Billionaire Hedge Fund Manager Bets On Mainframe Computers (Forbes)
Mainframe computers have continued to endure, defying decades of technological change and overcoming predictions of their coming extinction. Now a billionaire New York hedge fund manager is making a big bet on big iron computers. Paul Singer’s Elliot Management, a New York hedge fund firm with $20 billion under management, on Monday offered to purchase Compuware Corporation (NASDAQ:CPWR), a provider of software and service solutions for the management of mainframe systems. Singer is a hedge fund titan, not a private equity raider, and it’s rare for him to offer to buy an entire company—although not unheard of.
Swiss pension funds shy about hedge funds, but not CERN (Opalesque)
Swiss allocators and fund managers at the recent Opalesque Geneva Roundtable agreed that non-U.S. pension funds are generally twice shy about investing in the hedge fund world; although single hedge funds have more a chance of finding institutional money than funds of hedge funds, some say other alternative products now seem to be their main way of diversifying away from bonds and equities. In this article we cite two exceptions to this trend: CERN Pension Fund, which has been investing in hedge funds for about two years and recently increased its allocation, and Argos Investment Managers, a new Geneva-based fund manager with two new products that got seeded by Swiss pension funds.
Ex-hedge fund bosses convicted in NY trading case (WSJ)
Two former hedge fund managers were convicted Monday of insider trading charges, including allegations that one of them had made as much as $50 million on a tip about Dell earnings. Todd Newman and Anthony Chiasson were convicted in federal court in Manhattan after a five-week trial that included testimony from two analysts for the men. The jury reached its verdict after two days of deliberations. Newman, of Needham, Mass., is a former portfolio manager with Stamford, Conn.-based Diamondback Capital Management who had been accused of making about $2.8 million from illegal tips.
Hedge fund manager to pay $44 million for short selling (SecuritiesLendingTimes)
Sung Kook Hwang, a manager of two New York-based hedge funds, and his two firms have agreed to pay $44 million to settle US SEC charges over short selling. Hwang, who is the founder and portfolio manager of Tiger Asia Management and Tiger Asia Partners, carried out two trading schemes with Chinese bank stocks. The US SEC alleged that Hwang and his firms committed insider trading when they sold short three Chinese bank stocks based on confidential information that they received in private placement offerings. Hwang and his firms made $16.7 million in illicit profits, according to the US SEC.