RETURNS IN BRIEF - Bloomberg.com · Sept. 27, 2016 Bloomberg Brief Hedge Funds 2 RETURNS IN BRIEF Latigo Partners, the New York-based event-driven credit hedge fund, rose 5.7 percent

Tuesday

Sept. 27, 2016

www.bloombergbriefs.com

Voyager Seeks Quants, Emerging Managers for Funds

BY HEMA PARMARVoyager Management LLC, the $475 million fund of hedge funds, is seeking

quantitative, sector-specific and emerging managers for its funds and separately managed accounts, said , the firm’s managing principal.Christopher Knight

For long-short equity and sector-specific managers, the firm is looking for smaller, emerging funds that manage between $250 million and $600 million in assets and that don't have large amounts of leverage or place concentrated bets, Knight said in an interview earlier this month. These funds can be more nimble and invest in smaller opportunities that larger managers can't, he said.

"Over the past year, our firm has been moving away from mega hedge funds into smaller more niche-oriented ones," he said. "We are focused on increasing the diversification of strategies within our portfolios to include managers that have reduced volatility, less correlation, reduced crowding and who still provide attractive risk-adjusted returns."

Voyager is planning to add quantitative funds to two of its portfolios — Voyager Partners, which invests in generalist and specialist managers with a focus on long-short equity funds, and the Voyager Global Master Fund, which invests in long-short equity, long-short fixed income, macro and event-driven managers. It also runs the more concentrated equity-focused Voyager Global Select Fund, which may also be open to adding quants, Knight said.

The firm is looking to quant funds to add alpha and diversification to its portfolios as "we have seen very low correlation of returns between quant funds and more fundamentally driven long-short equity funds," he said.

Voyager, which has about 35 underlying managers, plans to make investments in up to three new quant funds this year, and is open to rotating in new managers to replace poorer performing ones. The firm is flexible when it comes to the asset size of the quant managers, according to Knight. The due diligence process for new funds typically takes about two or three months, he said.

Voyager was founded in 1997 by Knight and .Lyle Poncher

NUMBER OF THE WEEK

$1.3 BILLIONIncrease in assets at Paloma Partners

this year, defying a flight of capitalfrom the global hedge fund industry.

WHAT TO WATCH

Julian Robertson of Tiger Management will be interviewed on Bloomberg Radio tonight at 6 p.m. ET. Listen live on the web here.

Latigo Partners is said to have gained in August after raising energy exposure in June. Citadel is said to have posted

for a 7 percent return through Sept. 23 its fixed income funds: Returns in Brief

Teacher Retirement System of Texas said it's taking a leadership position in reforming hedge fund fees: From the Minutes

Brevan is said to remove management for some investors: fees Fees

Simon Finch, who manages about $3 in London, is leaving the billion for CQS

fund: On the Move  

Activist investors double the chance of CEO exits, according to an FTI Consulting study: Activist Situations

INSIDE

“I have this hope that someone says, ‘I love what you guys did, your team did things that were completely different, and how can I participate with them in the future?”’

— on shutting his fund Perry Richard Perry

Capital

QUOTE OF THE WEEK

RETURNS IN BRIEF

Perry to Close Flagship Fund Amid Losses, Withdrawals

Recent fund losses at  , which is closing its flagship fund after 28 years, Perry Capitalfollowed a string of winning years. 2016 returns are through July. For more on this story, click  .here

Sept. 27, 2016 Bloomberg Brief Hedge Funds 2

RETURNS IN BRIEFLatigo Partners, the New York-based

event-driven credit hedge fund, rose 5.7 percent in August in its Latigo Ultra Fund after raising its energy exposure at the end of June, according to a person familiar with the matter. The fund is up 13.2 percent in the first eight months of the year, the person said. David Fordand are founding partners David Sabathand co-portfolio managers. The firm, founded in 2005, managed $556 million as of Jan. 1, according to regulatory filings. Steve Bruce, a spokesman for the firm with ASC Advisors, declined to comment.

— Melissa Karsh

Citadel, the $26 billion hedge fund run by , posted a 7 percent return Ken Griffinthis year through Sept. 23 for its global fixed income funds, according to a person with knowledge of the returns. The funds have about $1.8 billion, said the person. Citadel is based in Chicago.

— Saijel Kishan

Funds not mentioned in the accompanying text on this page were reported in other issues of the Brief or in Bloomberg News stories. For questions, e-mail [email protected].    

FROM THE MINUTESThe is set to vote on manager reviews of Bridgewater Global Macro, MacKay Shields High Ohio Police & Fire Pension Fund

Yield Active Core and Penn Capital at its Sept. 28 investment committee board meeting, according to the meeting .agenda

The is taking a leadership position in reforming hedge fund compensation, according to Teacher Retirement System of Texas the conclusion of a prepared for the investment committee's Sept. 22 meeting. As of June 30, TRS has about $10.8 presentationbillion in hedge fund assets, representing about 8.3 percent of the trust, according to the presentation, which also found that directional hedge funds underperformed expectations in the 12 months ending in June.

— Melissa Karsh and Ainslie Chandler

August Returns

Year-to-Date Returns to End-August

Sept. 27, 2016 Bloomberg Brief Hedge Funds 3

CLOSURE BY KATIA PORZECANSKI AND KATHERINE BURTON

Sept. 27, 2016 Bloomberg Brief Hedge Funds 4

CLOSURE BY KATIA PORZECANSKI AND KATHERINE BURTON

Perry Capital Closing Flagship Fund After Almost Three DecadesRichard Perry,

one of the biggest names in hedge funds, is calling it quits after 28 years.

Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors

Monday, he said his style of investing no longer worked.

“Although I continue to believe very strongly in our investments, process and team, the industry and market headwinds against us have been strong, and the timing for success in our positions too unpredictable,” Perry wrote in the letter.

It’s a remarkable turn of events for Perry, who is one of the longest-standing hedge fund managers. He was part of an elite group of proteges of Robert Rubinat who Goldman Sachs Group Inc. went on to run marquee hedge funds. Over the fund’s first two decades, Perry posted an average return of 15 percent without ever having a down year.

But lately and many Perry Capital rivals have struggled to persuade investors that hedge funds are worth the high fees they charge. Over the past year his fund, which manages about $4 billion, has lost more than half its assets. Fortunes changed for Perry amid a reshuffling of top executives that started in 2014, and the fund, which focuses on investing around corporate and sovereign events, has lost money in each of the last three years.

