Cathie Wood Sees Revival of Thematic Investing When Fed Cuts Rates (Bloomberg)
Investors will flock to funds focusing on buzzy themes when the Federal Reserve cuts interest rates, according to Cathie Wood, who is doubling down on innovative investment strategies with a new acquisition. The founder of ARK Investment Management — which purchased fellow exchange-traded fund issuer Rize ETF Limited in a big push into Europe’s nascent market for trend-driven investing — says the central bank could start cutting rates in 2024, which will work in favor of the types of strategies she has preferred over the years.
Hedge Fund CEO Says Staff Installed Mirrors Around the Office to Stop Him from Crashing into them While He Rode a Unicycle (Business Insider)
The CEO of hedge fund Renaissance Technologies said staff once installed mirrors around the office to stop him crashing into them while he rode a unicycle. Peter Brown confirmed the unusual anecdote in a rare interview on the podcast “Exchanges at Goldman Sachs.” The host, Raj Mahajan, asked Brown: “Is it also true that your staff had to install mirrors in the corners of the office to prevent you from flying into people as you rode a unicycle around the office?”
Ress Capital’s Hanna Persson Appointed to ELSA Board (Hedge Nordic)
Stockholm (HedgeNordic) – Hanna Persson of Ress Capital has been appointed to the Executive Board of the European Life Settlement Association (ELSA). This appointment, alongside two other industry professionals, is set to take effect from January 2024. ELSA was founded in 2009 with the primary objective of setting standards for participants in the European life settlement industry. Ress Capital, the asset manager where Persson has been serving as Head of Sales and Investor Relations since the beginning of 2023, operates an alternative investment fund, Ress Life Investments, specialized in investing in U.S. life insurance policies.
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Brevan Howard Continues Global Trader Recruitment Drive (Hedge Week)
Brevan Howard, the Jersey-headquartered global macro hedge fund firm co-founded by Alan Howard, is tapping other hedge funds and banks around the world as it continues to look to add trading talent to its team, according to a report by eFinancial Careers. Some of the recent bank recruits include Markus Hveem and Chris Almeida, who both joined earlier this month from JPMorgan and Bank of America respectively. Hveem was with JPMorgan for two years in Paris before taking up a PM role in Geneva for Brevan Howard, while Almeida left Bank of America after nearly ten years as an equity derivatives trader in Sydney, Hong Kong, and New York.
ExodusPoint’s UK People Got a £300k Pay Rise in 2022 (eFinancialCareers)
ExodusPoint, one of the largest hedge funds in the world, has published results for its UK subsidiary. And despite a significant increase in profit, not everyone at the multi-strategy hedge fund is feeling the love. UK staff working for ExodusPoint Capital Management UK LLP, a subsidiary of the hedge fund that contains the partners and portfolio managers, were paid an average of £927k ($1.1m) per head in 2022 in “wages and salaries” (which include bonuses), a rise of over 50% on 2021’s $601k ($743k) per head. That is, obviously, huge. It puts ExodusPoint second on our list of London’s best paying hedge funds, only behind Millennium, and more than Citadel & Point72 combined.
Billionaire Steve Cohen’s Point 72 Hedge Fund Takes 8.1% Stake in Cybin (MuggleHead.com)
Shares of Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) shot up by 38.5 per cent on Monday following news of billionaire Steve Cohen’s hedge fund taking an 8.1 per cent stake in the company. His firm Point 72 Asset Management now holds 18.95 million common shares of Cybin, a figure revealed in a United States Securities and Exchange Commission Schedule 13G form filing from Thursday. These forms are mandatory when buying more than 5 per cent of a public company’s shares in the U.S. and this is the first investment in a psychedelic medicine company made by the firm.
Odey Urged Woman He Groped at Work to Downplay Incident, FT Says (Bloomberg)
The latest woman to accuse Crispin Odey of sexual harassment said he groped her and later asked her to downplay the incident to the UK markets watchdog, according to the Financial Times. The woman, the 20th to come forward to the newspaper, said the financier assaulted her in Odey Asset Management’s Mayfair office one evening in 2005. After screaming at him, Odey apologized and left, she said.
Alternative Fund managers Turn to Third-Party Suppliers (Opalesque.com)
Alternative fund managers are increasingly turning to third-party suppliers to support their fund management business, with 96% planning on using external support over the next three years, said a study. The new research from Ocorian reveals the top three biggest concerns when it comes to switching providers, which is how quickly and accurately data can be migrated, the perception of investors and the market, and the impact this could have on the reporting cycle. Despite these concerns, almost one in four (23%) alternative fund managers are looking at switching fund administration providers over the next 18 months in some way.
Wednesday 9/20 Insider Buying Report: CNX, IRWD (Nasdaq.com)
On Monday, CNX Resources’, Bernard Lanigan Jr., made a $3.67M purchase of CNX, buying 172,830 shares at a cost of $21.25 each. So far Lanigan Jr. is in the green, up about 4.8% on their buy based on today’s trading high of $22.27. CNX Resources is trading up about 1.5% on the day Wednesday. Before this latest buy, Lanigan Jr. made one other purchase in the past twelve months, buying $2.10M shares at a cost of $15.24 a piece. And on Friday, SVP, Chief Financial Officer Sravan Kumar Emany purchased $300,119 worth of Ironwood Pharmaceuticals, purchasing 36,072 shares at a cost of $8.32 a piece. This buy marks the first one filed by Emany in the past year. Ironwood Pharmaceuticals is trading up about 0.4% on the day Wednesday. So far Emany is in the green, up about 12.5% on their purchase based on today’s trading high of $9.36.
Over $26M Bet On This Biotechnology Stock? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Iovance Biotherapeutics: The Trade: Iovance Biotherapeutics Inc. (IOVA) Director Wayne P Rothbaum acquired a total of 5,000,000 shares an average price of $5.30. To acquire these shares, it cost around $26.5 million. ModivCare: The Trade: ModivCare Inc. (MODV) Director Adam Gray acquired a total of 330,216 shares at an average price of $32.76. To acquire these shares, it cost around $10.82 million.
