Charles Stein News
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Southeastern Asset Management Inc., the money manager that is the largest outside investor of Dell Inc., said it exercised 25 million call options in the computer maker, giving it more shares to vote in the upcoming fight over the company’s future.
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Primecap Odyssey Aggressive Growth Fund, run by a firm that’s best known as a money manager for Vanguard Group Inc., beat peers over the past five years with a heavy dose of health-care stocks, many held for years.
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Baupost Group LLC, the Boston-based hedge-fund firm run by Seth Klarman, sold shares of News Corp. in the first quarter while adding to positions in BP Plc and American International Group Inc.
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Bruce Berkowitz, whose bets on financial stocks helped him beat 99 percent of rivals last year after what he called a “horrible” 2011, made about $140 million as shares of mortgage insurer MBIA Inc. surged following a legal settlement with Bank of America Corp.
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Neuberger Berman Group LLC, a New York-based asset manager that oversees $216 billion, said it hired 22 people to manage emerging-market debt, including 19 from ING Investment Management Co.
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Franklin Resources Inc., benefiting from the rising popularity of top-ranked bond manager Michael Hasenstab, is the best-performing stock in the money-management business.
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Franklin Resources Inc., manager of the Franklin and Templeton mutual funds, said fiscal second- quarter profit rose 14 percent as gains in global stock markets increased assets under management.
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Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the world’s best-known bond investor and adding pressure on its rising stars to live up to his legacy.
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William Nygren, whose Oakmark mutual funds owned about 1.6 percent of Dell Inc. shares, said he sold his stake after Blackstone Group LP withdrew its bid to buy the computer maker.
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Bank of New York Mellon Corp., the world’s largest custody bank, reported a first-quarter loss after the U.S. Tax Court disallowed certain tax credits.
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