News

As far as returns on investment go, Ohio’s bid to make hedge fund manager Mark Lay pay up paid more than 171%. Unfortunately for the state, it amounted to less than 2 cents for every dollar it lost in Lay’s MDL Capital Management.

GLG Partners has been awarded a mandate from the asset management division of Banca Fideuram to manage three UCITS III 130/30 accounts, which are expected to be funded late in the third quarter with initial assets of approximately $3 billion.

Hedge fund administrator GlobeOp Financial Services has named a veteran regulator to its Cayman subsidiary board.

A pair of Lehman Brothers Asian prime brokerage executives have joined convertible arbitrage shop CQS.

Activist hedge fund Jana Partners says it is reviewing CBS Corp.’s deal to buy Internet media company CNet Networks, but it’s hard to imagine that Barry Rosenstein is anything but thrilled.

Carl Icahn is winning hedge fund support in his bid to force Yahoo! Inc. to merge with Microsoft Corp., as the Internet company battles to fend him off.

Canadian hedge fund manager Sprott Inc. had a rocky debut on the Toronto Stock Exchange after raising C$200 million (US$199.5 million) in its initial public offering.

Its bid for a larger stake in Japan’s largest electric utility is on life support, but The Children’s Investment Fund is taking a new tack in its battle for better returns at the company.

Drum Capital Management, a $1.1 billion private equity fund of funds shop, is launching a $500 million fund to invest in the credit and turnaround space.

Hedge funds able to capitalize on last month’s stock market rally, along with those investing in emerging markets, topped their peers during a strong April for hedge funds, new figures from Hedge Fund Research show.