Hot Hedge Fund Activity February 24th
Senator Wyden’s Son Starts Hedge Fund After D.E. Shaw Internship (Bloomberg)
U.S. Senator Ron Wyden’s son, Adam, started a fund under the name ADW Capital Partners LP that he runs from the Wyden family’s residence in Washington, according to a private placement notice filed last month with the U.S. Securities and Exchange Commission. … Before graduating last year from Columbia University’s business school in New York with a master’s degree, Adam Wyden worked as an intern at the $19 billion hedge fund founded by David Shaw. … ADW seeks to produce high risk-adjusted returns through “conservative equity investing” in small, under-followed businesses in the U.S., Canada and Western Europe, according to an investor presentation. The fund, modeled after the philosophy and structure of Buffett Partnership Ltd., will charge the standard management fee of 2 percent a year along with 20 percent of profits, according to the presentation.
Hedge Funds Take Bite Out of Apple (NASDAQ:AAPL) Holdings (II Magazine)
The most drastic move was taken by Paul Tudor Jones II’s Tudor Investment, which sold its entire stake of 365,000 shares after taking its initial position in the third quarter, according to recent regulatory filings. In addition, Ricky Sandler’s Eminence Capital sold 254,000 shares, and Brett Barakett’s Tremblant Capital sold 118,000 shares.
Ex-Goldman Sze step closer to $1 bln-plus hedge fund launch (Reuters)
Morgan Sze is building a team of close to 30 to run Azentus Capital, which is expected to be one of the biggest hedge fund launches since the onset of the credit crisis and one of the most high-profile in Asia. The hedge fund is expected to be launched in the second quarter. The filings also show Roger Denby-Jones, former chief executive of Asia-focussed hedge fund Boyer Allan Investment Management, joining the multi-strategy Azentus fund.
DragonBack Launches First Funds On Hedge Fund Platform (FinAlternatives)
DragonBack, a former equity multi-strategy and volatility hedge fund manager, re-emerged last year from a restructure with an all-encompassing offering to new and existing funds in the Asia Pacific region. Led by Rob Lance and Phil Tye, the 10-person team provides senior management and marketing representation, full operational infrastructure and independent risk control. “We are seeing strong demand as the institutionalization of the Asian hedge fund industry takes hold,” said Lance, DragonBack’s chief executive officer. “We offer world-class support and infrastructure to our managers so they can focus on their primary responsibility, managing money.”
KKR Profit Rises 39% as Market Rebound Lifts Investments (Bloomberg)
KKR & Co. LP, the private-equity firm run by Henry Kravis and George Roberts, said fourth-quarter profit rose 39 percent as the stock market rally allowed it to mark up investments. Economic net income, a measure of profit excluding some costs, rose to $714.6 million from $515.3 million a year earlier, New York-based KKR (NYSE:KKR) said in a statement today. Analysts had expected a profit of $356.5 million, according to the median of four estimates compiled by Bloomberg News. Investment income rose 45 percent to $621.1 million, while fee-related earnings increased 8.7 percent to $95.1 million.
This is a guest post written by Insider Monkey.