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Vivendi and Amber to go to court over Lagardere’s EGM refusal

PARIS (Reuters) – French media conglomerate Vivendi (VIV.PA) and activist fund Amber Capital – the two biggest shareholders in French company Lagardere (LAGA.PA) – said they would go to court over Lagardere’s refusal to hold a special shareholders meeting. The... More »

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EU watchdog flags harder line on cross-border funds management

LONDON (Reuters) – Brexit safeguards to stop asset managers in Britain running “shell” investment funds in the European Union to retain access to its markets should be hardwired into EU law, the bloc’s securities watchdog said on Wednesday. After Britain voted... More »

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TCI sees Autostrade valuation between 11-12 billion euros-partner

MILAN (Reuters) – Activist hedge fund TCI Fund Management, which is challenging the Italian government over the forced sale of Atlantia’s Autostrade per l’Italia (ASPI) unit, said on Friday the value of Autostrade could be between 11 and 12 billion euros. “I b... More »

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Cohen’s Point72 to open Warsaw office for some back office teams

BOSTON(Reuters) – Billionaire investor Steven A. Cohen’s Point72 Asset Management is opening the $16.2 billion firm’s latest satellite location in Warsaw and moving some back office operations to lower-cost Poland. Point72, based in Stamford, Connecticut with ... More »

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Ackman’s blank check company raises IPO target to $4 billion

(Reuters) – Pershing Square Tontine Holdings Ltd, the blank check company backed by billionaire investor Bill Ackman, has increased the size of its initial public offering by $1 billion to $4 billion, the largest ever IPO by a special purpose acquisition compa... More »

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Cannae, Senator hire D.F. King as solicitor in bid for CoreLogic

BOSTON (Reuters) – Cannae Holdings and Senator Investment Group, which are trying to buy property data and analytics company CoreLogic Inc, have hired a proxy solicitor, a source familiar with the matter said on Thursday. A proxy solicitor polls large sharehol... More »

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CoreLogic rejects $7 billion takeover bid from investment firms

(Reuters) – Property data and analytics company CoreLogic rejected an unsolicited $7 billion takeover offer from two investment firms on Tuesday, saying it expected to earn more this year and would buy back more of its stock. A consortium of Cannae Holdings In... More »

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Square Capital says it has issued $820 million of PPP loans

NEW YORK (Reuters) – Square Capital, a unit of payments company Square Inc, said on Monday it has issued more than $820 million worth of loans to small businesses to help them weather the economic shutdown brought on by the coronavirus pandemic. Square, founde... More »

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Ackman says hedge fund up 27% year to date, dumped Berkshire

BOSTON (Reuters) – William Ackman’s hedge fund is boasting double-digit gains at a time many portfolios have sunk along with the economy during the coronavirus pandemic, after the billionaire investor plowed cash into a number of companies he already owned and... More »

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Some U.S. fund managers risk long-term bets on tanking oil sector

NEW YORK (Reuters) – Some U.S. fund managers are attempting what seems like an impossible task: making bets on the stocks and bonds of energy companies at a time when oil futures have sunk to historic lows and a swelling global glut shows no sign of letting up... More »

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Elliott hedge fund gains in March, up 2.2% for year: client update

BOSTON (Reuters) – Paul Singer’s Elliott International Ltd hedge fund gained an estimated 0.1% in March and is now up 2.2% for the year through the first quarter, according to an update sent to clients on Friday and seen by Reuters. A spokesman for New York-ba... More »

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Global currency funds notch wins amid coronavirus volatility

NEW YORK (Reuters) – Global currency fund managers racked up gains in the first quarter as they benefited from the extreme volatility that the coronavirus pandemic has stoked across financial markets. The BarclayHedge currency traders index was up 6.13% for th... More »

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Hedge fund Glenview off 30% as coronavirus weighs on portfolio

BOSTON (Reuters) – Glenview Capital Management, the hedge fund run by Larry Robbins, has lost roughly 30% in the first three months of 2020 as the spread of the new coronavirus hurt the healthcare facilities and hospital operators the firm has invested in. The... More »

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Multi-strategy hedge funds outperformed peers as market plunged

BOSTON (Reuters) – Multi-strategy hedge funds – those that bet on a broad array of markets using teams of traders, leverage and centralized risk management – have flourished as stocks ended their worst three months since the 2008 financial crisis. Balyasny Ass... More »

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Asia shares suffer virus chills, central banks offer cold comfort

