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Trusted Insight | Hedge Funds

January 31st, 2013


** Hello Hunter,
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Here's this week's top news in hedge funds, curated for you by Trusted Insight. Please update your email settings (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=e87bc87bc1&e=563f3285d7[UNIQID]) to receive news and video that is relevant to you.

KKR Agrees to Buy 25% Stake in Hedge Fund Nephila Capital (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=59d25bfea1&e=563f3285d7)
KKR & Co. agreed to buy a 24.9 percent stake in hedge fund Nephila Capital Ltd. as it expands beyond its main private-equity business. Financial terms weren’t disclosed. Nephila, a Bermuda-based firm with $8 billion in assets that makes reinsurance-related investments, will continue to operate under its own name, New York-based KKR said yesterday in a statement.
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Bridgewater Will Run Two Sets Of Books (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=e7e09a64da&e=563f3285d7)
Bridgewater Associates, one of the largest hedge funds in the world with $120 billion in assets, will soon use Northern Trust to shadow the fund administration work it outsourced to BNY Mellon in 2011. For asset managers, outsourcing middle and back office work to custodians is nothing new; it has been going on for years as the big custodians like JPMorgan, Citi, BNY Mellon, Brown Brothers Harriman and Northern Trust use their skills, plus massive deployments of technology, in the high-volume, low-margin business of fund administration.
Multi-Strategy (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=10795aa9d2&e=563f3285d7) Asset Management (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=ded19900c6&e=563f3285d7) USA (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=645d0ba896&e=563f3285d7)
Agrium refuses to give in to Activist Hedge Fund Jana demands in proxy fight (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=ebf3503e7a&e=563f3285d7)
Fertilizer giant Agrium Inc. is refusing to make any deal with activist shareholder Jana Partners, arguing there is no reason to settle, given Jana’s “flawed” arguments. “Why would we want to compromise? The bottom line is their arguments are flawed,” said Agrium president and CEO Mike Wilson during a conference call with reporters Monday about a looming proxy battle. “Our retail is a fantastic operating business, our growth is great, and our integrated strategy is paying off.” Wilson’s feisty comments came after Agrium officials met with analysts in New York to outline the company’s performance including its retail operations, which Jana wants to see split up.
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Appeals courts finds for ex-Apollo hedge fund exec vs old partner (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=7639d99779&e=563f3285d7)
A former hedge fund executive should be awarded damages after his former partner withheld profits from him, an appeals court ruled Tuesday, the latest twist in a dispute that also includes allegations that one party deliberately set a forged document on fire to avoid getting caught. The Appellate Division, First Department, unanimously found in favor of James Melcher, who ran hedge fund Apollo Medical Partners with Brandon Fradd and claimed Fradd had denied him his proper share of profits.
Distressed (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=a104c47ced&e=563f3285d7) Event Driven (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=ca6279415f&e=563f3285d7) Healthcare (http://thetrustedinsight.us2.list-manage2.com/track/click?u=77a3cd097df7557022fbc4906&id=ef13a7d885&e=563f3285d7) USA (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=59442c424b&e=563f3285d7) New York (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=9def756c71&e=563f3285d7)
Man Group Backs Former Citadel Manager for New Japan Hedge Fund (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=7ac0e40371&e=563f3285d7)
Man Group Plc (EMG), the biggest publicly traded hedge fund manager, is backing a new Japan-focused hedge fund started by Toby Bartlett. FRM Capital Advisors Ltd., under Man Group, will make an unspecified “significant investment” in the fund run by Hong Kong’s Arena Capital Management Ltd. The new fund bets on rising and falling Japanese stocks with a focus on domestic demand industries.
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The Hedge Fund Manager That Impounded Argentina’s Ship Is Now Going To War With Hess (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=a8e63dce9c&e=563f3285d7)
If you were looking for a break from the drama surrounding Herbalife, Bill Ackman, and Carl Icahn, look no further. Hedge fund Elliott Management has decided to take its battle to overhaul energy company Hess Corporation to the people, and since that hedge fund is owned by none other than Paul Singer, this will likely be a fascinating fight. Singer is known for bold moves. That’s why he’s set up a website — Reassess Hess— to lay down his argument for why Hess needs a major makeover.
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Brevan Howard’s new breed helps macro fund overcome major drawdown (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=3c79b80833&e=563f3285d7)
Giving a candid review of the listed hedge fund’s performance, Alan Howard, Brevan Howard’s founder, revealed that on the back of simultaneous losses across its strategies BH Macro has seen one of the heaviest drawdowns since its inception in 2007. ‘The macro picture remained highly stressed throughout 2012, with concerns about peripheral Europe in the first half and the US fiscal cliff in the second half creating significant potential event risks,’ Howard said.
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Baupost builds stake in Greek gambling monopoly OPAP (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=e419964090&e=563f3285d7)
U.S. hedge fund Baupost Group has a 5.2 percent stake in Greek gambling firm OPAP, a regulatory filing showed on Tuesday, signaling foreign interest in the country’s gambling monopoly before its privatization. Boston-based Baupost Group, run by money manager Seth Klarman, unveiled the position after it exceeded a 5 percent reporting threshold under Greek law, OPAP said in the filing. Baupost is the third investment fund holding a big stake in OPAP, which has a market value of 2.05 billion euros ($2.76 billion) on the Athens Stock Exchange.
Relative Value (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=594396bb77&e=563f3285d7) Equity (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=e09925067c&e=563f3285d7) Europe (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=1b0d0f2f64&e=563f3285d7) Greece (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=f044ad071e&e=563f3285d7)
Buffett pulls ahead in wager against hedge funds (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=72db3eae2b&e=563f3285d7)
It’s halfway time in the 10-year stock market wager sometimes called The Million-Dollar Bet—that’s Warren Buffett backing the performance of an S&P index fund vs. a New York money manager backing five funds of hedge funds—and there’s double-barreled news. Item One: For the first time since the bet started five years ago, Buffett has moved ahead—by an okay margin to boot. Item Two: For the first time ever as well, both sides have crawled out of the ditch (though the funds of funds barely made it) and are showing positive results.
Equity (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=6b1a68fb92&e=563f3285d7) Fund of Funds (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=1b6a867474&e=563f3285d7) USA (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=fe7588afaa&e=563f3285d7)
It’s Pensioners on the Side of Hedge Funds Making Their Case Against Argentina (http://thetrustedinsight.us2.list-manage1.com/track/click?u=77a3cd097df7557022fbc4906&id=7d75f0008b&e=563f3285d7)
Maria Teresa Muñoz, a retired secretary from Buenos Aires, has something in common with Paul E. Singer, the billionaire hedge fund manager who is suing Argentina’s government. They are both “holdouts” — the term given to owners of defaulted Argentine sovereign debt who refused to swap their debt for restructured government bonds that had a much lower value. Instead, they have chosen to hold out, in the hope that the government will one day repay them in full. Argentina’s government, led by President Cristina Fernández de Kirchner, vigorously rejects these claims.
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Bahrain’s Investcorp Says It Raised $793 Million in Second Half (http://thetrustedinsight.us2.list-manage.com/track/click?u=77a3cd097df7557022fbc4906&id=ff0edf920b&e=563f3285d7)
Investcorp, the Bahrain asset manager that owns stakes in Gucci and Saks Fifth Avenue, said it raised $793 million for new investments in the second half, the most since the start of the financial crisis in 2008. The firm amassed $516 million from institutional investors for hedge funds, $204 million in corporate investment, and $73 million for real estate, it said today in an e-mailed statement.
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