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Hedge Fund News: Leon Cooperman, Hugh Sloane & Michael Zimmerman

Alpha addict: The amazing career of Leon Cooperman (CNBC)
The hedge fund manager’s stock-junkie lifestyle starts at 5:15 a.m. on weekdays, when he wakes up in the Short Hills, New Jersey, house he’s lived in for 36 years. He then drives to the Manhattan offices of his $10.7 billion Omega Advisors, getting in by 6:30 a.m. (he took the ferry for 30 years before the firm recently moved from Wall Street to midtown). Cooperman then digs in to investing for 12 hours—including a working lunch in the office—bouncing between grilling corporate executives in person or on the phone, consulting with his 18-person research team and reading company reports. By 6:30 p.m., it’s off to a business dinner with more CEOs or fellow investors like Mario Gabelli of Gamco Investors and Bill Priest of Epoch Investment Partners…

OMEGA ADVISORS

Eclectica Trader To Allianz (Finalternatives)
Allianz Global Investors has lured a hedge-fund trader to join a new emerging-markets debt team. Eoghan McDonagh was named a senior trader at Allianz’s global emerging markets debt business. He joins the insurer-owned asset management from hedge fund Eclectica Asset Management. McDonagh will work alongside fellow new hires Naveen Kunam, Shahzad Hasan and Vlad Andryushcheckno on a team led by Kunam and Hasan. The four will be based in London.

OCBC stands firm on Wing Hang offer despite hedge fund buying (BusinessTimes)
OCBC, Singapore’s second-biggest bank, said on Tuesday it would not increase its offer for Wing Hang Ltd, even as US hedge fund manager Elliott Management Corp took a near 8 per cent stake in the Hong Kong lender. Oversea-Chinese Banking Group (OCBC), which made a US$4.95 billion bid earlier this year for Wing Hang, has already gained over 50 per cent of the Hong Kong lender, but needs 90 per cent to delist Wing Hang’s shares from the market.

Sloane Robinson Snaps Winning Streak (InstitutionalInvestorsAlpha)
London-based hedge fund firm Sloane Robinson produced five straight years of disappointing results in one of its main funds, but appeared to have turned things around last year with a huge gain. But the fund has fallen off the performance wagon once again. The firm’s SR Global Fund-International lost 14 percent in the first half of the year, and this is after it had gained 4 percent in June, according to its latest monthly investor report, obtained by Alpha. This must be a huge disappointment to not only Hugh Sloane, who runs the fund, but to investors as well.

Billionaire Hedge Fund Manager And Wife Knew They Shared ‘Same Values’ After Seeing Malcolm X (Breitbart)
The wife of a hedge fund manager at the centre of London’s most expensive divorce case has told how she and her former husband realised they had the “same values” when he took her to see the film ‘Malcolm X’. According to Bloomberg, Jamie Cooper-Hohn, the soon-to-be ex-wife of billionaire fund manager Christopher Hohn, told the court that she had originally turned down an offer of a date by Mr Hohn, fearing that all he wanted to do with his life was make money.

Bailout forever changed banks: McCulley (CNBC)

Einhorns Busts At WSOP, Finishes In 173rd (Finalternatives)
Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at the event’s final table. The hedge fund manager busted on Saturday at the Rio All Suite Hotel and Casino in Las Vegas, ending the tournament in 173rd place. Einhorn tweeted that he was “sadly all done” after he “couldn’t find another miracle.” He added that the event was “lots of fun” and that he had no regrets. Einhorn finished in 18th place at the 2006 WSOP. This year, he won $44,728, all of which will go to the Robin Hood Foundation.

Big Dispersion of Returns Among Activist Investors (InstitutionalInvestorsAlpha)
This certainly seems to be a golden age for hedge fund activism. The number of shareholder activist campaigns initiated in the first half of the year was the highest in several years, while proxy fights involving hedge fund managers exceed 60 percent of the total number of battles, compared with 44 percent or so in 2009 and 2010, when there were many more proxy fights in general, according to corporate governance research firm FactSet SharkRepellent.

Michael Zimmerman Hedge Fund Prentice Capital Bullish On Stocks As May Retail Spending Leaps 0.6% (MotoeMag)
Michael Zimmerman, CEO of hedge fund Prentice Capital is noting that retail sales gained 0.3 percent in the most recent figures for May. While that was below the 0.6 percent rise expected on Wall Street the data did little to alter views the economy is regaining steam. The Commerce Department said on Thursday, “The continued gains during the first two months of the second quarter suggests that consumers are continuing to hold their side of the bargain, building on the strong momentum at the end of the last quarter,” said Millan Mulraine, deputy chief economist at TD Securities in New York.

Hedge fund sponsor grabs 117K sf at Brookfield Place (TheRealDeal)
Two months after mulling a lease at Brookfield Place, privately-owned hedge fund sponsor Jane Street Capital has made it official by grabbing 117,000 square feet there. Brookfield Property Partners agreed to a 10-year lease for the new tenant at 250 Vesey Street. Jane Street Capital plans to vacate One New York Plaza, which is owned by the same landlord. It occupied 56,000 square feet in its previous locale.

Billionaire Steven Cohen Bought $160 Million of This Natural Gas Stock (Fool)
Inside Wall Street’s inner circle of top traders and power brokers, everybody knows Steven Cohen. Since its inception in 1992, Cohen’s SAC Capital has generated a 30% compounded annual return. Today, it’s one of the largest hedge funds in the world with over $14 billion in assets under management. Based on his remarkable track record, I always pay attention to what stocks Cohen is buying. And recently, he has been making some big bets on Canada’s energy industry.

Recommended Reading:

Steel Partners Trims Selectica Inc (SLTC) Stake to 6%

Spirit Airlines Incorporated (SAVE): Lone Pine Capital Discloses New 6% Stake

Mario Gabelli Raises Exposure to Layne Christensen Company (LAYN)

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