Trading, Financial industry & Economic - Your money

Allergan agrees to buy Zeltiq for about $2.48 billion


´╗┐Allergan Plc (AGN. N) on Monday said it would buy Zeltiq Aesthetics Inc (ZLTQ. O) for about $2.48 billion to gain access to its flagship body contouring technology. The Botox maker agreed to pay $56.50 per Zeltiq share, or a premium of 14.4 percent to the company's Friday close.

South Africa's Sibanye secures $2.65 billion finance for Stillwater deal JOHANNESBURG Sibanye Gold Ltd has secured a loan of $2.65 billion to support the acquisition of Stillwater Mining Company, the only U.S. miner of platinum and palladium, the South African company said on Monday.

Drugmaker Ipsen to buy some products from Sanofi for 83 million euros PARIS Drugmaker Ipsen has agreed to buy five consumer healthcare products from bigger French rival Sanofi for 83 million euros ($88 million), in a deal which Ipsen said should boost its profits.

Toshiba prepares to unveil nuclear hole, other perils threaten TOKYO Toshiba Corp will on Tuesday detail a writedown of close to $6 billion after bruising cost overruns at its U.S. nuclear arm, turning investor attention to the Japanese group's efforts to fix that and other balance sheet headaches.

Massachusetts pension fund pulls money from hedge fund Brevan Howard


´╗┐The Massachusetts state pension fund, which invests roughly $5 billion in hedge funds, has pulled money out of Brevan Howard, one of the industry's most prominent firms, a spokesman for the pension fund confirmed on Tuesday. The $62.7 billion pension fund has been invested with Brevan Howard since November 2011. The spokesman declined to say how much the pension fund had invested with Brevan Howard or when it first asked to get its money back. Brevan Howard, whose Master fund once ranked among the industry's most widely sought investments, has been facing a steady stream of redemption notices as performance has been lackluster in the last few years. Brevan Howard, which invests roughly $12 billion and makes bets on currencies, stocks and interest rates, ended 2016 with gains of 3 percent, following losses in 2014 and 2015. But its long-term record for the Massachusetts pension fund has been has been lackluster, gaining only an average 1.4 percent a year since 2011.

Some industry analysts say Brevan Howard, which posted strong returns until 2013, keenly felt the departure of star trader Chris Rokos, who left in 2012 and now runs his own fund. Brevan Howard had been a darling of the U.S. pension fund community, but state funds in Rhode Island and New Jersey have been among those pulling money in recent months. While some of these pension funds have decided to cut their allocations to hedge funds, Massachusetts is sticking with them. The pension fund's executive director and officer in charge of picking them say the Massachusetts fund is using hedge funds as investment vehicles, and that can protect on the downside.

Additionally, Massachusetts has been aggressively cutting costs by negotiating fees and demanding separately managed accounts where its money is not co-mingled with other investors. The pension fund is saving roughly $38 million a year by doing this. The pension fund has also moved away from the big-name, established funds in favor of smaller newcomers. Last year the pension fund hired Land and Buildings Investment Management, based in Stamford, Connecticut, Informed Portfolio Management, based in Stockholm, and East Lodge Capital, based in London.

Last year, the Massachusetts pension fund earned an 8 percent return with its basket of more than two dozen hedge funds returning 4.4 percent. The HFRI Asset Weighted Composite Index gained 3.10 percent last year.