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Ex-Harvard Endowment Bosses Make $1 Billion In A Day With Biotech Bet

Jul 24 2014 | 6:12am ET

Adage Capital Management, the Boston hedge fund started by two former money managers at Harvard University’s endowment, made almost $1 billion yesterday as a biotech company the firm backed surged following a successful medical trial.

Puma Biotechnology Inc. shares almost quadrupled after the company said its experimental drug blocked the return of breast cancer in women with a type of early-stage disease. Adage owned 5.69 million common shares of Puma. as of March 31.

 

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The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

Dave CarsonDave CarsonThe number of private funds converting to mutual funds has increased significantly in recent years. Unfortunately, there is a lot of confusion among managers about whether their private fund track record can be portable, what steps they must take to make it happen or even how they can use the track record if it is portable. Industry expert Dave Carson explains.

Attain Capital Launches Platform Of Alternative Investment Funds

Jul 24 2014 | 5:30am ET

Attain Capital Management has launched a new wealth advisor focused which provides single platform access to several top ranked commodities based alternative investment managers.

JPMorgan To Sell Private-Equity Investments On Secondary Market

Jul 23 2014 | 1:07pm ET

JPMorgan Chase is in advanced talks to sell half of its interest in funds run by its private-equity arm in advance of a spin-off of that unit.

Lexington Partners and AlpInvest Partners are the probably buyers. The two would split about half of JPMorgan’s $4.5 billion investment in One Equity Partners’ funds.

Argentina A Week From Default After Judge Rejects Delay Request

Jul 23 2014 | 1:04pm ET

A federal judge yesterday gave Argentina a week to work out a deal with hedge-fund holdouts from its 2001 default—or face defaulting again.

RenTech Execs. Say Basket Option More Than Just Tax Dodge

Jul 23 2014 | 1:03pm ET

The basket options Renaissance Technologies used to save billions in taxes aren’t just a dodge but an “extremely important” part of its trading strategy, the hedge fund’s co-chief insisted yesterday.

Ackman Says Herbalife Buying Shares To ‘Blunt’ Presentation’s Impact

Jul 23 2014 | 11:03am ET

“The company is pulling out all the stops today,” William Ackman said yesterday. “When there is really bad news like this, they will use all of the remaining fire power to buy back the stock to blunt the accusations.”

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In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia and beyond have given hedge-fund manager David Yarrow a clear shot at artistic and financial success, says William Cash.

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David Yarrow (left)David Yarrow (left)
 
 
Peter HechtPeter Hecht
 
 
 
 

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    Jul 8 2014 | 10:48am ET

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