Hedge Fund and Insider Trading News: Anthony Scaramucci, Luminus Management LLC, Point72 Asset Management, Shanghai Minghong Investment Management Co., Latham Group Inc (SWIM), and More

Energy-Focused Hedge Fund Luminus Liquidates Some Assets (The Wall Street Journal)
Luminus Management LLC, a hedge fund that invests in the energy and power sectors, has sold almost all the assets in its largest fund to return money to investors. New York-based Luminus began to unwind holdings in its Energy Partners fund about a year ago, when the Covid-19 pandemic triggered market turmoil and prompted investors to withdraw their money, according to people familiar with the matter. The total value that the firm manages has fallen to $1.15 billion, from about $2.1 billion in March 2020, one of the people said.

Anthony Scaramucci’s SkyBridge Fund Tells Bitcoin Investors Not to Sweat Over the Cryptocurrency’s Wild Volatility (Business Insider)
Bitcoin investors should be prepared for wild volatility, SkyBridge‘s co-investment chief said. Troy Gayeski said SkyBridge is bullish on bitcoin, citing stimulus and institutional adoption. The firm was founded by Anthony Scaramucci, who worked briefly in Trump’s White House.

SEC Charges Hedge Fund Manager with $38 Million Fraud (Chief Investment Officer)
Andrew Franzone allegedly used misappropriated funds to buy an airplane hangar for his race car collection. The US Securities and Exchange Commission (SEC) has charged the owner of an investment adviser firm with fraudulently raising and misappropriating more than $38 million from approximately 90 investors from the sale of limited partnership interests in a private fund. According to the SEC’s complaint, Andrew Franzone defrauded investors by making misrepresentations regarding the strategy and investments of a private fund called FF Fund I LP.

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China Hedge Fund Minghong Recovers After Record Redemptions (Bloomberg)
Shanghai Minghong Investment Management Co., China’s largest quant hedge fund until recently, said it stemmed losses after earlier losses led to the biggest redemptions in its seven-year history. After dropping 27% in the first quarter, the offshore fund’s net asset value stayed largely unchanged this month through April 28, founder Qiu Huiming said in a phone interview from Shanghai. The improvement came after adjustments to its trading model last month, he added.

Point72 Hedge Fund Executive Buys Newly Built Miami Beach Mansion (Photos) (Biz Journals)
Luxury homebuilder Todd Michael Glaser sold a new waterfront mansion in Miami Beach for $12 million to an executive from a hedge fund that is opening a local office. The 5,735-square-foot home at 1500 W. 21st St. was sold by 1500 W 21 LLC, managed by Glaser, to Alex J. Silverstein, a portfolio manager at Point72 Asset Management, based in New York.