(Reuters) – Leon Cooperman’s Omega Advisors Inc told clients
earlier this week that it has been subpoenaed by federal
prosecutors and regulators seeking information about its trading
activities in certain securities, according to a letter seen by
Reuters on Thursday.
The firm said it has not been charged with wrongdoing and
that it is cooperating with the U.S. Attorney’s office in New
Jersey and the U.S. Securities and Exchange Commission.
By Jonathan Stempel and Jennifer Ablan
(Reuters) – The hedge fund firm run by activist investor William Ackman on Friday said a federal judge’s recent dismissal of a shareholder lawsuit against Herbalife Ltd (HLF.N: Quote, Profile, Research, Stock Buzz) did not “exonerate or bless” the company’s business practices.
Pershing Square Capital Management LP, which in December 2012 revealed a $1 billion bet against the weight loss and nutritional products company, said recent press reports that it was behind the lawsuit, or had sued Herbalife itself, were false.
March 19 (Reuters) – Bond fund company Pacific Investment
Management Co cut its forecast for U.S economic growth in 2015,
saying it expected a stronger dollar to hold back exports and
that capital expenditures would slow in the energy sector.
Pimco said on Thursday in its quarterly Cyclical Forum
outlook report that it expected growth of 2.5 percent to 3
percent, down from a prior outlook of 2.75 percent to 3.25
NEW YORK, March 17 (Reuters) – Cash withdrawals from the
Pimco Total Return Fund, previously overseen by Bill Gross, have
consistently benefited the Metropolitan West Total Return Bond
and Dodge & Cox Income, according to a
Morningstar analysis released on Tuesday.
“Gold-rated Metropolitan West Total Return Bond and
Gold-rated Dodge & Cox Income landed in the top five for the
fifth consecutive month,” Alina Lamy, senior analyst at
Morningstar, wrote in a February fund flow report. “These two
funds continue to be the new investor favorites in the
intermediate-term bond category.”
NEW YORK, March 10 (Reuters) – Investors should not short
the U.S. dollar right now as the currency is showing few signs
that it is ready for a correction, DoubleLine Capital’s Chief
Executive Officer Jeffrey Gundlach said on Tuesday.
While many hedge funds and big institutional investors are
massively long U.S. dollars, Gundlach told a conference call
webcast that this time “the consensus is right” and a contrarian
positioning could hurt a portfolio.
NEW YORK (Reuters) – Investors pulled $18.5 million from Bill Gross’s Janus Global Unconstrained Bond Fund JUCAX.O in February, the first such cash withdrawal since the closely watched investor took on the portfolio in October, Morningstar said on Monday.
The Janus Global Unconstrained Bond Fund’s assets under management stood at $1.45 billion at the end of February, down from $1.46 billion at the end of January, its highest in net assets, according to Morningstar data.
NEW YORK (Reuters) – Pimco’s top investment officer said on Tuesday that “late decision makers” are largely behind a rush of withdrawals from its flagship bond fund some five months after the departure of longtime manager Bill Gross, but the outflows should taper off before long.
Dan Ivascyn, group chief investment officer for Pimco, said in an interview that many institutional investors take months to decide on and execute a reallocation from one fund or firm to another. As a result, it is not surprising that outflows persist so long after Gross’ departure in late September.
NEW YORK (Reuters) – Investors yanked another $8.6 billion from the Pimco Total Return Fund last month, Pimco said on Tuesday in the latest indication the firm’s flagship fund is still reeling from the sudden departure of co-founder Bill Gross last September.
February’s outflow, the 22nd straight month of withdrawals, compared with $11.6 billion the previous month. The fund had assets under management of $124.7 billion at the end of February, down from a peak of $292.9 billion in April 2013.
NEW YORK, March 2 (Reuters) – DoubleLine Funds, an
investment firm that has been a major competitor to bond fund
Pimco, on Monday reported a net inflow of $1.59 billion in
February, compared with a record net inflow in January of $3.04
The Los Angeles-based firm, co-founded by Jeffrey Gundlach,
said the DoubleLine Total Return Bond Fund, the firm’s largest
fund by total assets, also saw inflows in February though lower
than the previous month.
NEW YORK (Reuters) – Warren Buffett, at a news conference in Bengaluru in 2011, lavishly praised Berkshire Hathaway executive Ajit Jain for smoothly running much of the conglomerate’s insurance businesses.
Buffett, the billionaire chief executive officer and chairman of Berkshire, said he would also support Jain if ever he decided to seek Buffett’s post.