Mill Road Capital to Launch Diversity-Focused Fund (The Wall Street Journal)
The vehicle, which will be structured like a hedge fund, has an initial target of $500 million. It will invest in small public companies and try to improve their board governance and diversity. Mill Road Capital Management LLC, a firm that aims to apply private-equity management strategies to public companies, is launching a new vehicle focused on improving board governance as well as racial and gender diversity at the businesses it backs.
Tiger Management Billionaire Julian Robertson Says He’s a ‘Great Fan’ of Faith-Driven Investor Bill Hwang and would Invest with Him Again (Business Insider)
Billionaire hedge fund pioneer Julian Robertson, who founded Tiger Management in 1980, said he’s a “great fan” of former Tiger cub Bill Hwang and would invest with him again. “I’m just very sad about it,” the 88-year-old investment titan told Bloomberg in an interview on Monday. “I’m a great fan of Bill, and it could probably happen to anyone. But I’m sorry it happened to Bill,” he said of the stock market storm set off by Hwang’s family office, Archegos Capital Management.
Breakingviews – Capital Calls – One SPAC’s Numerous Overambitions (Reuters)
NEW YORK (Reuters Breakingviews) – DISAPPOINTING ONESELF. Bill Ackman fancied himself a SPAC overachiever. Not only did the hedge fund manager raise a massive $4 billion for his special-purpose acquisition company, Pershing Square Tontine Holdings, last summer. He also set an ambitious target timeframe to find a deal: the end of the first quarter this year. That isn’t going to happen, he told investors in his Pershing Square business on Monday. Shares of the related blank-check company were oddly trading at a huge premium to the vehicle’s cash balance earlier this year, although no deals had been floated. They’ve since come down closer to their listing price.
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Event Driven Hedge Fund Aslan House “Well Positioned” for Growth Following Investcorp-Tages Investment (Hedge Week)
Aslan House Capital, a London-based event driven equity and credit-focused hedge fund, has grown its assets under management to USD190 million following a strategic investment from asset management seeder Investcorp-Tages. The firm, which invests across a range of hard event-driven equity and credit catalyst situations predominantly in Europe, has also broadened its investor base with additional commitments from several global institutions. Launched in November 2019 by Luke Lynch, former deputy chief investment officer and managing partner at Oceanwood Capital, Aslan House’s strategy aims to generate alpha using a differentiated, uncorrelated and scalable investment approach.
Hedge Funds Met or Exceeded Targets Set by Investors But Dispersion Expected to Stay High (Opalesque.com)
Hedge Fund performance over the past 12 months has either met or exceeded targets set by investors, said Global Hedge Fund Benchmark Survey, conducted by the Alternative Investment Management Association (AIMA), Simmons & Simmons, and Seward & Kissel. However, performance dispersion which has been a prominent feature over the past 12 months is likely to continue, highlighting the importance of manager selection and ongoing review, it said. “The strong hedge fund performance in navigating a series of market drawdowns during 2020 has not gone unnoticed by investors. With the industry continuing to report strong performances, there is a growing consensus that the hedge fund industry will record its first year of net inflows since 2017,” the survey said.
Hedge Fund Meltdown is a (Another) Warning to Wall Street (CNN Business)
Tonight: Global banks are, once again, learning about the dangers of excessive leverage; the Great Stuck may be unstuck, but the Suez saga isn’t over; and the housing market has truly gone bonkers. Let’s get into it. HEDGE FUND FAIL: A little-known hedge fund has caused widespread chaos on Wall Street. And it’s a scary reminder of the dangers posed by extreme leverage, secret derivatives and rock-bottom interest rates, my colleague Matt Egan writes.
Millennium Management has been Quietly Hoovering up London Quant Talent (eFinancialCareers)
It’s not only banks who are all about building out their systematic trading teams in 2021. Hedge fund Millennium Management has been surreptitiously adding quant trading staff from both banks and rival hedge funds in London too. Millennium’s recent people acquisitions include Lawrence Barwick, a new short term systematic portfolio manager who arrived this month from Bainbridge Partners, a London hedge fund where he worked on deep learning and high frequency trading strategies. For 12 years in the distant past, Barwick was head of global systematic trading at Bank of America.
