Affiliated Managers Group agreed to acquire stakes in five hedge funds currently held by a private fund managed by Goldman Sachs. The publicly traded AMG is shelling out between $825 million and $835 million to a Goldman Sachs-managed fund called Petershill I for its interests in Winton Capital Management, Capula Investment Management, Partner Fund Management, Mount Lucas Management and CapeView Capital. Winston, a London-based computer-driven manager headed by David Harding, is the sixth-largest hedge fund firm in the world, with about $33.76 billion as of year-end. Capula, a London-based fixed-income manager, ranked number 65 on Alpha’s Hedge Fund 100 ranking with $10.4 billion. Shares of Affiliated Managers jumped 2.25 percent on the news.
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Another high profile hedge fund is shutting down. Minnetonka, Minnesota-based Pine River Capital Management told investors it is closing its Pine River Fixed Income fund, according to Reuters. The move comes two months after co-manager Steve Kuhn said he would no longer manage money. The fund has about $1.6 billion in assets. It was down 3.6 percent this year through April and lost 2.5 percent in 2015. In 2012, however, it was up nearly 35 percent. Investors will have the option of putting money into the firm’s $3.6 billion flagship Pine River Fund, according to the report.
“We feel that the timing is appropriate following the recent decision by Partner and Fixed Income Fund founder Steve Kuhn to reduce his role at Pine River to focus on philanthropy,” said Brian Taylor, Pine River’s founder and co-chief investment officer, in a letter to clients, according to Reuters. At the beginning of the year, the firm had $10.1 billion under management, down from $11.4 billion the year before, according to Alpha’s annual ranking of the world’s largest hedge fund firms.
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Voce Capital Management, which is currently embroiled in a proxy fight with FBR & Co., issued a press release announcing that the three major proxy advisory firms recommend the hedge fund firm’s three nominees to the board of directors of the investment bank. The three firms are Institutional Shareholder Services, Glass Lewis & Co. and Egan-Jones Ratings Company.
“All three independent advisors carefully analyzed the company’s track record and stated plan — and found each sorely lacking,” the San Francisco-based activist firm says in a press release.
In its own press release, FBR asserts: “FBR’s deeply experienced Board has acted as an agent for change, overseen a dramatic turnaround in the business, has recently been refreshed with three new members elected over the last two years, and is laser-focused on continuing its track record of acting in the best interests of all its shareholders and on creating long-term, sustainable shareholder value.” The bank’s annual meeting is scheduled for June 14.
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Tiger Global Management participated in the latest, $40 million Series H financing round for Glassdoor, the jobs-related website. This is at least the New York investment firm’s third investment in the company.
