Billionaire Hedge Fund Manager Argues for Increasing Immigration to Fight Inflation (CNN)
Bill Ackman, the billionaire hedge fund manager and activist investor, has an alternative idea to fight inflation: Increase immigration. He criticized the Federal Reserve’s interest-rate hikes in a series of tweets Thursday and Friday as a blunt tool that will destroy consumer demand and trigger a recession. “Inflation can be mit igated by reducing demand and/or by increasing supply,” tweeted Ackman of Pershing Square Capital. “Doesn’t it make more sense to moderate wage inflation with increased immigration than by raising rates, destroying demand, putting people out of work, and causing a recession?
Hedge Fund D.E. Shaw Is Shifting HQ to Manhattan West Tower (Bloomberg)
Hedge fund titan D.E. Shaw & Co. is relocating its Midtown headquarters to the far west side of Manhattan. The firm has signed a lease at Two Manhattan West, spanning roughly 283,000 square feet (26,292 square meters) across eight floors, according to a statement Friday. Currently based at 1166 Avenue of the Americas, D.E. Shaw plans to move to the new skyscraper in 2024.
Activist Investor Jana Partners Discloses Nearly 10% Stake in Freshpet (Reuters)
Sept 22 (Reuters) – Jana Partners on Thursday disclosed a 9.6% stake in Freshpet Inc (FRPT.O) and said it could push the pet food maker to evaluate a sale of its business, indicating another round of corporate activism in the retail industry by the hedge fund. The New York-based investor said in a regulatory filing that Freshpet’s shares, down nearly 60% so far this year, are undervalued.
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Billionaire Izzy Englander’s Millennium Just Tapped a Goldman Sachs Alum to Build Out Its Miami Hub as the War for Talent on ‘Wall Street South’ Heats Up (Business Insider)
Izzy Englander‘s $57 billion Millennium Management has tapped Olga Naumovich to lead its technology build-out in Miami, a source familiar with the hedge fund’s plans told Insider. In this newly created role as head of technology for Miami, Naumovich’s focus will be to build teams of engineers and developers that work closely with the multi-strategy hedge fund’s trading pods.
Jacob Rees-Mogg to Sell His Multi-Million Pound Hedge Fund (Tatler)
Millionaire and MP Jacob Rees-Mogg could become even richer over the next few months if he receives a multi-million pound payout from his hedge fund. It emerged yesterday that talks were under way to sell his investment firm, Somerset Capital Management, which was valued at between £70m and £100m in 2018. Rees-Mogg helped launched the business in 2007, and it is currently chaired by Dominic Johnson who is also its co-founder and chief executive. Johnson is now said to be preparing to follow in Rees-Mogg’s footsteps by shifting into a career in politics.
This Skeptical Judge Keeps Tossing Hedge Fund Fraud Convictions (Bloomberg)
The Platinum Partners fund manager convicted last month by a jury of rigging a bondholder vote may have an unlikely ally in his quest to stay out of jail — the federal judge at his trial. US District Judge Brian Cogan has already voided two jury convictions for Platinum Partners executives. Now, the veteran judge has invited lawyers for Daniel Small, who was found guilty of securities fraud and conspiracy, to submit arguments by Friday on why he should set aside that conviction too.
Cigrek Capital Launches EU Platform for Digital Assets Hedge Funds (Hedge Week)
Cigrek Capital has launched a fully-regulated, EU-based solution for managers of digital assets strategies seeking distribution to institutional investors. Cigrek’s solution has been designed specifically for managers of established digital funds who are seeking alternative distribution venues. The new umbrella is based on a fully regulated AIF limited partnership structure and has 10 cells immediately available for use by fund managers. The structure has not previously been available for digital assets managers.
Oil and Gas Investor Silver Hill Raises Over $1bn for First Institutional Fund (Opalesque.com)
Oil and gas investment specialist Silver Hill Energy Partners has raised more than $1bn for its first institutional private equity fund – Silver Hill Energy Partners II. According to a recent release from the Dallas-based firm, the oversubscribed fund has received total capital commitments of $1.02 billion from institutional investors comprising endowments, pension funds, medical and family foundations, and family offices. Silver Hill Energy Partners II is focused on the direct acquisition and development of operated onshore oil, natural gas, and related infrastructure assets in premier basins across the U.S.
Thursday 9/22 Insider Buying Report: HSON, DBRG (Nasdaq.com)
At Hudson Global, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Jeffrey E. Eberwein purchased 1,500 shares of HSON, for a cost of $34.80 each, for a total investment of $52,200. Investors can buy HSON even cheaper than Eberwein did, with shares changing hands as low as $34.20 in trading on Thursday — that’s 1.7% below Eberwein’s purchase price. Hudson Global is trading up about 0.3% on the day Thursday. Before this latest buy, Eberwein bought HSON on 16 other occasions during the past twelve months, for a total investment of $433,103 at an average of $22.46 per share. And on Tuesday, Chief Operating Officer Liam Stewart purchased $50,348 worth of DigitalBridge Group, purchasing 3,300 shares at a cost of $15.26 each. This buy marks the first one filed by Stewart in the past year. DigitalBridge Group is trading up about 0.6% on the day Thursday.
Tipper, Trader Settle Insider Trading Charges Involving 18 (Lexology)
Insider trading has long been a staple of the Enforcement Division. Since the earliest days of the Division, and even prior to its formation in the early 1970s, the Commission has brought a series of cases that the courts used to etch the elements of the violation beginning with the a breach of duty tied to the broad language of Exchange Act Section 10(b). The most recent example of this evolution may be the first insider trading case based on crypto assets, SEC v. Wahi, Civil Action No. 2:22-cv-01009 (W.D. Wash. Filed July 31, 2022).
Around $30 Million Bet On Medpace Holdings? 3 Stocks Insiders Are Buying (Benzinga)
Medpace Holdings: The Trade: Medpace Holdings, Inc. (MEDP) CEO August J Troendle acquired a total of 188,238 shares an average price of $158.38. To acquire these shares, it cost around $29.81 million. Braze: The Trade: Braze, Inc. (BRZE) Director Matthew Jacobson acquired a total of 36,747 shares at an average price of $35.26. To acquire these shares, it cost around $1.3 million.
