Wednesday, 22 October 2014
Last updated 12 hours ago
Jul 23 2007 | 12:34pm ET
Another continental banking giant may face hedge fund calls for a breakup, after the Sunday Times revealed Harris Associates’ “secret” $1 billion stake in UBS.
The $73 billion Chicago hedge fund, run by David Herro, now owns roughly 1% of UBS. The Sunday Times also reports that London-based hedge fund Lansdowne Partners has also built a significant stake in the troubled Swiss bank.
Analysts, experts and investors, echoing London hedge fund The Children’s Investment Fund’s efforts to break up Dutch banking giant ABN Amro, have called on UBS to split its investment banking and asset management divisions to help improve its disappointing performance. Earlier this year, UBS took a US$300 million hit when it shut down its hedge fund unit, Dillon Read Capital Management, for its dismal performance, and two weeks ago fired CEO Peter Wuffli.
Harris Associates is perhaps best known for its successful campaign to boot the Saatchi brothers from their eponymous advertising agency, Saatchi & Saatchi, in 1994.
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 ...