Hedge funds crash and burn in JetBlue/Spirit fiasco [FT]
[Spirit Airlines] had initially signed as much as a inventory merger with Frontier Group, an analogous deep discounter like Spirit. But the board, underneath heavy strain from hedge funds, went for broke by taking a premium bid from JetBlue hoping towards hope that it may push a deal previous the US Department of Justice and ultimately the judiciary. That wager has imploded spectacularly.
New Morgan Stanley CEO is ‘super bullish’ on hitting monetary targets [CNBC]
“Ten trillion in wealth and asset management dollars, that’s going to be coming,” [Ted] Pick mentioned in a CNBC interview on the World Economic Forum in Davos, Switzerland. “We’re going to get there and hit 20% returns. That’s it: 10 and 20. It will take some time, but I’m super bullish….”
“The name of the game is to sort of balance realistic expectations and build credibility, but have people understanding that we are highly confident of both of these pieces to grow,” Pick mentioned. “The ecosystem of being a leading wealth manager, banking individuals not institutions, and then also covering them as an investment bank or hedging the risk as a trading house, that is unique.”
Bobby Jain’s hedge fund launch falls in need of $8bn-$10bn goal [FT]
The Credit Suisse veteran and former co-chief funding officer of Millennium Management has instructed potential purchasers he’s now aiming to launch Jain Global in July with $5bn-$6bn of property, in keeping with buyers…. Jain has sweetened the phrases for buyers who enroll quick, slicing efficiency charges for these prepared to commit by the top of this month.
Michael Hintze Lays Groundwork for New Firm in Post-CQS Wager [Bloomberg]
UK and Jersey entities for the Australian-British investor modified their names to Deltroit Asset Management close to the top of 2023, when Hintze agreed to promote a lot of the London-based agency he’s led for greater than twenty years to a unit of Manulife Financial Corp…. Hintze, 70, is the proprietor of the Deltroit Station, a roughly 2,500-hectare (6,178-acre) farmland property in his native Australia that has hosted British royals throughout abroad journeys.
Sheryl Sandberg to go away Meta board [CNN]
Sandberg’s exit comes after she spent greater than 14 years as the corporate’s chief working officer, along with 12 years on its board…. Sandberg mentioned in her publish that she could be leaving the Facebook guardian firm’s board to focus extra on philanthropic work however added that she would proceed to function an advisor to Meta.
Mark Cuban says X is Elon Musk’s ‘little echo chamber’ that solely rewards folks he likes [BI]
“I knew I was going into the lion’s den and that people were just going to shit on me left and right,” Cuban [told Trevor Noah]. “Which is exactly why I wrote it because it made it more interesting….” Cuban printed a number of prolonged posts on the platform defending DEI earlier this month.