SYDNEY/HONG KONG (Reuters) – Asian shares slid on Monday as fears mounted that the global coronavirus shutdown could last for months although markets regained some lost ground late in the session with Australia posting a standout jump. U.S. and European future... More »

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Hedge fund Fir Tree puts $410 million dislocation fund to work

BOSTON (Reuters) – After years of waiting and watching from afar, hedge fund Fir Tree Partners is spending $410 million from its dislocation funds on stocks, pockets of the credit market and other securities, sure the historic market sell-off made new bargains... More »

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Ackman says TV interview did not lead to profit on trades

BOSTON (Reuters) – Billionaire investor William Ackman said a CNBC television interview he gave last week was not designed to profit from any trades, dismissing some media speculation he had purposely pushed markets lower to make money off his hedges. “Our hed... More »

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Settlement talks between First United, Driver Management break down

BOSTON (Reuters) – Talks between First United Corp and Driver Management to settle a fight for board seats at the bank holding company broke down when the activist investor rejected the offer, two sources familiar with the matter said on Thursday. “Your ‘best ... More »

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Starboard nominates four to eBay’s board, wants outsider as CEO

(Reuters) – Activist investor Starboard Value is pressuring eBay for the second time in two years and said on Thursday that it plans to install four directors on the e-commerce company’s 14-member board. The hedge fund, which last year helped fill one board se... More »

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Investor Ackman tweets to Trump: Close down the country

BOSTON (Reuters) – Billionaire investor William Ackman, who has long worried about risks posed by the coronavirus, called on the Trump administration on Wednesday to seal off the country for 30 days and said stocks would “soar” if such restrictions were impose... More »

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Stampede to get out: bond ETFs get crushed in selloff

LONDON (Reuters) – A rush to sell global bonds in the past week has now rippled into the world of exchange-traded funds with some of the most actively traded seeing the most bulging gaps relative to the value of underlying holdings in years. Exchange-traded fu... More »

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Bridgewater hedge funds post mixed results amid market turmoil

NEW YORK/BOSTON/LONDON (Reuters) – Bridgewater Associates LP, the Ray Dalio-led hedge fund giant famous for making money during the 2008 financial crisis, has posted mixed returns amid the coronavirus-led market turmoil, according to an investor with direct kn... More »

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Coronavirus expected to hurt U.S. earnings harder and longer

NEW YORK (Reuters) – The hit to U.S. corporate earnings from the coronavirus epidemic is getting harder and messier to predict. Wall Street strategists have been slashing forecasts as the impact from the virus is set to be felt far further than the first quart... More »

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Activist investor Robbins shutting hedge fund to pursue other things

NEW YORK (Reuters) – Activist investor Clifton S. Robbins told clients on Friday that he is shuttering his Blue Harbour Group not because investors want their money back or because returns have lagged, but because he wants to do something different. “Our inves... More »

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Coronavirus concerns spur odd market moves

NEW YORK (Reuters) – Some asset prices are moving together in unusual ways, an indication that investors may be preparing their portfolios for a coronavirus-led global slowdown. U.S. stocks, gold, Treasuries and the dollar have all surged in 2020, a climb that... More »

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Buffett calls for more accountability for corporate directors

(Reuters) – Warren Buffett on Saturday called on corporate America to make their boards of directors more accountable to shareholders and less beholden to chief executive officers, perhaps by reducing their pay and requiring that they buy more stock. In his an... More »

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Senator hedge fund’s founding duo to split- Klabin will leave firm

BOSTON (Reuters) – Hedge fund Senator Investment Group told clients on Thursday that its founding partners are splitting up, ending one of the industry’s more profitable and durable professional marriages. Alexander Klabin will be leaving the $6.9 billion Sena... More »

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Valaris settles with Luminus, hands board seat to hedge fund

BOSTON (Reuters) – Oil drilling firm Valaris PLC reached a settlement with Luminus Management and said on Monday that it has appointed one of the hedge fund’s partners to its board. Luminus’ Adam Weitzman, an expert in offshore oil drilling who has experience ... More »

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D.E. Shaw’s Orienteer strategy posts double-digit returns this year

BOSTON (Reuters) – D.E. Shaw’s Orienteer platform, the backbone of the $50 billion investment firm’s multi-asset class offerings, posted high double-digit returns this year, the best ever in its six year lifetime. The Orienteer platform’s HV variant gained 41.... More »

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Ackman’s Pershing Square makes new bet on Agilent Technologies

