China Stocks Hedge Fund Cederberg Trims Fees on Poor Performance – Letter (Channel New Asia)
Cederberg Capital, a hedge fund invested in Chinese stocks, has lowered investor fees after its returns continue to suffer by China’s reluctance to loosen its COVID policies. Hedge fund manager Dawid Krige told investors in a letter seen by Reuters he would drop fees by 25 basis points “given the difficulty our clients have endured over the past 21 months.” This will reduce fees for Cederberg Capital’s China Class A and Class B vehicles to 1.25 per cent and 1.0 per cent respectively, effective on Jan. 1, 2023.
Hedge Fund Impactive Capital Readies for Proxy Fight at Envestnet (FinancialAdvisorIQ)
Activist investor hedge fund Impactive Capital is gearing up for a proxy fight after failing to secure a seat on the board of the financial advisor technology firm Envestnet, according to news reports. Founded by veteran investors Lauren Taylor Wolfe and Christian Asmar, Impactive has a 7.2% stake in Envestnet, Reuters writes. Envestnet had earlier “rebuffed” the hedge fund’s attempt to get Wolfe on Envestnet’s board, claiming she was “not a good fit,” according to the newswire, which cites two sources familiar with the matter.
Elon Musk’s Twitter Buyout Was A Billion Dollar Windfall For These 13 Hedge Funds (Forbes)
For many hedge funds, Elon Musk’s $44 billion “forced” purchase of Twitter represented an easy money trade. “You didn’t have to be a genius to realize that he was going to finish that deal,” said Carl Icahn at the Forbes Iconoclast Summit on November 3, adding that he would have considered waging a proxy fight if the deal fell through. Icahn told the audience at New York’s Historical Society that he made a profit of around $250 million by investing in Twitter this summer. But he was far from the only one to benefit. Regulatory filings show that billionaire-led hedge funds including Citadel Advisors, Millennium Management, D.E. Shaw and Third Point built large positions in Twitter in the second and third quarters, as well as other firms like Pentwater Capital and Farallon Capital.
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Activist Investor TCI Calls on Google Parent Alphabet to Slash Costs (The Wall Street Journal)
Activist hedge fund TCI Fund Management called on Google parent Alphabet Inc. GOOG 0.67% increase; green up pointing triangle to aggressively cut costs and reduce losses in long-term bets such as the self-driving car unit Waymo, claiming the company would be more efficient with fewer employees. London-based TCI, which said it owned Alphabet shares worth more than $6 billion, made the requests in a letter to Chief Executive Sundar Pichai on Tuesday, writing that it has been a significant shareholder since 2017.
Hedge Funds Fall for Dubai Over Lower Tax Rates, Softer Regulation — Portfolio Managers Want In (Financial News)
London hedge funds are joining a trend of investment firms looking towards Dubai for expansion, lured by lower tax rates, softer regulation, and a rising number of millionaires. Millennium Management, ExodusPoint Capital Management and BlueCrest, have recently established a presence in Dubai. In March, All Blue Capital shifted its corporate headquarters from London to Dubai.
