In what will surely go down as one of the most splendid flips in the history of ultra-posh New York City real estate, the young hedge fund executive Scott Bommer and his wife Donya, once an anchor for "Good Day Philadelphia," have sold their duplex penthouse at 1060 Fifth Avenue [...]
Hedge funds have reputations for being shrouded in mystery, but a London-based fund that specializes in investing in Russia finds itself at the center of a story that's a downright thriller. Hermitage Capital Management, a $3 billion fund that also invests in emerging markets, recently put out an investor letter [...]
Who's that sleeping man, you ask? Why it's Mark Kingdon, founder of the $6 billion hedge fund Kingdon Capital Management. Kingdon has a rep for his philanthropic work (unlike many of his peers), but you'll be happy to hear that he's spending some of his riches, too. Kingdon, wife Anla, [...]
A man accused of trying to extort millions of dollars from his son-in-law, an executive of the Blackstone Group LP on Wednesday blamed the private equity firm for his "malicious" arrest and charges. The case in New York State Supreme Court against Stuart Ross, estranged father-in-law of Blackstone Senior Managing [...]
Citigroup Inc. isn't just eliminating jobs to slash costs - it's also clamping down on color copying and BlackBerrys. In a recent memo to Citigroup employees detailing new efforts to trim expenses, John Havens - who runs the company's institutional clients group - wrote that "color copying and printing should [...]
Two big hedge funds, run by billionaires Steven Cohen and David Shaw, tightened their grip on Orient-Express Hotels yesterday in an effort to get the Bermuda-based owner of the famous '21' Club to eventually put itself up for sale. The two funds, CR Intrinsic and D.E. Shaw, which own a [...]
Harbinger Capital Partners is no stranger to aggressively seeking strategic changes within companies in which they invest. This month, it’s Harbinger vs. Cleveland-Cliffs Inc. The mining company is urging shareholders to reject a bid by the activist hedge fund that would give them veto power over one of Cleveland-Cliffs proposed [...]
The crisis gripping Fannie Mae and Freddie Mac spread across the financial system on Monday as JPMorgan Chase warned of a possible $600m (£323m) loss from its holdings of preferred shares in the two mortgage financing groups. JPMorgan said it would write down the value of its $1.2bn of preferred [...]
It’s that time of year again, the last week of summer on Wall Street. Getting a table at San Pietro is easy; a tee time at Maidstone Club in East Hampton, less so. With the Street virtually empty, except for all those Lehman Brothers executives working the phones in search [...]
Just like its namesake character once launched raspberry jam in into Lord Helmet’s radar in 1987 cult classic Spaceballs, Lone Star Funds is throwing it’s billions in capital weaponry at the “bad guys,” in this case bad debts that the investment banks desperately seek to get off their books. Though [...]
It was bound to happen. If your friends are getting fired, chances are the firm’s sailboat sponsorship will get the axe as well. After 30 funds participated in last year’s Hedge Fund Regatta, the number of participants fell to 17 this year, with Shoreline Trading Group taking home the top [...]
Investors pulled their money out of Russia in the wake of the Georgia conflict at the fastest rate since the 1998 rouble crisis, new figures showed on Thursday. Russian debt and equity markets have also suffered sharp falls since the conflict began on August 8, with yields on domestic rouble [...]
Harbinger Capital Management has increased its stake in Cablevision Systems Corp., according to regulatory filings released Thursday, a sign that it likely plans to put more pressure on the cable company's management. The New York hedge fund raised its stake to 18.95 million shares, or 8.1% of Cablevision Class A [...]
Lead mortgage trader Jim De Mare has left Citigroup to join Merrill Lynch, according to sources at Citigroup and another firm. De Mare is the second senior mortgage trading executive Merrill has recruited in recent weeks. Mike Nierenberg, a Bear Stearns veteran who served briefly as head of mortgage trading [...]
A former assistant who sued the founder of New York private-equity firm Caxton-Iseman Capital Inc. for harassment pleaded guilty to stealing more than $45,000 from him. Fatima Monahan, 36, who earned $125,000 a year, admitted today to using Frederick Iseman's credit card and was ordered to pay $45,000 in restitution. [...]
Lone Star Funds, the Dallas-based private equity firm, agreed to buy IKB Deutsche Industriebank AG after the German bank collapsed, becoming the country's first casualty of the subprime mortgage crisis. The U.S. firm said it will acquire a 91 percent stake in Dusseldorf-based IKB from state-owned development bank KfW Group [...]
Hedge fund Andor Capital Management is to shut down and return money to investors, The Financial Times reported. The firm manages about $2 billion in assets. In a letter to investors on Wednesday, Daniel Benton, co-founder of Andor, said he is retiring from managing outside capital after 24 years in [...]
In an apparent attempt to prevent a repeat of the cascading rumors that helped sink Bear Stearns Cos., the Federal Reserve last month quietly called one major bank to see if it had pulled a credit line from Lehman Brothers Holdings Inc., people familiar with the matter said. Responding to [...]
Investors increasingly believe the U.S. government will take steps to rescue Freddie Mac and its sibling, Fannie Mae. The Treasury Department recently received authority from Congress to bail out the two companies, although it stopped short of doing so. Both now play a dominant role in financing mortgages. A rise [...]
Paul Eustace, president and founder of the Philadelphia Alternative Asset Management Company Federal prosecutors indicted Paul Eustace, president and founder of the Philadelphia Alternative Asset Management Company, in November on two criminal counts of commodities fraud. The government said Mr. Eustace stole $200 million from clients from 2001 through 2005. [...]
This year's drop in agricultural stocks, whose rally since 2003 outpaced the gains in technology shares that preceded the dot-com crash, may deepen as the economic slowdown reduces profits, according to Citigroup Inc. ``Investors have been stung of late in farm equipment and fertilizer stocks, but more pain could be [...]
The investor whom Swedish newspapers call ``the butcher'' and former Prime Minister Goran Persson says is destroying the fabric of his nation's capitalism works out of an 1881 stone townhouse in a tree-lined street in Stockholm. Cevian Capital AB co-founder Christer Gardell, whose office overlooks Humlegarden Park, where kings once [...]
There's an hour left before U.S. exchanges close, and order tickets are piling up for Michael Nasto, the senior trader at San Antonio-based money manager U.S. Global Investors Inc., which oversees $5.5 billion. It's June 26, and the Dow Jones Industrial Average has lost more than 300 points after a [...]
The dollar fell from a seven-month high versus the yen before U.S. government housing and inflation reports this week that may add to speculation the Federal Reserve will delay raising interest rates. The currency also retreated from the strongest level in almost six months against the euro, snapping a three-day [...]
A glimpse of Brazilian television ads provides a who's who of Hollywood's biggest stars. Sex and the City's Sarah Jessica Parker tells shoppers she loves to stroll through Sao Paulo's newest mall. Sylvester Stallone and Kiefer Sutherland hawk cars. Richard Gere peddles women's hair products -- in Portuguese laced with [...]
