Saba Picks a Fight with BlackRock Over Closed-End Funds (Risk.net)
Boaz Weinstein is taking on the world’s largest asset manager in a proxy battle. Weinstein’s Saba Capital Management filed so-called ‘fight’ letters with the US Securities and Exchange Commission on June 1 concerning three BlackRock funds: the BlackRock Innovation and Growth Term Trust (BIGZ), BlackRock California Municipal Income Trust (BFZ) and BlackRock ESG Capital Allocation Term Trust (ECAT).
The Founder of the World’s Largest Hedge Fund on Debt, Government Spending and Education (Marketplace.org)
Now that the latest debt ceiling deal has been signed into law, the “Marketplace Morning Report” decided to take a wider-angle view on the debate given that it’s almost certainly not the last time the nation will see a fight over how to extend the federal government’s debt limit. “Marketplace Morning Report’s” David Brancaccio recently spoke with Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, about the wider issues dredged up by the debt fight. They also discussed how more spending on education is a good return on investment.
English Football League approve Tom Wagner’s takeover of Birmingham City (The Athletic)
The English Football League (EFL) has approved American hedge fund manager Tom Wagner’s proposed takeover of Birmingham City. The club confirmed last month that Shelby Companies Limited had agreed to buy 24 per cent of the club’s shares from Birmingham Sports Holdings Limited (BSHL) and a 21.64 per cent stake from Oriental Rainbow Investments Limited and Achiever Global Group Limited.
Pixabay/Public Domain
Citadel’s Red-Hot Run has Led to a New Problem: It’s Harder than Ever to Nab an Internship There (Business Insider)
Billionaire Ken Griffin‘s Citadel internship program is attracting more students than ever before. Citadel, the $57 billion hedge fund, and market maker Citadel Securities recruit hundreds of undergraduate and graduate students every year for an 11-week summer internship program. The acceptance rate was roughly 0.5% this year, with over 69,000 applications. The number of applications was up 65% from last year.
Macro Hedge Fund LHG Capital Closes First Single-Investor Fund at $150m (Hedge Week)
LHG Capital Management, a $1 billion-plus hedge fund specialising in ‘quantamental’ global macro investing, has closed its first ever single-investor fund at $150 million, boosting the firm’s assets under management to over $1.3 billion. Unlike its separately managed account (SMA) products, which trade on a pari passu basis with its flagship fund, the hedge fund firm’s ‘Fund of One’ product combines its two macro strategies, Diversified Global Macro and China Macro, into a single integrated fund, with customised ESG integration, geographical focus, currency exposure management, return/risk profile, and lock-up period.
Hedge Fund Founder’s Son Sells Palm Beach House for $15M (The Real Deal)
A hedge funder’s son sold his non-waterfront Palm Beach home for $14.9 million. Records show a trust for the benefit of Kosar Bishop sold the house at 125 Gulfstream Road to the Art Trust, with local attorney Maura Ziska signing as trustee. The true buyer is unknown. JoAnna Myers of Douglas Elliman had the listing, and Jack Elkins of William Raveis Real Estate brought the buyer. Elkins confirmed the buyers are from out of state, but declined to comment on their identity.
Defunct Crypto Hedge Fund 3AC Insists on Taking Part in Genesis Mediation (CoinDesk)
Defunct crypto hedge fund Three Arrows Capital (3AC) has demanded to be included in the bankruptcy mediation process of crypto lender Genesis Global, according to a Sunday filing. On May 1, Judge Sean Lane appointed Randall J. Newsome to mediate talks about the contribution Genesis owner Digital Currency Group (DCG) should make to any restructuring plan. DCG is also CoinDesk’s parent company.
Billionaire Hedge Fund Manager Loads Up on Amazon Stock. Should You? (InvestorPlace.com)
Stanley Druckenmiller reportedly held a sizable share position in Amazon (AMZN). Exposure to artificial intelligence (AI) could benefit Amazon and its stakeholders. Investors should own a few shares of AMZN stock now. Following the trades of highly respected investors can be not only fun but also profitable. In the case of Amazon (NASDAQ:AMZN) stock, a living legend in the world of finance reportedly took a stake in the e-commerce giant. I’d say this was a smart move, and there are reasons to consider starting your own share position in Amazon today.
Monday 6/5 Insider Buying Report: L, IART (Nasdaq.com)
At Loews, a filing with the SEC revealed that on Friday, Sr. VP, Corp Dev and Strategy Benjamin J. Tisch bought 330,000 shares of L, at a cost of $56.91 each, for a total investment of $18.78M. Tisch was up about 2.9% on the purchase at the high point of today’s trading session, with L trading as high as $58.59 at last check today. Loews is trading up about 0.8% on the day Monday. And at Integra LifeSciences Holdings, there was insider buying on Thursday, by CEO Jan De Witte who bought 7,792 shares at a cost of $38.50 each, for a trade totaling $299,986. Integra LifeSciences Holdings is trading up about 3.6% on the day Monday. So far De Witte is in the green, up about 5.5% on their purchase based on today’s trading high of $40.63.
$2M Bet On Align Technology? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
StepStone Group: The Trade: StepStone Group Inc. (STEP) Director, Head of Strategy Michael I McCabe acquired a total of 80,000 shares an average price of $21.47. To acquire these shares, it cost around $1.72 million. Align Technology: The Trade: Align Technology, Inc. (ALGN) Director Kevin Dallas acquired a total of 7,000 shares at an average price of $285.26. To acquire these shares, it cost around $2 million.
