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Mar 15, 2013

If fund manager Lasry gets ambassador nod, investors likely to stay

NEW YORK (Reuters) – It’s not every day that a money manager gets tapped as the next ambassador to France, but investors in Marc Lasry’s $12 billion hedge fund Avenue Capital could be facing that scenario.

Lasry, a longtime Democratic donor and chief executive officer of the 18-year-old firm, is the frontrunner to be nominated by President Obama as the next ambassador to France, according to several people familiar with the situation.

Mar 15, 2013

Cohen’s SAC pays $600 million in SEC insider trade settlement

By Jonathan Stempel and Katya Wachtel

(Reuters) – Hedge fund titan Steven A. Cohen’s firm, long the focus of a federal investigation into insider trading, is paying more than $600 million to U.S. securities regulators to settle allegations arising from improper trading in two stocks.

The settlement with the U.S. Securities and Exchange Commission announced Friday is one of the largest ever by a hedge fund and involves allegations of improper trading by two subsidiaries of Cohen’s $15 billion SAC Capital Advisors.

Mar 15, 2013

Two Ackman investors want more details on JC Penney

BOSTON/NEW YORK, March 15 (Reuters) – Two institutional
investors with William Ackman’s $12 billion hedge fund plan to
reach out to the manager to get more information about the
firm’s big bet on ailing retailer JC Penney, whose stock
has dropped 21 percent this year.

Officials with two state pension funds that, combined,
oversee assets of more than $120 billion told Reuters they want
Ackman to give them more information about Pershing Square
Capital Management’s portfolio and to say more about the
long-range plan for turning around JC Penney’s fashion lines.

Mar 12, 2013
via Unstructured Finance

Hedge funds stockpiled Citi, axed Apple in Q4

More research was published today showing that the honeymoon is over for American hedge fund managers and technology giant Apple. The iPhone maker was one of the top two most sold stocks by hedge funds in the fourth quarter, according to an analysis of regulatory filings by Bank of America. (The other stock was  Tyco International).

This industry-wide ditching of Apple came as AIG  replaced the iPhone maker as hedge fund land’s most loved top-10 stock holding in Q4. It was the first time Apple had been knocked out of pole position in three years. For a list of some of the big names that ditched Apple, see this story by Aaron Pressman.

Mar 7, 2013

For mortgage masters, 2013 is a bond-picker’s market

NEW YORK, March 7 (Reuters) – For hedge funds that
specialize in mortgage bond investing last year was almost too
easy when it came to making money. But this year, mortgage debt
traders are cautioning investors to temper their expectations.

Brazilian investment bank BTG Pactual told investors
it was closing its top performing distressed mortgage hedge fund
to new investors in January because of diminished opportunities
in the market.

Mar 1, 2013

Apple battle yet to bear much fruit for Einhorn fund

NEW YORK (Reuters) – In a month when outspoken hedge fund manager David Einhorn went to battle with Apple Inc over the best use of the tech company’s cash, his $8.8 billion hedge fund appeared to gain little from the effort in terms of performance.

Einhorn’s Greenlight Capital rose a meagre 0.3 percent in February, according to sources familiar with the number. Shares of Apple are have dropped roughly 5 percent since Greenlight went activist on the stock in early February.

Mar 1, 2013

Einhorn’s Greenlight fund up 0.3 percent in February: sources

NEW YORK (Reuters) – Outspoken hedge fund manager David Einhorn saw his Greenlight Capital gain 0.3 percent in February, according to sources familiar with the number.

The $8-billion hedge fund is up 3.7 percent for the year, lagging the broader stock market which has gained about 6 percent. The benchmark Standard & Poor’s 500 stock index advanced 1.1 percent in February.

Mar 1, 2013

Einhorn’s Greenlight fund up 0.3 pct in Feb-sources

NEW YORK, March 1 (Reuters) – Outspoken hedge fund manager
David Einhorn saw his Greenlight Capital gain 0.3 percent in
February, according to sources familiar with the number.

The $8-billion hedge fund is up 3.7 percent for the year,
lagging the broader stock market which has gained about 6
percent. The benchmark Standard & Poor’s 500 stock index
advanced 1.1 percent in February.

Feb 27, 2013

Fortress profit climbs on strong fund returns

Feb 27 (Reuters) – U.S. alternative asset manager Fortress
Investment Group LLC said on Wednesday profit more than
doubled in the fourth quarter as many of its funds recorded
gains that helped boost incentive income.

New York-based Fortress, one of a handful of publicly-traded
managers of hedge, credit, and private equity funds, said on
Wednesday pre-tax distributable earnings rose 114 percent to
$107 million, or 20 cents per share, from $50 million, or 9
cents per share, a year earlier.

Feb 26, 2013

Tepper, Icahn, Cohen top Forbes hedge fund rich list for 2012

NEW YORK, Feb 26 (Reuters) – Five of the $2 trillion hedge
fund industry’s biggest names each took home more than $1
billion in earnings last year, according to an analysis released
by Forbes on Tuesday.

The financial magazine said hedge fund veterans David
Tepper, Carl Icahn, James Simons, Steven Cohen and George Soros
topped the list of big hedge fund earners in 2012, a year when
the average hedge fund rose only 6 percent.

    • About Katya

      "Katya Wachtel is a hedge fund and big money reporter for Reuters. She hails from Melbourne. Australia, not Florida. You can contact her at katya.wachtel@thomsonreuters.com"
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