Hedge Fund Billionaire Extracts Billions More to Retire (The New York Times)
When Ray Dalio, the multibillionaire founder of the world’s biggest hedge fund, Bridgewater Associates, announced his retirement in October, both he and the firm he founded more than four decades ago treated the moment as celebratory. Mr. Dalio, 73, told his millions of followers on LinkedIn that he felt “great about the people” to whom he had handed the reins. And one of Bridgewater’s two new chief executives, Nir Bar Dea, sent an enthusiastic note to clients: “The transition from Ray is done!”
Bain Capital Expects Pickup in China’s Struggling PE Market (Bloomberg)
Bain Capital is expecting a recovery in China’s $539 billion private equity market as early as this year, though the industry may struggle in reaching past levels of deal activity. The market will benefit from a number of tailwinds, including the nation’s end of Covid Zero late last year, an expected recovery in consumer sentiment, and a rebound in Chinese stock markets, Jonathan Zhu, partner and co-head of Asia for Bain Capital Private Equity LP, said in an interview.
Hedge Fund Manager Chris Hohn Demands Airbus Drop Atos Deal – Letter (Reuters)
Hedge fund manager Christopher Hohn has written to Airbus (AIR.PA) demanding it drop a deal to purchase a minority stake in French IT consulting firm Atos’ (ATOS.PA) soon-to-be spun-off division Evidian. In a public letter to the planemaker on Monday, Hohn said that Evidian was a “highly levered company” and investing in it would “dilute the quality of Airbus’ business.” Hohn, who runs hedge fund TCI Fund Management, owns over 3% of Airbus’ shares worth more than 4 billion euros ($4.3 billion), the letter said.
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Brevan Howard Names New Head of Systematic Operations (Hedge Week)
Brevan Howard has appointed Murray Coalville, a former vice president at Nomura, to head up its systematic operations, according to a report by The Financial News. Colville joins after spending four months at institutional crypto trading platform Elwood Technologies as a technical account manager. Prior to joining Elwood, he was a middle office manager at hedge fund Millennium’s London office for more than three years, having previously spent four years at Nomura holding various positions including vice president between June 2016 and November 2019.
American Hedge Fund Elliott Management Offers to Back Glazer Family as Manchester United Owners (News18)
The Glazer family has owned Manchester United, one of the Premier League’s most iconic clubs, for the last 18 years. However, fans of the decorated club have had mixed feelings about the Glazer family since 2005. The Glazer family, which also owns the American football side Tampa Bay Buccaneers, have faced deep-rooted opposition from the United fan base for many years. Several reports in the last few months have come out suggesting that the Glazer family could sell Manchester United and end their controversial and debt-burdening 18-year reign. The American owners had announced in November 2022 that they would explore outside investment opportunities for the club. Some reports even suggested that the Glazers’ were prepared to sell the entirety of the club. However, an ESPN report now suggests that the Glazers might actually remain at the club. The Glazer family has been offered financial backing to remain as owners of Manchester United by American hedge fund Elliott Management.
