Hedge Fund News Wrap: Week Ending 03/06/15

(Forbes) – Universal proxy ballots, the inclusion of board nominees from both sides of an activist fight on a single voting card, was key in Bill Ackman’s defeat by Target in 2009 and his successful ouster of Canadian Pacific’s board a few years later. Now, the proxy voting technicality is being revived in hedge fund Trian Management’s fight to gain entry into DuPont’s boardroom.

In late February, Trian asked DuPont to use a universal proxy ballot at its 2014 annual shareholder meeting, allowing rank and file shareholders to vote between dissident and company-nominated board directors. Investors traditionally vote their shares using proxy cards, either backing the white cards that contain company nominees, or the gold cards that hold activist slates. However, activist funds increasingly want to give investors the option to split their vote if they don’t feel comfortable going all-in during an activist campaign.

Read the entire article at Forbes
More coverage: Fortune and Reuters

Deutsche Bank Survey: Growth Expected among Large Funds, Quant & Asian Strategies

(FINalternatives) – A new survey by Deutsche Bank’s Global Prime Finance unit reveals investors are continuing to favor the largest funds for new allocations, while quantitative strategies are gaining increasing attention and Asia is rapidly coming back onto the radar.

The bank’s 13th annual Alternative Investment Survey asked 435 investors, representing over $1.8 trillion in assets under management, for their insights on allocation plans and sentiment for 2015, according to a press release.

Among the findings is continued growth in assets for the hedge fund industry. Total assets under management are expected to grow 7% by the end of this year, to more than $3 trillion. Fully 39% of the respondents to Deutsche’s survey expect to increase their allocations to hedge funds this year.

Read the entire article at FINalternatives
More coverage: The Wall Street Journal and Hedgeweek

Tiger Cub Patrick McCormack to Shut Consumer Hedge Fund Firm

(Bloomberg Business) – Hedge fund manager Patrick McCormack said he’s shutting down his Tiger Consumer Management after 15 years to spend more time with his family.

“Managing a fundamentally driven, long/short equity hedge fund is rewarding but demanding work,” he wrote in a letter to investors sent out on Wednesday. “The decision to wind-down is one of the most difficult I have faced, but I have given it considerable thought and believe now is the best time to do so, particularly given a strong start to the year.”

McCormack will return virtually all investor money by the end of March. The fund was up 4.6 percent in February and 3.9 percent in 2015, the letter said.

Read the entire article at Bloomberg Business
More coverage: Reuters and CNBC