Bill Ackman: Hindenburg’s Carl Icahn Report is a ‘Must Read’ (Financial News)
Hedge fund billionaire Bill Ackman has called Hindenburg Research’s report into Icahn Enterprises a “must read” after the high-profile short-sellers described the firm as “Ponzi-like”. Icahn Enterprises, the holding company for American investor Carl Icahn‘s empire, was accused of taking money from new investors to pay out dividends to old investors in Hindenburg’s investigation.
Visa, Tiger Global Back Open Banking Firm Tarabut’s Saudi Push (Bloomberg)
Payments giant Visa Inc. has made its first open banking investment in the Middle East, joining Tiger Global Management in backing fintech firm Tarabut Gateway’s latest fundraising. United Arab Emirates-based Tarabut raised $32 million to fund its expansion in Saudi Arabia, also tapping local investors such as Pinnacle Capital and Aljazira Capital, Tarabut founder and Chief Executive Officer Abdulla Almoayed said in an interview.
Ex-Goldman Traders and Quants are Fueling Eisler’s Big Multi-Strat Bet (efinancialcareers.com)
Eisler Capital is taking on a prodigious amount of new talent – especially ex-Goldmanites – in its quest to become a multi-strategy hedge fund. Starting with its addition of ex-Goldman partner Alain Marcus back in January, it has taken on a number of strategists and traders from the firm in just the last few months, in both New York and London. Rishabh Vaid joined Eisler Capital as a quantitative researcher in April after nearly eight years at Goldman – half in London, where he moved to after joining the bank in Bangalore.
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Icahn the Hunter Has Become the Hunted (Bloomberg)
I don’t know what Carl Icahn eats for breakfast. Shark blood? He’s supposed to be the most feared man on Wall Street, after all. Tuesday morning, he got something even less appealing: a short seller. Hindenburg Research attacked Icahn Enterprises LP as an overvalued, dangerously levered confidence trick for retail investors who don’t know any better. It is unclear whether Icahn will care; he has been called worse – raider, devil, evil Captain Kirk, and so on — but this time he should.
Avenue Capital Bets on Covid-19 Insurance Claims (Hedge Week)
Several prominent hedge funds are making bets on Covid-19 business-interruption claims – the most prominent being a roughly $2 billion pandemic-related claim by Caesars Entertainment – despite a string of losses in state and federal courts, according to a report by the Wall Street Journal. The report cites anonymous sources as revealing that distressed debt specialist Avenue Capital Group has paid roughly 10 cents on the dollar for a $330 million share of the claim filed by the casino and hotel owner in 2021 against a group of insurers including Allianz SE, Chubb Ltd, Markel Corp subsidiaries, and Aspen Insurance Holdings.
Andurand Oil Fund Slips 15% in March, Down 34% Year to Date – Societe Generale (Reuters)
Hedge fund manager Pierre Andurand’s Commodities Discretionary Enhanced Fund ended March down 15% and 34% lower for the year so far, eliminating over half of the fund’s 2022 gains, said a client note from Societe Generale seen by Reuters. March saw a wild ride in commodities prices with crude oil futures slumping 18% in markets roiled by the banking crisis. Prices reversed on March 20 and rebounded another 18% but front-month oil ended March at $75.67, down around $2 on the month.
Big Hedge Funds Face New 72-Hour Deadline To Report Losses (FA-Mag.com)
Large hedge funds would have just three days to privately tell US regulators about extraordinary investment losses and major margin events under a new rule that’s set to be approved by the Securities and Exchange Commission. The regulation, which a majority of the SEC’s five commissioners is expected to adopt Wednesday, significantly ramps up oversight of the biggest hedge funds. Rather than quarterly snapshots, watchdogs would for the first time get an almost real-time look at major events at managers that oversee at least $1.5 billion in assets. Private equity firms would also face new reporting requirements.
Asia Startup Hedge Funds Suffer Fundraising Slump (Funds Global Asia)
First-time hedge funds in Asia saw their poorest fundraising year since the global financial crisis, according to recently published data. Heightened geopolitical risks and Covid restrictions in Hong Kong both contributed to a year which saw hedge fund startups raise just US$3.5 billion in capital, the lowest total in 13 years. There were also fewer hedge fund launches than in previous years, according to data from hedge fund platform With Intelligence. There were just 45 new hedge funds in the region, excluding Japan, compared to the 78 that launched in 2021.
Wednesday 5/3 Insider Buying Report: ABCB (Nasdaq.com)
On Monday, Chief Strategy Officer James A. Lahaise bought $330,287 worth of Ameris Bancorp, buying 10,000 shares at a cost of $33.03 each. Ameris Bancorp is trading up about 3.1% on the day Wednesday. Investors can grab ABCB at a price even lower than Lahaise did, with shares trading as low as $30.82 at last check today which is 6.7% below Lahaise’s purchase price.
$6M Bet On Beacon Roofing Supply? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Beacon Roofing Supply: The Trade: Beacon Roofing Supply, Inc. (BECN) 10% owner CD&R Boulder Holdings, L.P. acquired a total of 99,880 shares an average price of $60.07. To acquire these shares, it cost around $6 million. KeyCorp: The Trade: KeyCorp (KEY) Director Richard J Hipple acquired a total of 2,200 shares at an average price of $10.66. To acquire these shares, it cost around $23.45 thousand.
