Odey Asset Management Sets Out Replacement Plans for Crispin Odey (Reuters)
Odey Asset Management is not considering imposing exit restrictions on investors in any of its funds, a spokesperson said, as partners seek to sever ties with founder Crispin Odey following allegations of sexual misconduct against him. The Financial Times reported on Sunday that Odey Asset Management had been discussing imposing restrictions or gating some EU retail funds as part of emergency measures to manage an investor exodus, citing people with knowledge of the talks.
Hedge Funds Raise Stakes in Fight Over Dealer Rule (Risk.net)
Alternative investment trade bodies have joined one of several court battles that could influence a controversial plan by US regulators to require more firms to register as securities dealers. Industry groups Aima and the MFA separately filed legal documents with a US federal court last week in the case SEC v Justin Keener. The groups are hoping for a legal toehold that could strengthen future challenges to the Securities and Exchange Commission’s proposal to widen the scope of its dealer.
Redemptions Continued for Hedge Funds to Begin Q2 2023 (Opalesque)
Opalesque Industry Update – April was another month of net outflows for the hedge fund industry, though as is frequently the case there are both negative and positive themes which make up the overall picture, said eVestment. In terms of continuing themes, the multi-strategy segment remains a leader, while redemptions continue within long/short equity, but it’s where change is happening that defined April’s significance. Within macro and managed futures is where the most short-term change is evident, while within the event driven space a new normal has been steadily unfolding. The sum of these parts remains aggregate redemption pressure on the hedge fund industry, though it is important to see within the data there are managers and strategies able to raise capital, and many able to produce solid returns for investors.
Monday 6/12 Insider Buying Report: GWRS, SRCL (Nasdaq.com)
At Global Water Resources, a filing with the SEC revealed that on Thursday, Director Andrew M. Cohn bought 30,000 shares of GWRS, for a cost of $12.07 each, for a total investment of $362,100. So far Cohn is in the green, up about 3.1% on their buy based on today’s trading high of $12.45. Global Water Resources is trading up about 1.9% on the day Monday. Before this latest buy, Cohn bought GWRS at 5 other times during the past year, for a total cost of $1.59M at an average of $13.40 per share. And on Wednesday, EVP & Chief People Officer Joseph Anthony Reuter bought $308,619 worth of Stericycle, buying 7,000 shares at a cost of $44.09 each. Stericycle is trading up about 0.3% on the day Monday. Reuter was up about 3.4% on the purchase at the high point of today’s trading session, with SRCL trading as high as $45.59 at last check today.
Nike, MGM Resorts And 2 Other Stocks Insiders Are Selling (Benzinga)
NIKE: The Trade: NIKE, Inc. (NKE) EVP, CFO Matthew Friend sold a total of 9,210 shares at an average price of $107.50. The insider received around $990.08 thousand from selling those shares. MGM Resorts International: The Trade: MGM Resorts International (MGM) CHIEF LEGAL ADMIN OFC AND SECY John McManus sold a total of 10,000 shares at an average price of $41.31. The insider received around $413.14 thousand from selling those shares.