The closure is the latest — and almost certainly not the last — in what is shaping up to be the biggest shakeout in the $2.9 trillion hedge fund industry since the financial crisis. London-based

closed its doors, citing Nevsky Capital fewer money-making opportunities because of the emergence of computer-driven strategies and index funds. Tudor

dismissed about 15Investment Corp.

percent of its workforce in a shakeup in August. And Brevan Howard Asset

plans to stop charging Managementexisting clients management fees on any new investments they make in two of its hedge funds, according to a person with knowledge of the matter.

The fund will return a substantial amount of its client money next month, according to the letter. Perry’s fund has been selling out of investments in recent months. In the quarter ended June 30, it had dialed back its U.S. stock investments by 40 percent, exiting positions including hospital operator HCA Holdings Inc. and pipeline company Spectra Energy Corp., according to its latest filing.

  "... the industry and market headwinds

against us have been strong, and the timing

for success in our positions too

unpredictable."— PERRY IN A LETTER TO INVESTORS

Perry Capital’s less liquid positions will be sold over the next year, or longer. Some of them, including its remaining preferred shares in Fannie Mae and Freddie Mac, “will take time, energy and capital to successfully realize an appropriate result,” Perry wrote in the letter. The core team will remain in place to aid in the liquidations and capital will be returned quarterly as transactions are completed.

"Our interests are aligned — the Perry funds represent almost all of my liquid capital," Perry said.

The fund’s assets peaked at $15 billion in 2007, when it made $1.5 billion betting

against subprime mortgages, according to people familiar with the firm. The following year the fund plunged 28 percent, breaking its winning streak.

Performance rebounded for a time, then took a turn for the worse in 2014, after , who founded the firm Paul Leffwith Perry, stepped back from his role as co-chief investment officer. Subsequent changes in top-level management over the next two years added to investors’ frustrations, former clients said.

became sole CIO David Russekoffafter Leff’s departure, but his reign was short-lived. He left in late 2015 amid the firm’s worst year since 2008. He was replaced by a three-person investment committee composed of , Todd Westhus

and . Maulin Shah Todd GjervoldGjervold departed the firm in July, according to his profile in LinkedIn. Since the end of 2013, the fund has tumbled 18.4 percent.

In recent years the firm profited from investments in distressed Argentine and Greek sovereign bonds and preferred shares of Fannie Mae and Freddie Mac. Gains were outweighed by losses on bets including Williams Cos., Energy Transfer Equity LP, International Paper Co. and Puerto Rico.

Before starting his hedge fund, Perry had a decade-long career at Goldman Sachs, where he worked on Rubin’s arbitrage desk investing in the stocks of merging companies.

In an interview Monday, Perry said while he is focused on the current investments, “I have this hope that someone says, ’I love what you guys did, your team did things that were completely different, and how can I participate with them in the future?’"

He added that he’s ready to provide capital and advice to Westhus and Shah, if they want to start their own businesses.

“Most importantly I don’t feel like being defensive or arrogant,” Perry said. “We provided capital in some difficult times to companies and countries and we were there when very few others were."

— With assistance from Saijel Kishan and

Simone Foxman

FEES

Source: Bloomberg/ Amanda Gordon

Richard Perry

Sept. 27, 2016 Bloomberg Brief Hedge Funds 5

FEESBrevan Howard Said to Remove Management Fees for Some InvestorsBY SAIJEL KISHAN

Brevan Howard Asset Management, the $18 billion firm suffering from losses and withdrawals, will stop charging existing clients management fees on any new investments they make in two of its hedge funds, according to a person with knowledge of the matter.

The changes will involve the $14.5 billion main fund and the $1.8 billion multistrategy fund, said the person. Brevan had charged a 2 percent management fee and a reduced rate for clients who tied their money up for longer. The firm will still take a 20 percent cut of profits, the people said.

Brevan, which is run by billionaire Alan , follows , Howard Caxton Associates

and Tudor Investment Corp. Och-Ziff in trimming fees Capital Management

amid lackluster performance.Anthony Payne, a spokesman for

Brevan, declined to comment on the fee change, which was reported earlier Monday by the Wall Street Journal.

 The firm’s main fund lost 2.5 percent

this year through August, according to an investor report. Macro funds such as

Brevan posted an average gain of 1.1 percent in the first eight months of 2016, data compiled by Bloomberg show.

MARKET CALLS ITEMS MAY BE SUBMITTED TO [email protected] FOR CONSIDERATION

Graham Stock, head of emerging-market research at Bluebay Asset

, said it was "very unlikely" Managementthat OPEC would reach a deal to stabilize markets when the group meets Wednesday in Algiers.

"I don't see the conditions in place for an agreement, in particular Saudi Arabia and Iran on freezing, or even less so cutting, production," Stock told Markus Karlsson and Anna Edwards in a Bloomberg Radio interview today.

Saudi Arabia offered last week to pump less crude if Iran caps output. Iran said it was unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day.

OPEC ‘Unlikely’ to Reach Accord: Bluebay’s Stock

It’s “not on our agenda” to reach agreement at the OPEC talks in Algiers, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in the Algerian capital.

  — Doug Lytle

is warning investors Robert Citrone that the market moment they’ve been anticipating is at hand.

“We believe we are in the midst of the market correction we have been expecting," Citrone, founder of Discovery

, told investors in Capital Managementan e-mail obtained by Bloomberg. “It will likely persist over the next 3-4 months and be the largest correction since the 2008

Citrone: Market in Biggest Correction Since 2008

crisis,” he said. The firm managed about $12.4 billion at the start of 2016.

Market volatility returned on about Sept. 9, when concern that central bankers may be losing their appetite for further stimulus efforts spurred the biggest slump since the U.K. secession vote in June, ending the summer’s calm. The CBOE Volatility Index has increased about 19 percent this month through Sept. 20.

Citrone, whose fund specializes in making wagers on macroeconomic events, tempered his view by describing the correction as a "healthy adjustment from overvalued market levels, which are primarily a result of exceptionally easy monetary policies."

Patrick Clifford, an external spokesman for Discovery, declined to comment.

— Simone Foxman

Investors Surveyed Say Management Fees Need to Improve

Seventy-three percent of institutional investors said management fees need to decline further over the next 12 months, according to an investor survey by Preqin Ltd., and 54 percent said performance fees need to fall.

Sept. 27, 2016 Bloomberg Brief Hedge Funds 6

ON THE MOVE

Sept. 27, 2016 Bloomberg Brief Hedge Funds 7

ON THE MOVECQS Credit Investment Chief Finch Said to Be Exiting 

Simon Finch, who manages about $3 billion for CQS Investment Management Ltd.in London, is leaving the fund, according to two people familiar with the matter.

