Tuesday, 30 September 2014
Last updated 1 hour 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...