Cohen Leads Wave of Hedge Fund Startups After Year of Retreats (Bloomberg)
After a cohort of hedge fund veterans called it quits last year, a trio of established managers are prepping to fill their shoes in 2018 by starting firms with at least a billion dollars apiece. Daniel Sundheim, who until last June was investment chief at Viking Global Investors, Michael Gelband, who about a year ago surprised his boss Izzy Englander by quitting as Millennium Management’s head of fixed income, and Steven Cohen, the billionaire who until January was barred from trading client money after his old firm pleaded guilty to securities fraud, plan to roll out their long-anticipated funds.
What Will Carl Icahn Do Now That Xerox and Fujifilm Are Combining? (TheStreet)
Xerox Corp.’s (XRX) deal reached early Wednesday, Jan. 31, with Fujifilm Holdings Corp. (FUJIY) to combine the two companies and their longstanding Fuji Xerox joint venture puts the ball in the court of corporate-raider turned activist Carl Icahn. There is no doubt the deal was announced, at least partly, in response to a battle Icahn launched last month, seeking to install a minority slate of four dissident directors to the company’s 11-person board. Icahn and Xerox’s third-largest shareholder, Darwin Deason, earlier this month joined forces to form a group targeting Xerox, its CEO Jeff Jacobson, and its joint venture with Fujifilm.
How Does Warren Buffett Achieve Liquidity Without Selling Berkshire Hathaway Shares? (Forbes)
How does Warren Buffett achieve liquidity (beyond salary) if he has never sold a share of Berkshire Hathaway? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world. Answer by Glenn Luk, Berkshire Hathaway shareholder, on Quora: At the age of 26, Warren Buffett had already accumulated a “retirement fund” of around $174,000 ($1.54 million in 2018 dollars) having been earning and investing money since he was a young lad, particularly during his years working for Ben Graham’s hedge fund in NYC. He bought his home in Omaha for $31,000 cash and his living expenses were modest. It was at this point he decided to strike out on his own and launch his investment business.
Greg Coffey Very Excited About Future Career In Subleasing (DealBreaker)
We do not know how long former GLG Partners star trader (and former Moore Capital Management most-impressive-but-somewhat-less-than-star-trader) Greg Coffey’s lease in Belgravia runs for. All we know is that he’s got 3,000 square feet on Sloane Street ready to welcome his return to the hedge fund industry after five years’ exile on his native former prison colony. If, however, the lease extends much beyond a few years, we suspect that the easily-bored Coffey may yet have a future in commercial real-estate rentals. Coffey is expected to launch his latest venture alongside James Saltissi, a former colleague from his days at GLG Partners who now works at investment firm Abbeville Partners, according to people familiar with the plans. Prime brokers have been appointed.
Capita Plunge Triggers Windfall for Short Sellers AQR, CapeView (Bloomberg)
Cliff Asness’s AQR Capital Management and hedge fund CapeView Capital reaped a windfall on Wednesday from their wagers on a decline in shares of Capita Plc.
Tiger Global Management Benefits the Most from Flipkart’s Secondary Share Sale (Economic Times)
New York-based hedge fund Tiger Global Management has surfaced as the main beneficiary following the buyback of Flipkart shares by Japan’s SoftBank in 2017. Tiger Global has made a $424 million exit, followed by Accel India at $113.5 million, as per calculations based on the documents filed by the online retailer, sourced from data-tracking platform Paper.Vc. Other beneficiaries include funds associated with Russian billionaire Yuri Milner, cashing in over $50 million and funds m ..