Two Sigma Co-Founder David Siegel Calls AI Hype ‘Remarkable’ (Bloomberg)
Two Sigma Investments co-founder David Siegel said the excitement surrounding artificial intelligence may be overblown. “The hype is absolutely remarkable,” Siegel said at the Bloomberg Invest conference Wednesday. “I’ve never seen anything quite like it.”
EFL Approves Hedge Fund Boss’s Birmingham City Takeover (Hedge Week)
US hedge fund manager Tom Wagner, the co-founder of Knighthead Capital Management, which oversees about $9 billion and focuses on event-driven investing and distressed credit, has had his takeover of Birmingham City FC apportioned by the English Football League (EFL). Knighthood Capital Management-owned Shelby Companies Limited, last month agreed a deal to buy 24% of the club’s shares from Birmingham Sports Holdings (BSHL) and an additional 21.64% from Oriental Rainbow Investments Limited, and Achiever Global Group Limited, for a consideration of about £5.3 million ($6.7 million) in cash, along with a series of subsequent payments if Birmingham City FC is promoted to the English Premier League and remains there in its first two seasons, according to a regulatory filing.
Cinctive Capital Management Names First Deputy CIO (Pensions&Investments)
Michael Haddad, former deputy chief investment officer for the New York City Retirement Systems, has joined hedge fund manager Cinctive Capital Management in the new position of deputy CIO, according to a Tuesday news release. Until leaving the $248.2 billion system in July, Mr. Haddad was interim chief investment officer and was the deputy CIO throughout his six-year tenure. This is his first position since leaving the New York City Comptroller’s Bureau of Asset Management, which oversees the system’s investment portfolio, a spokesman said in an email.
Bankrupt Crypto Fund’s NFT Art Is up for Sale, and Collectors Are Clamoring for It (Barron’s)
Sotheby’s is selling 37 works of digital art once owned by the defunct Singapore cryptocurrency hedge fund Three Arrows Capital in a live auction next week in New York. “Grails,” as the collection is titled, includes several works of digital art created by pioneering generative artists, including Dmitri Cherniak, Tyler Hobbs, and Larva Labs—creators of Cryptopunks. As the title implies, these are sought-after works in the history of generative art, which refers to digital art created from computer algorithms and minted on blockchain as nonfungible tokens, or NFTs.
Wednesday 6/7 Insider Buying Report: GPC, DE (Nasdaq.com)
At Genuine Parts, a filing with the SEC revealed that on Friday, Director Robert C. Loudermilk Jr. purchased 2,000 shares of GPC, for a cost of $151.75 each, for a total investment of $303,500. Genuine Parts is trading up about 0.2% on the day Wednesday. And at Deere, there was insider buying on Tuesday, by Director Tami A. Erwin who purchased 675 shares at a cost of $371.05 each, for a trade totaling $250,459. Deere is trading up about 0.7% on the day Wednesday.
Over $18M Bet On This Financial Services Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Loews: The Trade: Loews Corporation (L) Sr. VP, Corp Dev and Strategy Benjamin J Tisch acquired a total of 330,000 shares an average price of $56.91. To acquire these shares, it cost around $18.78 million. Howard Hughes: The Trade: The Howard Hughes Corporation (HHC) Director William Ackman acquired a total of 52,510 shares at an average price of $74.37. To acquire these shares, it cost around $3.91 million.
