Dalio’s Bridgewater Adds Fund Strategy Focused on Sustainability (Bloomberg)
Bridgewater Associates, the world’s biggest hedge fund, is starting a strategy tied to global sustainability goals, the latest money manager to tap into surging demand for socially and environmentally conscious investing. Ray Dalio’s firm, which oversees $140 billion of assets, plans to open two sustainable funds in 2021. Bridgewater started advising clients this year on how to manage assets to meet both societal and financial goals. The effort is being overseen by senior investment executive Carsten Stendevad, Chief Operating Officer Brian Kreiter and Karen Karniol-Tambour, director of investment research, with help from Dan Hochman, head of sustainability research.
Inside the Rise and Fall of Coatue’s Much-Hyped But Short-Lived $350 million Quant Fund (Business Insider)
The secretive, tech-focused investment manager has had a stellar track record under billionaire Philippe Laffont. But the “tiger cub” usually demurred when it came to discussing business publicly. In May 2019, though, two Coatue execs – cofounder Thomas Laffont, Philippe’s brother and the leader of the firm’s private-investment strategies, and Alex Izydorczyk, its 26-year-old head of data science – spoke for nearly 45 minutes at Domino Data Lab’s Rev conference.
Novogratz Asks Investors to Devote 5% of their Worth to Crypto (CoinJournal.net)
Ex-hedge fund manager Mike Novogratz has asked new investors to cushion their portfolio with more Bitcoin. The renowned bitcoin investor, Mike Novogratz has encouraged investors to go after more bitcoin and devote a large portion of the portfolio to it. In his opinion, an average investor needs to have cryptocurrencies in their investment portfolio. Novogratz is an investor currently heading Galaxy Digital, a crypto investment firm where he serves as the chief executive. He is said to have made about $250 million from crypto investing between 2016 and 2017. Novogratz had previously asked investors to set aside 1% of their worth to cryptocurrency. Last month, he suggested that people should inject 3% of their funds into Bitcoin and HODL.
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Citadel Taps Ex-Morgan Stanley Commodities Trading Exec (Pensions & Investments)
Jay Rubenstein will join the commodities team of multistrategy hedge fund manager Citadel next year. He will report to Sebastian Barrack, the firm’s head of commodities who oversees investment teams trading energy, agriculture and other commodity products. Mr. Rubenstein will work in the firm’s Greenwich, Conn., office, confirmed Megan Ingersoll, a Citadel spokeswoman, in an email. Mr. Rubenstein’s position is new. Ms. Ingersoll said she can’t provide further details including his title, role, responsibilities and start date.
Wellington Management Closes its Third Late-Stage Growth Fund with $1.8bn (Opalesque.com)
The asset manager Wellington Management has closed its third late-stage growth fund with $1.8 billion and may have another $400 million available for co-investing in deals. The fund, Wellington Hadley Harbor III, invests in late-stage companies seeking capital to sustain or accelerate growth before a sale or initial public offering. The fund is 29% larger than its 2017 predecessor, the $1.4 billion Wellington Hadley Harbor II, according to a press release from the independent investment management firm.
