Bill Ackman’s Newest Bet & More Hedge Fund News of The Day 7/12/2012

by Staff Writer on July 12, 2012

bill ackmanBill Ackman’s Newest Bet Is The Biggest Initial Investment Of His Career [BusinessInsider] Recently, Bill Ackman has been in the news for a floundering project — JC Penny. Welcome to the reprieve. The Wall Street Journal reports that Ackman has taken a major stake in commodities giant Procter & Gamble with the Federal Trade Commissions blessing.

Contest Seeks Best Investment Idea [eVestmentHFN] David Einhorn and Whitney Tilson are looking for some good investment ideas. The veteran hedge fund managers are part of a panel judging a contest for the best idea that will take place during the Value Investing Congress being held in New York on October 1-2, according to a news release.

New York Firm Launches New Fund [eVestmentHFN] New York-based firm Hutchin Hill Capital has started a new long/short credit hedge fund. The Wall Street Journal reported that the new fund is a “carve-out” from its main fund and has started trading this month.

THE MAYANS WERE RIGHT: Ray Dalio Is Actually Down 2.7% This Year [BusinessInsider] The “world’s most successful hedge fund manager” Ray Dalio is in the red after the first six months of 2012. The New York Post reports that Dalio’s Bridgewater Associates, the world’s largest hedge fund with $120 billion AUM, did not have many of its strategic investments pan out in first half of 2012.

Hedge Fund Employees, Others Rock Out for Cause [eVestmentHFN] William A. Ackman seems to have set his sights on another consumer products giant. The Federal Trade Commission on Thursday gave Mr. Ackman’s hedge fund, Pershing Square Capital Management, clearance to take a stake in Procter & Gamble, indicating that the maker of Downy and Gillette is a new target.

Amid SEC Charges, Hedge Fund Manager Phil Falcone Attempts Audacious IPO [Forbes] Phil Falcone, the embattled billionaire hedge fund manager, has put together an unorthodox IPO that will see his hedge fund firm contribute assets valued at $350 million to a blank check company that will trade publicly.

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