DRUCKENMILLER: ‘I’m A 60-Year-Old Washed Up Money Manager’ (BusinessInsider)
This weekend Stan Druckenmiller sat down with the WSJ to talk about hiscontinued crusade for entitlement reform. The legendary hedge fund manager has been visiting schools from Maine to California, encouraging kids to start a revolution to change the way the country spends on the future. The fact that he’s doing this at all is strange — what’s stranger, at least for a Wall Streeter, is how he talks about it. …In an interview with Goldman Sachs earlier this year, Druckenmiller sounded equally futile about his place in an easy-money, QE market. He, like a lot of hedge fund managers, has been critical of Fed Chair Ben Bernanke’s policies.
Paulson & Co. PFR Gold Fund Fell 16 Percent in September (BusinessWeek)
Hedge-fund manager John Paulson’s PFR Gold Fund fell 16 percent in September after bullion and related stocks declined, according to a report to investors obtained by Bloomberg News. Last month’s loss brings the 2013 decline in the $350 million fund, which invests in gold stocks and derivatives, to 62 percent, according to the report. Bullion producers fell 9.4 percent and the metal dropped 5 percent in September after a Federal Reserve policy maker said a small reduction in bond purchases may occur in October and the threat of a U.S. attack on Syria eased.
Hedge fund TCI is Royal Mail’s biggest shareholder (Telegraph)
The London-based hedge fund, known for its aggressive activism, has bought a 5pc stake in the newly privatised delivery company, according to a regulatory announcement filed today. The filing shows that TCI bought 58.2m shares worth around £280m at today’s shareprice. TCI, whose boss Chris Hohn was described as a “locust” by German politicians, is the first to build a disclosable stake in Royal Mail. In the carefully managed sale process two weeks ago, institutional investors were allocated stakes in the company worth 2pc each. Under stock exchange rules, shareholders do not have to declare their positions publicly until they own more than 3pc of the company.
Officials worried as hedge fund now largest landlord in Huber Heights (BizJournals)
City officials in Huber Heights are expressing concern after a New York hedge fund bought 1,900 rental properties earlier this year, according to Bloomberg. Magnetar Capital LLC, a $9 billion hedge fund, acquired the properties in January from Teresa J. Huber, the widow of Charles Huber, who developed the city in the 1950s and 1960s. The value of the deal was not released, but the company raised $71 million in a private placement related to the deal, according to Bloomberg. The total purchase price could be much higher, potentially well over $100 million, depending on the average price per home in the transaction. But either way, the deal likely is one of the largest single real estate purchases in Montgomery County’s history.
Regulation changes the way hedge funds grow (FT)
Few financial institutions have been hit as hard by the onslaught of new global regulation since 2008 as hedge funds. An avalanche of acronyms is threatening to overwhelm the industry’s gentrified enclaves of Connecticut and Mayfair: from AIFMD to Mifid via Fatca and Ucits. Targeted hedge fund rules in both the EU and US, as well as regulations affecting the markets in which hedge funds trade and the manner in which they do so make for an unprecedented set of rules and costs for the once freewheeling hedge fund world to get to grips with.
Highbridge Said to Seek $250 Million for New Asia Hedge Fund (BusinessWeek)
Highbridge Capital Management LLC, the JPMorgan Chase & Co (NYSE:JPM) unit that manages about $31 billion, is starting an Asia hedge fund, returning to the market more than two years after shutting a predecessor fund. Highbridge plans to raise about $250 million for the Pan Asia Multistrategy fund when it opens to investors in early 2014, said two people with knowledge of the matter, asking not to be identified because the information is private. The fund is led by 32-year-old Asia head Arjun Menon, who is based in Hong Kong, according to a document seen by Bloomberg News.