Point72’s Internship could Land a Dream Gig at Steve Cohen’s $24 Billion Fund. Here’s What You Need to Know. (Business Insider)
Here’s how to stand out among the pack for Steve Cohen. The hedge-fund manager and New York Mets owner founded the $24.4 billion fund Point72, and its internship is one of the most sought after on Wall Street. Importantly, a summer internship is often a precursor to the Point72 Academy — a 10-month training program for college graduates and early-career folks looking to carve out a living as an investment analyst.
New Captain To Steer UBS Hedge Funds Business (Finews.com)
The Swiss bank’s cherished hedge fund boutique O’Connor is reshuffling its top management at a time when the industry is seeing significant outflows. UBS is naming Blake Hiltabrand as global head of UBS O’Connor business, and is appointing Bernard (Bernie) Ahkong and Casey Talbot as co-CIOs of the unit, it said in a statement Friday. All three will replace Kevin Russell, who carried out the roles of CEO and CIO at the bank’s hedge fund business and looks back on a 29 year career in the industry, it said.
Silversmith Collects $1.25bn for the Fourth Fund (Opalesque)
Boston-based growth equity firm Silversmith Capital Partners announced the final close of its fourth fund with $1.25B in capital commitments from limited partners. Fund IV will follow the investment strategy of its preceding funds of backing profitable SaaS, IT, healthcare services, and healthcare IT startups. Silversmith’s team has contributed an additional $90 million to the fund. According to a press release from the company, Fund IV is the largest to date and brings the total capital raised to more than $3.3 billion since its founding in 2015. Silversmith received strong support from its existing investor base of leading endowments, foundations, fund-of-funds, and pension funds, while also adding a small number of new institutional investors.
Friday 7/29 Insider Buying Report: CBSH, HBAN (Nasdaq.com)
At Commerce Bancshares, a filing with the SEC revealed that on Wednesday, Director Blackford F. Brauer purchased 5,000 shares of CBSH, for a cost of $68.87 each, for a total investment of $344,372. So far Brauer is in the green, up about 1.2% on their buy based on today’s trading high of $69.69. Commerce Bancshares is trading up about 0.4% on the day Friday. Before this latest buy, Brauer bought CBSH at 2 other times during the past twelve months, for a total investment of $670,834 at an average of $67.08 per share. And also on Wednesday, Director Gary Torgow bought $249,975 worth of Huntington Bancshares, buying 19,382 shares at a cost of $12.90 a piece. This buy marks the first one filed by Torgow in the past twelve months.
Lockheed Martin Insider Trades $1.29M In Company Stock (Benzinga)
James D Taiclet Jr, and insider at Lockheed Martin (LMT) reported a large insider sell on July 28, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that Jr sold 3,239 shares of Lockheed Martin. The total transaction amounted to $1,290,871.
Former Fed Member Ken Fisher: I’m Sorry To See Nancy and Paul Pelosi Take Advantage Of Insider Trading (RealClearPolitics.com)
Former Fed member Ken Fisher was on CNBC to talk about reforms that could be made to insider trading for Congressional members. “With regard to the House and Senate, clearly people have taken advantage of inside information forever. I’m not against their tapping that down. and I’m sorry to see that Paul Pelosi and Nancy Pelosi and others are, appear, it’s all appearance right now we don’t know the facts, to have taken advantage of inside information. So something needs to be done.”
