Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Nasdaq.com – Jeffrey Gendell of Tontine Partners LP, who is closing two of his hedge funds after steep losses, has raised money for his new Tontine Total Return Fund, according to regulatory filings.
The Tontine Total Return fund, which Gendell said would be launched in February, has received $11 million from investors, according to a May 21 filing with the Securities and Exchange Commission. A separate filing shows the overseas version of the fund has raised $1.6 million. A Tontine spokesman declined to comment.
Gendell last year began to shut down his Tontine Capital Partners LP Fund and flagship Tontine Partners Fund, after heavy losses. That was after his flagship fund had averaged annual returns of about 39% from 1997 to 2007.
Reuters – The battle for board seats at Target Corp heated up on Tuesday when Pershing Square Capital Management called the current directors "suboptimal" after the retailer said the hedge fund has a "risky agenda.
The New York-based hedge fund, which owns about 7.8 percent of Target’s shares, and the Minneapolis-based retailer fired off a string of regulatory filings on Tuesday as the battle for votes intensified before the May 28 annual meeting.
Boston Business Journal – Just days after winning regulatory approval for the manufacture and marketing of its cancer therapy for bladder cancer, Indevus Pharmaceuticals Inc. disclosed that a North Carolina hedge fund has acquired 8.5 percent of its common stock.
Lexington, Mass.-based Indevus made the announcements via regulatory filings late Friday and early Monday with the Securities and Exchange Commission.
On Friday, the company said the U.S. Food and Drug Administration had approved its supplemental new drug application for Valstar, a therapy that aims to treat bladder cancer through an injectable technology.
Valstar was first approved by the FDA in 2002, however design as well as manufacturing issues have prevented Indevus from marketing the drug in the United States since 2002.
Indevus said it intends to market Valstar during the second half of this year.
Bloomberg – Paulson & Co., the hedge fund run by billionaire John Paulson, made at least 295 million pounds ($420 million) since September by short selling Royal Bank of Scotland Group Plc.
Paulson held a short position of 0.87 percent in Edinburgh- based RBS on Sept. 19, according to regulatory filings. The shares traded at 213.5 pence at the time, and Paulson’s disclosure indicates he borrowed and sold almost 144 million RBS shares with plans to buy them back at a lower price. He reduced his short position to less than 0.25 percent, or about 98.6 million shares, as of Jan. 23, according to a filing yesterday.
