Muilenburg-backed SPAC aims to raise $200 million in IPO [Reuters]
New Vista Acquisition Corp will list its units on the Nasdaq under the symbol “NVSAU”. Citigroup and Jefferies are the underwriters for the offering.
Boeing fired Muilenburg at the end of 2019 after repeatedly failing to contain the fallout from a pair of fatal crashes that halted output of its best-selling jetliner and tarnished its reputation with airlines and regulators.
Ackman Avoids January Hedge Fund Carnage [II]
Bill Ackman largely avoided the sturm und drang surrounding hedge funds last month, although his publicly traded hedge fund couldn’t avoid all of the market’s negativity. Pershing Square Holdings posted a 1.3 percent loss in January….
Glenview, Other Stock Funds Jump in January: Hedge Fund Update [Bloomberg]
Larry Robbins’s $3.5 billion Glenview Capital Management started the year with a 6.4% jump in its flagship hedge fund…. Glenview Offshore’s January return equated to about two-thirds of its gain for all of 2020, when the fund climbed 9.5%....
Falcon Edge Capital, co-founded by Rick Gerson and Navroz Udwadia, returned 4.2% in January, another person said. The $4 billion firm, which specializes in special situations, climbed 43% in 2020…. William Heard, who runs the $325 million Heard Capital, posted gains of 3.2% in his hedge fund and 4.5% in his long-only fund….
Multi-strategy hedge funds including ExodusPoint Capital, UBS O’Connor and Verition Group made money in January’s chaos….
Fed’s Kashkari: Fed Shouldn’t Pull Back on Aid [WSJ]
“The key now is for the Fed to keep its foot on the monetary policy gas” to help the economy overcome the coronavirus pandemic, Mr. Kashakri said. He also said it is critical that fiscal aid be in the mix as well, adding the central bank will use all available tools to help achieve its job and inflation targets….
New York Bank Fined For Anti-Money-Laundering Law Failures [WSJ]
The penalty was imposed after Apple Bank was asked in 2015 to enhance its anti-money-laundering compliance program. The bank had failed to comply with that FDIC order in a timely manner, the regulator said…. The FDIC said the $12.5 million civil penalty imposed in its latest consent order was appropriate in part due to the gravity of the violations and the bank’s history of prior violations.
Mediobanca’s Cairn Buys Blackstone-Backed Hedge Fund Bybrook [Bloomberg]
The acquisition, set to complete by the end of June, will add about $2.5 billion in assets under management, taking Cairn to more than $8 billion, Chief Executive Officer Nicholas Chalmers said in a phone interview. He did not disclose the value of the deal…. The tie-up is a rare example of consolidation in the non-traditional asset management industry, which signals a drive to gain complementary expertise as money managers try to improve returns….
London-based Bybrook was founded by Robert Dafforn in 2014, with private equity giant Blackstone investing $150 million of seed capital. Its flagship fund returned more than 15% net of fees last year, a spokesman said.
Government ‘SWAT Team’ Is Reviewing Past Startup Deals Tied to Chinese Investors [WSJ]
The Committee on Foreign Investment in the U.S., or Cfius, has over the past two years built out a new enforcement arm of roughly two dozen people tasked with rooting out old investment deals that involve sensitive technologies and could pose a threat to national security…. The team has its sights on venture-capital investments, even small-dollar deals, where the money can be traced back to China, these people say…. Penalties—ranging from fines to changing the company’s governance or even divestment—are expected to start appearing in a larger number later this year, these people said.