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Traders are betting TPG Capital's agreement to take GlobeOp Financial Services private is anything but a done deal, writes Bloomberg. The London-based hedge fund administrator last week ended 21p above the 435p-a-share offer from TPG, the buyout firm run by David Bonderman, after SS&C Technologies Holdings, a US developer of software for financial firms backed by Carlyle Group, said it is weighing a competing bid. The gap shows arbitragers are anticipating GlobeOp will get the biggest price increase of any pending takeover in western Europe worth $500m or more, according to data compiled by Bloomberg. Alternative investment manager Investcorp reported a 90% drop in half-year profits on Monday, hit by declining hedge fund revenues, according toReuters. The Bahrain-based firm, which once floated luxury brands Gucciand Tiffany & Co, said net profit was $5.3m for the half-year ended 30 December, compared to $56.2m in the prior-year period. Investcorp's fiscal year ends 30 June. Investcorp said fee income from client business activities and corporate investment asset-based income both rose but it was not enough to overcome the impact of the negative hedge fund returns as investors pulled out amid the euro zone debt crisis. Cevian, the activist European hedge fund chaired by Lord Myners, has become the largest shareholder in Cookson, the UK industrial materials company, says the FT. The hedge fund declined to comment on how it intends to use the 13% holding that it has been building up steadily since November. However, Cookson said: "They have built their current stake up over the past few months, and spent a lot of time getting to understand the business before they invested. We have a constructive dialogue with them, and we take their investment as being a vote of confidence in the Cookson story." A rally in debt and credit after Europe's Central Bank announced cheap finance for banks has helped the Real Estate Credit Investments fund's positions gain 2.4% in January, but could not save it from a £3.2m ($5m) net loss in 2011's closing quarter, writes Investment Europe. The fund run by hedge fund manager Cheyne Capital said the recent fall in value came because of mark to market volatility in its universe during Europe's debt crisis. Shareholders in the Invesco Perpetual Select Trust have decided to ditchFauchier Partners in favour of Invesco manager Scott Wolle to run the hedge portion of the multi-asset trust, reports Citywire. Fauchier Partners has underperformed with the hedge fund portfolio, known as Balanced Risk, posting a 13.5% loss over the past 12 months and a 9.35% loss in NAV terms, while the FTSE World was down 0.8%. This led shareholders to vote in favour of replacing Fauchier as manager of the hedge portfolio in favour of Wolle, who is CIO of Invesco's Atlanta-based global asset allocation team. Find out more about RECI and read the full article here.
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