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Hedge Fund News: George Soros, Jeffrey Ubben & Paul Singer’s Accord

GEORGE SOROS: Europe’s Nightmare Is Getting Worse, And Only Germany Can Make It Stop (Yahoo)
Billionaire financier and legendary speculator George Soros gave a speech today at the Global Economic Symposium in Kiel, Germany, titled “The Future of Europe.” In the speech, Soros declared the euro crisis over: The euro crisis is now over. This became official in the German elections where the rules governing the euro were not even discussed. Yet the system that emerged from the crisis is far from satisfactory. Mainstream economists would call it an inferior equilibrium; I call it a far-from equilibrium situation.

Paul Singer & George Soros

California hedge fund Miami dreamin’ (MiamiTodayNews)
A California hedge fund using the secretive alias Confidential Project: Ludwig is looking at moving its base to Coconut Grove, bringing 25 jobs averaging $100,000 salary. But the company is also considering Houston and Austin, TX, and seeks state and local incentives that it says could tip the balance in Coconut Grove’s favor. If the company moves here, it says, it will lease and renovate 5,500 square feet of Grove offices.

GM pays to end lawsuit over hedge fund deal (InAutoNews)
General Motors Company (NYSE:GM) agreed to pay $50 million to end long-running litigation over a secretive deal that was struck on the eve of the automaker’s 2009 bankruptcy. The agreement ends complex litigation in which hedge funds affiliated with John Paulson and Paul Singer’s Elliott Management agreed to reduce the amount they said they were owed in the bankruptcy of “Old GM.” The agreement was reached on Friday. The trust sued GM and the hedge funds in 2012, attacking a deal that was struck as the automaker was filing for bankruptcy…

Coffers of collective schemes swell to R1.33-trillion (BDLive)
THOUGH local hedge fund assets are at a record high of R42.2bn, they account for only a small share of the assets managed by collective investment schemes, according to a survey released this week. Local collective investment schemes have R1.33-trillion in assets under management, according to the Novare Investments South African Hedge Fund Survey for 2013. Globally, the hedge fund industry reached R23.78-trillion in size in the second quarter of this year. Flows into local hedge funds over the past five years have been tepid in comparison, even though changes to regulation 28 of the Pension Funds Act allow up to 10% of pension assets to be invested in this asset class.

Meet The 32-Year-Old Hedge Fund Manager Trying To Be The Next Dan Loeb One Tweet At A Time (BusinessInsider)
New York Magazine’s Kevin Roose has a great profile of Sahm Adrangi, the 32-year-old hedge fund up-and-comer. Adrangi made “a couple million” in 2011 shorting U.S.-listed Chinese companies, and now his fund has $US250 million in assets under management. That’s not a monster figure, but considering Adrangi’s age it’s pretty impressive. It’s also reminiscent of Adrangi’s idol, Dan Loeb, another hedge funder who started off young. Adrangi’s distinguishing characteristics may be his Twitter presence.

Hedge Fund Compliance Can Miss the Point, but FBI Won’t (WSJ)
Hedge funds may have swung too far in their efforts to prevent insider trading, an FBI supervisory agent said Tuesday—but funds should remain prepared for consequences if they run afoul of the law. Speaking at a conference for in-house lawyers at hedge-funds, the FBI’s David Chaves said he’d seen some hedge fund firms expand their compliance teams from two people to 40 during the past several years, a period when the U.S. government has cracked down on insider trading.

Keiser Report: Side Effects of Cameron’s Ponzi (E504) (YouTube)

China wealth fund eyes European hedge fund investment (IPE)
China Investment Corp., which has a 12.7% allocation to absolute return investments, is close to making a hedge fund investment in Europe. Roslyn Zhang, MD of Fixed Income and Absolute Return Investments, says the Chinese sovereign wealth fund has been spending more time looking at Europe. “From the intelligence we gathered from managers, we had been lacking in confidence to pull the trigger, but now we feel we are getting closer to the point of taking action.” CIC has been looking at European investments for the past two years, particularly distressed assets, she adds without elaborating. “Distress is a broad category.”

SAC Says Three Portfolio Managers Left Hedge Fund Firm in London (BusinessWeek)
SAC Capital Advisors LP, the $14 billion hedge-fund firm founded by Steven A. Cohen, said three portfolio managers in London left last month. Woei Chan, Alidod Shirinbekov and Paul Crouch departed on Sept. 26, according to filings at the U.K.’s Companies House. The three quant traders, who bought and sold stocks based on signals from computer models, were among 18 partners at SAC Global Investors LLP, the hedge-fund firm’s London unit, at the end of 2012, filings show. The traders couldn’t be located through U.K. directory assistance and they didn’t reply to e-mails sent through LinkedIn.

Unhedged Commentary: Why Advertising Won’t Work — and Knowledge Will (InstitutionalInvestorsAlpha)
When the Securities and Exchange Commission decided recently to lift its 80-year-old ban on advertising by hedge funds and private equity firms, Twitter erupted with spoof slogans — such as “Fee all that you can fee” (@SconsetCapital) and “There is no information quite like inside information” (@Tradingpoints). Who knew industry insiders had such a sense of humor? But seriously, before we laugh off advertising, let’s take a moment to consider just how big an impact the Jumpstart Our Business Startups (JOBS) Act could have on firms and investors.

ValueAct Boosts Rockwell Collins Stake (InstitutionalInvestorsAlpha)
Jeffrey Ubben’s ValueAct Capital, which has gained widespread attention for its activist stake in Microsoft Corporation (NASDAQ:MSFT), has upped its position in another of its core holdings. The San Francisco–based hedge fund firm lifted its ownership in Rockwell Collins, a supplier to airplane manufacturers, to 13.1 million shares from 11.2 million at the end of the second quarter, paying from $69 to $75 for shares between August 8 and September 26. As a result, ValueAct — which traditionally runs a concentrated portfolio of 14 to 18 stocks…

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