KKR and Canada fund to provide loans (FT)
A leading Canadian pension fund is joining with KKR and its partners to provide financing for middle-market companies, highlighting the growing role of alternative investment firms in lending businesses once dominated by banks. The Canadian Pension Plan Investment Board will provide up to $2bn for deals done by MerchCap Solutions, a platform that KKR and hedge fund Stone Point Capital established last summer with $300m of capital.
Linedata announces two new hedge fund clients in Asia, Hong Kong’s Triskele to shut funds… (HedgeWeek)
Global solutions provider Linedata announced this week that two hedge funds in Asia have selected Linedata Global Hedge to support their businesses. One of these, Magenta Advisors PTE Ltd (Magenta), an independent boutique asset management and investment advisory firm based in Singapore, selected the portfolio management and middle office module of Linedata Global Hedge to support its start-up hedge fund business.
Global concern drives haven’s rethink (FT)
The secretive tax haven that is home to the world’s hedge fund industry is poised for a radical overhaul. The taxes are to remain light, but the Cayman Islands are set to become a lot less shady. Beset by angry foreign politicians and under pressure from sweeping global regulatory changes, the world’s sixth-largest financial centre (population 56,000) has until now staunchly resisted tinkering with its highly successful economic model.
Hedge fund manager: Aerospace taking off (CNN)
The Dreamliners may be temporarily grounded, but one hedge fund manager is betting that aircraft makers are about to take off. “The aerospace industry was essentially put on hold during the few years since the financial crisis, but now there is a real need for modern planes,” said Dinakar Singh, founder and CEO of New York-based hedge fund TPG-Axon Capital Management, adding that he expects the industry will enjoy strong and steady growth around the world for the next 10 to 15 years. Even though The Boeing Company (NYSE:BA) has been under pressure lately because of trouble with its 787 Dreamliner, the company along with rival Airbus, part of European aerospace group EADS, will continue to dominate the industry, said Singh while speaking at the Bloomberg Global Markets Summit in New York Thursday.
Citi’s Corbat tempers investor expectations in debut (Reuters)
Mike Corbat, Citigroup Inc. (NYSE:C)‘s new CEO, used his earnings debut to temper investor expectations for a turnaround at the company, delivering subdued profits and saying the bank still had a lot left to clean up. …”It may be that the new CEO is holding back,” said Gary Townsend, president of hedge fund Hill-Townsend Capital LLC. “There’s no reason that the quarter when Pandit left and (Corbat) came in should be great.”
