Casino mogul Wynn accuses short-seller Chanos of slander in lawsuit (DailyMail)
Steve Wynn, the billionaire casino mogul, has filed a lawsuit accusing prominent short-seller Jim Chanos of slander over an alleged statement that Wynn violated a U.S. anti-bribery law. Wynn, 72, and his company Wynn Resorts Ltd filed suit against Chanos, founder of New York-based hedge fund Kynikos Associates LP, in federal court in San Francisco. The lawsuit accused Chanos of telling several people at a private “invitation-only” event in Berkeley, California, on or about April 25 that Wynn and Las Vegas-based Wynn Resorts had violated the federal Foreign Corrupt Practices Act.
Ryder Cup fans taking private jet for just $2,900 (DailyHerald)
Golf-crazy executives set on seeing Rory McIlroy, Phil Mickelson and 22 other top players trade putts at the sport’s most anticipated event this weekend found a cheaper way to jet in and out in style. Hedge-fund managers, the chairman of a FTSE-100 company and a German hotelier are among those tapping a car pool-style plane ride that gets them to the Ryder Cup in Scotland for the day’s first drive and home that night for what in the luxury jet world amounts to a bargain-basement 1,800 pounds ($2,900) apiece.
Hedge fund Orange Capital says Canada’s energy sector ripe for activism (BNN)
Daniel Lewis, aware of the image some Canadians may have of New York hedge fund managers, refused to pose for a photo with his arms crossed because it’s not the tough-guy impression he wants to leave. “If you’re a New York hedge fund, people will make certain assumptions about what sort of person you are and how you conduct business,” Lewis, the managing partner and co-founder of Orange Capital LLC, said in an interview in Toronto. That doesn’t mean Orange Capital, with more than $1 billion US in assets under management, shies away from a fight.
BlueCrest to Spin Off BlueTrend Hedge Fund Into New Company (WSJ)
BlueCrest Capital Management LLP is spinning off a computer-driven fund that recently has battled poor performance and investor redemptions, according to people familiar with the matter. The hedge-fund firm is expected to share the news with its investors in a call Friday. The fund, BlueTrend, is run by the Brazilian-born Leda Braga, a prominent woman in the hedge-fund industry. Amid challenged performance—the fund was flat in 2011 and 2012 before losing 11.5% last year—investors have walked away and Ms. Braga has cut fees on the fund.
Deloitte Names Leaders Of European Hedge Biz (Finalternatives)
Accounting giant Deloitte has added two senior members to its hedge-fund services team. Chris Farkas was named the firm’s U.K. hedge-fund leader, while Brian Forrester will hold the same post for Europe, the Middle East and Africa. Farkas joins from Deutsche Bank AG (USA) (NYSE:DB), where he was European head of hedge-fund consulting at its prime brokerage, while Forrester spent the past two years in Deloitte’s London office, now returning to Dublin. “Investor allocations are increasing and hedge funds are expanding to take on more assets and staff whilst launching new products,” Forrester said.