Sunday, 21 December 2014
Last updated 2 hours ago
Feb 6 2013 | 12:42pm ET
Bulldog Investors is living up to its name as it readies a proxy fight with a closed-end fund.
The New Jersey-based activist hedge fund has called on Firsthand Technology Value Fund to launch a share buyback to deal with its discount to net asset value, which stood at 26% this week. Bulldog owns 8.9% of the fund.
"If we do go forward with a proxy fight, if there's an actual shareholder vote, I think we would prevail," Bulldog founder Phillip Goldstein told Bloomberg News.
Firsthand Technology Value invests in privately-held technology and clean-energy companies, frequently focusing on those preparing to go public. It currently owns stakes in Facebook Inc. and Twitter Inc.
Bulldog began building up its stake in the fund after Facebook's May initial public offering. The social-networking Web site's shares have swooned and taken Firsthand Technology Value's shares down with it.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.