As CQS’s chief investment officer for credit, he manages the firm’s Credit Multi Asset Fund, one of the largest held by the $12 billion hedge fund run by former Credit Suisse Group AG trader . The long-only fund was up 5.2 percent through Michael HintzeAugust after gaining 3.6 percent in 2015, according to investor letters seen by Bloomberg.

After a tough 2015 in which three of its hedge funds lost money, CQS has recovered this year. The $2.7 billion CQS Directional Opportunity Fund managed by Hintze, 63, gained 18.3 percent through August after losing almost 8 percent last year, according to the document.

Michael Rummel, a spokesman for CQS, declined to comment on the departure. Finch didn’t reply to calls and e-mails seeking comment.

Finch is the latest in a string of employees to leave the firm this year. , Simon Finnwho led a unit buying distressed debt in Europe, and foreign-exchange trader Christopher Callan, were among at least 12 people who have departed.

Finch has worked in asset management for more than 20 years. He first joined CQS in 2004 before spending about a year at Peloton Partners in 2007 and returned to Hintze’s firm in 2008, according to his registration with the U.K.’s Financial Conduct Authority. Before joining CQS, he worked at Abbey National where he traded asset-backed securities, according to an investor report.

CQS trades asset-backed securities, credit, convertibles, loans and equities from offices globally including London, New York, Sydney, according to its website.

— Alastair Marsh, Nishant Kumar and Tom Beardsworth

Ex-Brevan's Melkman Said to Hire Four for Light Sky  Ben Melkman, who left in May, made four hires Brevan Howard Asset Management

for his new hedge fund, including Bank of America Corp.’s former global economics co-head , according to a person with knowledge of the matter.Alberto Ades

Ades, who left Bank of America in March after six years, will be chief economist for the fund, Light Sky Macro, said the person. Former Goldman Sachs Group Inc.’s Joseph

, who led the bank’s fixed income, currencies and commodities sales out of MauroLondon for European hedge funds, will head up markets, according to the person.

Ades, Mauro and , a spokesman for , declined to Rob White Light Sky Macrocomment

Melkman, who is planning to start trading in his new fund in the first quarter of 2017, helped oversee some assets in Brevan Howard’s main fund and was the senior trader for the company’s dedicated Argentina fund, which had more than $500 million under management before liquidating this year after the Argentina creditor dispute was resolved. It produced net returns of 18 percent since opening to outside investors in January 2015.

Melkman’s new fund will focus on macroeconomic trends and take concentrated, long-term positions. He is seeking $400 million at the outset and plans to cap assets at $1 billion during the first year, Bloomberg reported in June.

New York-based Light Sky Macro also hired as chief risk officer. Barry SchachterSchachter held the same role at a number of other hedge funds, including SAC Capital

, and most recently ’s Advisors Balyasny Asset Management Josh Berkowitz , which decided to close down in 2014.Woodbine Capital Advisors

Doug Spiegel, who led finance and compliance for event-driven hedge fund Realm from its inception in 2009 until its closure last year, has been appointed chief Partners

financial officer at Light Sky Macro.Schachter and Spiegel couldn’t be reached for comment.

— Katia Porzecanski

LAUNCHES

Tej Johar, a former money manager at , is BlueCrest Capital Management

preparing to start his own hedge fund in London, according to a person with knowledge of the matter.

Johar’s will Broad Bridge Capital LLPpursue an event-driven strategy, betting on corporate events such as mergers and acquisitions as well as restructurings, said the person. He has received capital from a U.S. institution, the person said. Johar, 28, declined to comment.

Johar left billionaire ’s Michael PlattBlueCrest last year having joined the firm in 2013.

— Nishant Kumar

Former BlueCrest Manager Johar Said to Plan Fund

FUND NEWS

Paloma Partners has boosted assets by $1.3 billion this year, defying a flight of capital from the global hedge fund industry by investors punishing poor performance.

The firm now manages $5.3 billion, according to a person familiar with the matter. In January 2015, its assets stood at $2.3 billion. A spokesman for the Greenwich, Connecticut-based firm declined to comment.

The fund is up 2.5 percent through mid-September after gaining 11 percent in 2015. The HFRX Global Hedge Fund Index gained 0.8 percent through mid-September after losing 3.6 percent in 2015.

Paloma, founded by Donald Sussman,is luring investors even as peers lose clients disappointed by the industry’s poor performance and high fees. Investors pulled an estimated $25.2 billion from hedge funds in July, according to an eVestment report. The withdrawals bring total outflows this year to $55.9 billion.

— Nishant Kumar, with assistance from

Simone Foxman

Paloma Partners Said to Add$1.3B in Assets in '16

ENDOWMENTS

Sept. 27, 2016 Bloomberg Brief Hedge Funds 8

ENDOWMENTS

Much-maligned hedge funds helped Wake Forest University’s investment performance in fiscal 2016. The endowment, which is managed by Verger Capital

, gained 0.9 percent for the year ended June 30, driven by gains in hedge Managementfunds, fixed income, gold and emerging markets, , Verger’s chief executive Jim Dunnofficer, said in an interview. The University of Minnesota’s fund also posted a positive return.

Trinity College’s endowment, managed by , said it posted a 5.4 Investure LLCpercent loss in fiscal 2016, dragged down by investments in equities, hedge funds and private equity. Trinity, along with fellow Investure client , are the Dickinson Collegeworst-performing U.S. university endowments among those reporting so far for the year ended June 30.

“Although endowment returns in FY 2016 were disappointing, we are focused on longer-term returns while continuing to evaluate and adjust as necessary based on perceived changes in the market,” , Trinity’s president, wrote Joanne Berger-Sweeneyin a report posted on the school’s website.

The value of Hartford, Connecticut-based Trinity’s fund was $523 million as of April 30; a value for the fiscal year through June 30 wasn’t provided in the report.

“The public equity, hedge fund, and private equity investments, which account for the majority of the fund, struggled during 2015-16,” according to the report. “The fund is invested with active managers who have performed well over longer periods of time but underperformed relative to broader standards in the past fiscal year.”

Dickinson, based in Carlisle, Pennsylvania, with a $412 million endowment, posted a 4.4 percent investment loss. Both schools have outsourced their endowment management to Investure, a Charlottesville, Virginia-based investment firm run by Alice

that has $12 billion of endowment and foundation funds under management.Handy“Our clients own their own performance and need to comment on them,” Handy said

in an e-mail, declining to comment further. Investure’s other clients, which include the University of Tulsa, Smith College and Middlebury College, reported some of the best investment returns among college funds in fiscal 2015, according to data compiled by Bloomberg. These schools haven’t yet reported fiscal 2016 performance.

