Ken Griffin: Corporate Activism ‘Profoundly’ Good (CNBC)
Bill Ackman and Carl Icahn have a friend in Ken Griffin. “The role of the activist in the U.S. equity markets … has been to profoundly improve corporate governance in America,” Citadel hedge fund CEO Griffin said Monday at the Milken Institute Global Conference in Los Angeles.”We can debate the merits of each run by activists at a given company in a given quarter.”
Scene Last Night: John Griffin on Mom, Theater and Shakespeare (Bloomberg)
John Griffin, founder of Blue Ridge Capital, said he never became as great a theater lover as his mom. “I was always interested in business,” the hedge-fund manager said Monday night at the off-Broadway Signature Theatre’s annual benefit. But Alice Griffin, who died in 2012 after a career spanning 60 years as a theater critic, editor and professor, did raise her son to appreciate the “double, double toil and trouble” that can take place on stage.
Alan Howard Says ‘Crazy’ to Hold Bonds With Negative Yields (Bloomberg)
Billionaire hedge fund manager Alan Howard said it’s “just crazy” to hold bonds with negative yields. “Many investors can’t afford to or want to hold bonds with negative rates,” Howard, 51, who runs Brevan Howard Asset Management, said Monday at the Milken Institute Global Conference in Beverly Hills, California. “The idea that you pay governments to hold their debt, it’s just crazy.”
Hedge Fund Elliott Not Seeking Board Seat At DMG Mori Seiki AG (Reuters)
Hedge fund Elliott, which holds a 15 percent stake in German machine-tool maker DMG Mori Seiki AG, is not seeking a seat on the supervisory board, DMG said on Tuesday, contrasting with the activist fund’s strategy for some of its other investments. However, Elliott would probably make a suggestion if asked to nominate a board member, a person familiar with the hedge fund’s thinking said. Japan’s DMG Mori Seiki Co Ltd has recently acquired a 52.5 percent stake in DMG Mori Seiki AG, and Elliott built its stake during the tender offer process.