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Asset Management

  • April 28, 2015

    SAC Capital Ducks Investors' Racketeering Claims

    A New York federal judge on Tuesday tossed a set of racketeering claims brought against SAC Capital Advisors LP by investors in Elan Corp. Ltd. and Wyeth LLC, finding the investors had no basis to bring the claims because they weren’t specifically named as victims in SAC’s guilty plea for insider trading.

  • April 28, 2015

    Hudson’s Bay Investors Cut Down Stakes In $363M Offering

    Retailer Hudson’s Bay Co. completed a secondary offering on Tuesday, with Hanover Investments (Luxembourg) S.A. and a subsidiary of the Ontario Teachers' Pension Plan unloading $363.5 million worth of shares, broadening Hudson’s shareholder base.

  • April 28, 2015

    Sen. Warren Calls Out Annuity Cos. For Lavish Sales Gifts

    U.S. Sen. Elizabeth Warren, D-Mass., expressed concern Tuesday that retirement advisers are giving clients bad advice in exchange for lavish gifts and trips, warning annuities companies such as AIG Inc. and Metlife Inc. that the incentives could represent a conflict of interest.

  • April 28, 2015

    Skadden Guides Windstream's Tax-Free Spinoff Of REIT

    Skadden Arps Slate Meagher & Flom LLP recently guided telecommunications heavyweight Windstream Holdings Inc. on a tax-free spinoff that transformed several of its telecommunications network assets into a new real estate investment trust, the firm said Monday.

  • April 28, 2015

    TIAA-CREF To Take Over Property JV In $122M Deal

    TIAA-CREF has struck an £80 million ($122.64 million) deal to buy out Henderson Global Investors from a property asset management joint venture that the duo established a year ago, the companies announced Tuesday.

  • April 28, 2015

    Real Estate Rumor Mill: Brookfield, China Vanke, Bennett

    Brookfield Asset Management Inc. is reportedly considering dropping $1.1 billion into Brazilian investments, including real estate, China Vanke is said to be negotiating a $125 million Manhattan office stake deal and Bennett Hospitality is reportedly prepping to break ground on a $101 million South Carolina hotel after a decade of litigation over the project.

  • April 27, 2015

    Gramercy Client Wants Indemnity Suit Over Tax Shelter Tossed

    A former Gramercy Asset Management LLC client, who has accused the firm of fraud in connection with a tax shelter it promoted, asked a New York federal judge on Friday to toss the investment firm’s countersuit against him, saying it can’t seek indemnity from “the very parties it defrauded.”

  • April 27, 2015

    Endeavour Lenders Slam Creditors' Bid To Wipe $440M Loans

    Hedge funds and banks financing the bankruptcy of Endeavour Operating Corp. urged a court on Friday not to let unsecured creditors extinguish $440 million in obligations, saying the unsecured creditors don't have standing to sue over a prebankruptcy refinancing that could dramatically decrease their recoveries.

  • April 27, 2015

    Sheppard Mullin Can’t Trim Claim It Shielded Client Assets

    A California judge on Monday tentatively rejected Sheppard Mullin Richter & Hampton LLP’s bid to strike allegations that it prevented four real estate investment trustees from collecting on a Sheppard Mullin client’s $8.5 million trial loss by fraudulently concealing the law firm’s own lien against that client’s assets.

  • April 27, 2015

    Highland Claims Ex-Sales Director Stole Client Data

    A Dallas judge on Friday issued a temporary restraining order barring a former regional sales director for an affiliate of Highland Capital Management LP from using confidential client information the hedge fund’s underwriter claims she misappropriated.

  • April 27, 2015

    Vegas Showroom REIT Sets Terms for $185M IPO

    International Market Centers Inc., which operates showroom space for the home decor and gift industries, set terms for its initial public offering Monday, saying it would offer 11.5 million shares at a range of $12 to $14 apiece as it looks to refinance debt.

  • April 27, 2015

    Citigroup Ordered To Give Banamex Files To Pension Fund

    A Delaware court ordered Citigroup Inc. on Friday to give an institutional investor internal records relating to loan fraud at its Mexico-based Banamex unit and ordered an investigation of possible money laundering issues at its Banamex USA.

  • April 27, 2015

    $9M Hedge Fund Embezzler Sentenced To 4 Years

    A former controller of a J.P. Morgan-traded hedge fund has been sentenced to four years in prison and ordered to pay full restitution by a Connecticut federal court for embezzling more than $9 million over nine years, the U.S. Department of Justice announced on Monday.

  • April 27, 2015

    Baker & McKenzie's Malaysia Arm Guides $902M Finance Deal

    Baker & McKenzie International member firm Wong & Partners said Monday that it advised two investment banks underwriting a 3.2 billion Malaysian ringgit ($902 million) syndicated loan to support commercial development in Kuala Lumpur City Centre, seen as key to stimulating Malaysia’s economy.

  • April 27, 2015

    Manatt Nabs 3 Squire Patton Boggs Corporate Partners

    Manatt Phelps & Phillips LLP has snagged three corporate partners from Squire Patton Boggs LLP, including the son of the late Patton Boggs LLP founder Thomas Hale Boggs Jr., as Manatt continues its East Coast expansion.

  • April 27, 2015

    Ex-Cushing Trader Gets 30 Months For Securities Fraud

    A former equities trader for Cushing MLP Asset Management LP was sentenced Friday to 30 months in federal prison and forced to pay back more than $3.5 million in profits after pleading guilty to securities fraud, stemming from an alleged three-year front-running scheme under which he traded on insider information using his wife’s brokerage account, according to acting U.S. Attorney John Parker of the Northern District of Texas.

  • April 27, 2015

    IRS May Need Legislative Fix For Reinsurance Tax Strategy

    The Internal Revenue Service acknowledged in guidance Thursday the futility of crafting a bright-line asset ratio test to crack down on hedge funds using foreign reinsurance companies to achieve preferential tax rates, and experts say the agency may need an assist from Congress if it wishes to effectively curtail the arrangement.

  • April 27, 2015

    Foundry Insider Gets 78 Months, Vows 'Newman' Appeal

    Former Foundry Networks Inc. executive David Riley was sentenced on Monday to 6 1/2 years in prison for passing inside tips about the computer equipment company to a hedge fund analyst, but vowed to appeal in light of the Second Circuit’s decision in U.S. v. Newman.

  • April 27, 2015

    Ropes & Gray Picks Up 2 Mutual Fund Pros From K&L Gates

    Ropes & Gray LLP has hired two mutual fund specialists for its Chicago office from K&L Gates LLP, including the former head of that firm's investment-management practice. 

  • April 27, 2015

    INC Research's PE Backers Plan $237M Secondary Offering

    Private equity owners of INC Research Holdings Inc. plan to trim their stakes in the clinical development services provider through a secondary offering that could net about $237.3 million, a move the company said Monday it plans to follow by repurchasing up to $150 million in shares.