Investcorp has named Lionel Erdely its new head of hedge funds and chief investment officer. He will be responsible for overseeing the hedge fund group’s strategic direction and investment decisions, as well as managing all day-to-day operations, according to the alternative investments firm, which has offices in New York, London, Bahrain and Saudi Arabia. Erdely comes from Lyxor Asset Management, a subsidiary of Societe Generale Group, where he served as CIO since 2004 and CEO of Lyxor Inc. since 2009. As of June 30, Investcorp’s hedge fund group had about $4.2 billion of assets under management.
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Shares of Netflix surged nearly 8 percent to $324.48 after reports that the streaming TV and movie content company is in talks with cable companies to provide its services. Carl Icahn is the company’s second largest holder, while Philippe Laffont’s Coatue Management is the ninth largest shareholder.
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J.C. Penney broke its four-day winning streak, dropping 1.70 percent to close at $7.87 Monday. On the other hand, shares of another struggling retailer—Sears Holdings—fell for the fifth straight day, and are now trading at $54.89, down nearly 15 percent during this span. The stock now accounts for just about half of the equity assets of Edward Lampert’s Bar Harbour, Florida hedge fund, ESL Partners.
