Activist Adds Long-Only Product
Activist investor Blue Harbour has launched its first long- only fund. Blue Harbour Active Ownership Partners began trading Jan. 1 with close to $100 million. Like the manager’s flagship Blue
JANU Harbour Strategic Value Partners, the vehicle invests in small- ARY 30, 2013 Shrunken QFS Faces Futur 2 Former Pimco Pros Seek Backing Sandy Grossman e Without Founder and mid-cap companies in the U.S. with the aim of becoming has all b neer in qua ut severed his ties 2 Gators Hung ntitative global-macr with QFS Asset Management, ry for Hedge Funds He retir o investing tha a ed as chairman t he founded 25 y pio- their most influential shareholder — but without the main 3 Veteran Manager Opens to Outsiders utive Karlheinz at yearend, relinquished ears ago. Muhr and pulled vir control of the e withdra tually all o rm to chief ex 3 Senior Equity wal, combined f his money out ec- Trader Leaves le QFS wi with recent losses of QFS’ hedge funds. Tudor th just $474 millio and redemptio fund’s short positions or hedges. lion on S n of discretiona ns by other inve 3 Activist Adds Long-Only Product ept. 1. e rm en ry assets on Jan. stors, the agship QFS C tered 2013 with 1, down from $1.2 urrenc capital in only o bil- 5 Pressure Mounts on Severn River e y Program. ne of its three po timing of Grossma rtfolios, The variation in strategy came in response to requests from Europea n’s moves is odd in lig 5 Advisor n fund-of-funds ht of a Ja Aims for Institutional “It’s operator GAM n. 14 announcemen Appeal one thing to retir that it had agreed t from the new ma e and leave some money in the to buy a 30% st 6 Sandell Crafts Special-Situations Fund nageme fu ake in QFS. does nt,” an industry veteran said. “Wh nd as a vote of con investors, including some pension systems that can’t back n’t make any sense dence in 6 Infl ation Str to me. I don y he would take all o ategy Shown to Investors ’t know what I’m f it out, it missing, but so mething ther 6 IP Specialists Running LP Money See FUTURE on P e funds that take short positions. In addition, “there are some Head age 4 4 INFLOWS/OUTFLOWS BY STRA of Credit-Fund TEGY Gr Operation egg Felton, who ran a $1.6 billion Quits Goldman people who just want to play the alpha creation of the activ- le the bank this week xed-income hed men with the goal o ge fund at Goldman Sachs, t operation. f eventually joining THE GRAPEVINE Fe an independen lton, who resigned t invest- ist strategy, without worrying about the hedging and shorting,” $5 billio Jan. 28, was chief Bro n unit of Goldma investment o thers Luka Djunic hedge n’s asset-manageme cer of Liberty Harbor laid o and Vuk Djunic fund and also ov nt division. , a ¦ from their jobs as p were acco ersaw a long-onl He launched ortfolio manag- unts. e unit curr y corporate-bon the unit’s one source said. ers on Caxton Associates’ ca ently is seeking d vehicle, as well agship Caxt pitalize a business developmen to raise $600 millio as separate Global Investmen on t co n in the pu t fund in recen Word has it Fe mpany. blic markets to eir exits ap t weeks. lton was unhappy pear unrelated to so ticularly its Volcker with the impact o Blue Harbour’s $1.2 billion flagship fund gained 16% in billion of redem me $1 s Rule — on Goldma f the Dodd-Frank A ption requests tha trictly limits ho n’s hedge fu ct — par- Caxton fund r t the w much banks ca nd business. eceived at yeare nally or externall n invest in hedge e Volcker Rule the global-macr nd, leaving y. Goldman has funds, whether ma o vehicle with abo been decreasi naged inter- 2012, compared to a 9% return for the HFRI Event-Driven lion. All told, Caxto ut $6 bil- ng its stake in the n runs $7.5 b Liberty Harbor New York rm is led b illion. e See QUITS on P y Andrew Law, Quant age 5 took over a year ago f who Shop Pitches (Total) Index. The profits were driven in part by positions in D’Angelo rom founders Peter Emer and Bruce ging-Mark Kovner. Aronson Johnson Ortiz, et V rst h a $20 billion quan ehicle Israel Englander’ edge fund. titative-equity manage Warnaco Arbitron, s Millennium Manage- e vehicle, A r, has started its clothing maker and radio-ratings company ment is picking up a s JO Emerging M ta¦ er f million of partner ca arkets Hedge Fu back Capital, rom Diamond- pital. e fund uses nd, launched this mo which was set to co of companies in proprietar nth with $11 liquidation this m mplete its 33 countries, including y algorithms to trade the onth. Nadav Hazan and India and “f core emerging stocks according to a letter sent to investors last week. run a portf will rontier markets markets su olio of healthcar founded in 1984, ” such as Latvia ch as Brazil, China stocks at the N e-company until now h and Pakistan. ew York r institutional clien as traded only e rm, which wa mondback, he was a h m. At Dia- ts. U.S. stocks via separ s Clifton Robbins founded Blue Harbour in 2004, follow- ealthcar e new fund ate accounts for analyst. e S e-stock is led by Arup Datta, tamford, Conn., 2012 and set up an o who joined the liquidating a rm began ce in Boston Philadelphia t the beginning o ing director in with a team o company in mid- under the w f December charge of portfolio f four. Previousl ing stints as a partner at private equity firmsKohlberg Kravis eight of exten quantitative-in management y, he was a manag- sive redemption vestment manager at Numeric Investors, See GRAPEVINE on Back P shop, Agriya Investors, in Boston. Last a $7.7 billion age but James Lobb, March, Datta an Aron opened his own Roberts General Atlantic Partners. son Johnson partner and Blue Harbour’s backers in charge of See SHOP on P include California State Teachers, which invested $200 million age 4 with the firm in 2011.
HEDGE FUND ALERT: January 30, 2013, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700