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.
2 Florida Businessmen Interested in Buying Orlando Sentinel to Prevent Sale to Alden Hedge Fund (Orlando Sentinel)
In an attempt to prevent the Orlando Sentinel from being sold to hedge fund Alden Global Capital, two Florida businessmen have said they’re interested in buying the 145-year-old Orlando newspaper to keep it in local hands. One of them, Mason Slaine, a former CEO of Thomson Financial, has expressed interest in buying both of Tribune Publishing’s Florida papers, the Orlando Sentinel and the Sun-Sentinel in South Florida, where he lives.
Adrigo Loves Fishing (Hedge Nordic)
Stockholm (HedgeNordic) – The ambition and ability to find high-potential, undiscovered stocks is one characteristic differentiating Staffan Östlin’s Adrigo Small & Midcap L/S from many other players focusing on the Nordic small- and mid-cap space. “Investors should expect us to continue to find undiscovered stocks and they should expect us to continue to be very curious,” Östlin recently told HedgeNordic. Östlin and his colleague Johan Eriksson appear to have found a new undiscovered gem.
U.S. Companies Resist Activist Investor’s Climate Campaign (The Wall Street Journal)
A billionaire British hedge-fund manager’s campaign to make large public companies set near-term targets for carbon-emission cuts is encountering challenges from U.S. corporations and money managers. More than a dozen companies in Europe, Canada and Australia have signed onto Chris Hohn’s “Say on Climate” initiative, according to data from Institutional Shareholder Services Inc. The drive has also aimed to make companies’ emission targets subject to annual shareholder votes. But in recent weeks, U.S. cable provider Charter Communications Inc. and railroad operator Union Pacific Corp. decided to oppose Mr. Hohn’s proposed shareholder resolutions.
Tuesday 3/30 Insider Buying Report: CLI, VZIO (Nasdaq.com)
At Mack Cali Realty, a filing with the SEC revealed that on Thursday, Director A. Akiva Katz bought 345,963 shares of CLI, at a cost of $15.52 each, for a total investment of $5.37M. So far Katz is in the green, up about 8.2% on their purchase based on today’s trading high of $16.80. Mack Cali Realty is trading up about 3.6% on the day Tuesday. Before this latest buy, Katz made one other buy in the past twelve months, purchasing $6.41M shares at a cost of $14.51 each. And on Monday, Director Julia S. Gouw purchased $735,000 worth of Vizio Holding, purchasing 35,000 shares at a cost of $21.00 a piece. This purchase marks the first one filed by Gouw in the past twelve months. Vizio Holding is trading up about 0.3% on the day Tuesday. So far Gouw is in the green, up about 5.4% on their purchase based on today’s trading high of $22.13.
Facebook Inc (FB) COB and CEO Mark Zuckerberg Sold $15.8 million of Shares (Guru Focus)
COB and CEO of Facebook Inc, Mark Zuckerberg, sold 56,250 shares of FB on 03/25/2021 at an average price of $281.68 a share. The total sale was $15.8 million. Facebook Inc is the world’s largest online social network. Its products are Facebook, Instagram, Messenger, WhatsApp, and Oculus.
The Senior Vice-President Corporate Development of FirstService (NASDAQ: FSV) is Selling Shares (Analyst Ratings)
Today, the Senior Vice-President Corporate Development of FirstService (FSV), Alex Nguyen, sold shares of FSV for $2.93M. Based on FirstService’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $775 million and quarterly net profit of $22.03 million. In comparison, last year the company earned revenue of $676 million and had a net profit of $5.24 million. The company has a one-year high of $158.19 and a one-year low of $69.86. Currently, FirstService has an average volume of 47.96K.
CFTC Orders Coinbase Inc. to Pay $6.5 Million for False, Misleading, or Inaccurate Reporting and Wash Trading (HedgeCo.net)
(HedgeCo.Net) The Commodity Futures Trading Commission has issued an order filing and settling charges against digital asset exchange operator Coinbase Inc., based in San Francisco, California, for reckless false, misleading, or inaccurate reporting as well as wash trading by a former employee on Coinbase’s GDAX platform. The order requires Coinbase to pay a civil monetary penalty of $6.5 million and to cease and desist from any further violations of the Commodity Exchange Act or CFTC regulations, as charged.
