Irish boost for hedge fund credit boom (FT)
The dearth of bank credit could spark a boom in credit funds, with the aid of impending Irish regulation. The fund industry is preparing an attack on business that was formerly the preserve of banks, after the Central Bank of Ireland said it will allow funds distributed across Europe to lend money directly to companies from January. “There is definitely an appetite for it,” says Pat Lardner, chief executive of the Irish Funds Industry Association. “You could say it is a new framework, and it is still very small in Europe, but we think it’s got legs.”
Elliott Breathes New Life Into $3.4B Riverbed Takeover Push (Law360)
Activist hedge fund Elliott Management Corp. on Monday tore into top brass at Riverbed Technology, Inc. (NASDAQ:RVBD) for what it calls “value-destroying behavior,” its latest push to pressure the California company to consider its $3.4 billion buyout offer or open talks with other suitors. Elliott’s scathing critique of Riverbed management is the latest, and the loudest, salvo in a takeover fight that traces back to the turn of the year. Along with its public statements pressing the software company to rethink its standalone vision in favor of…
Billionaire David Einhorn Pledges $50 Million For New Cornell Program (Forbes)
When billionaire hedge fund manager David Einhorn was a student at Cornell University, he spent a semester in Washington interning at the Securities & Exchange Commission’s office of economic analysis. “It did give me some real world experience about how the workplace works and how people behave,” Einhorn recalls. “I found it challenging and benefited from that.” Now, Einhorn wants to give Cornell students much broader opportunities to engage off-campus and receive real-world experiences.
Finisterre chooses head of credit research (PIOnline)
Christopher Buck joined emerging markets hedge fund manager Finisterre Capital as head of credit research. The position is new, part of Finisterre’s continued growth in credit hedge fund strategies, said Olivia de Watteville, a Finisterre spokeswoman, in an e-mail. “The institutional inflows over the last year have emphasized our ability to deliver alpha for our clients in a format that meets their needs. During this period, we have been consistently looking to expand our team with exceptional investment,” said Paul Crean, Finisterre’s chief investment officer and co-founder, in a statement.
SEC Wins $358M Sanction Against Hedge Fund Manager (Law360)
An Illinois federal judge has ordered a former hedge fund manager to pay more than $358 million over a U.S. Securities and Exchange Commission lawsuit alleging he and two companies he controlled defrauded investors worldwide by hiding staggering losses he incurred at the hands of Bernard Madoff and others, the SEC said Monday. Nikolai Battoo, who claimed to investors that he managed $1.5 billion in assets across the globe, was ordered along with his companies to pay $290 million in disgorgement and interest plus another $68…