Editor’s Note: Related tickers: Vodafone Group Plc (ADR) (NASDAQ:VOD), Goldman Sachs Group, Inc. (NYSE:GS), Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR)
Trian Partners’ Assets Top $7 Billion (InstitutionalInvestorsAlpha)
Trian Partners continues to expand wildly. The New York activist hedge fund firm founded by Nelson Peltz, Peter May and Ed Garden now has slightly more than $7 billion in assets under management, according to an investor letter dated September 4. That is a whopping 11 percent increase from the $6.3 billion the firm had as of July 1, as reported in a client letter that month. Part of the growth appears to come from performance. Trian’s core hedge funds — the offshore and domestic versions of Trian Partners — were each roughly flat last month…
Vodafone’s $10.2 Billion Cable Bid Wins Shareholder Support (Bloomberg)
Vodafone Group Plc (ADR) (NASDAQ:VOD)’s 7.7 billion-euro ($10.2 billion) bid for Kabel Deutschland Holding AG (KD8) cleared a major hurdle by winning the backing of at least 75 percent of the German company’s shareholders. The minimum threshold for the takeover to go through was met by the Sept. 11 deadline, Newbury, England-based Vodafone Group Plc (ADR) (NASDAQ:VOD) said yesterday, without giving detailed results of the tender. Kabel Deutschland investors who haven’t given up their stock will get a second chance, from Sept. 17 to Sept. 30. …The hedge fund wanted to take advantage of a German law that often requires a buyer that gets at least 75 percent of a target’s shares to offer more money to hold-outs, a person familiar with the matter has said, asking not to be identified discussing private deliberations.
How To Invest Like David Einhorn (Nasdaq)
“Sticks and stones may break my bones, but words will never hurt me.” Try telling that to a company that has just been “Einhorned.” Hedge fund billionaire David Einhorn has the ability to crater a company’s share price with the mere mention of its name in one of his closely followed investment presentations. That ability has turned his name into a verb, spawning the expression that a company is being “Einhorned” when targeted by short sellers. Einhorn’s forensic approach to research has enabled him to sniff out some of the most publicized and successful shorts in the past 10 years. That includes one of the earliest calls and moves on Lehman Brothers’ bankruptcy and a short on Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) that netted his firm hundreds of millions.
Hedge-Fund Manager 36 South Doubles Bets on Securities Swings (Bloomberg)
36 South Capital Advisors LLP, whose Black Swan Fund returned 204 percent in 2008, has doubled bets this year on greater fluctuations in markets including currencies, commodities and equities. The manager overseeing $626 million has increased volatility investments to 90 percent of assets from 50 percent at the beginning of the year, Chief Executive Officer and Head of Investments Jerry Haworth of the London-based company said in a telephone interview yesterday.
Hedge fund assets grow 1.7% in Q2, hit new high — report (PIOnline)
Hedge fund industry assets rose 1.7% to a new industry high — $2.415 trillion — in the quarter ended June 30, according to just-released data from industry tracker Hedge Fund Research. For the six months ended June 30, aggregate hedge fund industry assets rose 7.2%, HFR reported. Aggregate hedge funds-of-funds assets suffered a slight decline of 0.5% to $648 billion in the three months ended June 30, but were up 1.5% since year-end 2012.
Hedge fund launches steady as US eases marketing restrictions (CPIFinancial)
A total of 288 new hedge funds launched in 2Q13, a slight decline from the 297 funds launched in 1Q13 but representing a year over year increase from the 245 funds launched in 2Q12, according to the latest HFR Market Microstructure Industry Report, released today by HFR. “Total hedge fund launches in the trailing 4 quarters ending 2Q totaled 1144, the highest total since nearly 1200 funds launched in the trailing 4 quarters ending 1Q08,” it said…
Global hedge fund AUM declines by over USD6 billion in August… US dollar rallies in Asia on hedge fund buys… (HedgeWeek)
Global hedge fund AUM declined by more than USD6 billion in August after Hedge funds witnessed slightly negative returns in August amid increased risk aversion in global markets during the month. The Eurekahedge Hedge Fund Index was down 0.32 per cent during the month, outperforming global stock indices as the MSCI World Index declined by 2.26 per cent in August. Risk aversion returned to global markets in August driven by a host of factors…
Hedge fund manager Kennedy: The banking sector is very interesting (YouTube)
Is Your New Bond Fund a Hedge Fund? Industry Enjoyed $8.2B July Inflows (Barrons)
Investors are skittish lately when it comes to plowing new money into funds — but that’s not true for the hedge-fund industry. The reason: A hedge fund may well be your new bond fund. Not strictly speaking, of course. But hedge funds’ promise of noncorrelated returns makes them clear beneficiaries of the bond market’s woes during 2013. The latest TrimTabs and BarclayHedge data show hedge funds took in $8.2 billion during July, reversing most of the $8.9 billion exiting the industry the prior month….
Shanghai lines up first foreign hedge fund entrants (FT)
Six global hedge funds are set to secure the first-ever approval to raise money from institutions within China for investing overseas, a key reform in the opening of the country’s closely guarded capital account. Shanghai has granted an overall quota of $300m that will be divided equally among six foreign funds – Canyon Partners, Citadel, Man Group, Oaktree, Och-Ziff and Winton Capital – with each permitted to raise up to $50m, according to people familiar with the programme.
Mastic Hedge Fund Appoints James O’Brien as Chief Executive (SFGate)
Mastic Investment Advisory AG, the Zug, Switzerland-based commodities hedge fund, appointed James O’Brien as chief executive officer and chief risk officer. O’Brien is a former colleague of Mastic Chief Investment Officer Kieran McKenna from Goldman Sachs Group, Inc. (NYSE:GS), according to a letter to investors obtained by Bloomberg News. O’Brien has since held senior trading roles at Cargill Inc., Lehman Brothers Holdings Inc. and Fortis Bank SA, the letter showed. The appointment was confirmed today by a Mastic official who asked not to be identified in line with company policy.
Prostitution Sting May Take Down a $3.2 Billion Hedge Fund Firm (DailyFinance)
The arrest last week of hedge fund giant Jim Bisenius in a prostitution sting may be enough to take down one of the country’s largest “fund of funds” operators. Bisenius founded Common Sense Investment Management 23 years ago, guiding it through years of growth. As a “fund of funds” it allocates its investments across various hedge funds. Diversifying across several managed funds within a single investment may hold back returns, but it does so in the spirit of reducing risk.
Equities and sales fuel London hedge fund hiring (eFinancialNews)
Hedge funds in London’s West End have doubled the amount of office space they occupy over the past 12 months, according to a report that was published this week by Cushman & Wakefield. The report found that within the alternative investment sector, hedge funds have been the most active in terms of leasing office space. They account for almost a third of take up so far this year. Hedge funds continue to favour Mayfair and St James’s, although they are also considering Grade A options close by in Soho and Marylebone. Vacancy rates for prime Mayfair and St James’s currently stand at 3.98%, according to Cushman & Wakefield.
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