Chicago Sun-Times – Sears Holdings Corp. Chairman and hedge-fund guru Edward S. Lampert failed for the fourth year to make a list he once topped — the richest hedge-fund managers in the nation.

Lampert, who takes no salary from the Hoffman Estates-based Sears, is nowhere to be found on the list published Wednesday by Institutional Investor’s Alpha magazine. Lampert topped the list published in 2005, after pocketing a $1.02 billion salary in 2004 for his leadership of Greenwich, Conn.-based ESL Investments.

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New York (HedgeCo.Net) – Hedge Fund Davidson Kempner Capital Management has declared a proxy victory after replacing all but one of the board members of the Sun-Times Media Group.

Davidson Kempner, who owns a 6% share in the parent company of the Chicago Sun-Times, expressed its discontent with the current board, blaming them for the financial woes of the company. 

Hedge funds are no strangers to shaking up boards of companies in which they invest, many times in order to gain a strategic position where they can be involved in management and the decision making process in hopes of garnering higher returns for shareholders.

"Through the provision of these consents, the stockholders have made clear their desire and support for a board of directors that is made up of professionals experienced in publishing and restructuring," said Davidson Kempner. "Given the operating and financial challenges before Sun-Times, we believe that the reconstituted board has the better potential to guide and lead Sun-Times."

The new slate includes Jeremy Halbreich, former General Manager for the Dallas Morning News and executives Michael Katzenstein and Robert Schmitz.   Robert Poole, who holds an 11% stake in the company, will remain on the board.  The hedge fund has also vocalized their desire to dump current CEO Cyrus Freidheim.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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Reuters India- U.S. firm Morningstar Inc will expand its investment research coverage to Indian funds by early next year and hopes to hire 10-20 staff by March, a senior executive said on Monday.

Morningstar, founded by its Chairman and Chief Executive Joe Mansueto in his Chicago apartment in 1984, has made a name for itself by rating mutual funds, hedge funds and stocks and is popular for its star system of rating fund performance.

"India represents a very important investment area worldwide. So we need to be here not only to serve the Indian market but for the global investment community," Jaideep Vivekanand, director of business development for India at Morningstar Asia Ltd, said.

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