This content is from: Portfolio

The Morning Brief: Ex-Guv Brian Schweitzer in Hostile Takeover Bid; Hedge Fund Assets Could Reach $2.5 Trillion in 2013

Ex-governor of Montana Brian Schweitzer has teamed up with New York hedge fund firm Clinton Group in a hostile bid to take control of Montana’s largest publicly-owned mining company, Stillwater Mining Co., the Associated Press reported Monday. Schweitzer, believed to be a potential candidate for the 2016 Democratic presidential nomination, said he is intervening to save Stillwater Mining from questionable foreign expansion plans that could put about 1,500 jobs at risk. On Monday, the Clinton Group proposed a slate of new directors for the company that included Schweitzer. — While withdrawal requests nearly doubled in February, new allocations to hedge funds could more than triple this year, according to Deutsche Bank’s latest annual survey. Hedge fund assets globally could jump 11 percent to $2.5 trillion by the year-end, an increase of about $123 billion, the survey said.

A Goldman Sachs Group managing director in New York who is under investigation for allegedly passing on confidential information about technology companies to hedge funds has left the bank, Reuters reported. David Loeb, who has not been charged with any wrongdoing, allegedly was involved in providing nonpublic information about Goldman’s financial state to hedge fund manager Raj Rajaratnam. — Jacques Chappuis, the head of Morgan Stanley’s fund of hedge funds business, is jumping ship in May and joining private equity firm Carlyle Group as a managing director, Carlyle announced February 24. The Washington, D.C.–based firm said Chappuis will lead its so-called solutions unit, which includes customized managed accounts, fund of funds, portfolio advisory and risk management services.

Tyndaris — that’s the exotic name of a new hedge fund firm to be launched by former GLG Partners Raffaele Costa this week, according to the Financial Times. Costa will begin marketing Tyndaris, a commercial real estate fund to be led by Deutsche Bank’s former head of European CRE Heath Forusz, and former bankers from JP Morgan and Citigroup. Tyndaris is named after a rocky ancient Greek site in Sicily, where Costa is from.

Related Content