Cliff Asness Issues Warning on Stocks Pricing Inflation Drop (Bloomberg)
Billionaire quant investor Cliff Asness warned Thursday that US stocks are vulnerable to a macro shock if inflation doesn’t stage a spirited decline as the market expects. The co-founder of AQR Capital Management LLC told Bloomberg Television that despite last year’s declines equities remain expensive versus history, based on a broad assumption that price growth is set to slow.
Schonfeld Strategic Advisors Fund Doubles Size of Wynwood Office (BizJournals.com)
A New York-based global hedge fund will double the size of its office in Miami’s Wynwood Arts District. Schonfeld Strategic Advisors recently signed a lease for 18,000 additional square feet at The Dorsey, a mixed-use project at 280 N.W. 298h St. That will bring its total space to 37,000 square feet. With Schonfeld’s expansion, The Dorsey’s 78,000-square-foot office component is now 100% leased, according to a news release from Tricera Capital. CBRE”s Cameron Tallon, Emily Brais, Eric Groffman, and Randy Carballo represented The Dorsey’s developers/landlords –Tricera, LNDMRK Development and The Related Group – in the lease negotiations.
Coliseum Capital Fights Back With Lawsuit Filed Against Purple Innovation After Issuing Voting Stock Without Shareholder Approval (MENAFN.com)
The activist investor has filed a lawsuit after the company rejected suggested Board nominations. Connecticut based hedge fund and activist investor Coliseum Capital disclosed to the market on Tuesday afternoon that they had filed a lawsuit against mattress manufacturer Purple Innovation (nasdaq:prpl). The lawsuit is the latest development in the ongoing saga between PRPL’s largest shareholder and the group’s management since the hedge fund first lobbed a $4.35 per share takeover offer for the company back in september 2022.
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Hedge Funds Are Having a Hard Time Running This Business (The Washington Post)
When activist hedge fund Elliott Management Corp.’s significant stake in Toshiba Corp. became public in 2021, the company was in the middle of a strategic review. Over 18 months later, the storied Japanese conglomerate’s earnings have turned to losses, private-equity firms are bidding for it at a discount and a top executive has resigned on expense-related misdeeds.
Three Arrows Liquidator Plans To Sell Some NFTs (The Wall Street Journal)
The liquidator of failed crypto hedge fund Three Arrows Capital plans to sell some of the firm’s non-fungible tokens to repay creditors. The sale is intended to “realise the value of the NFTs for the purposes of the liquidation,” liquidator Teneo said in a notice Wednesday. The sale will not include a portfolio of NFTs known as the “Starry Night” portfolio, Teneo said. Three Arrows last year defaulted on a roughly $2.4 billion loan from crypto lender Genesis Global Capital.
Chicago Hedge Fund AIR Joins Hands with Kerberos Capital (Opalesque.com)
Chicago-based hedge fund management firm AIR Asset Management (AIRAM) announced its strategic partnership with Kerberos Capital Management, a boutique alternative asset manager that specializes in direct lending to law firms. According to a press note from the SEC-registered hedge fund management firm focused on investing in life settlements, annuities, and private credit, the partnership enables it to enhance and further diversify its multi-strategy investment product through adding a legal finance asset allocation focused on law firm lending.
