Tuesday, 2 September 2014
Last updated 1 hour ago
Jun 24 2013 | 10:25am ET
If Third Point's Daniel Loeb needed another reminder of how difficult successful hedge fund activism is in Japan, he got it on Friday.
The Children's Investment Fund, which has a history of failed activist campaigns in the country, saw its losing streak extended when Japan Tobacco shareholders voted against the hedge fund's set of proposals. TCI, which launched its campaign against JT two years ago, had pushed for, among other things, a much higher dividend.
It is the second time that JT shareholders have brushed aside TCI proposals; the hedge fund lost last year, too.
TCI's JT campaign began two years after it closed its office in Hong Kong and abandoned activism in Asia following several high-profile defeats, most notably in its battle with Japan's Electric Power Development Co.
Third Point is currently pushing for major changes at Sony Corp., including a partial spin-off of the company's entertainment business.
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 ...