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.
Galois Capital Flagship Fund to Close After FTX Losses (Reuters)
Galois Capital hedge fund founder Kevin Zhou said on Monday his flagship fund would close after “losing almost half” of the fund’s money when cryptocurrency exchange FTX collapsed. Zhou’s statement, released on Twitter, confirmed a report in the Financial Times that the hedge fund had decided to close its main fund and return its money to investors.
Steven Cohen’s Point72 Hedge Fund Backs Salesforce, Broadcom And Meta While Cutting Palo Alto And Wo (247WallSt.com)
Stamford, Connecticut headquartered fund Point72 Asset Management reported trades for the December quarter this week. The hedge fund was founded in 2014 by Steven Cohen and has grown to a market value of $29.42 billion at the close of the December quarter. The fund reported total holdings of 1,474 disclosed positions in securities including shares, bonds, ETFs and more. The chart below shows the fluctuation in the reported value of the fund over the last 8 years since inception.
Darktrace Hires EY to Review Finances After Short-Seller Attack (The Guardian)
Darktrace has hired EY to conduct an independent review of its finances as it tries to defend itself against a hedge fund that alleges questionable marketing, sales and accounting practices at the cybersecurity company. The FTSE 250 company said the accountancy firm EY would provide “additional independent third-party review of its key financial processes and controls”, in a statement to the stock market on Monday. A New York-based hedge fund, Quintessential Capital Management (QCM), has bet against Darktrace, taking a short position on shares.
Veritas Beats Peers on Hedge Fund Returns (Hedge Nordic)
Stockholm (HedgeNordic) – All four pension insurance companies in Finland – Elo, Ilmarinen, Varma, and Veritas – maintain a more sizeable share of their portfolios in hedge funds compared to several years ago. Their hedge fund portfolios delivered positive – yet very different – returns during 2022.
Friday 2/17 Insider Buying Report: MLYS, AFBI (Nasdaq.com)
On Tuesday, Mineralys Therapeutics’ CFO, Adam Scott Levy, made a $100,000 purchase of MLYS, buying 6,250 shares at a cost of $16.00 each. Levy was up about 14.9% on the buy at the high point of today’s trading session, with MLYS trading as high as $18.39 at last check today. Mineralys Therapeutics is trading up about 1.2% on the day Friday. This buy marks the first one filed by Levy in the past twelve months. And at Affinity Bancshares, there was insider buying on Tuesday, by CEO Edward John Cooney who bought 5,000 shares for a cost of $15.70 each, for a trade totaling $78,509. This purchase marks the first one filed by Cooney in the past twelve months. Affinity Bancshares is trading up about 1.8% on the day Friday. So far Cooney is in the green, up about 5.1% on their buy based on today’s trading high of $16.50.
$14M Bet On This Technology Stock? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Impinj: The Trade: Impinj, Inc. (PI) Director Patrick Daniel Gibson acquired a total of 111,697 shares an average price of $125.13. To acquire these shares, it cost around $13.98 million. Freshworks: The Trade: Freshworks Inc. (FRSH) 10% owner Sumir Chadha bought a total of 279,564 shares at an average price of $15.78. To acquire these shares, it cost around $4.41 million.
