Editor’s Note: Related tickers: Facebook Inc (NASDAQ:FB), Zynga Inc (NASDAQ:ZNGA), Groupon Inc (NASDAQ:GRPN), Barrick Gold Corporation (USA) (NYSE:ABX), J.C. Penney Company, Inc. (NYSE:JCP), Herbalife Ltd. (NYSE:HLF)
Synergy Health fills gap left by Vinik hedge fund (BizJournals)
The Synergy Health plc relocation to the SunTrust Financial Centre will not help downtown Tampa’s office space absorption. The surgical sterilization provider is moving into the 20,000-square-foot space recently vacated by Vinik Asset Management Tampa Bay Lightning Owner Jeff Vinik was hailed last summer when he moved his Boston-based hedge fund to the 31st floor of the downtown tower. But Vinik closed the fund in May due to poor performance.
Russian Tech Giant Sells Facebook Shares for $525 Million (NYTimes)
More than a year after Facebook Inc (NASDAQ:FB)’s botched initial public offering, investors are now reaping rewards. On Thursday, the Russian Internet company Mail.ru, which is owned by the billionaire Alisher Usmanov, announced that it had sold its remaining stake in Facebook Inc (NASDAQ:FB) for around $525 million. The Russian company, whose owner is one of the country’s richest men, initially bought its stake in Facebook in 2009 for around $200 million, and has had holdings in a number of other Internet start-ups in the United States, including the online game company Zynga Inc (NASDAQ:ZNGA) and the daily deals Web site Groupon Inc (NASDAQ:GRPN).
U.S. hedge fund demands breakup of Barrick, additions to its board (VancouverSun)
A U.S. hedge fund is making a renewed call for changes at Barrick Gold Corporation (USA) (NYSE:ABX), calling for the breakup of the company and the addition of a mining engineer and geologist to its board. Mike Morris, principal and founder of Two Fish Management, said Wednesday that there is no compelling reason for Barrick Gold Corporation (USA) (NYSE:ABX) to own a worldwide conglomerate of gold mines. “The market is essentially assigning a massive conglomerate discount to the company,” he said Wednesday.
Lonsec highlights hedge fund classification concerns (FinancialStandard)
Investment research house Lonsec has highlighted unintended consequences of ASIC’s proposed new rules affecting hedge funds, which could see investors increase the risk in their portfolios. ASIC Regulatory Guide 240, which was released in September 2012, aimed to raise disclosure requirements for hedge funds. The requirements had been due to take effect from May 2013, but in response to additional industry feedback the start date has been postponed to 1 February 2014 to allow for further consultation between the regulator and industry players.
SAC forfeiture case delayed as firm raises bonuses (StamfordAdvocate)
SAC Capital Advisors, the hedge fund firm that is facing federal insider-trading charges and a money laundering lawsuit, is raising 2014 bonuses for its portfolio managers by 3.5 percentage points to help retain employees, a person with knowledge of the decision. The increase, announced to employees in meetings Wednesday, will be paid to equity, macroeconomic and quantitative-trading portfolio managers, said the person, who asked not to be identified because the discussions are private.
Arrested hedge fund founder a prominent philanthropist (BizJournals)
Jim Bisenius, the hedge fund manager whose arrest for soliciting prostitution made national headlines Wednesday, is a prominent philanthropist. Bisenius and his wife, Jan, gave $1 million in 2010 to the Master’s Plan Foundation, a private foundation that shares the same Portland address as Common Sense Investment Management, the fund of hedge funds Bisenius founded in 1991.