From Citywire: The wide discount on Pershing Square Holdings (PSH) is 'unsustainable' and puts star hedge fund manager Bill Ackman under pressure, says British Empire (BTEM). Pershing is the third largest holding in the £850 million British Empire trust, managed by Joe Bauernfreund, which specialises in buying undervalued investment companies and family-run conglomerates. More:...

Matthias Knab, Opalesque: Market developments in May saw some trend reversals across the fixed income and commodity space. On the one hand, the unfolding of the Italian political crisis coincided with a rebound of U.S. Treasuries during the second half of May. On the other hand, the rising likelihood that OPEC and Russia will raise oil output under the pressure of the U.S. administration ...

From Koreaninvestor.com: The National Pension Service (NPS) is studying investing in a single hedge fund and the Korea Investment Corporation (KIC) will switch towards small-sized, satellite portfolio managers away from large fund houses in pursuit of high alpha, said their senior officials. Korea Post is considering including an Asia-based hedge fund to its portfolio and doubling the poo...

Blackstone woos ultra-wealthy with tax-free hedge fund pitch From Bloomberg.com: Blackstone Group LP has an enticing pitch for the ultra-wealthy: Invest in hedge funds and avoid paying taxes forever. The private-equity firm's Lombard International is leading the charge to promote exclusive insurance vehicles that can contain hedge fund investments. Lo...

From Reuters.com: Daniel Loeb's hedge fund Third Point LLC plans to raise $400 million for a "blank check" company which will be run by outgoing stock market operator NYSE Group President Thomas Farley, according to a regulatory filing made on Tuesday. The new company, referred to on Wall Street as a special purpose acquisition company (SPAC), will be called Far Point Ac...

Hedge funds hike Smurfit Kappa positions amid takeover deal hopes From Irishtimes.com: Two US hedge funds, Davidson Kempner and York Capital, have accumulated a combined 4.74 per cent interest in cardboard box maker Smurfit Kappa using financial derivatives. It comes as many investors cling on to hopes that US peer International Paper (IP) will make a third bid for Sm...

Warren Buffett: Target date funds aren't the way to go Planning for retirement can be complicated and stressful. This is why target date funds - funds that are managed based on when you expect to retire - are so attractive. Over time, the balance of stocks, bonds and cash evolve automatically as retirement nears. Set it and forget it. But is investing really that...

By: Marc Finer, Murtha Cullina, LLP New partnership audit rules became effective for tax years beginning on or after January 1, 2018. These rules, which are designed to make it easier for the IRS to audit partnerships and collect additional tax liabilities relating to partnership operations, apply to all partnerships and limited liability companies taxed as partnerships (hereinafter, &qu...

Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its mid-month highs and hedge funds into the red for the year. Hedge F...

Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enabled us to purchase a very unusual business franchise riding several power...

From Investordaily.com.au: There's no way around it; the fund administration space is ready for a major shake-up. Whether it's banks, hedge funds or venture capital organizations, fund and asset managers have traditionally been burdened with manual, antiquated, labor and time intensive processes that result in massive inefficiencies. Thankfully for fund administrators, new te...

From Vanityfair.com: From Vanityfair.com: Few people on Wall Street are as polarizing as Eddie Lampert, the billionaire majority shareholder of Sears and Kmart. His friends say he is reticent, while his critics find him aloof. His pals talk about his very high standards, while some observers say he is condescending, overly critical, and disengaged. Some people praise his determination and persiste...

Komfie Manalo, Opalesque Asia: John Paulson is reported to be retuning some of his investors' money as a number of his hedge funds continue to suffer setbacks, reports Bloomberg, citing sources familiar with the matter. T...

Hedge funds amass big bets against world's leading advertisers From FT.com: Hedge funds have amassed bearish bets of more than $3bn against the world's largest advertising companies in an attempt to profit as the industry undergoes ongoing wrenching disruption and slowing growth. Funds including the UK's Marshall Wace and the US funds Lone Pine and Mave...

Hedge fund mojo is back with investor hopes at six-year high From Bloomberg.com: Hedge funds on the heels of a surprisingly strong performance in 2017 are raising hopes for an encore. Investors expect their managers to return 8.5 percent in 2018, according to a Credit Suisse Group AG survey. That's the most enthusiasm around the smart money since 2012, when globa...

From IPE.com: Swedish national pension fund AP6 - which invests solely in private equity - reported a 12.3% overall return in 2017, almost twice the investment profit it had made the year before. The Gothenburg-based state pension buffer fund said the return on capital actually invested in private equity funds and unlisted companies reached a record high of 20.3% for 2017, up from 9.5%...

Komfie Manalo, Opalesque Asia: Luxembourg-based Art & Motion has launched a new investment vehicle dedicated to vintage cars and exceptional high-quality vehicles as this collectible market has grown exponentially the turn of the century to become an asset class in its own right. Founded by Laurent Lef...

From Businessinsider.com: A $5.4 billion hedge fund told clients markets could tumble just like they did in the 1987 crash. In a February 14 letter to clients, London-based Chenavari Investment Managers warned about current market conditions. From the letter (emphasis added): "Our view is that the market will experience a "systemic de-risking period". The recent weakness...

Hedge funds bet against some Italian banks on the rise From Reuters.com: A group of hedge funds have stepped up bets against a string of Italian banks, taking a contrary stance against a sector and broader market on the rise ahead of an election which could yet rattle investors. The negative stance, shown in positioning data filed with the regulator, is at...

Global fund managers are long, unhedged and partying like it's 2019 From Valuewalk.com: Global fund managers don't see an equity pullback in 2018 and expect the bull market to continue into 2019 according to Bank of America's latest Global Fund Manager Survey. The survey, which the bank conducts on a regular basis to gauge the sentiment of fund managers...

Steven Cohen doubles London office space ahead of comeback Hedge fund billionaire Steven Cohen has doubled the floor space of his London office as the controversial figure prepares his highly-anticipated return to hedge fund investing. Cohen, who previously ran SAC Capital, one of the most successful hedge funds ever, has leased an extra 6,000 square feet of space in ...

Miami bitcoin conference stops accepting bitcoin due to fees and congestion From Bitcoin.com: Next week the popular cryptocurrency event, The North American Bitcoin Conference (TNABC) will be hosted in downtown Miami at the James L Knight Center, January 18-19. However, bitcoin proponents got some unfortunate news this week as the event organizers have announced they h...

Hedge funds start 2018 with record $19 billion bet on the euro From Reuters.com: Hedge funds have kicked off 2018 with their biggest bet ever on the euro rising, a clear vote of confidence in the single currency but, with positioning so stretched, one which could backfire in the near term. Data from the Chicago Futures Trading Commission show that hedge fu...

Bailey McCann, Opalesque New York: The Carlyle Group has raised more than $800 million for the Carlyle Structured Credit Fund (CSC). The fund will invest in Collateralized Loan Obligations (CLOs) backed by U.S. and European senior secured corporate loans actively managed by third parties. CSC will opportunistically invest in the primary and secondary CLO market, targeting pools ...