Crispin Odey Steps Back from Running Hedge Fund Firm (Reuters)
LONDON (Reuters) – Crispin Odey is to step back from running his London-based hedge fund firm as part of an overhaul of the group and instead focus on managing money for clients, the firm said on Tuesday. Odey, one of Britain’s highest-profile hedge fund managers and political donors, recently pleaded not guilty to a charge of indecently assaulting a woman in 1998 and remains on bail, with a trial scheduled for early next year.
Famed Investor Mike Novogratz Expects a Biden Victory and a Republican-Controlled Senate to Boost Tech Stocks and Bitcoin (Business Insider)
Stocks and Bitcoin will do well if Joe Biden wins the presidency and Republicans hold the Senate, Galaxy Digital CEO and investor Mike Novogratz said on CNBC’s Squawk Box on Wednesday. “The markets are liking this,” Novogratz said about the prospect of a mostly conservative Senate and the end of President Trump’s “chaos.” “Stocks are gonna do well,” the former hedge-fund manager continued. “People are gonna feel really comfortable” about the nation’s apparent rejection of far-left politicians, he added.
Another Setback for Dan Loeb’s Third Point (Institutional Investor)
Third Point Offshore had another setback in October. The multistrategy hedge fund headed by Dan Loeb dropped 0.8 percent for the month, cutting its gain for the year to 3 percent. Major stock indices lost substantially more in October. Once again, a bet on credit partly saved the fund, which has about…
solarseven/Shutterstock.com
Hedge Fund Billionaire Leon Cooperman Says He Voted for Joe Biden (New York Post)
Billionaire hedge-fund manager Leon Cooperman revealed that he voted for Joe Biden for president even though he expected President Trump to make him richer. Cooperman, 77, who’s worth $2.5 billion, according to Forbes, has called himself a registered independent but he’s a longtime donor to Republican candidates and political committees. He also famously sparred with Democratic Sen. Elizabeth Warren over her proposal for a wealth tax last year.
Hedge Fund Industry Growth Will Be Reduced by Outflows to 2025 (Preqin)
Hedge fund AUM is forecast to increase 19.6% from 2020 to 2025, at a CAGR of 3.6%, but performance-driven growth will be diluted by investor outflows We expect hedge funds to hold onto their position as the second-largest alternative asset class in 2025, despite relatively weak growth in assets under management (AUM) due to continued outflows. AUM growth will be the lowest of all asset classes at a CAGR of 3.6% per year. Preqin forecasts AUM to reach $4.28tn in 2025, up 19.6% from $3.58tn at the end of 2020.
Hedge Fund Side Letters Survey Reveals Increase in Fee Discount Clauses (Hedge Week)
A new Seward & Kissel study into the use of side letters in the hedge fund industry shows fee discount clauses are now the most common issue raised by investors in such agreements, while the number of smaller hedge fund managers using the practice has increased. The US law firm’s fifth annual study into side letters – specific agreements between investors and hedge funds, which investors often use to secure preferential terms on issues such as fees and liquidity – shows larger, more established managers remain more likely to use side letters, often seen as a way for managers to securing a large institutional commitment.
Fernbridge Among Year’s Biggest Launches (Green Street)
Long-only startup Fernbridge Capital is turning away limited partners after raising $1 billion in short order. Founder Brennan Diaz, a Viking Global veteran who began trading Fernbridge Capital Master Fund and its feeder vehicles in September or October, appeared to be on pace to take in even more money, but industry participants said Diaz decided to limit capacity for now. Even with the fundraising halt, the $1 billion sum — including commitments expected to arrive early next year — positions Fernbridge squarely among the largest fund launches of 2020. Former Soroban Capital co-founder Gaurav Kapadia began trading through his XN in July with more than $1 billion of committed capital.
Coca-cola Co (KO) Executive VP & CFO John Murphy Sold $5.5 million of Shares (Guru Focus)
Executive VP & CFO of Coca-cola Co John Murphy, sold 112,400 shares of KO on 11/02/2020 at an average price of $48.78 a share. The total sale was $5.5 million. Coca-Cola Co is nonalcoholic beverage company which manufactures a variety of carbonated and noncarbonated brands, including Coca-Cola, Diet Coke, Fanta, Sprite, Minute Maid, Powerade, and Dasani. Coca-Cola Co has a market cap of $214.96 billion; its shares were traded at around $50.02 with a P/E ratio of 26.05 and P/S ratio of 6.46.
A Director at Cree (NASDAQ: CREE) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Cree (CREE), John Replogle, sold shares of CREE for $1.41M. Following John Replogle’s last CREE Sell transaction on April 28, 2017, the stock climbed by 43.0%. This is Replogle’s first Sell trade following 5 Buy transactions.
A Prominent Liechtenstein Banker is Being Probed on Suspicion of Benefiting from Insider Knowledge in Securities Dealings. The Move Led to His Abrupt Departure at the Principality’s Second-Largest Lender. (Finews)
Georg Wohlwend is being investigated for potential insider dealings, Liechtenstein’s chief prosecutor Robert Wallner said in an emailed statement to finews.com on Wednesday. Wohlwend stepped down suddenly from Liechtensteinische Landesbank (LLB), which he has presided since 2017, earlier in the day. Via LLB, Wohlwend denied the allegations, but said he would step down «to avoid any burden on LLB.» The prosecutor said the preliminary investigation was prompted by Liechtenstein’s financial regulator, FMA. A spokesman for the FMA didn’t comment.
SC Wins Insider Trading Suit (MSN Money)
KUALA LUMPUR: The Securities Commission Malaysia (SC) had successfully proven its claim in a civil suit against Dato’ Sreesanthan Eliathamby for insider trading, the High Court today found. Judge Azizul Azmi Adnan found Sreesanthan had breached section 89E(2)(a) of the Securities Industry Act 1983 when he acquired a total of 600,000 shares of Worldwide Holdings Bhd (WHB) between 7 June 2006 and 11 July 2006.
E.l.f. Beauty Inc (ELF) CEO Tarang Amin Sold $1.8 million of Shares (Guru Focus)
CEO of E.l.f. Beauty Inc, Tarang Amin, sold 89,396 shares of ELF on 11/03/2020 at an average price of $20.46 a share. The total sale was $1.8 million. e.l.f. Beauty Inc is a cosmetic company based in the United States. It mainly cosmetic accessories for women such as eyeliner, mascara, lipstick, the foundation for face, moisturizer, and cleanser under the e.l.f brand. e.l.f. Beauty Inc has a market cap of $1.05 billion; its shares were traded at around $20.78 with a P/E ratio of 67.02 and P/S ratio of 3.69.
