Greenlight Re Improves Income, Sees Better Investing Conditions (ReInsurancene.ws)
Hedge fund-backed reinsurer Greenlight Re has reported improved income over 2021, despite incurring a dip in the fourth quarter of the year, and is now seeing investment conditions better aligned with its strategy, the company says. Greenlight-ReGreenlight Re recorded net income of $24.3 million and $17.6 million for the Q4 and full-year periods, respectively, compared with $42.0 million and $3.9 million for the same periods in the previous year.
Ocorian Adopts BlackRock’s eFront Suite for Global Fund Admin Platform (Hedge Week)
Ocorian, a provider of corporate, fund and fiduciary administration services for private markets, has selected the full eFront Invest suite to support the ongoing growth of its Global Funds business. The announcement builds on Ocorian’s long-standing relationship with eFront by adding new capabilities such as Fund Administration, Investor Services, AIFM and Lite Depositary services.
Maverick’s Roller Coaster Ride (Institutional Investor)
The Tiger Cub’s strong February wasn’t nearly enough to offset January’s huge losses. Maverick Capital’s hedge funds rebounded sharply in February.Unfortunately, they were down a lot more in January, so they still remain deeply in the red for the year, in what has so far been two very volatile months for the Tiger Cub headed by Lee Ainslie III.
BlackRock Hedge Fund Raised Its Russia Bet, Suffered Record Loss (Bloomberg)
One hedge fund team at BlackRock Inc. saw Vladimir Putin’s invasion of Ukraine as a chance to buy more of the country’s stocks. That decision has backfired. BlackRock’s Emerging Frontiers Fund plunged over 10% in February, suffering the worst trading loss since it started more than a decade ago, according to people with knowledge of the matter and an investor document seen by Bloomberg. The fund, which was managing $960 million at the end of January, is now down about 7% this year, said the people, who asked not to be identified because the details are private.
Wednesday 3/9 Insider Buying Report: CVNA (Nasdaq.com)
At Carvana, there was insider buying on Friday, by Director Michael E. Maroone who bought 25,000 shares at a cost of $104.77 each, for a total investment of $2.62M. Carvana is trading up about 16.4% on the day Wednesday. Maroone was up about 17.0% on the buy at the high point of today’s trading session, with CVNA trading as high as $122.60 at last check today.
U.S. Probes Trade by Barry Diller, David Geffen Before Big Merger (The Wall Street Journal)
Federal prosecutors and securities regulators are investigating large bets that Barry Diller, Alexander von Furstenberg and David Geffen made on Activision Blizzard Inc. shares in January, days before the videogame maker agreed to be acquired by Microsoft Corp., according to people familiar with the matter. The three men have an unrealized profit of about $60 million on the options trade, based on the recent Activision share price of around $80, according to the people.
Barry Diller Denies Insider Trading on Microsoft, Activision Deal as DOJ and SEC Investigate Him and Geffen (CNBC)
Barry Diller strongly denied the idea that he, his stepson, and longtime pal and fellow mogul David Geffen engaged in insider trading in purchases of Activision Blizzard call options that are under investigation by the Justice Department and the Securities and Exchange Commission. Diller, Geffen and Diller’s stepson Alex von Furstenberg together made large bets on Activision stock shares just days before that videogame maker said it had agreed to be bought by Microsoft, The Wall Street Journal reported. “None of us had any knowledge from any person or any source or any anything about a potential acquisition of Activision by Microsoft,” Diller told CNBC.
