Edward Lampert, the hedge-fund manager who for the past eight years tried to turn around Sears Holdings Corp., cut his stake in the retailer below 50%.
Lampert’s ESL Investments Inc. owns 48% of the Hoffman Estates, Illinois-based department store chain, down from 55% reported as recently as October, according to a filing Tuesday with the U.S. Securities and Exchange Commission.
The Blackstone Group L.P. (BX) reported record-breaking second-quarter earnings on Thursday, based on strong performance across all funds.
Economic net income (excluding costs related to the firm’s 2007 IPO) was $1.3 billion, or $1.15 per unit, up 89% year-over-year (YoY) while GAAP net income was $517 million, up 145% YoY. Blackstone’s distributable earnings were $771 million, up 128% YoY.
NEW YORK (Reuters) - AT&T Inc will buy Leap Wireless International Inc for $1.19 billion, paying almost double the current value of the prepaid mobile service provider as major U.S. carriers scramble to acquire valuable wireless spectrum.
The Carlyle Group (CG), a global leader in the management of alternative assets such as real estate and private equity funds, agreed on Thursday to purchase the industrial packaging division of Illinois Tool Works Inc. (ITW) for $3.2 billion. The company’s acquisition is particularly attractive because of its high level of diversification, strong management, and strong free cash flows (FCFs). ITW’s FCFs were $1.563 billion in the third quarter of fiscal year 2013 (3QFY13), and its revenues were reported as $14.1 billion for FY13.
Dexus Property Group, Australia’s biggest listed office landlord, and the Canada Pension Plan Investment Board reached an agreement with Commonwealth Bank of Australia to buy the bank’s listed office trust for A$2.83 billion (US$2.66 billion).
Dexus and the Canadian fund increased their cash-and-stock bid to A$1.2052 a share, from A$1.15-a-share last month, Dexus said in a regulatory filing. A binding agreement must be reached by mid-December, according to the statement.
The analysts at Goldman Sachs have just published their latest Hedge Fund Trend Monitor report, which tracks the equity investments of the world's hedge funds. One thing is clear: hedge funds are struggling to keep up with the market.
Market Folly submits:We've recently seen some performance numbers from some of the top dogs in the global macro hedge fund game. And, it's not what you'd expect. After all, these funds typically have free rein and can trade in interest rates, currencies, futures and sovereign debt... areas ripe with opportunity given the ever-changing dynamic of global economies.