Trinity, which posted a 7.7 percent investment gain in fiscal 2015, doesn’t plan to immediately adjust the amount that the endowment contributes to the college’s annual operating budget, according to the report.

Wake Forest, in Winston-Salem, North Carolina, joined only a few endowments that reported investment gains so far. About a dozen public university endowments with more than $1 billion have reported losses for the fiscal year. College endowments will continue to report investment performance through next month.

Funds with more than $500 million lost a median 0.73 percent in the fiscal year through June 30, according to the Wilshire Trust Universe Comparison Service. The Wilshire data, from fund custodians, excludes fees while most schools report returns net of fees. A benchmark 60/40 portfolio of the Wilshire 5000 Total Stock Market Index for US equities and the Wilshire Bond Index returned 4.5 percent in fiscal 2016.

“We have no interest in tying the future of Wake Forest to the S&P 500,” said Dunn, who was Wake Forest’s chief investment officer until 2014 before establishing Verger. “We can take different exposure and get different risk in our portfolio.”

Wake Forest’s hedge fund strategy was up 2.3 percent, Dunn said, thanks to small and new funds that invest in emerging markets, municipal debt and direct lending. The fund’s value was $1.17 billion as of June 2015. The school declined to disclose the June 2016 value until an audited report is available next month.

Verger, also based in Winston-Salem, oversees funds for other nonprofits, including a museum and hospital, according to Dunn.

Wake Forest’s largest allocation, about a quarter, was to absolute return, followed by 19 percent in fixed income and 16 percent in global equity as of June 30. The fund also invests 6 percent in agriculture and timber and 4 percent each in real estate, and in energy and natural resources. “Real assets were a big driver, up over 5 percent. Gold did really well for us this year,” Dunn said. “At a high level, it’s about controlling risk and fees.”

— Janet Lorin and Kate Smith

Funds Help Wake Forest Gain, Drag Trinity to Loss     INVESTORS

UBP Doubles Hedge Fund Exposure for Wealth Clients

Union Bancaire Privee has roughly doubled its hedge fund exposure for its private wealth clients as it anticipates periods of high volatility.

Geneva-based UBP, which has about $9 billion allocated to hedge fund strategies, has a 9 percent to 10 percent exposure to hedge funds after raising its allocation by about 5 percentage points to 6 percentage points in the first quarter as markets were bouncing back from the equity selloff, , chief Norman Villamininvestment officer of private banking at UBP, said in a telephone interview last month.

"We started allocating more into the alternative space generally, but especially in hedge funds, on this idea that these periodic spikes in volatility are going to become reasonably commonplace as we go through this transition in policy around the world," Villamin said in an August interview. "So in the U.S., it's trying to raise interest rates, whereas in Japan and China you're seeing some more fiscal come in, and that transition as well as some of the political transitions, leads us to believe that the backdrop will be fairly ripe with periods of high volatility that a hedge fund can exploit."

The bank said it expects macro, long-short and relative-value strategies to offer attractive risk-reward potential, according to an August report.

"We don't see a lot of what I would call absolute value in the markets," Villamin said. "So we're looking where asset classes are pricing the environment relatively poorly. This is where you get the macro strategies, long-short and this relative-value approach that some managers take and we think that's where one can exploit the market and try and generate returns that are a little less sensitive to directionality in the markets."

Distressed strategies may also be of interest, along with merger arbitrage, Villamin said, adding that alternatives will become even more interesting considering the more volatile environment going forward.

— Melissa Karsh

TWITTER

Sept. 27, 2016 Bloomberg Brief Hedge Funds 9

TWITTER#DebateNight Highlights From Hedge Fund AccountsAs the first presidential debate between Hillary Clinton and Donald Trump progressed last night, many hedge fund industry professionals took to Twitter to provide their reactions, opinions and even trading strategies. 

Guillermo :(@groditi

taking the other side of this is the ultimate anti trump trade. it is also my favorite trade and biggest position twitter.com/TheStalwart/st…Details

Mark Dow@mark_dow

Mexican peso is rallying, making Trump pay for it. $usdmxnDetails

Guillermo :(@groditi

my P&L is is with Her.

thx for the $, Hillary!Details

TRADING STRATEGIES

Jim Rickards@JamesGRickards

#Hillary won the "scripted zingers" debate, but won the "body #Trumplanguage" debate. Research since the 1960s shows latter matters more.Details

Peter Tchir@TFMkts

My game is neither changed anyone's mind but trump came across less wild than some feared - why stocks can be up & he can get pointsDetails

CONTRARIANS

Anthony Scaramucci@Scaramucci

Of course He lost in the eyes of the media but that was true before it started. Her facial expressions and such will make the polls tighten.Details

Tom Steyer@TomSteyer

There was only one candidate on the debate stage tonight ready to lead our country. That's @HillaryClinton #debatenightDetails

PARTISANS

REGULATORY/COMPLIANCE

Sept. 27, 2016 Bloomberg Brief Hedge Funds 10

REGULATORY/COMPLIANCECooperman Accused by SEC of Insider Trading in Atlas

Leon Cooperman was accused of insider trading by U.S. regulators in the government’s highest-profile case against a hedge fund manager since its crackdown on SAC Capital

.AdvisorsMarking the culmination of an investigation that dates

back to at least 2011, the Securities and Exchange Commission said Cooperman used his status as one of Atlas Pipeline Partners’ largest shareholders to obtain confidential information from a company executive. He earned about $4 million by buying securities in Atlas before the sale of a company asset in 2010, which caused shares to jump 31 percent, the SEC said.

    “We allege that hedge fund manager Cooperman, who as a large APL shareholder obtained access to confidential corporate information, abused that access by trading on this information,” Andrew Ceresney, head of SEC’s division of enforcement, said in a statement.

Cooperman on Wednesday vigorously denied the SEC’s allegations. In a spirited nine-minute call with investors, he began with an off-color joke to explain why he’s talking openly about the case. He boasted that he could have settled it “for an amount which is far less than what I donate to charity every year.”

“It took me 50 years of hard work and playing by the rules to get where I got and I’m not going to let these people destroy my legacy,” Cooperman said.    

When received a subpoena in 2011, Cooperman contacted the Omega AdvisorsAtlas company executive and urged him to fabricate a story in case they were questioned about their conversations, according to the SEC. The unidentified executive was shocked and angered when he learned that Cooperman had traded in advance of Atlas’s announcement, the regulator said.

Omega first invested in Atlas in June 2007, according to Cooperman’s letter to investors. At the time, the company was led by Edward Cohen. Cooperman said in his letter that he had known a “number” of members of the Cohen family “for many years.”