BOSTON (Reuters) – Billionaire investor William Ackman’s hedge fund Pershing Square Capital Management said Monday it bought shares in testing equipment company Agilent Technologies Inc, only its second new investment this year as the fund has reported a 51% r... More »

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Investor to oppose Instructure’s plans to sell to Thoma Bravo

BOSTON (Reuters) – Rivulet Capital, a large investor in Instructure Inc, on Thursday said it will resist the U.S. educational software company’s plan to sell itself to private equity firm Thoma Bravo for $2 billion, calling the deal too cheap and too hurried. ... More »

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Silver Lake appoints Egon Durban, Greg Mondre as first co-CEOs

(Reuters) – Private equity firm Silver Lake on Monday named company veterans Egon Durban and Greg Mondre to the newly formed roles of co-chief executive officers. The firm, which manages over $43 billion in combined assets, said Durban and Mondre, who were man... More »

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Bacon’s Moore Capital to return client capital after 30 years

(Reuters) – Louis Moore Bacon, the billionaire hedge fund manager whose macroeconomic bets on currencies, interest rates and other securities earned his Moore Capital Management LP double-digit returns over 30 years, will stop investing for outside clients, ac... More »

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AT&T to add directors, sell up to $10 billion in assets next year

(Reuters) – AT&T Inc on Monday unveiled a three-year strategic plan that included selling up to $10 billion worth of businesses next year, paying off all its debt from the purchase of Time Warner and adding two new board members, bowing to pressure from activi... More »

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Elliott ranks as busiest activist hedge fund in third quarter, again

BOSTON (Reuters) – Elliott Management, Paul Singer’s $35 billion hedge fund, kept up its blistering pace of pushing for corporate changes during the third quarter, outspending all rivals with campaigns at AT&T and Marathon Petroleum Corp , data released on Fri... More »

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SEC adopts new rules to level playing field for ETF providers

NEW YORK (Reuters) – The Securities and Exchange Commission on Thursday said it would adopt a new rule to modernize how exchange-traded funds (ETFs) are brought to the market and their regulation. The long-awaited Rule 6c-11 – or the ETF rule as it is more com... More »

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Billionaire investor Carl Icahn to leave New York for Florida

BOSTON (Reuters) – Billionaire investor Carl Icahn, a born New Yorker who has run his business from the city for decades, is moving his office, more than half of his staff and himself to Florida early next year, people familiar with the plan said on Thursday. ... More »

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Climate change pushes U.S. fund managers to bet on AC makers

NEW YORK (Reuters) – Record heatwaves in Europe and Asia this summer are leading fund managers to buy shares of air conditioning manufacturers, betting that the public health risks of rising temperatures will compel businesses and apartment building owners to ... More »

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VanEck SolidX bitcoin trust to sell shares to institutional buyers

NEW YORK (Reuters) – Investment firm VanEck and financial technology company SolidX Management LLC will sell shares in their bitcoin trust to “qualified institutional buyers,” the companies said on Tuesday, in a move aimed at further attracting institutional m... More »

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Hedge fund-backed reinsurance duo poised for performance uptick:…

NEW YORK (Reuters) – Two reinsurance firms backed by prominent hedge funds are considered good investments as their share price performance has yet to benefit from the sector’s improved pricing outlook, according to Barron’s. Both Greenlight Capital Re and Thi... More »

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GlobalFoundries seeks to ban U.S. import of TSMC clients’ products

SHANGHAI (Reuters) – Contract chipmaker GlobalFoundries has sued larger rival Taiwan Semiconductor Manufacturing Co (TSMC) for patent infringement, seeking to stop the defendant’s customers including Apple from importing affected products to the United States ... More »

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Three U.S. bond kings wield same strategy, get same result: lag…

NEW YORK (Reuters) – Three names dominate the U.S. world of bond investing – Jeffrey Gundlach, Dan Ivascyn and Scott Minerd. But funds run by these star investors are lagging their respective benchmarks this year. The proximate cause for the underperformance o... More »

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U.S.-based high-yield junk bond funds post largest weekly outflow…

(Reuters) – U.S.-based high-yield junk bond funds posted more than $4 billion of outflows in the week ended Wednesday, the largest weekly cash withdrawals since October 2018, according to Refinitiv’s Lipper data, triggered by an escalating trade war between Ch... More »

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U.S. small-cap stocks under renewed threat from tariffs

NEW YORK (Reuters) – Last week’s announcement of more U.S. tariffs on Chinese goods may have undermined the prospects for small-cap stocks to rebound this year, even after a brief respite from the Federal Reserve’s recent interest-rate cut. Just a day after th... More »

