The announcement came after some Indonesia Stock Exchange IDX officials chalked this up to an apparent internal "cross trade" -- in which buy and sell orders offset each other outside the public market -- aimed at transferring ownership due to participation in the tax amnesty program. Observers said similar transactions will follow and help dismantle opaque ownership structures in Indonesia's fragmented stock market. Because many Indonesians own the shares through foreign entities.
Sulistio continued: "In the future, it will be clear who owns shares in what during stock market transactions, there will be transparency in the stock market. And this has started with BCA. A BCA spokesperson did not immediately respond to a request for comment.
Members of the Hartono family could not be reached for comment. Under the amnesty program, individuals who come clean about undeclared assets and pay a small percentage of the value are exempted from criminal charges. Launched in July, the initiative has already stirred up some 3. The Hartono family, also known for its ownership of major cigarette maker Djarum Group, was part of a consortium that bought a majority stake in BCA in the early s.
The purchase was made in an auction held by a government agency tasked with selling assets nationalized during the Asian financial crisis. BCA is currently the country's third-largest bank by assets and has a network of around 1, branches across the archipelago. Sign up to our newsletters to get our best stories delivered straight to your inbox.
Steyer manages all of the firm's capital with a consistent overarching strategy, making value-oriented investments in businesses undergoing significant upheaval or transformation. As of November 30, , only 9 percent of Farallon's assets were invested in traditional merger arbitrage.
The largest allocations were to restructurings and value, at 40 percent of the portfolio; credit investments and liquidations, at 22 percent; and real estate, at 11 percent. Direct investments accounted for 7 percent, and a surprisingly big chunk, 11 percent, was held in cash and other small, miscellaneous investments.
Steyer's long experience managing both public and private investments sets him apart from his peers. In , 80 percent of the firm's assets under management were held in fairly liquid funds; redemptions are possible only at year-end and require 45 days' written notice. The remaining 20 percent of assets were allocated to what the firm calls side pockets, special-situation accounts with longer lockup periods designed to take advantage of opportunities in private equity, real estate and other types of illiquid investments.
Steyer does not discriminate among his investors; all who are eligible at any given moment are also invested in the side pockets. But his rates are surprisingly modest compared with those of his peers: Farallon charges a 20 percent incentive fee and a 1 percent management fee. Unlike many managers, Steyer doesn't demand a long lockup period for new investors: He insists on one year for U. Currently, endowments and foundations contribute about 40 percent of Farallon's assets, individual investors account for some 30 percent, and an assortment of funds of hedge funds and banks' private clients groups are responsible for the remainder.
Farallon's explosive growth has complicated operations. Rather than risk expanding further under the single-manager model, Steyer -- who hired a CFO, Greg Swart, from Goldman Sachs in -- is now decentralizing his operation to be able to invest more nimbly on a global basis and to delegate some decision making. Currently, there are four operating groups within Farallon: credit and liquidations, headed by William Mellin, Derek Schrier and Rajiv Patel; arbitrage, run by Chun Ding; real estate, managed by Stephen Millham and Richard Fried; and restructuring and value, overseen by William Duhamel.
Named for one of the Farallon islands, Noonday essentially functions as a fifth operating team within Farallon: It won't raise any capital beyond what is allocated to it by Farallon, nor will its performance record be disclosed to Farallon's investors. But Cohen and Spokes will have their own separate management company and research staff, all of which will give them considerable independence in the marketplace. We decided that we either needed to systematize operations or decentralize.
We opted for the latter. Cohen's team, based in Charlotte, North Carolina, will focus on specific industries; Spokes' operation in London will specialize in particular countries. The pair will work independently of each other, but when they need to combine forces for maximum impact they will match an industry specialist with a country specialist. Noonday's structure will allow its teams to undertake complex international investments -- an area that has always held tremendous appeal for Steyer, who is keen to move away from the crowd into areas that are perceived to be dangerous or opaque or to entail higher political risk.
I've never wanted Farallon to be the biggest hedge fund in the world, but we need to reflect the world. Tom Steyer was by all accounts an exemplary student at the Buckley School, an exclusive all-boys private school on Manhattan's Upper East Side. After graduating in , he enrolled at Yale, where he majored in economics and political science. An avid soccer player, he made Yale's varsity team his junior year as a wingback and was named captain his senior year. As an undergraduate, Steyer developed a deep love of the West.
