York Capital and Kennedy Lewis Partner to form Generate Advisors CLO Platform (PrivateEquityWire.co.uk)
York Capital Management (York), a global private investment firm, and Kennedy Lewis Investment Management (Kennedy Lewis), an opportunistic credit manager, have formed a strategic partnership to form a new entity to be called Generate Advisors. Under the partnership agreement, York’s approximately USD4 billion Collateral Loan Obligation (CLO) business and team, led by Rizwan Akhter, will transition to Generate Advisors and continue to manage York’s current CLO portfolio as well as any future CLOs issued by Generate Advisors. Kennedy Lewis will be investing in Generate Advisors and has committed at least USD200 million of capital to be invested in the equity of Generate Advisors’ future CLOs.
Credit Suisse Investors Target Board Over Archegos, Greensill Failures (The Wall Street Journal)
Top shareholders said they would vote against re-electing key Credit Suisse Group AG board members, a broadside against the bank’s leadership following a $5.5 billion loss from hedge fund Archegos Capital Management. At the bank’s annual meeting this Friday, Harris Associates and Norges Bank Investment Management said they would vote against the reappointment of Andreas Gottschling, chairman of the bank’s risk committee. Mr. Gottschling joined the board in 2017 from the top risk job at Austria’s Erste Group Bank AG.
Here Is Why Odey Is Incredibly Bullish On Luxury Automaker Aston Martin (Forbes)
In his March letter to investors, Adrian Courtenay, portfolio manager of Odey’s Special Situations Fund, wrote a deep dive into their research in Aston Martin, an existing long position at 4.7% of the fund’s net asset value. The hedge fund was founded by an eccentric investor, Crispin Odey, who was previously married to Rupert Murdoch’s daughters. Courtenay says they concluded their research into the luxury automaker in March after initially writing it up in his November letter. The thesis provides exciting insights on the stock itself and how the famous hedge fund analyzes them.
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Legendary Investor Bill Miller Lost 90% of his Fortune in the Late 2000s. Bitcoin and Amazon Stock have Made Him a Billionaire (Business Insider)
Bill Miller has become a billionaire thanks to Amazon and bitcoin. The value investor’s Amazon stake made up 83% of his personal portfolio last year. Miller’s bitcoin holdings are now worth more than his Amazon position. Bill Miller, a star fund manager who was brought to his knees during the financial crisis, has staged a remarkable comeback and become a billionaire thanks to Amazon and bitcoin.
Hedge Fund Arbs Face a $3.2 Billion Crunch Day (Bloomberg)
It’s crunch day for hedge funds trying to make a turn on the 2.3 billion-pound ($3.2 billion) buyout bid for U.K. power group Aggreko Plc. A few weeks ago, the funds were betting that a higher offer would turn up for the supplier of generators to events such as the Glastonbury music festival. Now they’re worried the show could be cancelled altogether. The situation has become a test of solidarity for the merger arbitrage community.
Multi-Asset Firm Fulcrum Names Portfolio Managers Crewe and Chaudhry as Partners (Hedge Week)
Global multi-asset manager Fulcrum Asset Management has appointed head of equities Fawaz Chaudhry and lead portfolio manager Stephen Crewe as partners at the firm. Head of equities Chaudhry is lead portfolio manager of the Fulcrum Thematic Equity Market Neutral Fund and Fulcrum Climate Change Fund. Having joined Fulcrum in 2017, Chaudhry spearheads the firm’s equity business, and is also a member of its investment team. He previously spent more than 15 years developing his long-term, thematic investment approach with stints at Hadron Capital and Moore Capital.
