Dyal Capital Partners, a private equity fund designed to make minority investments in the management companies of established hedge fund firms, has made its third major deal. The firm, managed by Neuberger Berman Group, has acquired a minority stake in Pinnacle Asset Management, L.P., a New York-based, commodities-focused alternative investments firm with $2.3 billion under management. Pinnacle’s management team will remain in charge. Earlier this month, Dyal closed its fund after raising $1.28 billion. Dyal also holds stakes in Mast Capital Management in Boston, a $1.5 billion hedge fund firm that invests in credit-related strategies, and Capital Fund Management, a $5.1 billion quant fund group based in Paris, according to an earlier report by institutionalinvestor.com. Dyal plans to purchase minority interests in a portfolio of about 12 to 15 hedge fund management companies. The New Jersey State Investment Council recently committed $200 million to the fund.
Man Group’s 2010 acquisition of GLG Partners apparently has not worked out as planned. According to a report in the Financial Times , the London-based money management firm is mulling a major write-down of the hedge fund firm. However, Man is clearly valuing one asset it acquired: Emmanuel Roman, who last week was tapped to replace Peter Clarke as chief executive.
The UK’s Serious Fraud Office has charged Magnus Peterson, founder of Weavering Capital, with fraud, fraudulent trading and false accounting. The $600 million firm collapsed in 2009 when it was discovered that a large trade in one of the funds was connected to an offshore company that Peterson controlled, according to reports.
UBS cut its price target on hedge fund favorite Apple, to $700 from $780, and reduced its earning estimates. The investment bank cites several factors for the cuts, including much lower sales of the iPhone 5 than it had previously forecast, concerns the iPad mini may be cannibalizing the larger iPad, and a reduction in its growth estimates, which it now says “seem aggressive given the European economy and tougher handset competition. “
The Museum of Mathematics (MoMath) opened up for the first time on Saturday, December 15, and it can thank hedge fund manager Glen Whitney, the museum’s founder and director. He left Jim Simons’ Renaissance Technologies several years ago after spending 10 years there as an algorithm manager. Simons is the person who founded Math for America. MoMath has more than 40 exhibits and activities geared toward both math whizzes and the math challenged. Whitney spearheaded a $15 million fund-raising campaign to build the Manhattan museum.
