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Oct 22, 2013

Cohen’s SAC will close London office by year-end -memo

NEW YORK (Reuters) – Steven A. Cohen’s SAC Capital Advisors will shut down its London office by the end of the year as the hedge fund downsizes in response to a long-running insider trading investigation, according to a memo sent to staff on Tuesday.

In the memo SAC president Tom Conheeney, who told the London staff in person Tuesday, also told employees the hedge fund cut six employees based in the United States this week.

Oct 17, 2013

SAC Capital deal with U.S. prosecutors gets closer -source

NEW YORK, Oct 17 (Reuters) – A deal between SAC Capital and
U.S. prosecutors to resolve a criminal insider trading case
against the firm could come in a few days, a source familiar
with the matter said on Thursday.

Any potential deal between Steven A. Cohen’s SAC Capital and
federal authorities would likely involve some admission of
liability by the firm and a payment of a penalty of more than $1
billion, the source said.

Oct 16, 2013

For hedge funds, debt crisis largely business as usual

BOSTON/NEW YORK (Reuters) – Hanging tough seems to have been the right strategy for a good number of money managers now that it appears a stop-gap deal to avoid a federal debt default and reopen the U.S. government is on the verge of passing.

Hedge fund manager David Tawil said that, after living through the collapse of Lehman Brothers, many on Wall Street are now well-versed in telling a real financial crisis from one that is more of the smoke and mirrors variety and much more easily fixed.

Oct 15, 2013
via Unstructured Finance

Sotheby’s and a tale of two hedge fund managers

Photo

Hedge fund manager Steve Cohen’s reported plan to sell a number of valuable artworks may not only deliver a nice chunk of change for the Wall Street mogul, it may also provide gains for another rival manager.

Cohen is selling several high-profile artworks from his art collection, according to a story Monday in the New York Times, and he has given the task of selling the works to Sotheby’s – the 269-year-old auction house currently in the firing line of activist Daniel Loeb.

Oct 7, 2013

Fund manager Falcone banned from insurance unit – NY officials

BOSTON/NEW YORK (Reuters) – Hedge fund manager Philip Falcone, banned from the securities industry for five years by U.S. regulators, is also being banned for seven years from decision-making roles at Fidelity & Guaranty Life Insurance, a unit of his firm, New York officials said on Monday.

Falcone is “banned during that period from serving as an officer or director of Fidelity & Guaranty Life and its subsidiaries or any New York-licensed insurer, as well as participating in the selection of any such officers or directors,” the New York State Department of Financial Services said.

Oct 7, 2013

NY bans fund manager Falcone from insurance unit

BOSTON/NEW YORK (Reuters) – Hedge fund manager Philip Falcone, banned from the securities industry for five years by U.S. regulators, is also being banned for seven years from decision-making roles at Fidelity & Guaranty Life Insurance, a unit of his firm, New York officials said on Monday.

Falcone is “banned during that period from serving as an officer or director of Fidelity & Guaranty Life and its subsidiaries or any New York-licensed insurer, as well as participating in the selection of any such officers or directors,” the New York State Department of Financial Services said.

Oct 7, 2013

Hedge fund manager Falcone banned insurance unit -NY

BOSTON/NEW YORK, Oct 7 (Reuters) – Hedge fund manager Philip
Falcone, banned from the securities industry for five years by
U.S. regulators, is also being banned for seven years from
decision-making roles at Fidelity & Guaranty Life Insurance, a
unit of his firm, New York officials said on Monday.

Falcone is “banned during that period from serving as an
officer or director of Fidelity & Guaranty Life and its
subsidiaries or any New York-licensed insurer, as well as
participating in the selection of any such officers or
directors,” the New York State Department of Financial Services
said.

Oct 4, 2013

Sotheby’s adopts ‘poison pill’ after Loeb raises stake

NEW YORK (Reuters) – Auction house Sotheby’s (BID.N: Quote, Profile, Research, Stock Buzz) said Friday it adopted a “poison pill” two days after activist investor Daniel Loeb’s Third Point hedge fund called for a management shake-up and increased its stake in the company.

Loeb’s roughly $13 billion fund wants to replace Sotheby’s leadership for what it sees as weak financial results and loss of ground to rival Christie’s.

Oct 2, 2013

Loeb’s Third Point calls on Sotheby’s CEO to resign

By Katya Wachtel

(Reuters) – Activist investor Daniel Loeb’s Third Point LLC raised its stake in Sotheby’s (BID.N: Quote, Profile, Research, Stock Buzz) and called for the resignation of the auctioneer’s chief executive and chairman, on concerns about the company’s leadership and strategic direction.

Loeb’s roughly $13 billion fund, now Sotheby’s largest shareholder, with a 9.3 percent stake, said it would seek to replace current CEO William Ruprecht once Loeb gains a seat on the company’s board, according to a letter disclosed in a regulatory filing Wednesday.

Sep 6, 2013

Hedge fund chief says Japan needs another ‘big round’ of stimulus

NEW YORK (Reuters) – Hedge fund titan Ray Dalio said on Friday the Japanese economy will need another big round of stimulus to boost sluggish growth, and some emerging markets are on the path to crisis.

Dalio, chairman and chief investment officer of $150 billion firm Bridgewater Associates, one of the world’s largest hedge funds, was speaking at the Japan Society in midtown Manhattan.

    • 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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