Pershing Square Investors Take Some Chips Off the Table (The Wall Street Journal)
Good hedge-fund managers know to take some profits when they earn outsize returns. Some investors in Pershing Square Capital Management LP appear to be following the same playbook. Bill Ackman and Pershing Square’s strong year of performance has been well documented.
Hedge Fund Brevan Howard’s 11-year Winning Run Ends In 2014 (Reuters)
Brevan Howard recorded the first annual loss in its flagship $24 billion macro hedge fund last year, an investor letter showed, ending an 11-year winning run that made it one of the biggest players in the $3 trillion industry. The setback shows the challenges facing the firm after it was forced to shut two hedge funds following losses. It was also in the spotlight due to a legal battle with former trader Chris Rokos over the enforcement of a five-year non-compete agreement.
Former Deutsche Bank Trader Strikes $50 Million Deal for New Hedge Fund (The Wall Street Journal)
The former head of Deutsche Bank AG ’s residential mortgage-backed securities trading group has struck a deal with Grosvenor Capital Management LP for $50 million in startup cash in exchange for a cut of fees earned from his new hedge fund. Troy Dixon, who managed a group of 70 at Deutsche Bank until resigning in 2013, got off the ground with his new structured-credit-focused Hollis Park Partners LP last month, people familiar with the firm said.