Friday, 19 September 2014
Last updated 4 hours ago
Aug 27 2013 | 10:39am ET
Auction house Sotheby’s has been the target of activist hedge funds before—but now it has to deal with Dan Loeb.
Loeb’s Third Point announced a $156.7 million stake in the New York-based company, an interest of 5.7%. Third Point hasn’t announced its intentions, other than to say it plans to talk with the company about possible changes in both strategy and leadership, but it follows moves by Marcato Capital Management and Trian Fund Management, which have taken 6.6% and 3% stakes recently.
Third Point bought 500,000 shares of Sotheby’s in the first quarter and 2 million in the second.
Loeb is no stranger to Sotheby’s: He and his wife are major art collectors.
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.