SEC’s Gensler Blasts Hedge Fund Fees as Agency Readies Rules (Bloomberg)
Gary Gensler is again blasting hedge funds and private equity firms for the fees they charge investors, as the Securities and Exchange Commission plows ahead with plans to boost oversight of the private fund industry. “Today, private fund advisers receive multiple levels and types of fees—from management to performance to portfolio company fees.,” the SEC chief said in remarks prepared for a Managed Funds Association trade group conference. “That’s not to mention consulting, advisory, monitoring, servicing, transaction, and director’s fees, among others.”
King Street Capital Names Managing Director for Marketing, Investor Relations team (Pensions&Investments)
Will McGirr has joined alternative investment firm King Street Capital Management as a managing director at its marketing and investor relations team. In this role, Mr. McGirr will report to Vincent Dubois-Pelerin, partner and global head of marketing and investor relations, and support the firm in “enhancing client relationships” across the U.S. and Canada, said a Tuesday release.
Brevan Howard Ditches $1bn Commonwealth Strategy (Hedge Week)
Brevan Howard Asset Management has pulled the plug on its relationship with US hedge fund firm Commonwealth Asset Management after a $1 billion separately managed account it advised on suffered losses last month, according to a report by Bloomberg. The report cites unnamed sources familiar with the latter as revealing that Jersey-based Brevan Howard terminated the arrangement after a series of bets on short-term interest rates went awry resulting in a steep drop in the macro trading money pool.
Tuesday 5/2 Insider Buying Report: PI, SFST (Nasdaq.com)
On Monday, Impinj’s Director, Steve Sanghi, made a $2M purchase of PI, buying 23,500 shares at a cost of $85.00 a piece. Sanghi was up about 9.0% on the buy at the high point of today’s trading session, with PI trading as high as $92.62 at last check today. Impinj is trading up about 3.5% on the day Tuesday. Before this latest buy, Sanghi made one other buy in the past twelve months, purchasing $2M shares for a cost of $119.70 each. And at Southern First Bancshares, there was insider buying on Monday, by Chief Financial Officer David Andrew Borrmann who purchased 7,000 shares at a cost of $27.56 each, for a total investment of $192,929. Southern First Bancshares is trading down about 1.6% on the day Tuesday. Bargain hunters can pick up SFST even cheaper than Borrmann did, with shares changing hands as low as $25.77 at last check today — that’s 6.5% under Borrmann’s purchase price.
$4.4M Bet On Howard Hughes? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Howard Hughes: The Trade: The Howard Hughes Corporation (HHC) Director William Ackman acquired a total of 58,816 shares an average price of $74.74. To acquire these shares, it cost around $4.4 million. Northwest Bancshares: The Trade: Northwest Bancshares, Inc. (NWBI) President and CEO Louis J Torchio acquired a total of 4,395 shares at an average price of $11.32. To acquire these shares, it cost around $49.73 thousand.
