Hedge Fund News: Bill Ackman, David Einhorn, Priceline.com Inc (PCLN)

…major changes and add additional protections later, said the people, who declined to be identified because the deliberations are private. The approach would placate congressional Republicans who have complained the SEC has slow-walked the rule, which was required to be completed by July 2012.

Hedge fund builds major stake in engineer Invensys (Telegraph.co.uk)
ValueAct Capital, a fund which was last year involved in a bidding war for software company Misys, has built up a stake of more than 8pc in Invensys, making it a top three shareholder alongside institutional investors M&G and Scottish Widows. The move comes after Invensys shocked the City in November by announcing the sale of its rail signalling division to German giant Siemens in a deal worth £1.74bn, just £50m less than the entire company was worth.

Radcliffe becomes Signatory Member of the Hedge Fund Standards Board (Opalesque)
Radcliffe Capital Management, a SEC registered investment adviser which started in 1996 to manage alternative assets in relative value and arbitrage strategies, and now manages over $1 billion in long-only defensive credit related strategies, has become a signatory member of the The Hedge Fund Standards Board (HFSB). The HFSB brings together managers, investors, regulators and consultants from around the world to help determine how the hedge fund industry should operate.

Hedge fund Agilith North American Diversified Fund ends Q1-13 up 11.4% on strong markets (Opalesque)
Toronto, Canada-based Agilith North American Diversified Fund which is managed by Agilith Capital, ended the first quarter of the year up 11.4% (+1.1% in March) on strong market equities. In its monthly report to investors, Agilith said 2013 started with a solid market rally as some of the overriding macro risks ended up having a limited impact on markets. In the first quarter of this year, the Dow Jones Industrial Average and S&P rose by 12.0% and 10.7% respectively, while the TSX, hurt by the underperformance of energy and materials, rose by 3.4%.