Secretive Billionaire Hedge Fund Firm Pledges Money to Fight Racial Injustice (Bloomberg)
Hedge fund manager Chris Rokos’s investment firm has waded into the raging debate on racial discrimination sparked by the killing of George Floyd and vowed to use its money to help fight the injustice. Floyd’s death in police custody in May, which sparked a wave of protests across the U.S., “has been a wake-up call to the world,” the secretive London-based money manager said in a rare statement.
Pro Bankruptcy Briefing: Citi’s $900 Million Mistake Frays Relationship With Hedge Fund | Regus Puts More Office Space Companies Into Bankruptcy | Neiman Wins Approval of Chapter 11 Plan (The Wall Street Journal)
Good morning. Until recently, Brigade Capital and its founder, Donald Morgan, had worked closely with Citigroup. But a Revlon deal and a $900 million “mistake” has frayed the relationship. In recent weeks, co-working company Regus Corp., has put more than one half-dozen companies that hold office space leases in cities from New York to California into bankruptcy. And Neiman Marcus Group won approval of its plan to exit chapter 11 a day after hedge fund founder and Neiman critic Dan Kamensky was arrested.
The Richest Hedge Fund Managers On The 2020 Forbes 400 List (Forbes)
The 25 members of The Forbes 400 who made their fortunes from hedge funds are worth a combined $185 billion, up $2.8 billion from last year. As a group, that’s saying something, given that hedge funds got hammered in the first half of 2020, losing a record 7.9% on average, according to an analysis by Hedge Fund Research. The number of hedge funders on The Forbes 400 held steady at 25 this year, but Renaissance Technologies‘ Henry Laufer slipped from the rankings, and Pershing Square Capital Management founder and CEO William Ackman returned to the list after a four-year absence. Of those who were on the 2019 list, 11 got richer, 7 are down and 6 are flat. Still, their performance pales in comparison to some tech tycoons who are tens of billions of dollars richer than a year ago–like Jeff Bezos, whose net worth jumped an eye-catching 57% since the 2019 Forbes 400 list.
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Panthers Owner David Tepper is One of the 50 Richest Americans in Latest Forbes Ranking (NewsObserver.com)
You probably knew that Carolina Panthers owner David Tepper was a rich man. Now, we know exactly how Tepper, 62, stacks up with the richest people in the country. Forbes magazine released its annual ranking of the 400 richest Americans. To make the cut, you have to be worth at least $2.1 billion. Tepper is ranked No. 41 on the Forbes list with a net worth of $13 billion, putting him ahead of notables like Dallas Cowboys owner Jerry Jones (No. 56, $8.6B), entertainment mogul David Geffen (No. 65, $8.1B) and broker Charles Schwab (No. 85, $6.9B).
“Architect of Themes”: Former Soros and Fortress Macro Hedge Fund Veteran William Callanan Builds Momentum with Novel Outsourced CSO Venture (Hedge Week)
William Callanan – a veteran of the investment management industry and a global macro hedge fund specialist, whose resume includes stints at Soros Fund Management and Fortress Investment Group – is capitalising on evolving outsourcing trends with Syzygy Investment Advisory, a novel advisory unit that provides an outsourced chief strategy officer role to an assortment of institutional investors, hedge funds and family office clients. Launched in April last year, London-based Syzygy’s core focus is on generating alpha across a range of global macroeconomic themes and ideas, investing in currencies, interest rates, commodities and public-traded equities on a long/short and long/only basis.
Digital Care is Now Investable (Hedge Nordic)
Stockholm (HedgeNordic) – Whereas some industries such as retail or banking are almost unrecognizable from a decade or two ago due to digitalization, healthcare has been lagging behind other industries in the adoption of technologies. The Covid-19 pandemic has served as a big impetus for the digital transformation of healthcare. “There is a new sub-segment that has evolved rapidly during this year in the aftermath of the Covid pandemic within digital care,” Susanna Urdmark, who manages Rhenman Healthcare Equity L/S alongside Henrik Rhenman, tells Bloomberg.
Silver Lake Invests in Byju’s; Edtech’s Valuation Now at $10.8 Billion (LiveMint.com)
BENGALURU : Online learning platform Byju’s has raised $500 million in a fresh round of funding led by US-based private equity (PE) investor Silver Lake, along with participation from existing investors including Tiger Global, General Atlantic, and Owl Ventures. Silver Lake’s investment into edtech platform Byju’s comes shortly after the PE investor picked up a 0.93% stake in telecom major Reliance Jio for 4,546.8 crore in August.
Fund Manager Taken Into Custody on Insider Dealing Claims (Citywire.co.uk)
A Union Investment portfolio manager, who was last week accused of insider trading, has been taken into custody. German publication Handelsblatt initially reported the incident, with the public prosecutor confirming the report to Citywire Selector’s sister site Citywire Deutschland. The brokerage firms, who the fund manager was working with to execute trades from his private accounts, have submitted their respective reports to the German regulator BaFin.
The Shareholder of AbraPlata Resource (Other OTC: ABBRF) is Buying Shares (Analyst Ratings)
Today, the Shareholder of AbraPlata Resource (ABBRF), Eric Steven Sprott, bought shares of ABBRF for $9.85M. This recent transaction increases Eric Steven Sprott’s holding in the company by 140% to a total of $18.68 million. In addition to Eric Steven Sprott, 2 other ABBRF executives reported Buy trades in the last month.
Largest Insider Trades of the Week (Guru Focus)
International Tower Hill Mines: Electrum Strategic Opportunities, 10% owner, bought 1.02 million shares of International Tower Hill Mines Ltd. (THM) for an average price of $1.40 per share on Sep. 2. Entasis Therapeutics: Innoviva Inc., 10% owner of Entasis Therapeutics Holdings Inc. (ETTX), bought 4.67 million shares on Sep. 1 for an average price of $2.68 per share. SmileDirectClub: Jordan M. Katzman, director and 10% owner, together with David B. Katzman, CEO and chairman, bought 1.94 million shares of SmileDirectClub Inc. (SDC) for an average price of $8 per share on Aug. 31.
Notable Insider Buys Last Week: Avis Budget, SmileDirectClub And More (Benzinga)
SmileDirectClub Inc (SDC) CEO David Katzman added almost 1.28 million shares of this teledentistry company last week, while three other insiders bought over 698,000 altogether as well. At prices ranging from $7.63 to $8.51 per share, these transactions totaled more than $15.93 million. Avis Budget Group Inc. (CAR) saw a 10% owner add to its stake once more. The more than 289,600 additional shares were indirectly acquired for $34.31 to $35.05 each. That totaled over $10.01 million. This same beneficial owner bought more than $11.43 million worth of the stock in the prior week.
