Hedge-Fund Founder Seeks to Avoid Prison in Neiman Bankruptcy Fraud (The Wall Street Journal)
Dan Kamensky, the hedge-fund founder who pleaded guilty to rigging a bid for shares in Neiman Marcus Group Ltd.’s former Mytheresa subsidiary, is asking a federal judge for leniency amid a show of support from his peers in the distressed-debt investing community. Mr. Kamensky faces up to 18 months in prison under federal sentencing guidelines as part of his agreement with federal prosecutors in February to plead guilty to one count of bankruptcy fraud, which carries a maximum sentence of five years in prison.
GlaxoSmithKline to Drop Quarterly Results as Elliot Presence Signals It’s Time for Change (Proactive Investors)
GlaxoSmithKline PLC (LON:GSK) is set to drop its quarterly results at a time of turmoil, as activist hedge fund Elliot is understood to have built up a significant stake. The pharma giant is unlikely to comment much on the new addition shareholder roster, but investors are expecting more news on the horizon as Elliot is known to be a catalyst for change.
Coeli Milestones (Hedge Nordic)
Stockholm (HedgeNordic) – Coeli Absolute European Equity, founded and managed by Mikael Petersson out of Malmö, has passed SEK 1 billion in assets under management soon after reaching its three-year anniversary in January. Along with the progress on growing assets, Coeli European – a fund management firm co-owned by Petersson and the Stockholm-based Coeli Group – will soon be joined by an experienced institutional sales professional from London, Cecilia Biveson.
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Archegos Hit to UBS Stuns Investors as Shares Slide (CNBC)
LONDON — UBS surprised market participants on Tuesday, announcing that profits had taken a hit from the Archegos Capital saga — almost a month after the collapse of the U.S. hedge fund. The Swiss bank waited until its results day to inform markets about its exposure to the firm, a move that has sparked questions about transparency in the industry.
Hedge-Fund Trader Wins Dismissal of $2 Billion Cum-Ex Case (Bloomberg)
Hedge Fund trader Sanjay Shah won his bid to throw out a 1.5 billion-pound ($2 billion) lawsuit filed by Danish tax officials over Cum-Ex trades, in a blow to the nation’s efforts to claw back vast sums officials claim were lifted from state coffers. London judge Andrew Baker said in a ruling Tuesday that the U.K. wasn’t the proper place to bring a foreign tax claim. The Danish agency said it would appeal.
SECOR Launches Hedged Equity Fund for European Institutional Investors (Hedge Week)
SECOR Asset Management, an independent global investment advisory and risk management firm, has launched the SECOR Hedged Equity Fund with approximately GBP110 million assets under management (AUM) from UK-based pension schemes. Managed by Dmitri Smolansky, SECOR’s derivatives portfolio management team leader, the SECOR Hedged Equity Fund is a protected equity solution which invests in equity put options and diversified multi-asset hedges with the objective of outperforming MSCI ACWI over a market cycle with significantly lower volatility.
Why the Largest-Ever SPAC Deal Poses Valuation Risks (Preqin)
Companies on the right side of digital innovation are being bid up in the post-pandemic world, and the SPAC phenomenon is adding further fuel to the fire Grab – the ride-hailing service turned super app – promises to be Southeast Asia’s answer to Ant Financial. In a landmark deal, Grab is going public on the Nasdaq via a special purpose acquisition company (SPAC). The loss-making company has commanded a valuation of $40bn – equivalent to 25x its 2020 revenue. This represents the largest deal to date in the current SPAC boom. The deal reflects the ongoing trend of increasing valuations for companies on the right side of digital innovation, but does its high valuation signal a greater risk for the wider venture capital industry?
UBS, Nomura Push Global Banks’ Archegos Losses Over $10 Billion (Reuters)
ZURICH (Reuters) -UBS reported an unexpected $774 million loss on Tuesday from the collapse of U.S. investment fund Archegos, taking the total hit to global banks from the stricken family office beyond $10 billion. The charge taken by Switzerland’s biggest bank comes as the fallout from Archegos continues to ripple across the banking industry, with Nomura posting on Tuesday its biggest quarterly loss in over a decade as a result of its dealings with the stricken fund. The Japanese bank said it will book losses of around $2.9 billion this year on Archegos.
International Man Of Mystery Florian Homm Now Also Convicted Hedge Fund Fraduster Florian Homm (Deal Breaker)
Hastily resigning from your collapsing hedge fund, stuffing your underwear with cash and handing out whatever didn’t fit to trusted friends and associates, boarding a private jet, and disappearing to Colombia and the world’s fleabaggiest hotels for five years just don’t seem like the actions of an innocent man to U.S. authorities, especially when combined with all of the evidence of a portfolio-pumping penny-stock cross-trading scheme. This nagging suspicion that International Man of Mystery Florian Homm may have been up to no good were not assuaged by a memoir entitled Rogue Financier, nor by Homm’s quick return to the unextraditing embrace of his native Germany at the first opportunity after American authorities caught up with him on the steps of the Uffizi.
Tuesday 4/27 Insider Buying Report: NAVB, TEL (Nasdaq.com)
On Friday, Navidea Biopharmaceuticals’s Director, Malcolm G. Witter, made a $16,000 purchase of NAVB, buying 10,000 shares at a cost of $1.60 a piece. So far Witter is in the green, up about 5.4% on their buy based on today’s trading high of $1.69. Navidea Biopharmaceuticals is trading up about 1.9% on the day Tuesday. Before this latest buy, Witter purchased NAVB on 2 other occasions during the past twelve months, for a total cost of $54,855 at an average of $2.07 per share. And on Monday, Director Daniel J. Phelan bought $15,943 worth of TE Connectivity, buying 118 shares at a cost of $135.11 a piece. Before this latest buy, Phelan bought TEL at 3 other times during the past twelve months, for a total cost of $44,987 at an average of $86.02 per share. TE Connectivity is trading off about 0.8% on the day Tuesday.
The Chief Operating Officer of Telia Company AB (Other OTC: TLSNF) is Buying Shares (Analyst Ratings)
Today, the Chief Operating Officer of Telia Company AB (TLSNF), Rainer Deutschmann, bought shares of TLSNF for $351.5K. Following this transaction Rainer Deutschmann’s holding in the company was increased by 40% to a total of $147K.
