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Hedge Fund Highlights: Carl Icahn, John Paulson & Sprott Asset Management

Elliott sues for higher Kabel Deutschland squeeze-out: sources (Reuters)
U.S. hedge fund Elliott has filed a suit with a Munich court demanding higher compensation for minority shareholders in a squeeze-out of Kabel Deutschland by Vodafone Group Plc (ADR) (NASDAQ:VOD), two people familiar with the matter told Reuters. Vodafone secured just over three quarters of shares in Kabel Deutschland, Germany’s largest cable company, with a 7.7 billion euro ($10.4 billion) takeover offer last year. The world’s second-largest mobile operator is seeking to expand its offering of television and fixed-line services in Germany.

Blackstone’s Profit More Than Doubles (Wall Street Journal)
Blackstone Group LP on Thursday said its second-quarter earnings more than doubled, as the company continued to reap big gains selling assets from its private-equity business into the rising stock market. The New York firm reported second-quarter profit of $517 million, or 85 cents a share, up from $211 million, or 36 cents a share, in the same period last year. Blackstone’s second-quarter economic net income was $1.3 billion, or $1.15 a share, up from $703 million, or 62 cents a share, in the same period a year ago. That exceeds Wall Street’s expectations for the profitability measure, which includes unrealized gains as well as cash earnings.

Black Diamond Capital Management Appoints Samuel Farahnak as Director for Private Equity Funds (
Black Diamond Capital Management, L.L.C., a leading alternative asset management firm with over $8 billion in assets under management, today announced the appointment of Samuel Farahnak as a Director in its Private Equity business. Mr. Farahnak will focus on identifying and evaluating controlling equity investments and M&A opportunities. “Sam’s wealth of experience and industry knowledge will further strengthen our private equity team and expand our sourcing capabilities,” said Stephen Deckoff, Managing Principal of Black Diamond. “We are pleased to have him join the Black Diamond team.”

Hedge Fund Standards Board granted membership of IOSCO (HedgeWeek)
The Hedge Fund Standards Board (HFSB) has been granted affiliate membership of the International Organisation of Securities Commissions (IOSCO). More than 120 securities regulators are full members of IOSCO and the HFSB will join 62 other affiliate members involved in the markets, including the London Stock Exchange, Deutsche Börse and the International Capital Market Association. David Wright, secretary general of IOSCO, says: “We are pleased to welcome the Hedge Fund Standards Board as an affiliate member of IOSCO. There is an important role for industry standards to play alongside statutory regulation in promoting transparency and good governance in the financial markets. The HFSB can play a valuable role working with regulators and supervisors.”

Hedge Fund Research: Highly Disproportionate Inflows into Non-U.S. Equities Persist (
TrimTabs Investment Research reported today that U.S. investors have overwhelmingly favored non-U.S. equities this year. While U.S. equity mutual funds and exchange-traded funds have received $12.6 billion, global equity mutual funds and exchange-traded funds have raked in $84.3 billion. “Global equity funds have received almost seven times as much money as U.S. equity funds this year,” said David Santschi, Chief Executive Officer of TrimTabs. “Fund investors are as convinced as ever that the grass is greener overseas.”

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