Billionaire Dan Loeb in Contract to Flip Waterfront Miami Beach Lot for Double His Purchase Price: Sources (The Real Deal)
It looks like billionaire hedge fund manager Dan Loeb’s bet on North Bay Road is paying off. Loeb, founder and CEO of New York-based hedge fund Third Point, is in contract to sell a waterfront teardown on the ritzy Miami Beach street for more than double the price he paid in late 2020, sources told The Real Deal.
The Hedge Fund that Beat Exxon isn’t Ready for a Climate Coup at Banks (Quartz)
Almost a year ago, a fledgling hedge fund called Engine No. 1 pulled off one of the biggest corporate coups in the history of climate change activism. It ran a successful campaign to oust three members of ExxonMobil’s board and replace them with more climate-savvy candidates, despite owning only 0.02% of the company’s stock. The campaign was premised on the conviction that climate change, and the world’s response to it, represent an existential threat to Exxon’s business model, and that the company had put its investors’ money at risk by failing to prepare.
Hedge Fund Sculptor Seeks to Exit NYC’s 9 West for New Offices (Bloomberg)
Sculptor Capital Management is looking for new offices in New York and plans to sublease its space at 9 West 57th St., the Manhattan tower famed for its high rents and lofty Central Park views. The $38 billion firm, run by Jimmy Levin, is marketing about 60,000 square feet (5,600 square meters) on the 39th and 40th floors of the Midtown skyscraper and will shop around for a new headquarters, according to people familiar with the matter. The lease runs through 2029.
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LHG Capital Management Flagship Fund Reports a 6-Month Return Of 15% Amid Rising Market Volatility (Asia One)
LHG Capital Management is a global alternative investment management company, specializing in global macro. Strategically headquartered in Liechtenstein and Hong Kong, LHG has additional representative offices in Abu Dhabi, Beijing, Sydney and Zürich. LHG’s diverse array of investors ranges from some of the largest Single-Family Offices in Europe, to Fortune Global 500 corporations in the Greater China region, to high-net-worth-individuals in the Middle East and SMSFs in Australia.
Cypherpunk Invests $500k in Cryptocurrency Hedge Fund AB Digital Strategies (Hedge Week)
Cypherpunk Holdings, a specialist in blockchain, metaverse, privacy and cryptography focused investments, has invested USD 500k in the AB Digital Strategies Fund managed by UK FCA-regulated Isla Capital. The investment was made in two tranches, $250k on 24 February, 2022 and USD250k on 20 April, 2022. AB Digital Strategies is a Cayman Islands regulated hedge fund, which implements a market neutral strategy targeting meaningful absolute return, with low volatility and minimal correlation to crypto markets and mainstream asset classes.
Piano Maker Steinway is Going Public Again: 5 Things to Know Ahead of its IPO (Morning Star)
‘Steinway seems just the right company to emerge despite a volatile equity market,’ says RapidRatings CEO James Gellert. Hedge-fund manager John Paulson has often told the story of how his sister cried when his father brought home a baby grand piano and not the Steinway she had hoped for because the Steinway’s price was out of reach.
Driving into the Future with New Energy Vehicles (Preqin)
China is taking the lead in the production of new energy vehicles, an industry that offers high growth potential for investors The trend in the global automotive industry is shifting towards electrification in the hope of realizing a low-carbon, energy-efficient future. In China, new energy vehicles (NEVs), including battery electric, plug-in hybrid, and hydrogen fuel cell vehicles, are a crucial part of the country’s ambition of becoming carbon neutral by 2060.
AEA Investors, Amateras Capital Launch Joint Venture to Drive Female Investment in Private Equity and Debt (Opalesque)
Alternative investment manager AEA Investors, which specializes in middle-market private equity and debt, is launching a joint venture alongside Amateras Capital, a woman-led investment platform focused on junior capital across private credit and equity. The firms said in their announcement they aim to “leverage the power of female investment and operating talent and expertise to drive value creation and shift the gender paradigm in investing.” The joint venture will be led by Amateras’ co-founder Alexandra (Alex) Jung.
