Point72 Alum Scores in Bidding War for £2 Billion Payments Firm (Bloomberg)
Former Point72 Asset Management trader David Rosen has emerged as one of the biggest winners from the bidding war for Middle East credit card processor Network International Holdings Plc. Rosen’s hedge fund Rubric Capital Management revealed in mid-March it was one of Network’s top holders with a 5% interest. News of takeover approaches came out weeks later, driving the London-listed firm’s market value up to £2.1 billion ($2.6 billion) as a buyout consortium backed by CVC Capital Partners started battling it out with Canadian giant Brookfield Asset Management Ltd.
Disgraced Hedge Fund Manager Available To Advise On How Not To Go To Jail (Deal Breaker)
Whatever else might be said about him, Dan Kamensky knows an awful lot about distressed debt and what to do about it. It’s just that what he can now do with that knowledge is somewhat circumscribed. While being adjudged by an actual judge to be a “thief… of the lowest character”—on account of trying to screw over his fellow Neiman Marcus creditors to the benefit of his late hedge fund—does not preclude him from practicing law, it does prevent him from doing so before the Securities and Exchange Committee. It also means he can’t serve on creditors’ committees anymore, and if the SEC gets its way he’ll never work on or around Wall Street ever again.
World’s Greatest Hedge Fund Manager Says You’ll Have a Better Experience With Money if You Save (DataDrivenInvestor)
Once you save, you experience something different with your money to the person who spends it immediately. After getting rowdy at a Christmas party, Ray Dalio punched his boss in the face. As a result, he started the World’s Largest Hedge Fund. Now he’s considered one of the best investors of all time. Dalio is a sharp intellect. And a billionaire who amassed his wealth by being a deep thinker and a brilliant communicator. Recently in a video on his Instagram page, he quoted the Stanford Marshmallow Experiment conducted by Walter Mischel.
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Marshall Wace is Shorting Next, Burberry and B&M — Here’s Why (Financial News)
The hedge fund also holds short positions on British chemicals firm Croda International, Cambridge-headquartered information technology firm Darktrace and London-based recruiter Hays. London-headquartered hedge fund Marshall Wace has placed big bets against UK retailers after the sector witnessed a drop in sales during March. The latest disclosure to the UK’s Financial Conduct Authority shows that the hedge fund has a 1.88% net short position against fashion and cosmetic retailer Asos, which has a £769m market cap.
Pareto Merges its Alpha Fund (Hedge Nordic)
Stockholm (HedgeNordic) – Pareto Asset Management has decided to merge its long/short equity fund Pareto Nordic Alpha into long-only equity fund Pareto Nordic Equity. Both funds are managed by Christian Nygaard and Ole Jørgen Grøneng Nilsen. The focus on one fund, instead of two, is expected to enhance the team’s and the firm’s utilization of resources. Pareto Nordic Alpha advanced 10.3 percent in the first three months of 2023 to end the first quarter among the top three best-performing members of the Nordic Hedge Index.
Ken Griffin Gives $25 Million to New York’s Success Academy Schools (Bloomberg)
Billionaire Ken Griffin is giving $25 million to Success Academy, New York City’s largest charter-school operator. Success is looking to add 10,000 slots for students in the next five years — a 50% increase over current enrollment — and the gift will assist those expansion goals, founder and Chief Executive Officer Eva Moskowitz said Monday night during a benefit honoring Griffin. The organization has the charters to do so, and doesn’t depend on the ban on new licenses in New York City being lifted, she added.
Waterfall Rowing (Hedge Nordic)
Stockholm (HedgeNordic) – There is a lot of heterogeneity in the Nordic hedge fund industry. In early 2021, Karl Oscar Strøm made the Nordic hedge fund universe even more heterogenous with the launch of Paleo Fund, a hedge fund predominantly relying on short-term technical analysis to trade index futures and other instruments. Down a cumulative 13 percent since inception, Strøm says now is the time to speed up the rowing.
SS&C GlobeOp Hedge Fund Performance Index and Capital Movement Index (PRNewswire.com)
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced the gross return of the SS&C GlobeOp Hedge Fund Performance Index for March 2023 measured -0.46%. Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index declined 0.56% in April. “SS&C GlobeOp’s Capital Movement Index for April 2023 was -0.56%, consistent with quarterly asset allocation patterns,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “The collapse of several US regional banks in March coupled with a Fed rate hike created a catalyst for higher market volatility. Hedge fund flows continue to be steady as they provide an attractive allocation alternative during periods of elevated global market volatility and drawdowns.”
Hedge Funds Place Biggest Ever Short on Treasuries (The Economic Times)
Hedge funds seem to be as confident as the Federal Reserve that the US economy can avoid a recession despite the burden of higher interest rates. Leveraged investors boosted their net shorts on 10-year Treasury futures to a record 1.29 million contracts as of April 18, data from the Commodity Futures Trading Commission show. It was the fifth straight week that net shorts had increased. “Hedge funds may be thinking that inflation will be stickier than many in the market are currently expecting,” said Damien McColough, head of fixed-income research at Westpac Banking Corp in Sydney. “On the face of it, this big short doesn’t reflect the view that there will be a near-term recession.”
Tuesday 4/25 Insider Buying Report: SDIG, USB (Nasdaq.com)
At Stronghold Digital Mining, a filing with the SEC revealed that on Thursday, Chief Executive Officer Gregory A. Beard bought 1,000,000 shares of SDIG, for a cost of $1.00 each, for a total investment of $1M. Investors can snag SDIG even cheaper than Beard did, with the stock changing hands as low as $0.93 in trading on Tuesday — that’s 7.0% under Beard’s purchase price. Stronghold Digital Mining is trading off about 2.1% on the day Tuesday. Before this latest buy, Beard made one other purchase in the past twelve months, buying $999,999 shares at a cost of $1.66 a piece. And at US Bancorp, there was insider buying on Friday, by Director Alan B. Colberg who bought 10,000 shares for a cost of $34.14 each, for a trade totaling $341,380. US Bancorp is trading off about 0.4% on the day Tuesday. Investors are able to bag USB even cheaper than Colberg did, with shares trading as low as $32.27 in trading on Tuesday — that’s 5.5% below Colberg’s purchase price.
BlackRock, TD SYNNEX And This Consumer Defensive Stock Insiders Are Selling (Benzinga)
Kellogg: The Trade: Kellogg Company (K) 10% owner Kellogg W K Foundation sold a total of 100,000 shares at an average price of $67.14. The insider received around $6.71 million from selling those shares. BlackRock: The Trade: BlackRock, Inc. (BLK) Chairman & CEO Laurence Fink sold a total of 35,799 shares at an average price of $694.50. The insider received around $24.86 million from selling those shares.
