Wednesday, 27 August 2014
Last updated 22 min ago
Dec 9 2013 | 12:44pm ET
Nutritional supplements company Herbalife has opened a new front in its battle with hedge fund manager William Ackman, trying to hit the Pershing Square Capital Management founder where it really hurts.
Herbalife last year hired investment bank Moelis & Co. to help "strategically position the company." Part of that strategy, apparently, is to make it impossible for Ackman to continue his attack on Herbalife, which he says is a pyramid scheme, by convincing Pershing Square's investors to redeem.
Moelis has held a meeting with hedge fund consultancy Cliffwater and has sought one with New Jersey's state pension fund, bringing with it a simple message: Ackman's $1 billion short bet against Herbalife, which has already lost half of its value, is irresponsible, and stems not from an objective analysis of the company but from a personal vendetta. Ackman said last month that he would go to "the end of the earth" with his Herbalife short.
Moelis' planned approach to Pershing Square clients prompted Ackman to call firm founder Ken Moelis to complain. The two men have known each other for more than 10 years and have worked together on previous activist campaigns.
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 ...