votes of confidence

  • 07 May 2014 at 2:44 PM

Someone Still Believes In Bill Gross

Pacific Investment Management Co. and co-founder Bill Gross got a vote of confidence from owner Allianz as the fund company struggles with subpar investment performance and investor defections. “Pimco is still one of the most successful firms in the market,” Jay Ralph, the Allianz management board member who oversees Pimco, said in an interview on Tuesday…Total Return has seen $55.3 billion in net redemptions since May 2013, more than most U.S. mutual funds hold in assets. Mr. Gross’s performance also has faltered: the fund returned 0.74% in April, while its benchmark, the Barclays U.S. Aggregate Bond Index, returned 0.84%. [WSJ]

Ski Bums ♥ Louis Bacon

By simply ordering new business cards that read “Louis Bacon, Ski Impresario,” the Moore Capital Management chief has made it so. Read more »

JPMorgan disclosed on May 10 that it had a $2 billion trading loss because of riskier-than-expected credit securities. Omega sold about two-thirds of its position the next day, taking a loss: The shares tumbled 9 percent on May 11, closing at $36.96. They traded at $36.78 yesterday. At Omega’s staff meeting in May, one of the portfolio managers suggests that JPMorgan shares may now be ridiculously cheap. Cooperman launches into a tirade about how Dimon has been unfairly pilloried by Representative Barney Frank and other critics. “I’m incensed by some of the sh– you’re reading,” Cooperman tells his managers. He says he’ll hold on to his remaining shares as a vote of confidence in Dimon. [Bloomberg Markets]

  • 22 Jun 2012 at 2:21 PM

Credit Suisse: Leave Brady Dougan Alone!

In an unusual move, the board of Credit Suisse Group AG Friday issued a statement to back Chief Executive Brady Dougan, saying it is confident management’s plans to bolster capital will ensure Switzerland’s No. 2 bank meets and exceeds regulatory requirements. Mr. Dougan’s problems have been building in recent days. Last week, he was caught up in an unusual public spat with Switzerland’s central bank over whether Credit Suisse’s capital cushion is adequate. Meanwhile, the Swiss bank’s stock has fallen sharply and some of its bankers are grumbling about Mr. Dougan’s performance as chief executive. The questions about Mr. Dougan have intensified in recent days and represent an unwelcome distraction for the bank, which has prided itself on avoiding much of the turmoil that has befallen its larger rival, UBS AG. The board has now moved to quell any speculation about Mr. Dougan’s future at the bank, saying it was comfortable with the progress that has been made toward meeting the Basel III capital requirements. [WSJ]