Millennium’s Jain Is Stepping Back as Hedge Fund Shuffles Management (Bloomberg)
Millennium Management’s Bobby Jain is “stepping back” from his role as co-chief investment officer in one of the biggest overhauls at the top of the $59 billion hedge fund firm. Founder Izzy Englander, 74, is establishing an office of the CIO, which will include two new co-CIOs and two heads of asset class risk management, he said in a memo to staff on Tuesday evening a copy of which was seen by Bloomberg. Paul Russo, currently global head of equities risk, will become one of the new co-CIOs. His counterpart, who wasn’t identified, will join in May.
More Losses For Tiger Global From Its FTX Investment (Forbes)
The hedge fund headed by billionaire Chase Coleman has been among the most prominent investors in Sam Bankman-Fried’s FTX crypto exchange. On Tuesday, Binance CEO Changpeng Zhao tweeted that his firm was buying FTX’s non-U.S. businesses to rescue it from what he said was a “significant liquidity crunch.” According to Zhao, commonly known as CZ, the two firms signed a non-binding letter of intent, subject to Binance conducting due diligence over the coming days. Bankman-Fried used Twitter to confirm a “strategic transaction” with Binance.
Icahn’s Private Hedge Fund Posts Third-Quarter Loss (Institutional Investor)
The octogenarian activist’s investment portfolio is still slightly up for the year. Carl Icahn’s private hedge fund suffered a small loss in the third quarter, but it remained in the black for the year. Icahn’s investment portfolio was down 1.9 percent for the September three-month period but up 2.4 percent over the first nine months of the year, according to the third-quarter report.
Rawpixel.com/Shutterstock.com
Alcur Select Opened for Fresh Capital (Hedge Nordic)
Stockholm (HedgeNordic) – The best Nordic hedge fund of 2021, Alcur Select, is re-opening for new subscriptions after being closed to new investors since early 2021. With SEK 3.35 billion under management, the small-cap-focused equity fund managed by Wilhelm Gruvberg is looking to raise an additional SEK 200 million in fresh capital. Alcur Fonder manages two hedge funds with different risk-reward profiles. Alcur Fonder’s first hedge fund, Alcur, is a low-net long/short equity fund launched in early 2007.
Cohesive Capital Makes Headway Toward a $450 Million Goal for Co-Investment Fund (The Wall Street Journal)
Cohesive Capital Partners, a private-equity firm founded by former Citigroup Inc. executive John Barber, has rounded up around $250 million so far for its fourth co-investment fund, according to people with knowledge of the offering. The amount raised to date puts the fund, Cohesive Capital Partners IV LP, more than halfway toward the New York firm’s $450 million target, the people said. Cohesive itself is committing $27 million to the new fund, or around 6% of the targeted total, they added.
Equity Access: Here’s One Hedge Fund Strategy in ETF Form (CNBC)
Hedge fund strategies utilize a range of approaches to maximize returns on market swings. And while the funds are traditionally targeted at accredited investors, they are now becoming more accessible through ETFs. New York-based firm Dynamic Beta investments runs the iMGP DBi Hedge Strategy ETF (DBEH) in the U.S. The fund uses futures contracts to model the performance of 40 equity long/short hedge funds to deliver equity-like returns over time.
Hedge Fund AUM Holds Up at Just Below $5tn All-Time High, Despite Global Downturn (Hedge Week)
The pace of Hedge Fund redemptions accelerated slightly in August to -$18.92 billion (-0.38% of industry assets), according to the Barclay Fund Flow Indicator published by BarclayHedge. A trading loss of -$54.13 billion during August saw total hedge fund industry assets decline to $4.96 trillion. Including new fund launches though, total industry AUM remains just 3.4% lower than the $5.136 trillion all-time high recorded in March of this year.
FTX Liquidity Crisis Forces Crypto Hedge Funds into Rethink (Financial News)
Crypto hedge funds are changing how they work with exchanges around settlement and asset safeguarding after a liquidity crunch pushed FTX to the brink of collapse. FTX rival Binance signed a letter of intent to fully acquire FTX on 8 November. The announcement triggered a crypto sector bloodbath, losing over $100bn in market capitalization in the following 24 hours, according to Coinmarketcap data.
Wednesday 11/9 Insider Buying Report: ET, BA (Nasdaq.com)
On Tuesday, Energy Transfer’s Executive Chairman, Kelcy L. Warren, made a $14.82M purchase of ET, buying 1,200,000 shares at a cost of $12.35 a piece. Bargain hunters are able to snag ET at a price even lower than Warren did, with the stock trading as low as $12.05 in trading on Wednesday which is 2.5% under Warren’s purchase price. Energy Transfer is trading down about 1.1% on the day Wednesday. Before this latest buy, Warren bought ET on 5 other occasions during the past twelve months, for a total cost of $186.09M at an average of $8.51 per share. And on Friday, CEO David L. Calhoun bought $3.97M worth of Boeing, buying 25,000 shares at a cost of $158.88 a piece. This purchase marks the first one filed by Calhoun in the past twelve months. Boeing Co. is trading up about 0.2% on the day Wednesday. Calhoun was up about 7.7% on the purchase at the high point of today’s trading session, with BA trading as high as $171.08 at last check today.
Yum China, Atlassian And 2 Other Stocks Insiders Are Selling (Benzinga)
Atlassian: The Trade: Atlassian Corporation (TEAM) Co-CEO, Co-Founder Farquhar Scott sold a total of 8,614 shares at an average price of $122.64. The insider received around $1.06 million as a result of the transaction. Yum China: The Trade: Yum China Holdings, Inc. (YUMC) Director Fred Hu sold a total of 3,193,127 shares at an average price of $45.13. The insider received around $144.09 million from selling those shares.
