Inside the Trade: What Bill Ackman Sees in Valeant and Allergan (InstitutionalInvestorsAlpha)
When William Ackman took the stage at the AXA Equitable Auditorium in Midtown Manhattan on April 22, investors were still digesting the news that his firm, Pershing Square Capital Management, had amassed a 9.7 percent stake in Allergan, Inc. (NYSE:AGN), an Irvine, California-based specialty pharmaceuticals company. But Ackman’s two- hour, 110-slide PowerPoint presentation had very little to do with Allergan; instead it focused almost entirely on Valeant Pharmaceuticals Intl Inc (NYSE:VRX), a Laval, Quebec-based company with which Pershing Square is teaming up to try to acquire the maker of Botox…
Hedge Fund Compensation Takes a Dive (ai-CIO)
UK-based hedge fund managers have seen a sharp decline in compensation over the last two years, according to salary data tracker Emolument. The median base salary for director-level professionals fell from £120,000 ($199,000) in 2012 to £101,000 in 2013. This year, it has dropped again to £90,000. “Over the last few years since 2008, hedge fund managers have been more willing to show flexibility when it comes to management fees, which is why base salaries have been eroding thus,” said Robert Benson, the data firm’s CEO.
Hedge Fund Manager & “Martha Stewart of Marijuana” Co-Hosts The Global Cannabis Summit (HedgeCo)
Cheryl Shuman, the first Cannabis entrepreneur to manage a $100 million hedge fund to invest in the cannabis businesses, has been called upon to consult and co-host at the GreenRush Financial Conference being held in Seattle, Washington on September 23, 2014. Her private medical cannabis collective, “The Beverly Hills Cannabis Club” is unlisted and membership is by referral only. Through her personal relationships and connections within Hollywood and the media, Cheryl Shuman has been named as one of the most influential women in the cannabis reform movement by international media.
Citigroup faces curbs on hedge fund sales (eFinancialNews)
The curbs, which haven’t previously been reported, result from the August 5 approval of a settlement between Citigroup Inc (NYSE:C) and the Securities and Exchange Commission of claims related to the bank’s earlier sale of certain debt products. The setback for Citigroup is partly due to timing. Other banks with similar settlements have been able to escape the restrictions because they came before a change in the law last year. Over the past two weeks, Citigroup has been sending letters to hedge fund firms informing them that the bank is no longer able to steer investors to their funds. In the letter, Citigroup said it is working to resolve the issue with the SEC. Under the rules, the SEC has to issue a waiver to allow Citigroup to resume hedge fund sales to clients.
Gin Lane property on the market for first time in 50 years (TheRealDeal)
A beachfront property on Southampton’s Gin Lane will hit the market for the first time in more than 50 years with an asking price of $50 million. The 4-acre parcel is next door to Wooldon Manor, which Scott A. Bommer, founder of hedge fund SAB Capital, bought for $75 million and then almost immediately sold for more than $80 million, the Wall Street Journal reported. Tim Davis of Corcoran Group, who handled the sale for Bommer, will also represent the owner of the property, William G. McKnight, according to the newspaper.