By 2010, the SEC said Cooperman had changed his view on Atlas, telling a consultant to the company that it was a “shitty business.” He took a bearish position on the stock in the first half of that year. But after learning of a pending asset sale, Cooperman changed his mind again and began buying call options and other securities, the regulator said.

The night before Atlas’s July 28, 2010, public announcement, Cooperman e-mailed a family member to say the company had struck a deal to sell one of its facilities for $682 million and that he thought the stock was worth at least $15 a share. The unidentified family member, who was also a hedge fund manager, then forwarded Cooperman’s e-mail to a colleague, who replied that the deal explained “fishy” call options.

The SEC said Cooperman “carefully guarded” the illicit information on Atlas, never previously sharing it with his hedge fund relative. The day of Atlas’s public announcement, Cooperman’s relative reached out to an executive at the energy company to complain about suspicious trades two weeks earlier.

Cooperman, in his Wednesday letter to investors, said his son, Wayne, was betting against Atlas shares at his fund, . Cooperman said he did Cobalt Capital Managementnot share any information with Wayne about the Atlas asset sale or even know Cobalt was shorting the company’s shares before the July 28 announcement, according to his letter. didn’t return a phone call or an e-mail seeking comment.Wayne Cooperman

    In addition to the insider trading, the SEC said Cooperman violated federal securities laws more than 40 times by failing to disclose or delaying disclosure of the fact that his firm had breached a 5 percent ownership threshold in eight different companies. Had his stakes been known to the broader market, the stock prices probably would have been pushed higher. As a result, Cooperman was permitted to trade at “advantageous prices,” the SEC said.    

— Matt Robinson, with assistance from Simone Foxman, Saijel Kishan and Katherine Burton

  A former portfolio manager can force into Highland Capital Management LP

arbitration over his claim that he was fired after questioning what he described as the firm’s illegal self-dealing with outside investors.

Highland alleges was Joshua Terrythe one who engaged in self-dealing and trying to profit at clients’ expense. The dispute escalated with the Dallas-based firm’s claim that Terry secretly recorded his colleagues and investors in violation of his employment contract. Terry’s legal filings are peppered with quotes allegedly taken from the recordings, which include Highland President James Donderocalling his investors “jackasses.”

A state court judge in Dallas on Thursday granted Terry’s request to send the dispute to arbitration. The judge said it made sense to have Terry’s claims considered first by an arbitrator.

Highland asked the judge to order Terry not to disclose confidential information, and to force Terry’s lawyers to quit because their case benefited from access to the recordings. The judge said the issue of Terry’s lawyers would be up to the arbitrator to decide.

“Regardless of legal forum, we believe Mr. Terry’s claims are without merit and we are confident any fact finder will reach the same conclusion,” Lucy Bannon, a spokeswoman for Highland, said in an e-mailed statement. Terry’s lawyer, Rogge Dunn, said he and his client were “very pleased with the judge’s ruling.”

Highland sued Terry, claiming he had instructed one of its lawyers to suspend distributions from a fund he managed. The move would have triggered the fund to be unwound and would have allowed Terry to make an early withdrawal of $700,000 he had invested in it. Around the same time, Terry was advising a client to invest $16 million in the fund, which was “a clear conflict of interest,” Highland said in a court filing.

Highland says it fired Terry for self-dealing, breach of fiduciary duty, having sexual relationships with subordinates and making disparaging remarks about Highland executives. Terry said he stood up for investors and refused to engage in Dondero’s self-dealing.

— Tom Korosec, with assistance from Katia

Porzecanski

Manager Can Challenge Highland in Arbitration

ACTIVIST SITUATIONS BY MICHAEL THIEME AND JASON MARTINO, BLOOMBERG DATA

Source: Andrew Harrer, Bloomberg

Leon Cooperman

Sept. 27, 2016 Bloomberg Brief Hedge Funds 11

Significant Actions at Companies Targeted by Activist Investors

COMPANY ACTIVIST WHAT HAPPENED

Williams Cos.

Corvex Management

The activist firm led by Keith Meister has its proxy fight with the Oklahoma-based company after it announced two additional changes to droppedits board of directors on Sept. 26. The activist had nominated 10 members to the company's board in August. Meister previously sat on the board, but resigned in June after disputes with management.

ABB Ltd.  Cevian Capital  

The activist firm based in Sweden may seek board representation depending on developments at the Switzerland-based power company, according to a Sept. 25 report from Schweiz am Sonntag. The activist is the second-largest holder in the company, according to data compiled by Bloomberg.  

Wells Fargo & Co.

CtW Investment Group

The activist group, which speaks for a consortium of retirement funds managing more than $200 billion, on Sept. 23 the bank's lead urgeddirector to appoint new board members and claw back executive pay.

Johnston Press Plc

Crystal Amber Fund

The activist fund is to restructure 220 million pounds worth of bonds to lower their value by 30 percent at the Edinburgh publishing seekingcompany, Bloomberg News reported Sept. 23, citing people familiar with the matter.

Chesapeake Energy Corp.

Icahn Associates

The activist investor its stake in the in the shale driller by more than half and now owns 4.6 percent, according to a Sept. 20 filing. The activist cutsaid it was for tax reasons and that it retains confidence in the company's top executives. A member of the activist firm, Vincent Intrieri, still sits on the board of the company.

Source: Bloomberg News, , NI SHRHOLDACT<GO> BI BESG <GO>

This story was written by Bloomberg LP employees involved with data collection and was edited by the News department. To suggest ideas or provide feedback, contact the editor for this story: Melissa Karsh at [email protected]. 

ACTIVIST SITUATIONS BY MICHAEL THIEME AND JASON MARTINO, BLOOMBERG DATA

Activist Investors Double Chance of CEO Exits, Study ShowsBY SONALI BASAK AND BETH JINKS

A chief executive officer facing an activist investor should be nervous about keeping the position — and if a hedge fund wrangles some board seats, CEO job security gets even more sketchy.

Activist hedge funds settled for, or won, board seats in 46 percent of the more than 300 contests monitored from 2011 to 2015, according to advisory firm FTI Consulting.

“When activists attain board seats, we found that CEOs leave their posts at twice the normal rate,” Steve Balet, head of corporate governance and activist engagement at FTI, said by phone.

Activist investors typically buy a minority stake in a targeted public company and agitate the board and management for changes they believe will boost shareholder returns.

Average CEO turnover was 16.6 percent within a year for a firm without such an investor, and 30.9 percent over two years, FTI said, using a set of 2,500 companies, and data provided by S&P Capital IQ and PriceWaterHouseCoopers.

When an activist gained board seats,

CEOs left their firms 34.1 percent and 55.1 percent of the time in those respective periods, according to the study.

