New York-based hedge fund manager Daniel Loeb’s Third Point Offshore Investors Ltd. was up about 5 percent in the most recent month, through May 29. This brought its gains for the year through that period to 17.7 percent for its U.S. dollar shares and as high as 19.3 percent for its sterling shares. This does not include last Friday, May 31, when the stock market plummeted late in the session, closing down about 200 points that day alone.
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Another investor is planning to pull money from Steve Cohen’s SAC Capital Advisors. Magnitude Capital, which redeemed some money from the embattled hedge fund in the first quarter, plans to withdraw more money in the second quarter, according to Reuters. The deadline to redeem from SAC in the second quarter is June 3.
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Meanwhile, a former portfolio manager at Steve Cohen’s SAC Capital Advisors is planning to launch his own hedge fund by the end of the year. Miaodan Wu, one among at least seven SAC employees who left Hong Kong earlier this year, is preparing to launch Bach Option, a fund in Hong Kong that will bet on price swings in financial securities, a strategy known as a volatility fund.
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President Barack Obama is planning to nominate a former general counsel at Bridgewater Associates, the world’s large hedge fund, as his next FBI director. James Comey, who also served in the George W. Bush administration as the second highest official at the Justice Department, figures to be heavily scrutinized for his hedge fund and Wall Street ties if in fact he does get the nomination. Comey served in his role at Bridgewater from 2010 until earlier this year.
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London-based Cheyne Capital Management reported a 5.08 percent passive stake in Telular Corp., which makes and provides products and services that use wireless networks.
