Hedge Fund News: Steven Cohen, Bill Ackman, Seth Klarman

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Cohen’s New Firm Said to Meet With Investors Ahead of 2018 (Bloomberg)
Stamford Harbor Capital, the new firm started by Steven Cohen and led by a longtime deputy, is working with a third-party marketing company that’s meeting with potential clients to gauge interest in investment vehicles that could be started as soon as 2018. Stamford Harbor has engaged a fundraising firm founded by Douglas Blagdon, who was global head of marketing and investor relations at Cohen’s former hedge fund, SAC Capital Advisors, according to a person with knowledge of the matter. Blagdon, whose firm was hired earlier this year, has been meeting with investors to discuss the hypothetical terms they would seek for an allocation to Stamford Harbor, said the person, who asked not to be named because the information is private.


$1.5 Billion Burning a Hole in His Pocket (BloombergGadfly)
Bill Ackman is hopping off the train and scoping out the neighborhood. That means some lucky CEOs may soon spot a peeping Bill with $1.5 billion in his pocket, drawing up new plans for their companies. Ackman’s hedge fund, Pershing Square Capital Management, said Wednesday evening that it was exiting its entire stake in railroad company Canadian Pacific, a nearly five-year investment that has served the fund well, even if not everything went according to plan. The proceeds would be around $1.5 billion, based on Canadian Pacific’s current share price. And that money will be put toward one or more new investments, which for Pershing Square tend to be of the activist variety.

Hedge Fund Billionaire Seth Klarman Backs Clinton, Calling Trump ‘Shockingly Unacceptable’ (The Street)
Billionaire hedge fund manager Seth Klarman is lining up behind Hillary Clinton. The Baupost Group CEO told Reuters in an email Wednesday that he is throwing his efforts behind the former secretary of state’s candidacy for the presidency, calling comments by her rival, Republican nominee Donald Trump, “shockingly unacceptable.” “His words and actions over the last several days are so shockingly unacceptable in our diverse and democratic society that it is simply unthinkable that Donald Trump could become our president,” said the billionaire, who is not a Republican but has supported GOP candidates in the past. “I will continue to find ways to support Hillary Clinton and defeat Donald Trump.”

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