Even if the activist didn’t gain board seats, their presence in a company had an effect: 28.5 percent of the CEO positions showed turnover within 12 months, and 45.6 percent departed within

two years.“It seems natural that there would be

an increased rate of CEO turnover, but activists generally don’t publicly target the CEO for replacement,” Balet said. “Even in cases where activists do not gain board seats, CEOs leave their post 71 percent greater than the normal rate.”

DEAL ARBITRAGE

Sept. 27, 2016 Bloomberg Brief Hedge Funds 12

TARGET ACQUIRERDEAL SIZE (M)

EXPECTED COMPLETION

DATE

OFFER PER

SHARE

TARGET PRICE

PAYMENT TYPE

SPREADPROJECTED ANNUALIZED

RETURN

1W CHANGE

IN SPREAD

MAJOR MOVE

Monsanto Co Bayer AG 65,696 12/31/17  128.00 102.22 Cash 25.2% 20.0% -0.4%

EI du Pont de Nemours & Co Dow Chemical Co/The 65,591 12/31/16  66.87 66.56 Stk 0.5% 1.8% -0.5%

Cigna Corp Anthem Inc 50,382 12/31/17  167.77 130.16 C&S 28.9% 22.9% 0.8%

Spectra Energy Corp Enbridge Inc 42,818 03/31/17  42.56 41.73 Stk 2.0% 3.9% -0.4%

St Jude Medical Inc Abbott Laboratories 30,108 12/31/16  83.02 79.12 C&S 4.9% 18.8% -0.1%

Humana Inc Aetna Inc 28,906 12/31/16  221.18 175.00 C&S 26.4% 100.3% -0.2%

LinkedIn Corp Microsoft Corp 24,380 12/31/16  196.00 193.08 Cash 1.5% 5.8% -0.5%

Agrium IncPotash Corp of Saskatchewan Inc

18,197 12/31/17  88.92 90.34 Stk -1.6% -1.3% -0.4%

Rite Aid Corp Walgreens Boots Alliance Inc 16,708 12/31/16  9.00 8.03 Cash 12.1% 45.7% -0.2%

Medivation Inc Pfizer Inc 13,695 09/27/16  81.50 81.42 Cash 0.1% 34.3% -0.6%

Linear Technology Corp Analog Devices Inc 12,870 06/30/17  60.46 58.77 C&S 2.9% 3.8% -0.3%

IMS Health Holdings IncQuintiles Transnational Holdings Inc

12,559 10/03/16  30.32 30.31 Stk 0.0% 1.8% -0.1%

WhiteWave Foods Co/The Danone SA 12,349 12/31/16  56.25 54.75 Cash 2.7% 10.4% 1.3%

Westar Energy Inc Great Plains Energy Inc 12,117 12/31/17  59.78 56.75 C&S 5.3% 4.2% -0.7%

Valspar Corp/The Sherwin-Williams Co/The 11,206 03/31/17  113.00 106.25 Cash 6.4% 12.5% -0.3%

ITC Holdings Corp Fortis Inc/Canada 11,150 12/31/16  46.60 46.30 C&S 0.6% 2.4% -0.7%

KLA-Tencor Corp Lam Research Corp 11,033 12/30/16  77.69 69.00 C&S 12.6% 48.4% 0.5%

NorthStar Realty Finance Corp

NorthStar Asset Management Group Inc

10,055 03/31/17  13.79 12.88 Stk 7.1% 14.0% 1.3%

Medivation Inc Sanofi 9,708                -   58.00 81.42 Cash -28.8% 0.0% -22.8% ▼

NetSuite Inc Oracle Corp 8,716 10/06/16  109.00 108.87 Cash 0.1% 4.4% 0.4%

Alere Inc Abbott Laboratories 8,040                -   56.00 43.18 Cash 29.7% 0.0% 0.7%

Envision Healthcare Holdings Inc

Amsurg Corp 7,520 12/31/16  21.55 21.37 Stk 0.8% 3.1% 0.2%

Piedmont Natural Gas Co Inc Duke Energy Corp 6,536 12/31/16  60.00 59.96 Cash 0.1% 0.3% 0.5%

Amaya IncConsortium Led By David Baazov

6,487                -   21.00 21.00 Cash 0.0% 0.0% -2.3% ▼

Ingram Micro IncTianjin Tianhai Investment Co Ltd

6,133 11/13/16  38.90 34.63 Cash 12.3% 93.8% 0.4%

Colony Capital IncNorthStar Asset Management Group Inc

6,024 03/31/17  18.39 18.02 Stk 2.1% 4.1% 2.8% ▲

SolarCity Corp Tesla Motors Inc 5,319                -   22.97 20.01 Stk 14.8% 0.0% -11.1% ▼

CST Brands Inc Alimentation Couche-Tard Inc 5,265 06/30/17  48.53 47.75 Cash 1.6% 2.2% 0.1%

Talen Energy Corp Riverstone Holdings LLC 5,045 12/31/16  14.00 13.83 Cash 1.2% 4.7% 0.1%

Post Properties IncMid-America Apartment Communities Inc

4,895 12/31/16  69.20 68.71 Stk 0.7% 2.7% -0.3%

 MARB <GO> North American deals*Spread moved by more than 2% of price target: = up, = down  C/S=cash or stock▲ ▼

DEAL ARBITRAGEThe table below tracks pending corporate mergers in North America and the deal spreads — the difference between the offer price and the target's stock price. The table shows the week-over-week change in those spreads through Monday. Spreads that have moved by 2 percent or more are flagged in the far right "major move" column by an arrow indicating the direction of movement. Projected annualized returns are based on the spread and the deal's expected completion date

HEDGE FUNDS ADDED TO BLOOMBERG THIS WEEK

Sept. 27, 2016 Bloomberg Brief Hedge Funds 13

TICKER BLOOMBERG ID FUND MANAGER(S) MANAGEMENT COMPANY STRATEGY LOCATIONINCEPTION

DATEPRIME BROKER

ASHFORC US EQUITY

BBG00DQDBFF2Theodore H Ashford III "Ted"

Ashford Capital Management Inc Long-Biased U.S. 7/1/1992 — 

BCCREDV US EQUITY

BBG00DSXR062 Team Managed Birch Creek Capital LLCFixed-Income Diversified

U.S. 5/1/2012 — 

DELMONT BM EQUITY

BBG00DK59VM5 Team ManagedCredit Suisse Hedging-Griffo Wealth Management SA

Fixed-Income Diversified

Bahamas 12/15/2015 Credit Suisse AG

EVERGHC US EQUITY

BBG00DGZHMY2 Kamran Moghtaderi Eversept Partners LLC Long-Short U.S. 4/1/2011 Morgan Stanley