Between his freshman and sophomore years, he worked on a ranch in Smith Valley, Nevada, living in a house without electricity or running water. The following summer he picked fruit in Oregon. But as much as he loved the outdoors, Steyer also wanted to earn more cash. After graduating from Yale in , he entered the two-year analyst training program at Morgan Stanley, working in mergers and acquisitions. It was classic investment bank boot camp, but the job had its benefits: Steyer met his close friend, Katie Hall, at Morgan.
She remembers Steyer as "a clear star," who could hardly bring himself to dress the part of the young, ambitious Wall Street lion. Barger and Hall soon joined him. As graduation neared, Steyer got a tip that would send him back to New York: A friend who had found summer work at Goldman Sachs returned to Stanford with glowing reports of a brilliant man named Robert Rubin, who was then running the risk arbitrage department. Steyer's star rose quickly at Goldman.
Within two and a half years, Steyer, still an associate reporting directly to a senior partner , had gained primary operating responsibility for all of Goldman's small but growing international arbitrage business. Still, he had a problem: His girlfriend didn't want to live in New York.
Steyer didn't hold out much hope for his chances of marrying her and starting a family if he chose to remain at Goldman. The turning point came when Rubin stopped running the risk arbitrage department on a day-to-day basis in and began to take on more firmwide operational responsibilities. He's really supportive. And even though he's a pretty quiet guy, he's very charismatic -- I felt a ton of loyalty to him.
He knew his friend wanted to break away from Goldman and offered to enlist the partners' help in gathering capital for Steyer's own shop. There was just something about Tom that made me think he was unique. He married Taylor that August, with Barger as his best man and Katie Hall as one of his groomsmen, wearing a black cocktail dress instead of a tuxedo. It's enough to get started. Now he oversees billions spread across hundreds of positions on a daily basis.
Since launching Farallon, Steyer has largely eschewed the use of leverage, preferring to take risks that he can control rather than ones he can't. At most, he says, he's percent invested, using one part debt to four parts equity. Those two things are consistent, and you can track them over time. Steyer's disciplined approach was shaped by his first experience with market shock. The two friends did a little bit of everything: arbitrage, valuation, liquidation.
Markets were volatile, but nothing prepared them for Monday, October 19, , when the Dow Jones industrial average plunged 22 percent. That one stock cost Steyer 3 percent of his capital -- still the worst loss on a percentage basis the fund has ever sustained on a single position. Black Monday's events helped change Steyer's approach to investing. For a start, he stopped relying too heavily on anyone else's research.
He also got serious about risk. Steyer worries constantly about correlations and unintended, industry-specific concentrations and demands that his team do the same. Each operational group has its own customized risk management system, which combines proprietary and off-the-shelf tools. In the restructuring and value group, for example, partner William Duhamel can view his positions through almost every imaginable lens: country, industry, sector, liquidity, volatility, price target, potential loss, potential gain, value-at-risk, beta measurements and more.
As his operating group partners keep track of investments and risk assessment at the micro level, Steyer oversees firmwide risk management. His desk sits in the middle of the open floor and he circulates constantly, interrogating the partners about position sizing relative to potential losses, given what he sees across their portfolios. And if you want to survive in it, you have to think in a much more primitive way.
With rare exceptions, Steyer does not allow any position to exceed 10 percent of the value of the portfolio. Typically, his bets are numerous and fairly small. At any given time, Farallon may have as many as to positions. Monica Landry, Farallon's head trader, says that she executes only 40 to 50 trades a day, and actual position turnover is slight.
After the crash, Steyer directed his staff to specialize in narrower disciplines. In the spring of , he asked Fleur Fairman, a friend from Morgan Stanley, to take over risk arbitrage; he began focusing on credit risk. Both agreed that the highly leveraged deals that were being struck right and left in the LBO frenzy would not hold up -- interest rates were too high.
Steyer anticipated a credit crunch, and he and his team trained for it nonstop. Six months later, he says, it came like rolling thunder. The junk bond market went into a tailspin, and Wall Street's arbitrageurs hemorrhaged money. Farallon escaped the bloodletting. Although the fund was down 2 percent that month, Steyer felt confident, not shaken. Steyer and his team went to work picking diamonds out of the dust and ended up holding 20 percent of the bankrupt Drexel's restructured debt.
