Icahn Revises Loan Pact With Banks After Short Seller Hindenburg’s Attack (Bloomberg)
Carl Icahn has renegotiated loan terms with a group of banks just months after a report by short seller Hindenburg Research sent shares in his investment firm tanking. The activist investor has consolidated all his borrowing under a new three-year term loan, according to a Securities and Exchange Commission filing on Monday. It extends the maturity of previous loans with the banks and includes amendments to certain covenants.
Bridgewater, Point72 are Hiring China Specialists as Policy, Economic Shocks Leave Hedge Funds Reeling (SCMP.com)
As China and the US fight over everything from semiconductor chips and metals to regulations, some investors are hiring specialists to study Beijing’s policies. The stakes have never been higher after a trillion-dollar rout in Chinese stocks since early 2021 while hedge funds retreated. Bridgewater Associates, the world’s largest hedge fund founded by China perma bull Ray Dalio, last month listed an opening for a China analyst focusing on government policy on its website. Vacancies at Steven A. Cohen’s Point72 Asset Management include an opening for a Chinese-speaking “intelligence analyst.”
Second Sexual Assault Civil Claim Filed Against Crispin Odey (InvestmentWeek.co.uk)
A second unnamed woman has filed a civil claim over sexual assault allegations against hedge fund manager Crispin Odey, law firm Fieldfisher confirmed to Investment Week. Fieldfisher partner Jill Greenfield will be representing the second woman and is already acting on behalf of the first claimant, who filed her suit against Odey last month. Both women made sexual assault allegations against Odey in December 2022, and their claims follow an investigation by the Financial Times into decades of alleged sexual misconduct by the fund manager.
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Opalesque Roundup: Global Hedge Fund Launches Hold Steady to Begin 2023: Hedge Fund News (Opalesque.com)
In the week ending July 07th 2023, HFR reported that new hedge fund launches were steady to begin 2023 as managers positioned for opportunities in Technology, Artificial Intelligence, and Cryptocurrency. Launches were concurrent with a sharp rise in financial risks in banks associated with the increases in interest rates and inflation over the past year, according to the latest HFR Market Microstructure Report. Broadridge’s latest digital transformation study finds 58% of hedge funds say digital transformation is their most important strategic initiative. A failure to invest in new technology or update legacy systems could leave managers disadvantaged in a difficult environment for raising capital. Hedge funds are allocating substantial resources to technology: respondents say 26% of their overall IT budget is currently allocated to digital transformation, a jump from 2022 when that figure stood at 13%.
Andreas Aaen: My Favourite Stock: (Hedge Nordic)
Stockholm (HedgeNordic) – In HedgeNordic’s summer series, “My Favourite Stock,” we delve into the minds of the Nordic hedge fund managers and ask them about their preferred stock picks. Here, Aalborg-based portfolio manager Andreas Aaen of Symmetry Invest introduces his favourite stock. What is currently your favourite stock in your portfolio? What initially attracted you to it and what makes you keep liking it?