FINCHLP US EQUITY

BBG00DS5RBY8 Team Managed Finchwood Capital LP Long-Short U.S. 12/1/2015 Goldman Sachs

FGLFULP US EQUITY

BBG00DQCT1B0Yves Balcer & Sanjiv Kumar

Fort LPCTA/Managed Futures

U.S. 9/1/2016 — 

FGOFGFF KY EQUITY

BBG00DQCSGC7Yves Balcer & Sanjiv Kumar

Fort LPCTA/Managed Futures

U.S. 9/1/2016 Goldman Sachs

GWQNTMS CN EQUITY

BBG00DKLCX60 Team ManagedGoldenwise Capital Management Inc

Multistrategy Canada 1/1/2010 — 

JEERCLA US EQUITY

BBG00DLMCDZ9 Naveen Jeereddi Jeereddi Investments LPEvent-Driven Distressed

U.S. 1/1/2009 UBS Securities LLC

LTGBALA BM EQUITY

BBG00DS5T2N8 Team Managed LT Green Capital Investment LtdMacro Discretionary Thematic

Bahamas 9/1/2016Ansbacher Bahamas Ltd

LTGREAL BM EQUITY

BBG00DS5SWT7 Team Managed LT Green Capital Investment LtdFixed-Income Diversified

Bahamas 9/1/2016 — 

NUWAVIP US EQUITY

BBG00DR7LRQ5 Troy W BucknerNuWave Investment Management LLC

Managed Futures Systematic

U.S. 1/1/2011SG Americas Securities LLC

PRESFAU KY EQUITY

BBG00DS8YNL2 Team Managed Precept Asset Management LtdMacro Discretionary Thematic

Cayman Islands

6/28/2013DBS Bank Hong Kong Ltd

SAPUSVL US EQUITY

BBG00DLXP9B6 Trishul Patel SandPointe LLCMacro Discretionary Thematic

U.S. 12/11/2014RJ O'Brien & Associates LLC

SARUSIC US EQUITY

BBG00DM1MWC6 Team Managed Sarus Capital Management LLC Long-Biased U.S. 8/1/2012 — 

SCOPQPL US EQUITY

BBG00DKNVTL7Jeremy Mindich & Matt Sirovich

Scopia Capital Management LP Market Neutral U.S. 11/1/2015 Goldman Sachs

SEMPALT US EQUITY

BBG00DSW0KZ7 Zachary Cooper Semper Capital Management LP Multistrategy U.S. 6/1/2016 — 

NOBISGA BM EQUITY

BBG00DS55QV2 Team Managed St Matthew Capital LtdMacro Discretionary Thematic

Bahamas 9/1/2016 — 

DUSTFAS KY EQUITY

BBG00DP0B206 Team Managed Wisdom Tree CapitalFixed-Income Diversified

U.S. 10/31/2016International FCStone Financial Inc

HEDGE FUNDS ADDED TO BLOOMBERG THIS WEEKThe following hedge funds were added to Bloomberg’s database from Aug. 1-Sept. 26. Access the Hedge Fund Database Portal by typing on your Bloomberg Terminal. To view U.S. hedge fund managers, users must fill out an Accredited Investor and Qualified HFNDPurchaser Questionnaire.

OVER THE HEDGE

Sept. 27, 2016 Bloomberg Brief Hedge Funds 14

OVER THE HEDGEGeorge Soros has given almost $11.9

million to Former Secretary of State and Democratic presidential candidate Hillary Clinton's campaign, according to the latest Federal Election Commission filings. A Hungarian immigrant to the U.S., Soros is the 17th-richest person in the country with $24.7 billion, according to the Bloomberg Billionaires index. The co-founder of hedge fund Renaissance Technologies — and former NSA codebreaker — , has James Simonsdonated $7 million to Clinton. “I’m a lifelong Democrat and I think very highly of Hillary Clinton,” Simons said. A representative for Soros confirmed the donation amounts and declined to comment further. Renaissance Technologies co-founder Robert Mercer has set up a pro-Trump group and seeded it with $2 million.

    — Brendan Coffey, with assistance from

Zachary R. Mider, Noah Buhayar, Joshua Gallu

and Alan Goldstein

The lonely $250,000 S-Class coupe at Mercedes-Benz of Greenwich says it all. For six months, it’s been sitting in the showroom, shimmering in vain while models priced at only $70,000 fly out the

door. Such is the state of affairs in Greenwich, the leafy Connecticut town famous for its cluster of hedge funds and the titans of Wall Street who occupy many a gated mansion. The rich are being maddeningly frugal, as Barry Sternlicht complained when he assailed his former hometown as possibly the country’s worst housing market. “You can’t give away a house in Greenwich,” the head of Starwood Capital Group said, causing something of a ruckus. The town was hit hard by the 2008 financial crisis, and never fully recovered: The median sales price for homes in the second quarter was $1.56 million, 17 percent below the peak back in 2006, according to data compiled by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Now, with the hedge-fund business struggling and investment-banker incentive pay in a slump, bonus-fueled purchases are cooling again. These days, in fact, not losing money can be cause for swagger. “We talk to a lot of guys from hedge funds, and they’re like, ‘Look at our numbers, we haven’t gone down, we’re staying level,’” says Brad Walker, who moved from Boston two years ago to

open a branch of his family’s shop, Shreve, Crump & Low. A newcomer, he finds it perplexing. “I don’t run a hedge fund, I work in a jewelry store, but I think you’d want to do a little bit better.” Just 35 miles from Manhattan in the heart of Connecticut’s famed Gold Coast, with about 60,000 residents and 32 miles of shoreline, Greenwich is among the most prosperous communities in America. One out of every $10 in hedge funds in the country is managed here, according to data compiled by Bloomberg, by firms such as Viking Global Investors and AQR Capital Management. It’s home to finance heavyweights including Steven

of Point72 Asset Management Cohenand Dick Fuld. The median annual household income is $135,000 — compared with $56,516 nationally. Residents paid more state income taxes in 2014, the last year for which data are available, than in any other municipality in Connecticut. The tax rate, by the way, is a sore point, and possible reason behind the departure of the likes of Paul

and Thomas Peterffy, who Tudor Jonesswitched their permanent residences to Florida. The state income tax there is zero.

