Eric Mindich Increases Stake In Riverbed Technology (GuruFocus)
Eric Mindich (Trades, Portfolio), founder of hedge fund Eton Park and famous for becoming at age 27 the youngest partner at Goldman Sachs Group, Inc. (NYSE:GS), increased his stake in Riverbed Technology (RVBD) on Sept. 18, according to GuruFocus Real Time Picks. Eton Park describes itself as a “global, multi-disciplinary, team-oriented investment organization with the goal of providing investors with superior, risk-adjusted returns over the long-term.” Mindich purchased 6,050,000 shares, representing a 205.06% increase to his existing stake and rounding out his holding at 9 million shares in total. He has owned the stock since the second quarter of 2014, when the price averaged $20 per share.
Hedge fund managers to increasingly defer performance fee pay-outs (COOConnect)
The decision by California Public Employees’ Retirement System (CALPERS) to exit hedge fund investing coupled with the Internal Revenue Service’s (IRS) ruling that now permits managers to charge performance fees cumulatively without falling foul of a 2008 tax law change, could lead to more firms deferring performance fee pay-outs. The IRS Ruling 2014-18 published in June 2014 clarifies certain types of cumulative incentive fees are compliant with Section 457A, a 2008 law that curtailed the ability of offshore entities such as hedge funds from using deferred compensation arrangements, a measure that had been introduced when Congress passed the Emergency Economic Stabilisation Act…
Emerging Polish hedge fund bets on technology stocks and developed markets (Opalesque)
Here is a rare Polish hedge fund which combines multi-strategy and global macro approaches and outperforms its peers thanks to original tactics. Macromoney, a fund manager focused on concentrated investments in securities, futures and options listed on the main stock exchanges, is a BVI-based firm founded in 2012 with fund administration in London, prime broker services in New York, and operational offices in Warsaw, Poland. Macromoney’s founder is Maciej Wisniewski, an investment professional with 20 years of experience.
Lansdowne Plans Energy Hedge Fund (Finalternatives)
Lansdowne Partners is set to launch an energy hedge fund, hiring a manager from the world’s largest sovereign wealth fund to run it. Per Lekander will build the London-based firm’s energy team and manage the new vehicle, Financial News reports. He joins the hedge fund from Norges Bank Investment Management, where he led the utilities team. Lekander, who will be based in London, will work with Rohit Agarwal, who moves to Lansdowne from Pictet Asset Management. Agarwal formerly worked at JPMorgan Chase & Co (NYSE:JPM) and UBS AG (ADR) (NYSE:UBS).
SEC Charges Two in Herbalife Insider Trading Probe (DailyFinance)
U.S. regulators Tuesday charged two men with insider trading after they learned that hedge fund manager Bill Ackman was planning to announce a $1 billion bet against Herbalife Ltd. (NYSE:HLF) based on a view the company was merely a “pyramid scheme.” The Securities and Exchange Commission said that Filip Szymik, 28, learned about Ackman’s plans to announce his short position from his roommate who worked at Ackman’s fund, Pershing Square Management. He then allegedly tipped off Jordan Peixoto, 30, of Toronto, who worked at the time as an analyst in the New York offices of Deloitte & Touche.
Betting on Pimco’s future (CNBC)
Goldman Sachs New Long-Short Mutual Fund, a Retail Hedge Fund (247WallSt)
Goldman Sachs Group Inc. (NYSE: GS) is one of the top brokerage firms and investment banking firms on Wall Street. The bulk of its clients are wealthy individuals and institutional investors. By and large the company has been inaccessible to most of the public, but that has been changing as the company has announced more fund products of late — and now Goldman Sachs Asset Management announced the launch of the Goldman Sachs Long Short Fund (GSEAX, GSLSX). In short, this is a hedge fund type of strategy that is structured under a regular mutual fund.
Blackstone, PAAMCO Seed New Hedge Fund Raveneur (Finalternatives)
A new hedge fund helmed by a Tricadia Capital Management and Eton Park Capital Management veteran has won some big backers. Mark Black’s Raveneur Investment Group has won $200 million in seed capital from the The Blackstone Group L.P. (NYSE:BX) and $150 million from Pacific Alternative Asset Management. Both firms are known for their success in the hedge-fund seeding arena. New York-based Raveneur is focused on opportunities presented by Europe’s start-and-stop recovery and U.S. event-driven plays, Reuters reports. In particular, Black currently favors financial and automotive names in Europe, including Italy and Spain.
Fed caution about rate hike right move: Ray Dalio (CNBC)
Ray Dalio, founder of the world’s biggest hedge fund, told CNBC on Wednesday that the Federal Reserve should wait for signs of inflation before it raises interest rates. Fed Chair Janet Yellen’s cautious bearing to winding down easy monetary policy has been the correct approach, the founder of Bridgewater Associates said in a “Squawk Box” interview. “If I were running monetary policy, I’d wait to see for the whites of the eyes of inflation,” he said, because the Fed should not be ahead of market expectations. Bridgewater manages $163 billion overall, including nonhedge fund money.
Following the Vikings (and Other Tiger Cubs) (InstitutionalInvestorsAlpha)
O. Andreas Halvorsen‘s Viking Global Investors is widely admired as one of the most successful of the so-called Tiger Cubs, the descendants of Julian Robertson Jr.’s legendary hedge fund firm, Tiger Management Corp. The admiration is especially strong among Halvorsen’s former colleagues and other managers with ties to Tiger. In the second quarter, Greenwich, Connecticut-based Viking had among the most-emulated portfolios by the other Tiger Cubs, Seeds (those who received start-up capital from Robertson), Grandcubs (those who previously worked for Tiger Cubs) and other Tiger affiliates.
Hedge Fund Breaks Ground on Steamboat’s Largest Office Building (DigitalJournal)
Ski towns are all about lifestyle. Everyone’s focused on outdoor living, and the local economies are support systems for all the fun. But virtualization – the ability to do business and connect with colleagues and customers from almost anywhere – is transforming the workplace and workforce in these remote mountain villages known more for vacations than vocations. Steamboat’s newest and largest office building, which celebrated its groundbreaking last week, illustrates this expanding live/work culture in once isolated, rural and mostly recreational environments.