Sunday, 29 November 2015
Last updated 1 day ago
Sep 3 2013 | 12:09pm ET
Despite rumblings as far back as February, some prominent hedge funds clearly did not see Microsoft's all-cash $7.2 billion deal for most of Nokia coming.
What had been a very profitable bet against the cellphone maker—whose shares had lost 93% over the past 13 years—soured quickly after the merger was announced yesterday. Some 12% of Nokia shares were on loan to short-sellers, who saw the stock's price soar nearly 50% after the announcement.
Hedge funds may have lost up to €640 million, according to Reuters. Among Nokia's biggest short-sellers were Discovery Capital Management, Viking Global Investors, Maverick Capital Management, Blue Ridge Capital and Lone Pine Capital.
"It's going to be a long/short body-bag job," Hobart Capital's Justin Haque told Reuters.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…