— Oshrat Carmiel and Katia Porzecanski

Bloomberg Brief: Hedge Funds

Bloomberg Brief Managing Editor

Paul Smith

[email protected]+44-20-3525-8653

Hedge Funds Editor

Melissa Karsh

[email protected]

+1-212-617-4557

Contributing Editor

Nathaniel E. Baker

[email protected]

+852-2293-1176

Reporter

Hema Parmar

[email protected]

+1-212-617-6990

Contributing Reporters

Suzy Waite

[email protected]

Contributing News Reporters

Katherine Burton

[email protected]

Saijel Kishan

[email protected]

Simone Foxman

[email protected]

Marketing & Partnership Director

Johnna Ayres

[email protected]

+1-212-617-1833

Contributing Data Editors

Anibal Arrascue

[email protected]

+1-609-279-5084

Sean Casey

[email protected]

+1-609-279-4084

Advertising

Christopher Konowitz

[email protected]

+1-212-617-4694

Reprints & Permissions

Lori Husted

[email protected]  

+1-717-505-9701 x2204

Interested in learning more about

the Bloomberg terminal? Request a

free demo .here

This newsletter and its contents

may not be forwarded or

redistributed without the prior

consent of Bloomberg. Please

contact our reprints and

permissions group for more

information.    

© 2016 Bloomberg LP. All rights

 reserved.

Sept. 27, 2016 Bloomberg Brief Hedge Funds 15

CALENDAR TO SUBMIT AN EVENT E-MAIL [email protected]

Sept. 27, 2016 Bloomberg Brief Hedge Funds 16

DATE ORGANIZER EVENT SPEAKERS/ATTENDEES OF NOTE/DETAILS LOCATION

Sept. 27 Hedge Fund Standards Board Chicago eventMichael Carter, Magnetar; , GCM Grosvenor; David Richter

, Canada Pension Plan Investment Board.Ciana BeckerChicago

Sept. 28 Context SummitsAlternative Lending Summit 2016

 Prosper Marketplace;  , Shinnecock Ron Suber, Alan SnyderPartners; Damon Krytzer, GreyWolf Capital; James Egan, Evolution Capital;  , Coastland Capital.  Peter Sterling

Dana Point, California

Sept. 28 New York Hedge Fund Roundtable ESG Quant Investing Andreas Feiner, Arabesque. Penn Club, New York

Sept. 28-29

CorporateCounsel10th Annual Hedge Fund General Counsel and Compliance Officer Summit

Brian Meyer, Fir Tree; Scott B. Ellington, Highland Capital; , Owl Creek; , Coatue Reuben Kopel Colleen Lynch

Management;  , Lion Point Capital.Irshad KarimWarwick New York Hotel

Sept. 28-30

RadiusWorld Alternative Investment Summit Bermuda

Lawrence McDonald, ACGA; , Apex.  Peter Hughes Fairmont Southampton, Bermuda

Sept. 29 Hedge Fund Standards Board Washington, D.C., eventMarc Wyatt, SEC; , Lockheed Martin Andrew ChenInvestment Management; , Rock Creek.Sherri Rossoff

Washington, D.C.

Oct. 5 Sohn Conference Foundation Sohn San FranciscoCarson Block, Muddy Waters;  , ValueAct; Jeff Ubben Mick

, Marcato Capital;  , Harvest Capital. McGuire Jeff OsherSan Francisco

Oct. 5 Help For Children New York Fall Fete Contact [email protected] for more information. Howl at the Moon, N.Y.

Oct. 5-6 AIMA  Canada Hedge Fund Conference  

To be released.Le Westin Montreal, Quebec

Oct. 6     BloombergHedge Fund Startup Conference

John Cocke, Corbin Capital; Willett Advisors. Kevin Hite, For more information, contact [email protected].

New York

Oct. 6   A Leg to Stand On   Rocktoberfest-Chicago Benefit in support of ALTSO's mission.     City Winery Chicago  

Oct. 6-7American Conference Institute, OFA

Hedge Fund ComplianceMichael Neus, Perry Capital; George Chang, D.E. Shaw;

, SEC; David Chaves, FBI. Jennifer DugginsPark Lane Hotel, New York

Oct. 17 CatalystCap Intro: Credit/Fixed Income Alternative Investing

One-on-one meetings.     New York

Oct. 18 New York Hedge Fund Roundtable October RoundtableCreating "operational alpha" and how it can lead to emerging fund manager success.

Penn Club, New York

Oct. 18  Great Investors' Best Ideas Foundation  

10th Annual Investment Symposium

Caroline Cooley, Crestline; Greenlight; David Einhorn, BP Capital.  T. Boone Pickens,

Dallas, Texas  

Oct. 18 High Water WomenInvesting for Impact Symposium

Elizabeth Littlefield, Overseas Private Investment.  New York

Oct. 18 Funds Society, Open Door MediaFund Selector Forum New York 2016

To be released. Waldorf Astoria, New York 

Oct. 19 Markets Group4th Annual Tri-State Credit & Hedge Fund Investor Forum

Guy Haselmann, New Jersey State Investment Council; , Artemis; Joseph Marenda, Cambridge.Peter Rup

New York

Oct. 19 BattleFin Discovery Day Guggenheim To be released. New York

Oct. 20 Society of Quantitative AnalystsSeminar on "Mapping Factor Exposures to Asset Allocations"

Andrew Ang, BlackRock. New York

Oct. 20-21 Managed Funds Association Outlook 2016 To be released. The Pierre, New York

Oct. 20-21 Agecroft Hedgeopolis New York To be released. New York

Oct. 24-26 Hedge Connection Global Fund Forum 2016Peter Borish, Quad Group; , Candlewood; Gregory Richter

, Artermis Wealth Advisors.Dave DuebendorferFairmont Southampton, Bermuda

Oct. 25 California Hedge Fund Association AltsOC To be released. Newport Beach, California

Oct. 26-27 Capitalize for KidsCapitalize for Kids Investors Conference

Dan Loeb, Third Point;   Trian; Ed Garden, Jeffrey Smith, Starboard;  Marathon.Bruce Richards,

Arcadian Court, Toronto  

Oct. 27 APS Asset Management Investment ConferenceWong Kok Hoi, CIO; director of investments at Peter Wong,APS. For more information, e-mail [email protected].

Waldorf Astoria, N.Y.

Oct. 27 A Leg to Stand On Hedge Fund Rocktoberfest Benefit in support of ALTSO's mission. Hard Rock Cafe NYCDISCLAIMER: The information on this page was compiled by Bloomberg from multiple sources, public and private, and is deemed to be accurate, but not definitive or exhaustive. Questions about events should be addressed to the event organizer.

CALENDAR TO SUBMIT AN EVENT E-MAIL [email protected]

The "event" column links to websites. "Attendees of note" links to individual's BIO page, where available, on the Bloomberg terminal.