Tuesday, 21 October 2014
Last updated 3 min ago
Feb 26 2007 | 10:58am ET
Christopher Hohn knows how to get under regulators’ skin. Already persona non grata in Germany for his role in sinking the Deutsche Börse’s bid for the London Stock Exchange, his Children’s Investment Fund’s latest move has earned the ire of the head of the Dutch central bank.
Hohn’s hedge fund is pushing for the breakup of Dutch banking giant ABN Amro, a move that De Nederlandsche Bank President Nout Wellink says is “a bridge too far.” He complained to a Dutch newspaper that, “TCI’s letter implies, ‘you work out what you are going to sell, but send the proceeds to us.’”
ABN has yet to respond to TCI’s letter or to the five draft resolutions it hopes to present during the bank’s annual shareholder meeting in April. The London-based hedge fund owns a 1% stake in ABN, though the bank says it believes other hedge funds have built up similar stakes. Wellink warned that any hedge fund group hoping to pool its shares and vote as a bloc would need his permission to do so.
TCI’s successful effort to stop Deutsche Börse from acquiring the LSE led to the resignation of CEO Werner Seifert, and earned Hohn and hedge funds a lot of antipathy in Germany. The collapse of the bid led Franz Müntefering, then-head of the country’s Social Democratic Party and current vice chancellor, to tar hedge funds with the snide sobriquet “locusts.” Germany is now leading the charge to enact some sort of international hedge fund monitoring.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...