NYC Hedge-Fund Manager to Host Manhattan Events for Christie, Kasich (The Wall Street Journal)
Republican donor Paul Singer is hosting events for two potential 2016 presidential candidates in Manhattan later this month. Mr. Singer is co-hosting a morning roundtable discussion for Ohio Gov. John Kasich next Wednesday at the Park Hyatt Hotel, according to an invitation viewed by The Wall Street Journal. On May 26, Mr. Singer is scheduled to co-lead a luncheon for New Jersey Gov. Chris Christie at the Metropolitan Club.
Ray Dalio’s Bridgewater: This Is Not A Bubble (CNBC)
The largest hedge fund manager in the world is convinced the market is not a bubble about to burst. “We think asset prices are high and, as a result, the future expected returns of passive investing are likely to be low. But … we do not see current conditions as a bubble,” Greg Jensen and Jacob Kline of Bridgewater Associates wrote in a private note to clients on May 1 obtained by CNBC.com. Jensen is co-chief investment officer of Bridgewater along with founder Ray Dalio and Bob Prince.
Jana Reports $2.2 Billion Increase in Stocks, Adds Brookdale (Bloomberg)
Jana Partners, the hedge-fund firm run by Barry Rosenstein, saw the value of its U.S. public equity holdings increase by $2.2 billion last quarter to almost $11.5 billion. Jana took new stakes in companies including United Rentals Inc., Brookdale Senior Living Inc., Lions Gate Entertainment Corp. and Starwood Hotels & Resorts Worldwide Inc. with a combined market value of more than $1.2 billion as of March 31, according to a regulatory filing today.
Blackstone Buys Minority Stake in Hedge Fund Magnetar Capital (The New York Times)
The Blackstone Group is taking a minority stake in Magnetar Capital, the $13.6 billion hedge fund run by the former Citadel trader Alec Litowitz. It is the latest deal for the hedge fund arm of Blackstone, a unit run by J. Tomilson Hill. Blackstone, based in New York, has been building up a portfolio of minority stakes in hedge funds and has raised more than $3 billion to do so.
Ackman’s Firm Said to Plan Move to NYC’s Dealership Row (Bloomberg)
A group including Bill Ackman’s Pershing Square Capital Management agreed to buy a Ford dealership building on Manhattan’s far west side, where the hedge-fund firm intends to move its headquarters, two people with knowledge of the negotiations said. The partnership is led by New York-based developer Georgetown Co., with Ackman’s firm acting as co-investor and anchor tenant, said the people, who asked not to be named because the deal is private. The purchase means Pershing Square won’t move to Boston Properties Inc.’s 250 West 55th St., where in late March it was close to agreeing to a lease, one of the people said.