Odey’s Hedge Fund Soars 152% in Best Year on Inflation Bet (Bloomberg)
Crispin Odey is celebrating his best ever year of gains since he started his hedge fund three decades ago. His flagship European Inc. hedge fund surged 152% last year, powered mainly by his highly leveraged short wagers on long-dated UK government bonds as inflation and political turmoil roiled the British economy, according to an investor document seen by Bloomberg.
Impactive Capital Nominates Four Directors to Envestnet’s Board (Reuters)
Impactive Capital has nominated four directors to the board of Envestnet Inc (ENV.N), a U.S. vendor of software that helps manage investments, in a push to improve its financial performance, the hedge fund told Reuters on Wednesday. Impactive Capital, which holds a 7.5% stake in Envestnet, nominated two men and two women, including its co-founder Lauren Taylor Wolfe, to Envestnet’s board.
Priestly Hedge Fund Manager Needs God’s Absolution, Because He’s Not Getting It From The Courts (Deal Breaker)
Emmanuel (née Gregory) Lemelson is priest and a hedge-fund manager. And, in spite of his claims to run that hedge fund in strict adherence to Christian ethics, he’s also a liar (a violation of the Eighth Commandment, for what it’s worth), at least according to the jury who heard evidence of his bearing false witness against Ligand Pharmaceuticals. Now, at first glance, it looks like Father Lemelson got off rather easily for these sins. To begin with, the jury also found that he’d not also violated the Ninth Amendment by defrauding either his own investors or Ligand’s and thereby stealing from them. He hasn’t been defrocked. And he was fined a mere $160,000 for his lies, quite a bit less than the $2.2 million the Securities and Exchange Commission sought.
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Wealth manager Titan Wealth acquires Northamptonshire IFA Telford Mann (Opalesque.com)
Titan Wealth Holdings has kicked off 2023 with the acquisition of a Kettering-based Independent Financial Advisor (IFA) Telford Mann. The discretionary fund manager (DFM) and wealth manager Titan Wealth secured the first acquisition of the year that will see will see GBP750m in assets under management (AUA) move under the Titan umbrella. With AUM totaling more than GBP700m Telford Mann is a chartered financial planner and discretionary investment manager, originally established by Moore Chartered Accountants in 1988. It provides financial advice and a range of model portfolios managed on a discretionary basis.
Coinbase to Pay $100 Million in Settlement With New York Regulator (The Wall Street Journal)
Cryptocurrency exchange Coinbase agreed to pay a $50 million penalty to New York state’s Department of Financial Services to settle accusations that it allowed customers to open accounts without conducting sufficient background checks. The settlement will also require Coinbase to invest $50 million into its compliance program over the next two years. The DFS said Coinbase had made itself vulnerable to being used for serious criminal conduct, including possible money laundering. “It is critical that all financial institutions safeguard their systems from bad actors,” Superintendent of Financial Services Adrienne Harris said in a statement.
