Crispin Odey Reopens Flagship Fund Months After Soft Closure (Financial News)
High-profile hedge fund manager cites ‘improved opportunity set’ as he opens the floodgates to investors again. Crispin Odey has reopened his flagship European hedge fund after closing it to new investments four months ago to keep a lid on its ballooning assets. Odey European, his firm’s main hedge fund, is accepting new investors again, according to a client communication seen by Financial News, while the OEI Mac and Odey Swan funds, which the multimillionaire Conservative Party donor co-manages, are also allowing new subscriptions.
Schonfeld Appoints Regional Leaders to Equities Unit (Reuters)
U.S.-based hedge fund Schonfeld Strategic Advisors has appointed strategy heads of fundamental equity for the U.S. and Europe, Middle East and Africa (EMEA), according to a statement on Wednesday. Portfolio manager John Tompkins, who has been with Schonfeld for 10 years, will be the head of U.S. fundamental equity. In EMEA, portfolio managers Russell Hartley and Alex Codrington will become co-heads.
Icahn Launches Illumina Proxy Battle (Hedge Week)
Activist investor Carl Icahn is preparing to launch a proxy fight at Illumina, seeking three board seats, prompted by the biotech company’s $8 billion acquisition of cancer screening start-up Grail, which Icahn says is now costing the company $800 million per year, according to reports. Icahn has nominated Vincent Intrieri, Jesse Lynn, and Andrew Teno to Illumina’s board and claims that three shareholder representatives are needed to put an end to what he calls “reckless decision-making.”
Ray Dalio Warns SVB’s Collapse Shows Cracks Widening in Global Finance (BNN Bloomberg)
Bridgewater Associates founder Ray Dalio warned Silicon Valley Bank’s failure shows cracks widening in global finance, joining other U.S. billionaires raising the alarm on fallout from the lender’s collapse. “This bank failure is a ‘canary in the coal mine,’” Dalio said in a newsletter Tuesday. It’s an “early-sign dynamic that will have knock-on effects in the venture world and well beyond it.”
Billionaire Citadel Founder Says Biden Should not Bail Out SVB Depositors and Claims it would be a ‘Great Lesson in Moral Hazard’ – as His Fund Scoops Up 5% of Western Alliance, One of the Regional Banks Rocked in the Crisis (Dailymail.co.uk)
Billionaire Citadel hedge fund founder Ken Griffin has argued that the Biden administration should not have guaranteed the deposits of customers at failed Silicon Valley Bank and Signature bank. ‘There’s been a loss of financial discipline with the government bailing out depositors in full,’ Griffin told the Financial Times in an interview on Monday, before Citadel on Tuesday said it bought a 5.3% stake in Western Alliance Bancorporation.
March Hedge Fund Insights by PivotalPath (MacroHive.com)
Introduction: The Pivotal Point of View: Every year, more than $4tn of global hedge fund capital is benchmarked against inaccurate indices. At PivotalPath, we are addressing this discrepancy and providing unparalleled clarity for institutional investors. We do this by analyzing over 2,500 institutionally relevant hedge funds, which span over $2.5tn of industry assets, to accurately represent and understand hedge fund performance. Our signature report where we share our findings is the Pivotal Point of View – a monthly newsletter that contextualizes these data points and synthesizes them with perspectives from hedge fund managers and institutional investors bringing you important context and insights you can trust.
Man Group Boss Luke Ellis Pockets $11.3m After 45% Pay Rise (Financial News)
Man Group boss Luke Ellis’s total pay jumped by 45% last year after the London-based hedge fund posted a jump in revenue and profit. Ellis, who has been Man Group’s chief executive since 2016, received $11.28m in total compensation last year, up from $7.79m in 2021, according to the firm’s annual report published on 14 March.
These Are the Allocator Finalists for the 2023 Hedge Fund Industry Awards (Institutional Investor)
For some asset owners, an allocation to hedge funds in 2022 was a ballast against a tumultuous bear market. With stocks and bonds falling in tandem, hedging strategies helped allocators avoid losses — and in some cases, post positive annual returns. It’s these asset owners that Institutional Investor will honor at the 20th Annual Hedge Fund Industry Awards in May. The allocator finalists were chosen from a pool of hundreds of nominees submitted by managers, peer institutions, and other industry professionals and vetted by II’s editorial team. Six finalists in each category are now up for a final vote to determine the winners.
Wednesday 3/15 Insider Buying Report: FITB, STEL (Nasdaq.com)
On Monday, Fifth Third Bancorp’s Director, Gary R. Heminger, made a $1.27M purchase of FITB, buying 47,500 shares at a cost of $26.82 each. Investors can pick up FITB at a price even lower than Heminger did, with shares trading as low as $24.34 in trading on Wednesday — that’s 9.3% below Heminger’s purchase price. Fifth Third Bancorp is trading down about 4.4% on the day Wednesday. This buy marks the first one filed by Heminger in the past year. And also on Monday, Director Joe B. Swinbank purchased $999,426 worth of Stellar Bancorp, purchasing 37,841 shares at a cost of $26.41 a piece. Stellar Bancorp is trading off about 0.9% on the day Wednesday. Investors can snag STEL even cheaper than Swinbank did, with shares changing hands as low as $24.87 in trading on Wednesday which is 5.8% under Swinbank’s purchase price.
$140M Bet On Southwest Gas? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Southwest Gas: The Trade: Southwest Gas Holdings, Inc. (SWX) 10% owner Icahn Partners Master Fund LP acquired a total of 2,332,835 shares an average price of $60.12. To acquire these shares, it cost around $140.25 million. Dollar Tree: The Trade: Dollar Tree, Inc. (DLTR) CEO Richard Dreiling acquired a total of 7,100 shares at an average price of $142.00. To acquire these shares, it cost around $1.01 million.
11 Bank Stocks With Insider Buying and Selling Last Week (Insider Monkey)
In this article, we will take a look at some banks stocks with insider buying and selling activity. To see more such stocks, go to 5 Bank Stocks With Insider Buying and Selling Last Week. The collapse of the Silicon Valley bank sent tremors throughout the global financial system. As of March 15 morning, European banks were starting to feel the heat, with Credit Suisse Group AG (NYSE:CS) losing almost a quarter of its value after the Swiss bank’s largest investor, Saudi National Bank, categorically announced that it cannot provide more financial assistance to the bank.
