Third Point’s Loeb Looking to Take Insurance Firm SiriusPoint Private (Reuters)
April 12 (Reuters) – Billionaire investor Daniel Loeb is considering taking SiriusPoint Ltd (SPNT.N) private less than three years after he agreed to combine his hedge fund’s reinsurance business, Third Point Re, with rival Sirius International Insurance Group to form the global specialty insurer. The cash and stock deal was announced in 2020 when insurers braced for a wave of claims related to the coronavirus pandemic and Loeb said the merger would provide more heft for internal growth and acquisitions. The deal was finalized in early 2021.
Warren Buffett’s Texas Power Push Sparks a Berkshire Backlash (Bloomberg)
Warren Buffett is leaving little to chance when it comes to winning a piece of one of the biggest American power deals. The billionaire’s Berkshire Hathaway Energy has spent the past two years pushing to overhaul how the Texas electrical grid works, and is now promoting a bill that would require the state to fund construction of natural gas-fired power plants that would be turned on when the system is under strain. Cost estimates range from about $10 billion to $18 billion.
You Just Can’t Put Your $3 Million Damien Hirst Sculptures Anywhere These Days (Deal Breaker)
There’s always an element of risk in placing an artwork outdoors. For one, the actual elements—especially when we’re talking about beachfront property in Florida. But mostly, we’re talking about the human element: the stupidity, cupidity and malice of our fellow man. Still, GoldenTree Asset Management chief Steven Tananbaum and his wife, Lisa, must have felt confident enough placing their $3 million Damien Hirst on the grounds of their Palm Beach estate.
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UBS Should Fire ‘Over-Paid, Risk-Loving’ Credit Suisse Staff: Bronte (AFR.com)
John Hempton’s Bronte Capital covered short positions in Credit Suisse, Silicon Valley Bank and Signature Bank too soon, but is sticking with a long bet on UBS hoping it will fire its newly acquired Swiss peer’s staff quickly. The homegrown hedge fund confessed it could have produced much bigger returns for investors in its Amalthea strategy by riding out the banking crisis to the bottom. Bronte said it had taken long positions in UBS and First Citizens, both of which it argues have picked up good assets for a good price in the fallout from the Credit Suisse and Silicon Valley Bank collapses, according to its March quarterly investor letter.
SEB Eureka to Feed Into Asgard’s Future (Hedge Nordic)
Stockholm (HedgeNordic) – Despite overseeing and assisting the launch of one of the Nordic region’s most promising hedge fund launches in the fixed-income space, SEB Investment Management has appointed Asgard Asset Management as the investment advisor of SEB Eureka Fixed Income Relative Value effective as of April 1. SEB Eureka, the best Nordic fixed-income hedge fund for two consecutive years at the Nordic Hedge Award, will embark on a process of transitioning into a feeder fund to the Asgard Fixed Income Risk Premia Fund.
Gapstow Credit Hedge Fund Index Up 1.3% in Q1 (Opalesque.com)
This first quarter was a strong but volatile quarter for credit markets, according to Gapstow, a New York City-based investment adviser that focuses on alternative credit. Gapstow has just published its Q1 2023 performance report, which covers sixteen alternative credit strategies across three types of investment vehicles: hedge funds, interval funds, and public funds (BDCs, mortgage REITs, and closed-end funds). This quarter, credit markets were highly volatile, with a rally in January, an interest rate spike in February, a banking crisis in mid-March, and another rally during the last week of the quarter.
How A Spotify Playlist Helped Startup Vet Kristina Simmons Raise A $20 Million Fund (Forbes)
A former Khosla Ventures investor and operator at Lululemon and Juicero, Simmons overcame a scary health diagnosis and tightening venture climate to have a baby and launch her new VC firm, Overwater Ventures, all at once. Ahead of meetings with potential investors, Kristina Simmons likes to send over an unusual prep document: a playlist. Clocking in at one hour and two minutes on Spotify, the 17 tracks start with Kid Cudi’s ‘Surfin’’ and flow through hits from Katy Perry, Beyoncé and Ellie Goulding before closing with Jack Johnson’s cover of John Lennon’s ‘Imagine.’
Mangold Buys More of KredFin (Hedge Nordic)
Stockholm (HedgeNordic) – Mangold AB has agreed to buy an additional 18.4 percent stake in KredFin, formerly Skandinaviska Kredifonden, to become the largest owner with an ownership stake of 45.6 percent. KredFin provides alternative financing to Nordic companies through alternative investment funds such as its flagship direct lending vehicle Scandinavian Credit Fund I. With this agreement, Mangold is set to increase its ownership stake in KredFin from 27.2 percent to 45.6 percent. The purchase price for the additional stake of 18.4 percent amounts to about SEK 18.4 million, paid through newly-issued Mangold shares corresponding to about SEK 9.2 million and a cash payment of SEK 9.2 million. The acquisition is subject to the approval of the Swedish Financial Supervisory Authority.
Hedge Fund Marshall Wace Builds £156 Million Short Position in NatWest (BNN Bloomberg)
(Bloomberg) — Marshall Wace has taken a £155.6 million ($193 million) short position against NatWest Group Plc, the largest-ever disclosed short against the British bank since records began in 2012. The latest disclosure to the UK’s Financial Conduct Authority shows the hedge fund increased its bet against the lender on March 23, bolstering its position from 0.51% as of March 10, representing about 0.61% of the taxpayer-backed bank. Short sellers sell borrowed securities in hope to buy them back at lower prices and pocket the difference as profit. The wider banking industry has been roiled by Credit Suisse Group AG’s rescue by UBS Group AG, the demise of Silicon Valley Bank and turmoil among regional American lenders.
Wednesday 4/12 Insider Buying Report: DMAC, COSM (Nasdaq.com)
On Monday, DiaMedica Therapeutics’ Chief Business Officer, David J. Wambeke, made a $750,000 purchase of DMAC, buying 468,750 shares at a cost of $1.60 each. Wambeke was up about 15.6% on the buy at the high point of today’s trading session, with DMAC trading as high as $1.85 in trading on Wednesday. DiaMedica Therapeutics is trading up about 11.1% on the day Wednesday. And on Friday, Chief Executive Officer Grigorios Siokas purchased $54,540 worth of Cosmos Health, purchasing 2,238 shares at a cost of $24.37 each. Before this latest buy, Siokas made one other purchase in the past twelve months, buying $3.00M shares at a cost of $11.50 each. Cosmos Health is trading up about 3.9% on the day Wednesday. Investors can snag COSM even cheaper than Siokas did, with the stock changing hands as low as $3.40 in trading on Wednesday — that’s 86.0% below Siokas’s purchase price.
Amazon, Pinterest And 2 Other Stocks Insiders Are Selling (Benzinga)
Amazon.com: The Trade: Amazon.com, Inc. (AMZN) CEO Worldwide Amazon Stores Douglas J Herrington sold a total of 4,000 shares at an average price of $102.25. The insider received around $409 thousand from selling those shares. Pinterest: The Trade: Pinterest, Inc. (PINS) Director Jeffrey Jordan sold a total of 7,500 shares at an average price of $27.87. The insider received around $209.03 thousand from selling those shares.
