Bill Ackman Warns US Economy Headed for ‘Train Wreck’ After Latest Fed Rate Hike (Fox Business)
The U.S. economy may be headed for a “train wreck” after the Federal Reserve continues its fight against inflation and Treasury Secretary Janet Yellen ruled out “blanket” protection for bank deposits despite the worst financial crisis in a decade, according to hedge fund manager Bill Ackman. Ackman, who founded Pershing Square Capital Management, sounded the alarm on Wednesday about a possible acceleration of deposit outflows from banks after Yellen indicated that not all uninsured deposits will be protected in future bank failures.
Who are Elliott Management? Hedge Fund Offering to Buy Man Utd Stake and Work with Glazers (Mirror.co.uk)
Hedge fund oversaw transformation of AC Milan before selling for £970m last summer but minor shareholding would see Glazer family remain in charge, a move that would create a fresh wave of anger among supporters. The proposed takeover of Manchester United has taken a fresh twist following confirmation that the former owners of AC Milan have submitted a bid for a minor stake that would see the Glazer family remain in charge at Old Trafford. Elliott Sports Management, who last year turned a handsome profit by selling the Serie A giants for €1.2bn to RedBird Capital, made an offer for an undefined amount of equity in the club before last night’s 9pm deadline, which ended up being extended after separate offers from Sheikh Jassim and Sir Jim Ratcliffe were not received.
Crispin Odey Ploughs into UBS After Credit Suisse ‘Steal’ (The Times)
Crispin Odey has taken a punt that UBS will end up profiting from its state-backed acquisition of Credit Suisse by pouring his funds’ money into the Swiss bank’s shares. While others are still grappling with what the deal means for UBS, the veteran hedge fund manager said that it had “got a steal” with the £2.7 billion purchase of its rival over the weekend.
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Cathie Wood Suffers Double Blow as Drama Hits Coinbase and Block (Bloomberg)
An activist short seller attack on one US firm and the threat of regulatory action against another have conspired to deal a double blow to Cathie Wood and ARK Investment Management, as both shares are among her top holdings. Block Inc. and Coinbase Global Inc. are long-time favorites of Wood. As recently as Wednesday, the ARK Innovation ETF (ticker ARKK) bought more shares of Jack Dorsey-led Block.
FTX Reaches Deal to Recover Over $400 mln from Hedge Fund Modulo (Reuters)
Bankrupt crypto exchange FTX has reached a deal to recover more than $400 million in cash from hedge fund Modulo Capital, pulling back 97% of the money that FTX companies sent to the hedge fund in 2022, according to court documents filed on Wednesday. Bahamas-based Modulo agreed to pay $404 million in cash and give up its claim to $56 million in assets held on FTX’s crypto exchange, according to a filing in U.S. bankruptcy court in Delaware.
Macro Hedge Funds Hit by Financial Turmoil (The Wall Street Journal)
Hedge funds that bet on big-picture market moves have been hit with steep losses as a spate of recent bank failures upends bets that interest rates would remain elevated. The souring of the wager led some, including Maniyar Capital Advisors and Haidar Capital Management, to lose more than 20% this month. Many of the funds, which had notched big gains as rates marched steadily upward in 2022, are now flat to down for the year following a steep recent drop in Treasury yields. So-called trend-followers, which try to take advantage of momentum in markets, also were hurt.
Accused Hedge Fund Fraudster Makes His Third Arrest One To Remember (Deal Breaker)
Not for the first time, the authorities wanted to have a word with Ian Mitchell. Back in 2017, it was over a matter of grand larceny. A year later, they wanted a chat with him about some restauranteur-ing and/or hedge fund fraud involving the name-dropping of a Jamaican businessman to whom Mitchell was not related but claimed to be, scams that were allegedly ongoing before, during and after the grand larceny thing was being adjudicated. (Mitchell pleaded guilty in that case and avoided jail by promising to pay everyone back and be a very good boy.)
The Hedge Fund Cure for Apoteket’s Pension Fund (Hedge Nordic)
Stockholm (HedgeNordic) – 2022 was one of the toughest years in recent memory for institutional investors, as the global economy and financial markets faced high inflation, rising interest rates and volatility. Apotekets pensionsstiftelse, the pension foundation managing the €1.16 billion pension assets of Swedish pharmaceutical retailer Apoteket, was one of the pension funds that managed to come out of 2022 unscathed and book a positive return of 1.0 percent. Hedge funds did their part, both last year and the past five years.
Millennium Doubles Paris Staff as City’s Financial Center Grows (Bloomberg)
Hedge fund Millennium Management has roughly doubled its employees in Paris in the past year and plans to keep expanding, the latest example of the city’s growing financial heft. The firm now has approximately 50 staff in the French capital, most of whom are investment professionals such as portfolio managers, including quants, or are in related investment roles, according to a person familiar with the matter who isn’t authorized to speak publicly. Millennium is also growing in London, the person said.
Thursday 3/23 Insider Buying Report: MACK, ONEW (Nasdaq.com)
On Tuesday, Merrimack Pharmaceuticals’, Eric Andersen, made a $1.85M buy of MACK, purchasing 160,590 shares at a cost of $11.52 each. So far Andersen is in the green, up about 4.3% on their buy based on today’s trading high of $12.01. Merrimack Pharmaceuticals Inc is trading up about 1% on the day Thursday. This purchase marks the first one filed by Andersen in the past twelve months. And on Monday, Chief Operating Officer Anthony M. Aisquith bought $490,000 worth of OneWater Marine, buying 20,000 shares at a cost of $24.50 each. OneWater Marine is trading up about 1% on the day Thursday. Aisquith was up about 5.3% on the buy at the high point of today’s trading session, with ONEW trading as high as $25.79 in trading on Thursday.
$5M Bet On Pyxis Oncology? Check Out These 4 Penny Stocks Insiders Are Buying (Benzinga)
Pyxis Oncology: The Trade: Pyxis Oncology, Inc. (PYXS) 10% owner Pfizer Ventures (US) LLC acquired a total of 1,811,594 shares at an average price of $2.76. To acquire these shares, it cost around $5 million. Bird Global: The Trade: Bird Global, Inc. (BRDS) Director Travis Vanderzanden acquired a total of 1,000,000 shares at an average price of $0.13. The insider spent around $130 thousand to buy those shares.
