Boaz Weinstein’s Saba Capital Scores Win in Fund Battle (The Wall Street Journal)
Hedge fund manager Boaz Weinstein notched a victory in his ongoing fight against closed-end funds that trade for less than the underlying value of their assets. Weinstein’s Saba Capital Management employs a strategy known as closed-end fund arbitrage, which involves buying up shares of funds that trade at a significant discount to their net asset value and attempting to force changes that will drive the share price higher or allow investors to cash out. Closed-end funds are a type of mutual fund that issue a limited number of shares when they go to market.
Billionaire Ray Dalio Pushes for Return to Hedge Fund in Succession Clash (The New York Times)
Less than a year after retiring, Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, is threatening his former colleagues with the one thing they have worked hard to prevent: his return. Under the terms of his retirement contract, Mr. Dalio, who left the firm full time in October, has the option to retake control of Bridgewater if its financial performance flags, according to five people with knowledge of the agreement.
Cathie Wood, Boaz Weinstein Among Winners From Bitcoin Fund Bet (Bloomberg)
A host of Wall Street funds have minted profits riding the recent crypto fever after Grayscale Investments LLC snagged a big win over America’s top financial watchdog in its bid to create a US Bitcoin ETF. Money managers including the likes of Cathie Wood and Boaz Weinstein appear to have been well positioned for the crypto firm’s victory, after scooping up shares of the Grayscale Bitcoin Trust at the height of its recent distress.
Image by Sergei Tokmakov Terms.Law from Pixabay
Former Elliott Investor Markel to Launch Fund, Sources Say (Reuters)
Former Elliott Investment Management investor Leo Markel will launch a London-based fund called Finch Bay Capital in the first quarter of 2024 and expects to raise $500 million by the end of that year, said two sources familiar with the matter. A representative for Finch Bay declined to comment. Markel, who will act as the company’s CIO, is co-founding the activist fund with former ValueAct employee Daniel Urdaneta, the sources said.
Hedge-Fund Billionaire Ken Griffin Disputes Portrayal in Dumb Money Movie (TheThaiger.com)
Hedge-fund titan Ken Griffin has taken issue with his portrayal in the upcoming movie “Dumb Money.” While Griffin’s attorneys appreciated the casting of Nick Offerman as Griffin, they disputed the claim that he purchased paintings by de Kooning and Picasso to keep them away from Steve Cohen. According to Griffin’s lawyers, it was actually a de Kooning and a Jackson Pollock that he bought for reasons unrelated to Cohen. The film centers around the retail traders on Reddit’s Wall Street Bets page and their efforts to drive up GameStop shares. Griffin, who is worth an estimated $35 billion, expressed concern that the movie perpetuates the debunked narrative of collusion between Citadel and Robinhood to halt trading of GameStop shares.