Suncor Hits 52-Week High on Proposed Takeover Bid (Bay Street)
Suncor Energy Inc. (T.SU) hit a new 52-week high of $46.91 on Friday. $51.5-billion U.S. hedge fund Elliott Management disclosed its 3.4% economic interest in Suncor Energy on Thursday. The news pushed SU stock 12% higher for the day — an impressive move for an otherwise laggard. Activist investors find target companies with solid growth potential but are plagued by operational or management-related issues. They buy a small but influential stake in the company and propose strategic changes to the existing board. If the board fails to implement those changes, activist investors could escalate into proxy fights to take control of the company’s board.
Three Arrows Capital Moving Headquarters to Dubai From Singapore (Bloomberg)
Crypto hedge fund Three Arrows Capital is planning to move its headquarters to Dubai from Singapore. The move by Three Arrows comes as Dubai opens to crypto firms while Singapore has been more conservative with its regulatory approach. Co-founder Su Zhu confirmed the Dubai move to Bloomberg News. The news was reported earlier by CoinDesk.
Friday 4/29 Insider Buying Report: ALZN, BX (Nasdaq.com)
On Tuesday, Alzamend Neuro’s , Milton C. Ault III, made a $4M purchase of ALZN, buying 2,666,667 shares at a cost of $1.50 a piece. Bargain hunters can snag ALZN at a price even lower than Ault III did, with the stock changing hands as low as $0.91 at last check today which is 39.3% below Ault III’s purchase price. Alzamend Neuro is trading up about 4.3% on the day Friday. Before this latest buy, Ault III bought ALZN on 23 other occasions during the past twelve months, for a total cost of $11.99M at an average of $4.59 per share. And on Wednesday, Director Ruth Porat purchased $548,450 worth of Blackstone, purchasing 5,000 shares at a cost of $109.69 each. Before this latest buy, Porat made one other purchase in the past year, buying $631,050 shares at a cost of $126.21 each. Blackstone is trading up about 1.3% on the day Friday. Bargain hunters can pick up BX even cheaper than Porat did, with the stock trading as low as $106.42 at last check today — that’s 3.0% under Porat’s purchase price.
Snap And 2 Other Stocks Insiders Are Selling (Benzinga)
Snap: The Trade: Snap Inc. (SNAP) CEO Evan Spiegel sold a total of 250,000 shares at an average price of $29.25. The insider received around $7.31 million from selling those shares. Dropbox: The Trade: Dropbox, Inc. (DBX) President Timothy Young sold a total of 12,750 shares at an average price of $22.34. The insider received around $284.79 thousand from selling those shares.
Elon Musk Sells $8.4 Billion in Tesla Stock to Fund Twitter Takeover (Variety)
UPDATED: Elon Musk this week reaped $8.4 billion through a series of stock sales of Tesla, the electric car company he heads, evidently as part of raising money for his $44 billion deal to buy Twitter. Musk, , the world’s richest individual, sold more than 4.4 million shares of Tesla on April 26 and 27 at various prices of about $870-$1,000 per share, yielding around $4 billion. according to SEC insider transaction filings Thursday.
Medley Management and Former Co-CEOs to Pay $10 Million Penalty for Misleading Investors and Clients (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has charged publicly-traded asset manager Medley Management and its former co-CEOs, Brook B. Taube and Seth B. Taube, with making misrepresentations to investors and clients that created the illusion of Medley’s likely future growth. The respondents have agreed to settle the SEC’s charges and will collectively pay $10 million in civil penalties. According to the SEC’s order, since at least August 2016, in multiple public filings, including bond offering materials, Medley overstated its assets under management by including “committed capital” amounts from non-discretionary clients, whose agreements with Medley imposed no obligation to invest with Medley and whose investing activity through Medley was minimal.
