Saba Capital Management, the $1.6B hedge fund run by a Deutsche Bank exec, is relying on Sard Verbinnen & Co. for PR support as it faces accusations by a large Canadian pension fund in US court.
The $84B Public Section Pension Investment Board of Canada has sued Saba for allegedly “artificially manipulat[ing]” the board’s $500M investment after the board looked to cash out. The suit accuses Saba of self-dealing that led to a substantial loss for the pension fund.
Bloomberg notes the suit is another blow to Saba chief Boaz Weinstein, who took a beating in the financial crisis and has seen his six-year-old fund slump in recent years.
Sard New York managing director is speaking for Saba and said the hedge fund looks forward to vindication in court.
The $112B PSPIB includes pensions for the Royal Canadian Mounted Police and Canadian Forces.
Edelman handles Viking Holdings, the river and ocean luxury cruise line that plans to raise $1B via an IPO priced in the $21 to $25 per share range.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
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