Another Hedge Fund to Open Office in Dubai Early Next Year (InternationalInvestment.net)
Balyasny Asset Management has become the latest hedge fund to expand operations to Dubai with the opening of a new office next year, according to a report by Bloomberg. The report cites an unnamed source as revealing that the $17bn firm is aiming to go live in Dubai during the first quarter of 2023 from premises in the ICD Brookfield Place. The new office will initially accommodate 20 people. Dubai has already attracted some of big-name managers with both Izzy Englander‘s Millennium Management, Michael Gelband’s ExodusPoint Capital Management, and Michael Platt‘s private investment fi…
Alden Drops Bid for St. Louis Post-Dispatch Parent Lee Enterprises: Report (BizJournals.com)
Alden Global Capital has dropped its bid to buy St. Louis Post-Dispatch parent Lee Enterprises, according to an Axios report. Axios, citing sources, said the Florida hedge fund’s takeover push was being abandoned “at least for now, in part due to rising interest rates and a tougher market to finance deals.” The news outlet also cited a Lee filing showing that Alden sold some of its shares in the newspaper company in April, dropping its ownership of Lee from 6.3% to 4.7%.
Hedge Fund Galois Capital Says Half Its Capital Stuck on FTX Exchange, Financial Times Reports (Reuters)
Nov 12 (Reuters) – Galois Capital is the latest hedge fund caught off guard after close to half its assets were trapped on collapsed crypto exchange FTX, the Financial Times said on Saturday, estimating the amount to be around $100 million. Galois co-founder Kevin Zhou wrote to investors in recent days that while the fund had been able to pull some money from the exchange, it still had “roughly half of our capital stuck on FTX,” the paper said, quoting a letter it had seen.
Photo by Marga Santoso on Unsplash
Prakash Subramanian Joins Hedge Fund Millennium Capital as India CEO (Business-Standard.com)
Prakash Subramanian, a former managing director of Standard Chartered Bank, has joined US-based hedge fund Millennium Capital as its chief executive officer for India. Millennium Capital, a global hedge fund headquartered in New York, manages $57 billion of funds worldwide. The fund is looking to invest in India and is increasing its presence by building a new management team.
Brighton Park Capital Raises $1.8bn for the Second Fund (Opalesque.com)
Brighton Park Capital has announced a final close for Brighton Park Capital Fund II at $1.8bn, surpassing its target of $1.5bn. The software, healthcare, and tech-enabled services-focused investor said in a press release that consistent with its predecessor fund, Brighton Park Capital Fund II (BPC II) will continue the firm’s strategy of investing in growth-stage software, healthcare, and tech-enabled services companies that provide highly innovative solutions to create better outcomes, business processes, and customer relationships.
Hedge Funds ‘Extremely Surprised’ by FTX Collapse, Eye Tighter Due Diligence (Financial News)
Hedge funds have expressed their shock at the speed and scale of FTX’s collapse, as executives look to introduce tighter safeguards on their crypto exposure in future. “FTX’s fall from a trusted counterparty to bankruptcy was fast and extremely surprising,” Sadie Raney, chief executive of crypto hedge fund Strix Leviathan told Financial News. “The impact of this collapse will change the industry for many years to come.”
Deuterium Capital Management Launches Long/Short Macro Fund (Hedge Week)
Deuterium Capital Management (DCM), a US based asset manager with more than $1 billion in AUM, is launching a UCITs, daily-dealing, long/short fund using the same models and algorithms as its top decile-performing Global Dynamic Allocation fund. DCM has been running a simulation of a long/short fund alongside the long-only Global Dynamic Allocation fund since 2013, illustrating a USD cumulative net return of 163% and an annualised return of 11%, comfortably outperforming major hedge fund and equity price indices.
Hedge Fund Collapse Leads to £500k Writedown for Irish Property Developer (BusinessPost.ie)
Jersey-based David Kennedy had been planning to build a €50 million cancer treatment centre in Kildare town backed by a Neil Woodford-linked firm, but it will not now proceed after the collapse of Woodford’s hedge fund empire. The collapse of Neil Woodford’s hedge fund empire has resulted in a £500,000 write-down for David Kennedy, an Irish property developer based in Jersey. Kennedy had been planning to build a €50 million cutting-edge proton beam cancer treatment centre on the site of the former Magee Barracks in Kildare town, along with a Lidl supermarket and 300 houses.
Insider Trading: November 14, 2022 (BIV.com)
Insider Glenn Pountney, 10% owner. Company: Mirasol Resources Ltd. (TSX-V:MRZ). Shares owned: 6,122,000. Trade date: Oct. 28. Trade total: $23,646,000. Trade: Acquisition of 563,000 shares at a price of $42.00 per share. Insider Robert Melvin Douglas Cross, director. Company: Standard Lithium Ltd. (TSX-V:SLI). Shares owned: 187,401. Trade date: Oct. 28. Trade total: $187,600. Trade: Acquisition of 40,000 shares at a price of $4.69 per share.
Monday 11/14 Insider Buying Report: RKT, VST (Nasdaq.com)
At Rocket Companies, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Jay Farner bought 92,700 shares of RKT, for a cost of $6.44 each, for a total investment of $596,885. So far Farner is in the green, up about 25.2% on their buy based on today’s trading high of $8.06. Rocket Companies is trading off about 0.9% on the day Monday. Before this latest buy, Farner bought RKT at 65 other times during the past year, for a total cost of $30.48M at an average of $8.12 per share. And also on Wednesday, Director Scott B. Helm bought $356,125 worth of Vistra, buying 15,000 shares at a cost of $23.74 each. Before this latest buy, Helm purchased VST on 3 other occasions during the past twelve months, for a total cost of $921,140 at an average of $23.62 per share. Vistra is trading off about 1% on the day Monday.
Tesla, Helmerich & Payne And This Energy Stock Insiders Are Selling (Benzinga)
Tesla: The Trade: Tesla, Inc. (TSLA) CEO Elon Musk sold a total of 9,650,000 shares at an average price of $208.58. The insider received around $2.01 billion from selling those shares. Musk also sold 5.45 million shares at $208.58 and 4.40 million shares at an average price of $191.63. Schlumberger: The Trade: Schlumberger Limited (SLB) Chief Accounting Officer Howard Guild sold a total of 20,053 shares at an average price of $53.00. The insider received around $1.06 million as a result of the transaction.
Follow Insider Monkey on Twitter
