Hedge fund takes sizeable “long equity position” in Nokia in anticipation of post-Microsoft deal gains (IntoMobile)
Billionaire hedge fund manager Daniel Loeb has revealed that his fund has taken a sizeable “long equity position” in Nokia expecting that its value will soar following the sale of its handsets division to Microsoft Corporation (NASDAQ:MSFT). In a letter to investors to his hedge fund Third Point, he said that the “New Nokia” will have approximately 8 billion EUR of net cash when the transaction closes, and he expects that a meaningful portion of the excess will be distributed to shareholders in coming quarters.
BlueCrest Said to Hire Team of Ex-Brevan Howard Credit Traders (Bloomberg)
BlueCrest Capital Management LLP, the $35 billion hedge-fund firm run by Michael Platt, hired a team of former Brevan Howard Capital Management LLP credit traders, two people with knowledge of the situation said. The group includes Wayne Leslie and Jason Feasey, said the people, who asked not to be identified because the appointments haven’t been announced formally. Leslie, 39, joined Brevan Howard last year from Goldman Sachs Group, Inc. (NYSE:GS), where he was a managing director responsible for European investment-grade credit trading. Feasey, 41, had joined the Jersey-based hedge fund from Bank of America Corp (NYSE:BAC) in 2011.
What’s the Hottest Hedge Fund Strategy? Not Hedging at All (InstitutionalInvestorsAlpha)
Investors are flocking to hedge fund managers these days — they just don’t want to invest in their hedge funds. Instead, allocators are pouring assets into long-only funds run by these managers, and they’re buying into these products at a much faster pace than they are investing in hedge funds in general. Managers are responding to the demand, with some high-profile firms launching long-only funds this year. The growth of assets in long-only funds surged 15.6 percent in 2012 and another 5.7 percent through the first three quarters of this year, according to eVestment…