Dubai Is the Newest Hedge Fund Hotspot (Bloomberg)
After attracting crypto firms, property investors and Russian billionaires, Dubai is drawing a new crowd: hedge fund managers. Izzy Englander’s Millennium Management has grown its staff in the Dubai International Financial Centre to about 30 since securing a license in 2020. Michael Gelband‘s ExodusPoint Capital Management, one of the largest multi-strategy hedge funds in the world, registered in the DIFC in June, according to a filing.
DE Shaw, Execs Must Pay $52 Million to Ex-Money Manager, Arbitration Panel Says (Reuters)
NEW YORK (Reuters) -The prominent U.S. hedge fund DE Shaw and four senior executives must pay $52.1 million to a former top money manager who accused the firm of defamation, an arbitration panel ruled. Dan Michalow, 39, was terminated by DE Shaw in 2018, which at the time said his departure resulted from “gross violations of our standards and values.” But in a ruling issued on Wednesday, a Financial Industry Regulatory Authority (FINRA) arbitration panel found DE Shaw and the executives liable to Michalow for defamation, and found specifically that Michalow “did not commit sexual misconduct.”
Under-the-Radar Hedge Fund Altcoin Surges 130% in One Week, Defying Crypto Downtick (The Daily Hodl)
One low-cap hedge fund altcoin is skyrocketing by nearly 132% in the past week, vastly outperforming the crypto market. Numeraire (NMR) is the native token for Numerai, a San Francisco-based hedge fund built by a network of data scientists. The 204th-ranked crypto asset by market cap is trading for $21.39 at time of writing, up from $9.22 seven days ago. NMR still remains down more than 77% from its all-time high of $93.15, which it hit in May 2021.
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Hedge Fund Launches on the Up as Macro Leads Industry Through Inflation Volatility (Hedge Week)
New hedge fund launches have jumped to the highest level since Q1 2021 and reached the second highest quarter since Q4 2017 as the HFRI 500 Macro Index surged through global inflation-induced financial market volatility, according to the latest HFR Market Microstructure Report. New hedge fund launches increased to 185 in Q1 2022, jumping from 113 in Q4 2021, representing the highest launch rate since 189 new funds launched in Q1 of last year, and the second-highest quarter since 190 funds launched in Q4 2017.
Hedge Fund Adviser Patrick Ghali on Crypto, ESG and Why Clients are Dumping ‘Any Exposure to China’ (FNLondon.com)
Patrick Ghali, co-founder of hedge fund advisory Sussex Partners, talks with Financial News about how his clients are adapting to this year’s sharp downturn in markets and how they’re positioning for a recession, a crypto winter and sustainable investing. His comments have been edited for clarity. What are clients saying about the macro environment right now?
One Nordic Cross Hedge Fund is Liquidating (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic Cross Small Cap Edge, a small-cap-focused long/short equity fund managed by Oscar Östlin alongside Ulf Strömsten, due to assets under management falling below an optimal level for fund management. The fund delivered an annualized return of about 11 percent over the first four full years of its operation, but is down 23 percent year-to-date through June 21 after incurring a monthly loss of 13.5 percent in May.
Three Arrows Crypto Fund CEO Wants to Sell Singapore Mansion (Bloomberg)
The co-founder of beleaguered crypto hedge fund Three Arrows Capital is seeking to sell one of his luxury homes in Singapore as the company faces liquidation. Chief Executive Officer Zhu Su has been trying to offload at least one of his so-called good-class bungalows in the past couple of weeks, according to people with knowledge of the matter.
‘The Big Short’ M. Burry Warns Stocks and Crypto Crash is ‘Maybe Halfway’ Through (Finbold.com)
Hedge fund manager Michael Burry who successfully predicted the 2008 housing market bubble, has warned that the ongoing stocks and crypto market correction could escalate further at a point when investors are looking for a bottoming. Through his Twitter account on June 30, the founder of Scion Asset Management cited that the massive correction in the S&P 500, Nasdaq, and Bitcoin prices represents multiple compressions.
Quest Partners Hires New President (Pensions&Investments)
Michael S. Harris joined quantitative hedge fund manager Quest Partners as president on June 1. Mr. Harris replaces Prashant Kolluri, who is transitioning to an advisory position at the firm so he can concentrate on personal investment initiatives, confirmed Scott Valentine, director of business development and investor relations, in an email.
Friday 7/1 Insider Buying Report: DRI, PEB (Nasdaq.com)
On Tuesday, Darden Restaurants’ Director, Timothy J. Wilmott, made a $1.2M purchase of DRI, buying 10,000 shares at a cost of $120.00 a piece. Investors have the opportunity to grab DRI even cheaper than Wilmott did, with the stock changing hands as low as $112.55 at last check today which is 6.2% under Wilmott’s purchase price. Darden Restaurants is trading up about 0.8% on the day Friday. And at Pebblebrook Hotel Trust, there was insider buying on Thursday, by CEO Jon E. Bortz who bought 26,000 shares at a cost of $16.54 each, for a trade totaling $429,988. Pebblebrook Hotel Trust is trading up about 3.1% on the day Friday. So far Bortz is in the green, up about 4.6% on their buy based on today’s trading high of $17.30.
$1.2 Million Bet On Darden Restaurants? 3 Stocks Insiders are Buying (Benzinga)
RE/MAX Holdings: The Trade: RE/MAX Holdings, Inc. (RMAX) 10% owner Magnolia Group Llc acquired a total of 47,015 shares at an average price of $24.09. To acquire these shares, it cost around $1.13 million. What’s Happening: The company’s shares tumbled around 20% over the past six months. What RE/MAX Holdings Does: RE/MAX Holdings Inc operates as a franchisor of real estate brokerage services. It recruits and retains agents and sells franchises. Darden Restaurants: The Trade: Darden Restaurants, Inc. (DRI) Director Wilmott Timothy J acquired a total of 10,000 shares at an average price of $120. To acquire these shares, it cost around $1.2 million.
Hedge Fund Millennium Taps UBS’s Cooper in Dubai Expansion (Bloomberg)
Millennium Management LLC has hired Dean Cooper from UBS Group AG as the firm expands its emerging markets operations in Dubai, according to people familiar with the matter.
Apple’s Former Top Lawyer Pleads Guilty to Insider Trading (Gizmodo)
The man who once in charge of making sure Apple’s employees stayed on the straight and narrow is going to jail for doing the thing he told them never to do with stock trades: game the system. Gene Levoff, who worked as Apple’s head of corporate law for most of the 2010s, admitted to using his position to rack up over $600,000 in ill-gotten gains on more than $14 million in trades from 2011 to 2016. He pleaded guilty late Thursday to six charges of securities fraud for using his knowledge of the tech giant’s quarterly earnings to make a buck on the stock market.
