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.
3AC’s Su Zhu Blames Hedge Fund Firms Demise on FTX and DCG (CoinfoMania.com)
The CEO and co-founder of the now-bankrupt Three Arrow Capital (3AC) has taken to Twitter to accuse Digital Currency Group (DCG) and FTX of the downfall of his firm. In a lengthy tweet thread, Su Zhu accused both firms of being the masterminds of Terra’s capitulation. 3AC was once a major firm in the crypto industry and managed up to $10 billion worth of assets. The hedge fund crypto firm managed large investments in Luna Classic (LUNC), Grayscale Bitcoin Trust (GBTC) and Staked Ether (stETH). The company, however, ran into a series of investment crashes as its major creditors’ LUNA and stETH, suffered setbacks amidst the bear market.
PineBridge Appoints New Co-Heads of Asia Fixed Income (Hedge Week)
Private global asset manager PineBridge Investments (PineBridge) has appointed Omar Slim and Andy Suen as co-heads of Asia ex-Japan fixed income, effective 3 January 2023 ahead of the forthcoming retirement of veteran Arthur Lau, Co-Head of Emerging Markets and Head of Asia ex-Japan Fixed Income, in June 2023. Slim and Suen have each been with PineBridge’s Asia ex-Japan fixed income team for approximately 10 years working alongside Lau as senior portfolio managers. In their new roles they will report to Steven Oh, Global Head of Credit and Fixed Income, based in Los Angeles.
New Year, Same Old Cathie Wood: ARK Buys More Tesla (TSLA) Stock on Weakness (Street Insider)
ARK Investment Management, founded and managed by Cathie Wood, has continued to add more Tesla (NASDAQ: TSLA) shares to its portfolio. According to Ark Invest Daily Trades, Cathie Wood bought 144,776 Tesla shares yesterday through its flagship Ark Innovation ETF (ARKK). Another 31,336 Tesla shares were bought via ARK Autonomous Technology & Robotics ETF (ARKQ). Combined, ARK’s purchase of Tesla shares on January 03 was valued at approximately $19 million, based on Tuesday’s closing price.
New Hedge Fund Soars 163% Betting Everything Is Going Down (Bloomberg)
A veteran trader’s well-timed bet on the end of easy money has achieved triple-digit returns in his new hedge fund’s first full year. After running Eagle’s View Capital Management as a fund of funds for 16 years, New York-based founder Neal Berger decided to add his own fund to the mix. The Contrarian Macro Fund launched initially with partner capital in April 2021 to load up on bets that the Federal Reserve would unwind a decade of stimulus — even as policy makers were describing inflation as “transitory.”
Wednesday 1/4 Insider Buying Report: PMT, SPG (Nasdaq.com)
At Pennymac Mortgage Investment Trust, a filing with the SEC revealed that on Friday, Director Catherine A. Lynch bought 5,000 shares of PMT, for a cost of $12.39 each, for a total investment of $61,942. So far Lynch is in the green, up about 5.5% on their purchase based on today’s trading high of $13.07. Pennymac Mortgage Investment Trust is trading up about 1.5% on the day Wednesday. This purchase marks the first one filed by Lynch in the past twelve months. And at Simon Property Group there was insider buying on Friday, by Larry C. Glasscock who bought 335 shares at a cost of $116.42 each, for a total investment of $39,001. Before this latest buy, Glasscock purchased SPG at 3 other times during the past twelve months, for a total cost of $104,042 at an average of $101.11 per share. Simon Property Group is trading up about 2.1% on the day Wednesday. Glasscock was up about 3.3% on the buy at the high point of today’s trading session, with SPG trading as high as $120.31 in trading on Wednesday.
Paychex And 2 Other Stocks Insiders Are Selling (Benzinga)
Paychex: The Trade: Paychex, Inc. (PAYX) Senior Vice President Michael Gioja sold a total of 13,744 shares at an average price of $115.30. The insider received around $1.58 million from selling those shares. Dropbox: The Trade: Dropbox, Inc. (DBX) President Timothy Young sold a total of 15,000 shares at an average price of $22.39. The insider received around $335.79 thousand as a result of the transaction.
