The Morning Brief: Magnus Peterson Sentenced to 13 Years for Weavering Fraud
Swedish hedge fund manager Magnus Peterson, who managed the London-based Weavering Macro Fund until it collapsed in 2009, was sentenced to 13 years in prison, according to the Financial Times. Last week he was convicted on eight counts of fraud, forgery, false accounting and fraudulent trading in a scheme that cost investors in the Weavering Macro Fund about $536 million. The sentence was longer than experts were expecting, according to the report.
Clifton Robbins’ Blue Harbour Group cut its stake in CACI International to 4.9 percent. Back in November, the Greenwich, Connecticut-based activist hedge fund firm had sold 700,000 shares of the professional-services and information-technology company. The stock has risen about 25 percent since mid-July.
Former hedge fund manager Thomas Steyer does not plan to run for Senate in California. The founder of San Francisco-based Farallon Capital Management, who retired at the end of 2012, was mulling whether to run for the seat of Barbara Boxer, who earlier announced she won’t run for re-election.
However, the manager, a big advocate in the fight against global warming, said he can accomplish more from the outside rather than as a senator in key areas he most cares about, such as education, the economy and the environment, according to an article he published on the Huffington Post website. “This was a very hard decision,” he wrote. “I believe my work right now should not be in our nation’s capitol but here at home in California, and in states around the country where we can make a difference.”
Shares of Lands’ End fell another 7.65 percent, a further blow to Edward Lampert’s ESL Partners. However, shares of Sears Holdings jumped about 1.9 percent.
SS&C GlobeOp announced that its forward redemption indicator for January came in at 2.49 percent, down from 5.87 percent the previous month. “Investor redemption notifications for the month are the lowest since January 2013,” said Bill Stone, chairman and chief executive officer of Windsor, Connecticut-based SS&C Technologies, in a statement. SS&C GlobeOp’s data on the GlobeOp platform represents about 10 percent of the hedge fund industry. A high of 19.27 percent was recorded in November 2008.