Buffett’s Berkshire Sets Final Terms for TV-Station Deal (WSJ)
Warren Buffett’s Berkshire Hathaway Inc. (NYSE:BRK.B) +0.79% added a television station to its media holdings with the acquisition of Miami-based WPLG-TV from Graham Holdings Co (NYSE:GHC) +0.51% The roughly $1.1 billion share-swap deal, which was announced in March, closed Tuesday after securing approval from the Federal Communications Commission. Although the outlines of the transaction were laid out in previous regulatory filings, the exact number of shares exchanging hands was established only at the deal’s closing…
The Next Phase of Hedge Fund Industry: Regulation (HedgeCo)
Regulation will be the key driver in the next phase of the rapidly evolving hedge fund industry, according to Part II of the Citi Investor Services’ 5th Annual Industry Evolution survey. Previous Citi surveys have discussed key drivers of the industry since the global financial crisis, and throughout this period a broad and significant set of global regulations was being formulated. The complexity and scope of the rulemaking has so far had no real impact on the day-to-day operations of hedge funds. But now, with major implementation deadlines from the overhang of Dodd-Frank, Basel III, EMIR and AIFMD finally upon us, these regulatory drivers will now be the predominant force of industry change.
TeamCo Advisers Releases White Paper on the Risk Paradox of Unrestrained Equity Volatility in Liability-Driven Investing Vehicles (DigitalJournal)
TeamCo Advisers, LLC (“TeamCo”), a privately owned investment advisory firm that manages portfolios of select hedge funds and other opportunistic alternative assets, today provided an in-depth view of Liability-Driven Investing (“LDI”) strategies for corporate defined benefit plan sponsors, specifically focusing on the importance of increasing hedge fund exposure in the LDI growth portfolio in order to reduce volatility. The paper, entitled “Buckle Up, For (Your DB Plan) Safety — the Risk Paradox of Unrestrained Equity Volatility in Liability-Driven Investing Vehicles,” was co-authored by TeamCo Managing Director Jeremy M. Kish, CAIA and TeamCo Director Savannah A. Thompson, CAIA.
Hedge fund couple in billion-dollar divorce case (TheGuardian)
The wife of a hedge fund tycoon is seeking hundreds of millions of pounds in what could be the largest divorce award ever made in a British court. Lawyers for Jamie Cooper-Hohn, 49, argue that she is entitled to half the property, shares and businesses held by her husband, Sir Christopher Hohn. The couple had four children, including triplets, before she petitioned for divorce in March 2012. The dispute extends to the true value of their personal wealth, which has been estimated at as much as $1.4bn (£817m). Cooper-Hohn’s lawyers argue that she is entitled to a 50/50 split; his lawyers have offered her 25%.
Argentina Misses Payment, Not Talking With Hedge Funds (Finalternatives)
Argentina is now technically in default on nearly $30 billion in debt, but the country appears to be in no hurry to resolve its dispute with hedge-fund holdouts from its last default 13 years ago. The South American country yesterday failed to make more than $500 million in payments on debt restructured after its 2001 default. Argentina transferred the money to its U.S. bank, The Bank of New York Mellon Corporation (NYSE:BK), but that firm bowed to the threats of a federal judge and refused to send it along to bondholders. The same judge, U.S. District Judge Thomas Griesa, has ruled that Argentina can only pay the exchange bondholders if it pays the holdouts, led by Elliott Management, $1.5 billion.
Hedge fund Sancus Capital hires Shelly Baldwin for business development (HedgeWeek)
Baldwin is reuniting with her ex-Goldman Sachs Group, Inc. (NYSE:GS) colleagues at Sancus where her primary focus will be new business development. Baldwin was most recently at Varadero Capital where she was focused on investor relations. She also held a marketing role at AXA and spent eight years as a quantitative analyst at Goldman Sachs. “We are pleased to have someone with Shelly’s background joining Sancus. Shelly’s depth of experience in investor relations and business development is exceptional,” says Olga Chernova, chief investment officer and managing principal at Sancus.
The Goldman Banker Who Led Twitter’s IPO Anthony Noto Is Its New CFO (BusinessInsider)
Goldman Sachs banker Anthony Noto is Twitter’s new CFO. Noto led the Twitter Inc (NYSE:TWTR) IPO when he was at Goldman, and before that he was the CFO for the NFL for nearly three years. Noto was supposed to start working for the hedge-fund firm Coatue Management this week, but it seems that plans have changed. After guiding Twitter through its IPO, Noto has a strong understanding of how the company is set up. Previous CFO Mike Gupta has been named the company’s new senior vice president of strategic investment.
Hedge Fund Managers Just Can’t Catch A Break These Days (BusinessInsider)
I know a small startup hedge fund that was flat last year versus the S&P 500’s 32% total return. He’s out of business, pack up the truck. Nothing he can explain or illustrate means anything to the handful of seeders who let him hold onto some money for a year. Hedge funds have faced quite a conundrum recently. On the one hand, they’re expected to be “non-correlated” to the risk and returns of the broader market. It’s kind of the point of the whole thing, after all. Anyone can simply own the market.
UK hedge fund Oceanwood wins $50 mln from Ohio pension fund (III)
Europe-focused hedge fund Oceanwood Capital Management has won a $50 million (29.16 million pounds) investment from School Employees Retirement System of Ohio (SERS), a nearly 3 percent boost to its $1.85 billion assets under management. The investment marks a significant institutional backing for Oceanwood and is part of a combined $160 million commitment by SERS to three funds, including Redwood Offshore Fund and real estate fund PRISA II, a statement on the SERS website said.
CVR Refining LP (CVRR) Buys Back 6.5 Mln Shares from Carl Icahn (InsiderMonkey)
Billionaire Carl Icahn has reported in a filing with the Securities and Exchange Commission, the sale of a total of 6.5 million shares of CVR Refining LP (NYSE:CVRR). Following the sale of securities that have been disposed at a price of $25.25 apiece, Mr. Icahn still owns over 70% of the company’s outstanding stock, equal to 104.29 million shares. CVR Refining LP (NYSE:CVRR) has recently conducted a public offering in which it sold the same amount of shares, 6.5 million, at a price of $26.07 apiece. According to a filing with the SEC, the company plans to use the proceeds from the offering to acquire from Icahn’s affiliate CVR Refining Holdings…