Saturday, 20 September 2014
Last updated 1 day ago
Jul 19 2007 | 11:29am ET
Activist hedge fund manager Third Point did, in fact, go to market today, but even an extra 24 hours to allow “continuing flow or orders from the U.S. side,” Daniel Loeb’s foray into public listings did not go as well as planned.
In the end, the firm raised US$525 million, it told the London Stock Exchange, where it listed the vehicle. That is short of the €500 million (US$689 million) it had targeted, in spite of the fact that the listed fund—sold at an initial offering price of US$10, €10 or £10 per share—is the only route new investors have to Loeb’s closed Third Point Offshore Fund.
New York-based Third Point told the LSE in a note that, should IPO global coordinator and stabilizing manager UBS fully exercise its over-allotment option—deadline Aug. 17—the listing will raise a total of US$573 million.
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…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.