Tuesday, 16 September 2014
Last updated 8 hours ago
Jan 29 2014 | 12:02pm ET
Sotheby's has offered an rich olive branch to the activist hedge funds seeking to shake up the staid auction house.
Sotheby's said today that it would pay out a special dividend and open a share buyback program, returning $450 million to shareholders. It also pledged to split its agency and financial services businesses.
The move comes four months after Third Point demanded the resignation of Sotheby's CEO William Ruprecht, among other major changes designed to improve returns for shareholders. Third Point's call was echoed by Marcato Capital Management, which today dismissed the moves.
"Sotheby's can and should return a total of $1 billion of capital to shareholders within 12 months," it said. Third point did not comment on the Sotheby's plan.
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…
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