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Hedge fund Hoplite Capital plans to shut down – letter

BOSTON (Reuters) – Hedge fund Hoplite Capital is returning money to outside clients after a period of sluggish returns, the firm’s founder, John Lykouretzos, told investors in a letter on Wednesday. “I have decided to close the Hoplite managed funds and return... More »

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Investors book profits from U.S.-based equity funds ahead of Fed…

(Reuters) – U.S.-based equity funds posted more than $8.4 billion of cash withdrawals in the week ended Wednesday, following two weeks of inflows, according to Refinitiv’s Lipper. The withdrawals came ahead of next week’s Federal Reserve meeting. In the same w... More »

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Investors wade into U.S. stock funds as S&P 500 touches records

NEW YORK (Reuters) – Investors edged into the U.S. stock market last week, as the benchmark S&P 500 index hovered near record highs, by adding $1.1 billion into mutual funds and exchange-traded funds that hold domestic stocks, according to data released Wednes... More »

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Elliott outspends rivals as corporate activism turns to Germany

FRANKFURT/BOSTON (Reuters) – Elliott Management Corp has invested more than rivals in its push for corporate change so far this year and there has been an increasing focus among activist investors on German companies. Elliott, Paul Singer’s $35 billion hedge f... More »

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Anonymous Analytics goes long cannabis with Turning Point Brands

(Reuters) – Activist research group Anonymous Analytics has turned its attention to the cannabis industry, initiating a buy rating on Turning Point Brands Inc (TPB.N) in a report on Wednesday. The group, which holds shares in Turning Point Brands, called it “a... More »

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Reinsurance hedge fund Tangency Capital raises further $165 million

LONDON (Reuters) – Hedge fund Tangency Capital has raised a further $165 million to invest in the property reinsurance market, bringing its size to $265 million as the hurricane season gets under way, one of its co-founders told Reuters on Wednesday. Insured l... More »

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Fund investors retreat from U.S. stocks as S&P 500 hits records

NEW YORK (Reuters) – Investors pulled slightly more than $5 billion out of mutual funds and exchange-traded funds that hold U.S. stocks last week, ending what had been the largest rush into domestic stocks since 2016, according to data released Wednesday by th... More »

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Synthomer to buy Omnova in $824 million deal

(Reuters) – Polymer maker Synthomer Plc said on Wednesday it has agreed to buy Omnova Solutions Inc for an enterprise value of $824 million in a bid to strengthen its global position. London-based Synthomer is offering Beachwood, Ohio-headquartered Omnova $10.... More »

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Why U.S. small caps may lag despite U.S.-China trade truce

NEW YORK (Reuters) – A truce in the trade war between the United States and China that pushed large-cap stocks to new record highs Monday does not appear to be enough to buoy the shares of small U.S. companies that are struggling under the weight of higher tar... More »

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Former Abraaj executive pleads guilty to U.S. charges

NEW YORK (Reuters) – A former executive of collapsed Dubai private equity firm Abraaj Capital Ltd on Friday pleaded guilty to U.S. fraud and conspiracy charges, admitting that he lied to investors about the firm’s financial health and track record. Former Abra... More »

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Investors pour $6 billion into U.S.-based high-yield,…

(Reuters) – Investors’ appetite for risk-taking was on display in the latest week, as U.S.-based high-yield junk bond funds attracted more than $3 billion in the week ended Wednesday, their third consecutive week of inflows. At the top of the credit spectrum, ... More »

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Natixis’ H2O sells some illiquid debt to try to staunch outflows

PARIS/LONDON (Reuters) – H2O, one of French bank Natixis’ asset management businesses, has sold off some illiquid assets and removed entry fees across its funds as it tries to stem outflows of customer money. The business, which contributed about 11% of Natixi... More »

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U.S. judge tosses former SAC Capital trader’s insider trading…

NEW YORK (Reuters) – A federal judge in Manhattan on Friday threw out the 2013 insider trading guilty plea of a former trader at SAC Capital Advisors LP, the hedge fund once run by billionaire Steven A. Cohen, saying recent changes in the law meant there were ... More »

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Highfields spinoff Solel Partners to start trading later this year

BOSTON (Reuters) – Solel Partners is expected to start trading with more than $400 million in capital later this year, after the new hedge fund received commitments from pensions, endowments and the founders’ former boss, who ran hedge fund Highfields Capital,... More »