Meridee Moore, who researched claims against Drexel exhaustively, kept encouraging Steyer to up the ante. In their bet paid off: Farallon's stake in DBL Trust, which liquidated Drexel, helped boost the portfolio to a gross return of William Mellin, who joined Farallon in , remembers those days fondly.
The real estate bust of the early '90s piqued Steyer's interest in bankrupt companies' assets. Steyer -- ever smitten with the West -- also took a look at unusual development projects. That interest led him directly into Farallon's most notorious undertaking, the Baca Ranch. Boyce wanted Steyer to help him buy the ranch and lay claim to the deep aquifer beneath it.
His goal was to export the water directly to Colorado's rapidly developing Front Range cities. But claiming the water rights was no easy feat. Unlike with other natural resources, water rights are not necessarily associated with physical property; certain users are vested with rights by federal land grants that date back to the settling of the West in the s.
Boyce wasn't the first to try to tap this aquifer. Eight years earlier, American Water Development, led by Maurice Strong, a multimillionaire Canadian businessman who then owned the ranch, had submitted a claim to pump water from the aquifer. That application sparked a lengthy court battle, which was resolved only when the Colorado Supreme Court denied American Water's claim in The deal never closed. Boyce, armed with Farallon's money, stepped in and superseded the Nature Conservancy's bid.
Farallon created Vaca Partners to help fund the purchase. Structured as a partnership between Farallon and Yale, Vaca Partners was in turn the financial sponsor of Cabeza de Vaca, which owned Baca Ranch. Cabeza de Vaca was also owned in part by Stockman's Water Co. Farallon began researching to ascertain how much water could be drawn from the aquifer without causing environmental degradation -- and whether farmers in the valley were already overdrafting.
In , Boyce succeeded in getting two initiatives on the state ballot concerning water usage in the San Luis Valley: One would have demanded payment from the Rio Grande Water Conservation District for irrigators' use of water pumped from beneath state trust lands; the other required that certain agricultural, industrial and municipal users in the valley install water flow meters at their own expense. She is now executive director of the San Luis Valley Ecosystem Council, a local public lands advocacy organization.
The initiatives were rejected by a margin. Farallon had a hard time finding its exit. Boyce refused to accept that the project was dead and fought to keep it going. When Farallon refused, Boyce and his partner, Peter Hornick, sued to prevent the firm from selling to the Nature Conservancy.
Word of Yale's involvement first made news in January The timing was hardly coincidental: Yale's contract with some 4, of its unionized workers had expired at the end of , and negotiations were protracted and bitter; union organizers, as well as graduate students looking to unionize, were searching for anything they could use for leverage. They uncovered Yale's investment in Baca and turned a fading battle into a political tinderbox: Senator Allard demanded that Yale lower the sale price of the ranch or donate its profits from the sale to the Nature Conservancy.
Yale President Levin agreed, but how much the university should pay was challenged by protesters. The business was finally resolved in September , when the sale to the organization closed. But we thought we were doing the right thing, all along the way. He and his team began fashioning the side-pocket structure of separate accounts to enhance the firm's ability to invest in less liquid securities with longer lockups.
Although the structure was initially a tough sell to Farallon's limited partners, the added diversification -- coupled with strong performance -- gave the firm quite a boost. In the mids, Steyer intensified Farallon's overseas push. International assets quadrupled between and , the year he hired Andrew Spokes, a former Goldman Sachs investment banker with expertise in Europe and Asia, to further advance the expansion.
That year, too, Farallon struck the first of two sale-leaseback deals with Singapore Airlines with typical ingenuity. Spokes, who was initially based in San Francisco, moved to London to open Farallon's first overseas office in In the firm hired Raymond Zage, another former Goldman Sachs banker, who opened Farallon's first Asia office, in Singapore, in The Teva-shod, T-shirted masses from New Haven to Palo Alto were becoming keenly aware of globalization and the role of hedge funds in it.
And in truth, many of Farallon's biggest investments during the s can be traced to major political and economic upheavals: the LBO crisis in the U. Not all of these ventures were successful. For example, Farallon's activities in Russia during the early days of economic reform have come back to haunt it.
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