Asset Management and Custody Banks
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May 15- One-time hedge fund darling Apple Inc was dropped by more well-known fund managers in the first quarter, including John Griffin and Chase Coleman. Shares of Apple closed down $15.01, or 3.4 percent, at $428.85 on Wednesday.
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NEW YORK, May 15- Barry Rosenstein's JANA Partners liked grocery chain Supervalu Inc in a big way in the first quarter, while Philippe Laffont's Coatue Management lost its stomach for the company's shares. Regulatory filings revealed that JANA, a hedge fund with $5.5 billion in assets, picked up some 14 million shares of Supervalu in the quarter ended March 31.
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FRANKFURT, May 15- Money poured into asset manager PIMCO's funds during the first three months of 2013, giving a strong boost to the earnings of its parent company, German insurer Allianz SE.
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May 15- One-time hedge fund darling Apple Inc was dropped by more well-known fund managers in the first quarter, including John Griffin and Chase Coleman. Shares of Apple were down $19.50, or 4.4 percent, at $424.36 in trading on the Nasdaq on Wednesday.
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May 15- One-time hedge fund darling Apple Inc was dropped by more famous hedge fund managers in the first quarter, including John Griffin and Chase Coleman. Shares of Apple were down $17.91, or 4 percent, in trading on the Nasdaq on Wednesday.
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NEW YORK, May 15- Barry Rosentein's JANA Partners liked grocery chain Supervalu Inc in a big way in the first quarter, while Philippe Laffont's Coatue Management lost its stomach for the company's shares.
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Billionaire hedge fund manager Daniel Loeb said Sony reminds him of Yahoo before he waged a bitter proxy fight that triggered a boardroom shake-out at the Internet company.
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BOSTON, May 15- Zynga Inc. shares jumped 7.6 percent to $3.57 in morning trading Wednesday, shortly after hedge fund manager Barry Rosenstein said his Jana Partners had taken a new stake in the online games developer earlier this year.
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NEW YORK, May 15- After years of urging its financial advisers to sell more life insurance, UBS Wealth Management Americas is bringing in full-time experts and offering financial incentives to prod its tradition-bound sales force outside its comfort zone.
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TOKYO, May 14- Billionaire hedge fund investor Daniel Loeb on Tuesday called on Sony Corp to spin off its lucrative entertainment arm, setting the stage for a clash between his activist Wall Street fund and management at the Japanese electronics maker.
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*Elliott says all of its and Hess' nominees should be on the board. May 14- Hedge fund Elliott Management Corp, which has already rejected a settlement offer from Hess Corp that would have given the activist investor two seats on the oil and gas company's board, said it would be willing to settle if Hess puts all five of the Elliott-backed nominees on the board.
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LONDON, May 14- Asset manager BlackRock said on Tuesday that one of its former employees was arrested in April by City of London police on suspicion of insider dealing.
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*Defensive stocks unusually leading Europe stock rally. LONDON, May 14- Defensive stocks such as healthcare companies, which often bring up the rear when markets rise, have led the gainers in 2013 as European bourses hit their highest in years, suggesting investors don't think the good times will roll for long.
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TOKYO, May 14- A New York- based hedge fund with a reputation as an activist investor has proposed that Sony Corp spin off its entertainment division via an IPO, saying the move could boost the Japanese electronics firm's shares by as much as 60 percent.
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NEW YORK-- Hess Corp. says it is willing to add two of Elliot Capital Management's nominees to its board after they agreed to forgo compensation from the hedge fund. But Elliot Management says the Hess move is a stunt, and it wants shareholders to hold out for bigger changes.
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May 13- Hess Corp offered hedge fund Elliott Management two seats on its board on Monday, but the activist investor rejected the proposal, calling it a "PR stunt." Hess agreed to strip longtime chief executive John Hess of his chairmanship last week in a bid to show improving corporate governance at the company.
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May 13- Michigan's biggest city is "clearly insolvent" and needs to restructure its debt and renegotiate its labor contracts to address its problems, Detroit's emergency financial manager said on Monday.
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NEW YORK, May 13- An activist hedge fund's nominees to the Hess Corp board of directors said they were waiving their right to receive a controversial pay package under which the fund will pay them extra if the oil and gas company outperforms its peers under their watch.
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NEW YORK, May 13- An activist hedge fund's nominees to the Hess Corp board of directors said they were waiving their right to receive a special pay package from the fund if the oil and gas company outperforms its peers under their watch.
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Last week Icahn and Southeastern Asset Management Inc offered $21 billion in cash for Dell, challenging founder Michael Dell's $24.4 billion bid to take the company private.