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Coffee giant Starbucks ousted its CEO Laxman Narasimhan on Tuesday morning in favour of Chipotle Mexican Grill’s Brian Niccol, following two months of mounting pressure from activist hedge fund Elliott Investment Management, according to a report by the Financial Times.Â
Intel
New York-based hedge fund Starboard Value has acquired a stake in Starbucks joining fellow activist Elliott Investment Management in investing in the troubled coffee retail chain, according to a report by The Wall Street Journal.
Intel
Third Point, the $12bn activist hedge fund firm led by Daniel Loeb, has built a 6% stake in Bath & Body Works and is pushing for board changes at the retailer, according to a report by Reuters citing a recent regulatory filing.
Intel
Dmitry Balyasny’s multi-strategy hedge fund firm Balyasny Asset Management, is investing over $200m to revamp its equities trading division with a series of high-profile hires from rival firms, according to a report by Bloomberg.
Intel
Recent market turbulence has propelled Brevan Howard Asset Management’s flagship hedge fund, the $12bn Brevan Howard Master Fund, into profit for the year, reversing earlier losses, according to a report by Bloomberg.
As global markets tumbled in mid-July, some of the world’s largest equity hedge funds, including Light Street Capital Management, Pershing Square Capital Management, suffered significant losses, having invested heavily in popular tech company stocks that led the downturn, according to a report by Bloomberg.
Intel
A Goldman Sachs note has revealed that Japan-focused hedge funds saw their steepest daily performance loss on record on Monday, according to a report by Reuters, amid a global stock rout triggered by disappointing US jobs data and last week’s Bank of Japan rate hike.
Intel
Jain Global, the hedge fund firm founded by former Millennium Management Co-CIO Bobby Jain ended its first month of trading with a small loss of 0.65%, while rival multi-strategy firms, including Millennium and Ken Griffin’s Citadel, managed small gains, according to a report by Business Insider.
Intel
Several high-profile hedge funds including Balyasny, Man Group, Winton and Bridgewater Associates are rekindling their interest in portable alpha strategies, which seek to ‘decouple’ alpha from beta to capture market-beating returns, according to a report by Business Insider.
Intel
Pershing Square has abruptly cancelled the IPO of Pershing Square USA, just days before it was set to debut on the New York Stock Exchange, and months after founder Bill Ackman suggested it would be one of the largest IPOs ever, according to a report by Reuters.
