Elon Musk Asks Billionaire George Soros a Provocative Question (The Street)
Billionaire George Soros is a finance legend who has sparked a lot of absurd fantasies. He is, with Bill Gates, the co-founder of Microsoft (MSFT), one of the personalities most targeted by fans of conspiracy theories. They see his influence almost everywhere. The American billionaire of Hungarian origin became a financial legend after a masterstroke in 1992. On Sept. 16, 1992, the pound sterling collapsed, forcing Great Britain to withdraw from the European Exchange Rate Mechanism. It was called Black Wednesday, aka the 1992 Sterling crisis.
Odey Profits Halve to £18.8m as Performance Fees Dry Up (CityA.M.)
Hedge fund boss Crispin Odey saw profits at Odey Asset Management more than halve last year after performance fees for the firm plunged, new filings reveal. Accounts released over the weekend revealed that profits at Odey Asset Management slumped to £18.8m in the financial year ending 5 April 2022, down from £39.7m a year previously. Profits have been dished out to members of the firm, with the highest earner pocketing some £5m compared to a bumper 2021 when fund manager James Hanbury was paid £15.6m.
Los Angeles-based Hedge Fund, Hedonova, Sees 2022 Returns Soar by 33% (PRNewswire)
Hedonova, an alternative investment fund with headquarters in Los Angeles, California, and offices across the globe, has recorded strong growth in returns as well as asset base. Hedonova generated returns of 32.8% post fees in 2022. In a short span of 3 years since its ambitious launch in 2019, Hedonova has seen exceptional growth in multiple avenues of its business. Assets under management increased from $160 million to $400 million. The fund generated post fees returns of 32.8% largely driven by its litigation finance and carbon credit holdings which, as separate asset classes, have generated returns of 58% and 265%. Startups and wine investments were the laggards in the portfolio losing 14% and 6% in 2022.
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Founders of Bankrupt Three Arrows Capital Plan Trading Platform for Distressed Crypto Debt (The Wall Street Journal)
The founders of a bankrupt crypto hedge-fund firm are seeking to launch an exchange where creditors to insolvent digital-assets firms, including their own, would be able to buy and sell claims. Su Zhu, a co-founder of the bankrupt crypto hedge-fund manager Three Arrows Capital Ltd., said that he and others are seeking to raise $25 million in seed money for the new platform. A pitch deck to potential investors, seen by The Wall Street Journal, referred to the company as GTX, a poke at the fallen crypto exchange FTX.
Crossover Hedge Funds are Still Launching Despite a Rough 2022 (Financial News)
Hedge funds investing in fast-growing public and private companies lost tens of billions of clients’ money last year. That isn’t stopping more “crossover” funds from launching. Mala Gaonkar, 53 years old, a former co-investment chief of Lone Pine Capital, launched her New York-based crossover fund, SurgoCap Partners, on 3 January with $1.8bn, people familiar with her firm said.
