Veteran Trader Weinstein Calls Hong Kong Dollar Short a 200-to-1 Lottery Ticket (Bloomberg)
Credit trading veteran Boaz Weinstein says he too is betting against the Hong Kong’s pegged dollar like his hedge fund industry peer Bill Ackman. “Bill’s trade is a smart lottery ticket and I also have it on,” Weinstein, the founder of Saba Capital Management said in a tweet responding to another by Ackman predicting it is only a matter of time before peg breaks.
Ackman’s Hong Kong Short is Logical, Not Likely (Reuters)
Pershing Square boss Bill Ackman is taking another tilt at the Hong Kong dollar , betting the government will be forced to break its link to the greenback. His logic is stronger today than when he took the plunge in 2011 but it’s up to Beijing, not Hong Kong. Back then Ackman famously predicted that the Hong Kong Monetary Authority would allow the local currency to strengthen against the U.S. dollar. This time, he’s betting the opposite: in a series of tweets, he revealed his fund has built a “large notional short position against the Hong Kong dollar” and questioned why China would need to continue the city’s 39-year-old peg. Fellow hedgie Kylie Bass has made similar pronouncements since at least 2019.
Elliott’s Man Cocirio Ready to Leave the Hedge Fund to Take on Chief Financial Officer Position at AC Milan (Milan Reports)
Il Sole 24 Ore newspaper reported an important indiscretion this morning regarding the AC Milan club board, as relayed by Milannews.it. According to what is reported by the source, another Elliott man is ready to leave the US hedge fund in order to remain at AC Milan. We read the following headline: “Another Elliott at the court of Milan: Cocirio ready to become CFO.” Stefano Cocirio, Elliott’s man is ready to concentrate only on the Rossoneri club a bit like CEO Giorgio Furlani who will officially replace Gazidis in a few days.
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Asset Managers Score Worst in Annual Diversity Index (Financial News)
Asset managers have gone to great lengths in to bolster levels of ethnic diversity across their organisations in the wake of George Floyd’s murder in the US more than two years ago. However, new research covering the UK financial services sector shows asset managers have got worse over the past year when it comes to improving ethnic minorities’ experiences in the workplace.
Access Capital Raises $418m for Sophomore Infrastructure Fundraise (Opalesque.com)
European private assets specialist Access Capital Partners has closed its second infrastructure fund on EUR 400m ($418m). The private assets manager that invests in smaller buy-outs, private debt, and infrastructure companies said in a media release that ACIF Infrastructure II secured commitments from existing and new investors, including insurance companies, public and private pension funds, foundations, and family offices. ACIF Infrastructure II invests in operational infrastructure assets in Europe alongside best-in-class fund managers, institutional investors, and industrial groups, with a multi-sector approach, it said.
