Friday, 29 August 2014
Last updated 9 hours ago
Jul 28 2011 | 12:52pm ET
A fellow hedge fund has, at one fell swoop, given Citadel Investment Group all of the support it needs to force E*Trade Financial to hold a special shareholders meeting.
Smithwood Partners' JMB Capital Partners will back Citadel's call for such a meeting. And it owns more than 1% of the troubled online brokerage, which, combined with Citadel's 9.8% stake, gives the two hedge funds enough votes to make it happen.
"Ken Griffin will get my proxy," JMB's Jonathan Brooks told Dow Jones Newswires, referring to Citadel's founder and a member of E*Trade's board of directors. "What Ken is trying to do is drive an independent process."
Citadel may yet get even more support: Omega Advisors' Leon Cooperman has said he backs Citadel's demands, but has not specifically said he'd support forcing a shareholder meeting. Omega owns about 2.4% of E*Trade's shares.
Citadel has called for E*Trade to seek a sale, get ride of two board members and do away with its staggered board structure. E*Trade this week hired Morgan Stanley to investigate the former, but has rejected the latter two demands, as well as the demand for a special meeting.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...