- Renaissance’s Simons Delays Retirement Plans
- Canyon, Citadel Ride Convertibles Resurgence to Recoup Losses
- Jabre Says Funds Rose 30% in 2009 After Shunning ‘Safe’ Stocks
- Oaktree Back In Market Again As It Continues To See Distress
- Spence School Debt Downgrade Triggered by Druckenmiller Stake
Renaissance’s Simons Delays Retirement Plans – Wall Street Journal
Renaissance Technologies founder James Simons this year took steps to retire from his famed hedge-fund firm but has put the plans on hold for now, people familiar with the discussions say.
The firm won’t discuss the reasons behind his moves. But Mr. Simons appears increasingly willing to part with at least some control of his hedge-fund firm, one of Wall Street’s most famous, successful and secretive….
Canyon, Citadel Ride Convertibles Resurgence to Recoup Losses – Bloomberg
Convertible bonds that punished hedge funds in 2008 are driving returns at Canyon Partners and Citadel Investment Group LLC and helping companies from JetBlue Airways Corp. to Alliance Data Systems Corp. raise capital.
Canyon, the $14.4 billion investment firm run by former Drexel Burnham Lambert Inc. bankers, gained more than 51 percent in its convertible fund through May 22, according to a May 29 letter sent to investors. Citadel posted a 21 percent return in its two main funds through May, aided by convertible bets….
Jabre Says Funds Rose 30% in 2009 After Shunning ‘Safe’ Stocks – Bloomberg
Philippe Jabre, who oversees $2.5 billion at his Jabre Capital Partners SA hedge fund, said he’s having his best year in almost three decades of investing after buying banking and energy stocks he’d shunned in 2008.
“The exercise was to go long the market and buy everything that we would have avoided in the past six months,” Jabre, 49, said in a telephone interview from Geneva today. “Stocks were priced for a depression. Now they’re priced for a recession.”….
Oaktree Back In Market Again As It Continues To See Distress – Wall Street Journal
When Oaktree Capital Management LP came to market with OCM Opportunities Fund VIIb LP two years ago, the intention was to ensure that the firm had enough dry powder to take advantage of a plethora of distressed-debt opportunities after quickly raising $3.5 billion for OCM Opportunities Fund VII LP.
The $10.6 billion Fund VIIb, the largest distressed-debt fund ever raised, obviously wasn’t enough. Oaktree has just launched OCM Opportunities Fund VIII LP, which targets between $4 billion and $6 billion, according to investors…..
“They would like about $6 billion but acknowledged that in this market raising $4 billion to $5 billion would work fine,” said the longtime investor….
Spence School Debt Downgrade Triggered by Druckenmiller Stake – Bloomberg
The Spence School, one of six exclusive New York City private schools to carry debt on its books, was downgraded by Moody’s Investors Service because it has too much money in a hedge fund.
Moody’s lowered Spence’s $15.3 million of municipal bonds by one level last month to A1, its fifth highest rating. Moody’s said in February that a cut was possible because the school had an “increased concentration in its investment portfolio to one hedge fund.”….
Moody’s said last July that about 28 percent of Spence’s endowment, or $25.6 million, was in Juggernaut fund, run by Stanley Druckenmiller, a top-performing manager and husband of a former trustee….
Tags: Canyon Partners, Citadel, Jim Simons, Oaktree, Philippe Jabre, Renaissance Technologies, Stanley Druckenmiller
