After Caxton, Another Hedge Fund Announces Leadership Handoff (DealBook)
Is succession in the air?
One day after Bruce Kovner, the hedge fund titan who co-founded the $10 billion Caxton Associates, announced he was handing off the leadership of his firm after nearly three decades, another industry veteran is making a similar move.
Campbell & Company, a roughly $3 billion hedge fund that uses computer systems to execute trades, announced Wednesday that its current president, Stephen Roussin, had been appointed to succeed the retiring chief executive, Terri Becks. The transition has been in the works, the company said, as Ms. Becks had indicated she was ready to retire. Mr. Roussin has only been at the firm for a few months, having joined in June as president. He came over to the “quant shop” from UBS Wealth Management, where he served as managing director and head of investment solutions.
G.E. Will Pay Back $3 Billion to Buffett (DealBook)
Warren E. Buffett continues to collect benefits from the financial crisis.
General Electric said on Tuesday that it would pay back the $3 billion investment that his company, Berkshire Hathaway, made in the depths of the crisis, netting Mr. Buffett a tidy profit.
Maverick Battered In August, Loses 11% (FinAlternatives)
Add Maverick Capital Management to the list of August’s hedge fund victims—and add it near the top of that list.
The New York-based firm, like many hedge funds, was hard hit by the market swoon at the beginning of August. But unlike many of its peers, it failed to recoup any of its losses, with its flagship ending the month down as much as it had been near the beginning.
Judge Drops SAC Capital As Defendent in Civil Suit (DealBook)
A judge agreed to drop SAC Capital as a defendant in a $8 billion civil suit that accused the hedge fund firm and others of spreading false rumors about Fairfax Financial Holdings to profit from a drop in the insurer’s share price.
Responding to a request by Mr. Cohen and SAC, Stephan C. Hansbury, a judge for the Morris County, New Jersey Superior Court, agreed Tuesday that the $8 billion case against Mr. Cohen and his fund was without merit. The judge noted that the hedge fund largely owned positions that would profit from a rise – not a drop – in the share price of Fairfax, undermining the very basis for the suit.
Hedge Fund Investor Ackman Making Big Bet on HK Dollar (CNBC)
Well-known hedge fund investor Bill Ackman said Wednesday that he’s making a big bet on the Hong Kong dollar.
Ackman, founder and CEO of the $10 billion hedge fund Pershing Square Capital, is basing the bet on a belief that Hong Kong will allow its currency to appreciate by 30 percent against the U.S. dollar.
The Hong Kong dollar has been pegged to the dollar since 1983. The current statutory exchange rate is between 6.1 and 7.8 Hong Kong dollars to U.S. dollars.