Suncor to Explore Retail Sale, Change Board in Elliott Deal (Bloomberg)
Suncor Energy Inc. will review its retail business for a possible sale and add three new directors as part of a deal with Elliott Investment Management LP, handing the activist investor much of what it had sought in its campaign at the oil-sands producer. The new board will form a committee to conduct the review of the downstream assets, Calgary-based Suncor said Monday in a statement. The retail group includes one of Canada’s largest networks of gas stations with convenience stores attached — more than 1,500 locations operating under the Petro-Canada brand.
D.E. Shaw Rolls Out a New Fund (Institutional Investor)
The $60 billion multistrategy firm has launched a new line of products under the Lithic name. D.E. Shaw has launched a new fund. The multistrategy and macro specialist has raised at least $162 million for D.E. Shaw Lithic International Fund, the offshore feeder fund of D.E. Shaw Lithic Fund, according to a regulatory filing. The filing classifies the new fund as a hedge fund.
Major Hedge Fund Discovers Benefit of Hiring Engineers in India (eFinancialCareers.com)
It’s not just investment banks that use India for their technology staff. Millennium, the multi-strategy hedge fund has discovered the subcontinent too. Millennium is currently advertising 16 technology jobs at a new India Technology Centre in Bangalore. In May it hired Rajiv Ramachandran, a former Goldman Sachs MD and the head of Credit Suisse in Bangalore to lead the centre. Millennium declined to comment on its current Indian hiring initiative or its future plans. However, it’s thought that it plans to expand further in the region.
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Three Arrows Capital Boss Su Zhu Files $5 Million Claim Against His Own Insolvent Crypto Hedge Fund (Ethereum World News)
Three Arrows Capital co-founder Su Zhu is supposedly among the 3AC creditors. Zhu has filed a claim worth $5 million against the very same company that he founded alongside Kyle Davies, per reports. The news was shared via Twitter by a user with the monicker “DrSoldmanGachs”. DrSoldmanGachs also revealed a $25 million claim filed by ThreeAC Limited, the manager of the 3AC fund. Other creditors include Avalanche and Voyager Digital to name a few. The first 3AC liquidation meeting is scheduled to take place today as EthereumWorldNews reported. It’s unclear if Su Zhu will be present at the meeting.
Investment Pros Jump Into Bear Market With New Crypto Hedge Fund (Blockworks.com)
Two investment professionals have teamed up to create a crypto hedge fund as they dive into the bear market of an industry that co-founder James Ho said he believes will be “one of the most transformative technologies” of his career. Ho and Vincent Jow are the co-founders of Modular Capital, they revealed Monday, a company set to invest in liquid tokens, DeFi protocols and other segments of the crypto space.
Eurekahedge Hedge Fund Index Suffers Worst First Half Year Performance Since Inception (Institutional Asset Manager)
The With Intelligence Hedge Fund Performance Report for June reports that hedge funds declined for a third consecutive month in June with a return of -2.7 per cent, recording their worst monthly performance since the onset of the pandemic in March 2020. Following the retreat, the Eurekahedge Hedge Fund Index has slipped to -5.6 per cent YTD, marking its worst H1 performance since inception. Global equities, as represented by the S&P 500, fell by a staggering 8.4 per cent as investors moved to price in an increased risk of recession as the Federal Reserve embarked on an aggressive series of interest rate hikes to fight soaring inflation.
