Singer Says Argentina Won’t Negotiate as Default Looms (Bloomberg)
Elliott Management Corp. said Argentina is refusing to negotiate a settlement over defaulted bonds, casting doubt on the country’s ability to avoid another debt debacle after a U.S. court blocked all its note payments until a deal is reached. “Argentina’s professed willingness to negotiate with its creditors has proven to be just another broken promise,” Jay Newman, a money manager at the hedge fund run by billionaire Paul Singer, said in a statement today. “There are no negotiations underway, there have been no negotiations, and Argentina refuses to commit to negotiations in the future.”
Rand Paul Slams ‘Fat Cats’ as Hedge Fund Ranks Among Top Donors (Newsmax.com)
Senator Rand Paul has preached the political peril of being too close to financiers as he gears up for a likely 2016 presidential bid. “We cannot be the party of fat cats, rich people, and Wall Street,” the Kentucky Republican told the audience at the Freedom Summit in New Hampshire in April. “Corporate welfare should once and for all be ended.” At the same time, the founders and employees of Mason Capital Management, a $13.6 billion New York hedge fund, have become leading contributors to Paul’s political aims. The hedge fund has offices in London and San Francisco and offers clients offshore investments through a limited partnership in the Cayman Islands, among other strategies.
Fortress Investment Group Named Institutional Investor’s Hedge Fund Manager of the Year (MarketWatch)
Fortress Investment Group LLC was named “Institutional Hedge Fund Manager of the Year” by Institutional Investor at the magazine’s 12th Annual Hedge Fund Industry Awards. The award recognizes outstanding achievement across Fortress Credit and Liquid Markets hedge fund strategies, including the firm’s flagship Drawbridge Special Opportunities and Fortress Macro funds. Fortress has previously been recognized by Institutional Investor as “Discretionary Macro-Focused Hedge Fund of the Year” for 2012, and “Credit-Focused Fund of the Year” for both 2011 and 2010.
Sandell Recommences Hostilities With FirstGroup, Bob Evans (FINalternatives)
Activist hedge fund Sandell Asset Management has been quiet for a few months. But the New York-based firm is once again firing upon two of its targets, FirstGroup and Bob Evans Farms Inc (NASDAQ:BOBE). Sandell has called on FirstGroup to split its U.S. bus operations, including Greyhound Lines, from its British rail and bus operations, complaining that its current structure has led shares to seriously underperform peers. Given that unhappiness, it’s perhaps no surprise that the hedge fund thinks that CEO Tim O’Toole makes too much.
Algebris among top investors in Italy’s Fineco bank (Reuters)
Hedge fund Algebris Investments will emerge as one of the top shareholders in Fineco bank, controlled by Italy’s No.1 lender UniCredit, following the online broker’s initial public offering, Algebris CEO Davide Serra said on Monday. Fineco, Europe’s largest online broker, last week priced its IPO at 3.70 euros a share in an offer than was three times over-subscribed by investors. The bank is due to debut on the Milan stock exchange this week, with an initial market capitalisation of 2.24 billion euros, Italy’s second-biggest market listing so far this year.
