breakup of the Italian phone company. A judge on Monday delayed a vote on Elliott’s board slate until a special shareholder meeting on May 4.
Elliott discloses 5.1 percent stake in UK software firm Micro Focus (Reuters)
(Reuters) – Elliott Capital Advisors L.P on Monday disclosed a 5.1 percent stake in British software firm Micro Focus International Plc (MCRO.L). The news comes about two weeks after Bloomberg reported that Elliott, the New York hedge fund run by billionaire Paul Singer, had built a position in Micro Focus and plans to push for changes at the company. Private equity firms could be interested in all or parts of Micro Focus and some buyout firms have crunched the numbers and spoken to banks about the feasibility of a deal, Bloomberg reported then, adding that no formal talks between the company and potential buyers were underway.