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Feb 14, 2013

Wall Street waits to see if investors still love SAC Capital

NEW YORK (Reuters) – Outside investors in Steven A. Cohen’s SAC Capital Advisors have until the end of the day to decide if they still love the embattled billionaire hedge fund manager.

Cohen already has told staff to expect outside investors in SAC Capital to submit requests to withdraw up to $1 billion in the wake of the latest round of insider trading allegations involving former employees of the $14 billion hedge fund.

Feb 13, 2013

Ackman worried if regulators would eye Herbalife

NEW YORK (Reuters) – Hedge fund manager William Ackman, who has called nutritional supplements company Herbalife Inc a pyramid scheme, said the biggest risk in shorting the company was whether regulators would take time to focus on the matter.

“The risk in shorting this company was whether we could get the world to focus on it,” Ackman said at the Harbor Investing Conference. “Could we get the SEC, the FTC and the regulators around the world interested?,” he asked.

Feb 13, 2013

BlueMountain’s Feldstein bearish on steelmakers in U.S., abroad

NEW YORK, Feb 13 (Reuters) – American steel manufacturer
United States Steel Corp will suffer as China’s appetite
for iron ore slows, hedge fund manager Andrew Feldstein said on
Wednesday at an investor conference in New York.

Feldstein, who runs $12.5 billion hedge fund BlueMountain
Capital Management, said China’s slowing demand for steel, and
therefore iron ore, would negatively impact a number of steel
and iron ore producers around the world, making them attractive
“short” targets.

Feb 8, 2013

Former analyst turned investor catches the activism bug

NEW YORK, Feb 8 (Reuters) – Former Wall Street casino
analyst turned investor Jason Ader is stealing a page from the
playbook of billionaire traders Carl Icahn and William Ackman.

The New York-based money manager is trying to boost the
share price of U.S slot machine maker International Game
Technology by agitating for a boardroom shakeup in the
company that an Ader-led fund owns a 3 percent stake in.

Feb 7, 2013

Prosecutors zero in on SAC Capital insider Steinberg

NEW YORK (Reuters) – Prosecutors are nearing a decision on whether to pursue criminal charges against SAC Capital Advisors portfolio manager Michael Steinberg related to an insider trading investigation involving shares of Dell Inc, according to two people familiar with the matter.

Steinberg, 40, a technology portfolio manager with SAC Capital’s Sigma Capital division, previously had been named by prosecutors as an unindicted co-conspirator in a criminal prosecution involving two other recently convicted hedge fund traders, Todd Newman and Anthony Chiasson, who had also traded Dell shares.

Feb 6, 2013

U.S. prosecutors zero in on SAC Capital insider Steinberg

NEW YORK (Reuters) – U.S. prosecutors are nearing a decision on whether to pursue criminal charges against SAC Capital Advisors portfolio manager Michael Steinberg related to an insider trading investigation involving shares of Dell Inc, according to two people familiar with the matter.

Steinberg, 40, a technology portfolio manager with SAC Capital’s Sigma Capital division, previously had been named by prosecutors as an unindicted co-conspirator in a criminal prosecution involving two other recently convicted hedge fund traders, Todd Newman and Anthony Chiasson, who had also traded Dell shares.

Jan 28, 2013
via Unstructured Finance

Hedge fund scorecard 2012: Mortgage masters win, Paulson on bottom again

Mortgage funds roared home with returns of almost 19 percent last year, trouncing all other hedge fund strategies and beating the S&P 500 stock index, which rose 13 percent.

BTG Pactual’s $245.5 million Distressed Mortgage Fund, which invests primarily in distressed non-agency Residential Mortgage-Backed Securities (RMBS), returned about 46 percent for the year, putting it at the top of HSBC Private Bank’s list of the Top 20 performing hedge funds and making it one of 2012′s best performing funds.  Bear in mind the the average hedge fund gained only 6 percent last year.

Dec 3, 2012
via Unstructured Finance

While you were sleeping (the China ISM number came out)

By Katya Wachtel

For Omega Advisors’ Steve Einhorn, the window of sleep-able hours is narrowing.

“One needs to know whats going on around the world. I turn in around midnight so I can monitor what’s going on in China and Japan,” Einhorn, vice chairman at Leon Cooperman’s $7billion fund, said at the Reuters Global Investment Summit last week.  ”A decade ago, did I and most others focus on what’s going on in China? No. Now we wait for the November manufacturing index for China to come out. The day is longer because of that. I am up around 6 in the morning; I review what has gone on overnight in Asia and in Europe. I spend an hour in front of the machine at home, going through data and news releases” before he’s out the door.

Nov 30, 2012

Chasing yield, investors favor credit again in 2013

NEW YORK (Reuters) – The desperate hunt for yield will continue in 2013, with investor money continuing to flow into high yield “junk” bonds, corporate debt and mortgage securities as it has this year, albeit with lowered expectations on returns.

According to a dozen money managers at the Reuters Global Investment Outlook 2013 Summit, the Federal Reserve’s commitment to hold rates near zero until at least mid-2015 provides ample buying support for corporate credits.

Nov 30, 2012

Memorable Quotes from 2013 Investment Summit

NEW YORK (Reuters) – Investors, policy makers, and analysts spoke at the Reuters Global Investment Outlook 2013 Summit in New York, London, and Hong Kong. Below are some memorable quotes from New York discussions:

BONNIE BAHA, SENIOR PORTFOLIO MANAGER AT DOUBLELINE CAPITAL: “The term (fiscal cliff) is going to become a new drinking game…My fear is that the can gets kicked down the road for at least a 6-month period.”

    • 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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